Starting Self-Employment
As their employers suffer in the current pandemic and the furlough scheme winds down, some employees have found themselves being made redundant. Many will look for other employment but others will take a different road, taking the opportunity to move…
Important Summer Dates
VATOne of the early coronavirus support schemes was an automatic deferment of VAT liabilities. This covered payments falling due in the period 1 April to 30 June 2020. VAT is normally due for payment one month and seven days after…
Updates on the Job Retention and Self-Employed Scheme
Whilst some lockdown restrictions are now being lifted, the government business support schemes are still continuing. Two of these schemes have seen some major changes in recent government announcements. The details of these scheme updates are as follows. Coronavirus Job…
Government Coronavirus Support Schemes
As the coronavirus pandemic sweeps the globe, the UK, like many countries, has put a lockdown in place. Whilst the retail, hospitality and leisure sections have been hardest hit by this, many businesses have seen a downturn in their finances…
End Of Tax Year Planning
The end of the tax year, falling on 5 April 2020, is almost upon us again. Whilst there are still only a couple of weeks left, there may still be time for some planning to keep your tax bills down.…
Tax Code Changes
From 5 April 2020, the tax codes of employees across the UK will change. The tax code determines how much of an individual’s personal allowance is applied to their wages. This will then be used to calculate how much tax…
Amending Tax Returns
Despite the deadline being ten months after the end of the tax year, nearly one million people failed to file their tax returns on time. Those people will now be faced with a £100 late filing penalty and may face…
Reducing Payments On Account
If the tax due from your 2018/19 tax return was more than £1,000 then HMRC will be expecting you to make payments on account for the following year. On the assumption that your income will be steady, payments on account…
HMRC Collection Powers
Filing your tax return is only half of the story. The majority of people filing tax returns will also have a tax liability to pay as well. Not all of those will have set aside funds to cover this, leaving…
Tax Return Filing And Payment
The online filing deadline for 2018/19 self-assessment tax returns is fast approaching. Those who file their tax returns digitally have until 31 January 2020 to get their return in. In the rare instance where someone was required to file on…