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…
HMRC Tax App Released
HMRC have released an app, available on iOS and Android, for taxpayers. This app includes a news feed from HMRC and a calculator to allow employees to check their expected take-home pay. If you have an account with the…
Tax Questions and Answers
I am VAT registered and account for VAT on my sales when I raise an invoice. I have just found out one of my customers is going out of business and I don’t think I will get paid. How can…
Tax Questions and Answers
I have already prepared my 2019/20 tax return and I have a small tax bill. My main source of income is employment. Can I get this additional amount collected through PAYE? It is possible for HMRC to collect additional tax…
Tax Questions and Answers
A new employee has told me that they have a student loan. What do I need to do about this? Student loans provided through the Student Loan company are collected through the UK tax system. How much, if anything, is…
Missed MTD Registration
If you are a VAT-registered business with annual income above the registration threshold (currently £85,000) then you should now be submitting VAT returns through Making Tax Digital (MTD). This requires records to be kept in appropriate computer software and submitted…
Claiming VAT On fuel
Self-employed businesses that are registered for VAT charge their customers VAT on sales and reclaim the VAT they are charged on their own expenses. For most expenses, the amount of VAT that can be claimed is clear. There are special…