Despite many self-employed business owners still facing lower sales due to Covid, HMRC continues to pursue taxes based on higher sales from the previous year. In the absence of any agreement with HMRC, many taxpayers will end up paying too much tax in the year 2020/21 as the payments on account (due 31.1.21 and 31.7.21) are based on tax paid … Read More
Why you should do your tax return earlier
Well, have you been super organised and filed your Self Assessment tax return for the 2020/21 tax year which ended just a few weeks ago? Hearty congratulations if so! If you’re generally someone to leave it all a bit late (and perhaps missed the 31 Jan ’21 deadline for 2019/20 tax returns, incurring a late filing penalty) then we have … Read More
Act now to file your tax return
If you’ve just realised you are required to submit your tax return for 2011/12 and have done very little about it, you are not alone! The 31 Jan 2013 deadline is fast approaching but if you act now, you stand a good chance of submitting everything in time. The deadline for paper returns has long since passed and so online is … Read More
Only 2 days to file your paper tax return!
If you’re not a convert to filing your tax return online, you’ve got until the end of this Wednesday to file your tax return in paper format for the tax year 2011/12. If you’re late, don’t despair! You still have until 31 January 2013 to file your return, either via HMRC’s software or through an agent. For those who’ve decided to file … Read More
Half a million taxpayers set to receive late filing penalties
Are you one of the half a million UK taxpayers who has recently received a penalty letter from HM Revenue & Customs for not yet filing your 2010/11 tax return? Each fine is a minimum of £1,200 comprising £900 maximum daily penalties and a further penalty of £300 or 5% of the tax due (whichever is higher). Anyone who has … Read More