Tag archives for HMRC
Change to Tax Return “Deadline”
By the time you are reading this, the 31st January 2021 deadline for filing 2019/20 personal tax returns will have passed. In any normal year, this would mean that anyone…
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…
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…
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…
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…
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…
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.…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
Avoiding VAT Surcharges
As with so many things involving HMRC, failing to file and pay your VAT on time can result in penalties. VAT penalties are referred to as surcharges and you must…
Penalties For Parents Cancelled
Parents of young children are entitled to support from the government through Child Benefit. However, in January 2013, the government decided that those on higher incomes did not need these…
Appealing Against Penalties
The world of tax is full of deadlines and failing to meet these will often result in penalties. However, whilst HMRC might sometimes suggest otherwise, such penalties are not necessarily…
Registering For Self-assessment
We are now a month and a half into a new tax year. If you have completed a tax return in previous years, then you are likely to have already…
Tax Codes
I have employment income and I was expecting my tax code to go up. Instead it has gone down and I am now paying more in tax. Why is this?…
Let Property Campaign Ongoing
Unlike most voluntary disclosure campaigns from HMRC, which normally run for a short period of time, the Let Property campaign is still ongoing. It was first introduced in late 2013,…
Tax Fraud Office Pursues Sheikh Gulzar
By Emma Harwood Hastings Pier owner Sheikh Abid Gulzar was fined thousands of pounds last week for breaching tax regulations along with two of his companies which had been ‘trading…
Marriage Allowance
Whilst not as valuable as the Married Couple’s Allowance, which requires at least one partner to have been born before 6th April 1935, the Marriage Allowance can still provide a…
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…
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…
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…
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…
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…
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…
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…
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…
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.…
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…
Filing your tax return early
The bright sunny weather that we have become used to has finally given way to the rainy British summer we all know. With this meteorological change making it more attractive…
SHEIKH GULZAR: The debt gets personal
Sheikh Abid Gulzar, recent controversial buyer of Hastings Pier, told HIP in an interview which we published last month (Issue 106) that he was spending his own ‘good hard-earned money’.…
HMRC Investigations
Even for entirely honest taxpayers, a letter from HMRC saying they are planning to open an enquiry can be a disturbing event. Whilst it will usually be advisable to take…
Tax Questions and Answers
I’m told I will need to make a payment on account in July. What is this? When you receive income from PAYE, tax is deducted from each payment throughout the…
New Power Puts Landlords in HMRC’s Sights
If you are a landlord who has not declared their rental income and are using a letting agent, HM Revenue & Customs (HMRC) could soon be on your trail. That…