Latest Blogs in Self Assessment
Harriet Sim
2nd December 2022 31-Jan tax: Can it be reduced?

For those clients that prepare self-assessment personal tax returns, 31 January is usually tax payment day. This tax will primarily be based on your personal income for the tax year ended 5 April 2022, potentially made up of 2 components: The balancing payment for 2021/22 (total 2021/22 tax less 31-Jan-22 and 31-Jul-22 payments on account).…

Richard Alecock
1st December 2022 31 Jan 23: Self Assessment Deadline

There are now less than two calendar months before the tax return filing deadline of 31 January 2023. Do not delay – file it today!   If you are not sure if you need to file a tax return, did you…   Work for yourself between 6 April 2021 and 5 April 2022? Become a…

Daniel Walker
18th November 2022 One-to-many ‘nudge’ letters and data accessible to HMRC

In the past few months HMRC have been issuing an increased number of ‘One to Many’ nudge letters to individuals who they feel should be completing a self-assessment tax return or have filed an incomplete self-assessment tax return. A “One to Many” letter is HMRC’s way of sending one nudge letter to many clients allowing…

Harriet Sim
17th November 2022 Autumn Statement: impact on individuals

There aren’t many things that we can all agree on, but the issues that the current Chancellor is facing are without doubt onerous. He has to stick by previously agreed manifesto promises, whilst trying to squeeze the gap in public finances, tackle a soaring high inflation rate and prevent our economy from falling into recession…

Donna Gidney
4th November 2022 Enquiry letters from HMRC

HMRC have the right to enquire into any type of tax return, with common areas of investigation being self-assessment tax returns, corporation tax returns, PAYE submissions, and VAT returns.   Some enquires are carried out at random, but the majority are selected by way of risk assessment. HMRC have a sophisticated risk assessment computer system,…

Whitings LLP
7th October 2022 HMRC increases interest on Late Paid tax

HMRC will raise interest rates on tax debt from 11 October following the 0.5% increase in the base rate.   This means that the late payment interest rate will increase to 4.75% from 11 October 2022. The rate last increased to 4.25% on 23 August. This is the highest rate since the height of the financial crisis…

Richard Alecock
13th September 2022 5-Oct: SA registration deadline

There is now less than a calendar month before the self-assessment (SA) deadline for registering with HMRC (5 October 2022). Do not delay – register today!   If you are not sure if you need to file an SA tax return, did you, between 6 April 2021 and 5 April 2022:   Commence working for…

Richard Alecock
14th July 2022 Self assessment tax: Pay by 31-Jul

  The deadlines for paying your second payment on account is for 31 July.   Pay your tax bill You can make weekly or monthly payments towards your bill, if you prefer. Pay your Self Assessment tax bill: Pay weekly or monthly – GOV.UK (www.gov.uk)   You can get help if you cannot pay your tax bill…

Mark Burrows
5th July 2022 Timeline for Tax Changes

There are a few important dates coming over the next couple of years affecting individual taxpayers, who will be seeing changes to the tax they pay, and how they are required to send returns to HMRC.   6 July 2022 – Increase in National Insurance thresholds The income threshold at which employees and the self-employed…

Whitings LLP
4th May 2022 Taxation of Cryptocurrency gains

Similar to share dealings, you must declare any gains or losses from cryptocurrency investments on your personal tax return. It is important to keep records of dates, currency type, amounts bought or sold, and the value. There are several software options that can assist you with this; the best will include converting the currency to…