Latest Self Assessment

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…

6th April 2022 Self-employed income support scheme (SEISS) grants

As we look towards new the Self Assessment Tax Return year as a reminder again to all claimants of the Self-Employment Income Support Scheme (SEISS) grants should be aware of the reporting requirements and tax treatment of these grants.   The grants are subject to income tax and self-employed National Insurance contributions (NIC).   The…

6th April 2022 Happy New Tax Year!!

For many working in the tax industry the 6 April is a time of celebration, of course it is not a matter of grooving the night before and counting down the clock, however it heralds the opportunities provided by the newly introduced tax legislation. At the same time there is also the reflection of what…

4th April 2022 MP’s urge HMRC to crack down on unpaid taxes due to pandemic

During the first lockdown HMRC paused most debt collection activities, which has contributed to the total UK tax debt of £39bn according to The Public Accounts Committee. HMRC have stated, “We are recouping debt safely, taking into account customers’ circumstances and making repayments affordable. It’s in no-one’s interests to push viable businesses into insolvency when…

15th March 2022 1-Apr-22: One day left to pay your Self-Assessment tax bill

We are now coming into the final week for self assessment taxpayers to pay outstanding tax liabilities associated with their 2020/21 Tax Returns, without too much additional cost. Anything paid later that 31 January 2022 will, however, incur interest.   If the payment is not made by 1st April, taxpayers will be faced with a…

3rd February 2022 NHS Doctors – 2019/20 Scheme Pays Election & Compensation Policy Application

The extended 31 March 2022 deadline for NHS Doctors to submit their scheme pays elections and compensation policy applications for the 2019/20 tax year is fast approaching.   For those NHS Doctors that suffered an annual allowance pension tax charge in the 2019/20 tax year had the option to either pay the charge directly to…

6th January 2022 HMRC deadline now, effectively, 28-Feb-22

Due to the continuing difficulties that Covid continues to present, today HM Revenue and Customs (HMRC) have announced they are waiving late filing and late payment penalties for Self Assessment taxpayers for one month – giving extra time, if needed, to complete your 2020 to 2021 tax return and pay any tax due.   HMRC…

9th December 2021 Self-Employment Income Support Scheme (SEISS) grants

As we look towards the Self Assessment Tax Return deadline date all claimants of the Self-Employment Income Support Scheme (SEISS) grants should be aware of the reporting requirements and tax treatment of these grants.   The grants are subject to income tax and self-employed National Insurance contributions (NIC).   The first three grants must be…

2nd October 2021 Self Assessment late payment penalties

HMRC are now issuing six month late payment penalty notices, as the due date for 2019/20 tax payments was over seven months ago (includes consideration to the additional months extension as a result of the pandemic). Taxpayers facing financial difficulties due to the impact of COVID-19 may have entered into a time to pay arrangement…

1st September 2021 31 Jan 22: self assessment deadline

There is now less than a calendar month before the tax return filing deadline of 31 January 2022. 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 2020 and 5 April 2021? Become a…