HMRC gives Self Assessment taxpayers more time to ease COVID-19 pressures

HM Revenue and Customs (HMRC) is waiving late filing and late payment penalties for Self Assessment taxpayers for one month – giving them extra time, if they need it, to complete their 2020 to 2021 tax return and pay any tax due. HMRC is encouraging taxpayers to file and pay on time if they can, … Continue reading HMRC gives Self Assessment taxpayers more time to ease COVID-19 pressures

2,828 ’elf Assessments filed on Christmas Day

More than 31,000 Self Assessments submissions for the 2020 to 2021 tax year over the festive period. HM Revenue and Customs (HMRC) has revealed that 2,828 taxpayers filed their Self Assessment tax return on Christmas Day, compared to 2,700 in 2020. For thousands, filing their tax return on 25 December has become part of their … Continue reading 2,828 ’elf Assessments filed on Christmas Day

Self Assessment – Don’t be scammed!

800,000 tax-related scams were reported in the last 12 months HM Revenue and Customs (HMRC) is preparing to issue emails and SMS to Self Assessment filers reminding them to be on their guard after nearly 800,000 tax-related scams were reported. Fraudsters are using Self Assessment to try and steal money or personal information from unsuspecting … Continue reading Self Assessment – Don’t be scammed!

Just some extra cash!

HM Revenue and Customs (HMRC) are reminding individuals that obtaining additional income from various sources may need to be declared and subject to Income Tax. This is 'casual income' and you might need to pay tax on it. This may include money someone earns from things like: selling things, for example at car boot sales … Continue reading Just some extra cash!

Self Assessment countdown begins

There are 100 days to go until the deadline for online tax returns on 31st January 2022. Last year, 96% of customers completed their tax return online. HM Revenue and Customs (HMRC) is reminding Self Assessment filers that on Sunday 24th October, they have one week left to submit paper tax returns and 100 days … Continue reading Self Assessment countdown begins

Get ready for Self Assessment

The deadline to complete a tax return for the 2020 to 2021 tax year is approaching. HM Revenue and Customs (HMRC) is reminding Self Assessment customers to check that they have the correct information to complete their tax return. Deadlines for the 2020 to 2021 tax year is 31st October 2021 on paper forms and … Continue reading Get ready for Self Assessment

Furlough – the Ending credits of an epic

In early 2020, the world was introduced to the ‘furlough’ word as UK PLC closed down with 80% wages covered by grants provided through the Coronavirus Job Retention Scheme. The scheme, a temporary measure to combat the COVID-19 impacts on UK society, has aided over 11 million individual employments, avoiding mass redundancies. The CJRS scheme … Continue reading Furlough – the Ending credits of an epic

COVID-19 support – what’s available and actions you or your clients may need

Dear Payadvice Ltd, I’m writing to you with the latest information about financial support schemes available to help your clients as part of the UK Government’s Plan for Jobs. This includes the latest on the Self-Employment Income Support Scheme (SEISS), the Coronavirus Job Retention Scheme (CJRS) and the VAT deferral new payment scheme. Thank you for … Continue reading COVID-19 support – what’s available and actions you or your clients may need

Self-Employment Income Support Scheme fourth grant

Find out if you’re eligible for the fourth grant which will cover the period February 2021 to April 2021. Also find out information about the fifth grant. The Budget confirmed that the fourth SEISS grant will be set at 80% of 3 months’ average trading profits, paid out in a single instalment, capped at £7,500. … Continue reading Self-Employment Income Support Scheme fourth grant

Set up Self Assessment payment plans by 1st April 2021

Self Assessment taxpayers have until 1st April 2021 to pay any outstanding tax liabilities in full or set up an online payment plan to avoid a 5% late payment penalty. Self Assessment taxpayers have just over a week to pay any outstanding tax liabilities in full or set up an online payment plan for the … Continue reading Set up Self Assessment payment plans by 1st April 2021

File tax returns now to prevent penalties

Self Assessment taxpayers have less than one week to submit their late tax returns to prevent a £100 penalty. While 10.7 million taxpayers filed their return by 31st January 2021, more than 1.5 million taxpayers missed this deadline and are still to file their tax return. They are accruing interest on unpaid tax liabilities but … Continue reading File tax returns now to prevent penalties

More help for Self Assessment taxpayers

HM Revenue and Customs announces Self Assessment taxpayers will not be charged the 5% late payment penalty if pay their tax or set up a payment plan by 1st April 2021. Self Assessment taxpayers will not be charged the 5% late payment penalty as long as they pay the tax due or set up a … Continue reading More help for Self Assessment taxpayers

10.7 million tax returns filed by 31st January deadline

More than 10.7 million people have submitted their Self Assessment tax returns for the 2019 to 2020 tax year by the 31 January deadline. 12.1 million SA returns due10,743,387 returns received by 31 January - this includes Expected Returns, unsolicited returns and Late Registrations10,351,387 Expected Returns received by 31 January (85.25% of returns expected)392,000 unsolicited … Continue reading 10.7 million tax returns filed by 31st January deadline

Self Assessment 2021 – update

Dear @PAYadvice, On 25th January HMRC announced that Self Assessment customers will not receive a late filing penalty for their late tax return if they file online by 28‌‌ ‌February. This easement is for late filing penalties only. It does not affect any other tax obligations. A return received in February will be treated in … Continue reading Self Assessment 2021 – update

Changes to late filing penalty for 2019-20 Self Assessment returns

Dear @PAYadvice, Today HMRC has announced that Self Assessment customers will not receive a penalty for filing their 2019-20 tax return late, as long as they file online by 28‌‌th February. We are still encouraging customers who have not yet filed to do so by 31‌‌st January, if possible. Customers still need to pay their … Continue reading Changes to late filing penalty for 2019-20 Self Assessment returns

Fascinating facts! Self-Assessment

HM Revenue and Customs shares some little-known facts about Self Assessment ahead of the 31 January 2021 deadline. Almost 100,000 people filed their tax returns last 6th April 2020, the first day of the tax year? With the 31st January 2021 deadline fast approaching, HM Revenue and Customs (HMRC) has shared some little-known facts about … Continue reading Fascinating facts! Self-Assessment