Making Tax Digital Is Coming
Whilst it has been subject to several delays, the government’s Making Tax Digital (MTD) system is almost upon us. It is intended that it will take effect for VAT registered businesses with turnover above the threshold (currently £85,000) from 1st…
Missed The Tax Return Deadline?
The deadline for filing 2017/18 tax returns online was 31st January 2019. The deadline for paper returns was 31st October 2018. Unless a tax return was issued late, in which case you will have a later deadline based on when…
Strange Excuses and Expenses
Though most complete their tax returns honestly and on time, every year HM Revenue and Customs (HMRC) receives some outlandish excuses. Some of the most bizarre excuses HMRC received from those who missed the Self Assessment deadline show a large…
Questions and Answers
I complete my own VAT returns for my business. Reviewing my records for my tax return, I realise I have made some mistakes. How do I go about correcting these and will I be liable to penalties and interest? Most…
Paying your tax bill
If you took my advice from last issue, you will have now filed your tax return. If you have not done so, you need to take action as soon as possible, as the final deadline is 31st January ; Even…
Amended Tax Calculations
With the changes to the tax law that came in for the tax year ended 5th April 2017, significant changes were required to the tax return. Unfortunately not all of these changes could be implemented in HMRC’s tax calculation software,…
Prepare for a Happy New Year
No doubt most people are making plans for Christmas at present. However, if you are self-employed, there is something else you need to be planning for. The deadline for filing tax returns for the year ended 5th April 2018 falls…
Questions and Answers
In a brief period of unemployment, I did a little bit of self-employed freelance work. I now have another full-time job. Do I need to report this income? If your total income from self-employment was less than £1,000, then you…
No Excuse for Lateness
With the pressure of running a business, it is easy to overlook deadlines. As previously mentioned in these pages, the penalties from missing the tax return deadline can be high. If you run your business through a limited company, then…
Let Property Campaign
For HM Revenue and Customs (HMRC) undeclared rental income has always been one of the easier fields of tax-evasion to investigate. As they have access to the ownership details recorded at the Land Registry, they are able to identify when…