Latest Self Assessment

From 6th April 2024 HMRC want to encourage more of the self employed to use the cash basis when completing their accounts and self-assessment tax returns.   The new cash basis from 6th April 2024 will mean: The cash basis will be the default, with an opt-out for those wishing to use the accruals basis.…

Are you one of the 1.1 million customers that missed the 2022/23 tax return deadline?   We have reached 3 months after the tax return deadline for the year ending 5th April 2023. This means that if you should have completed a tax return, but failed to do so, you will now occur a daily…

Now that the 5th April 2024 has passed, many self-assessment taxpayers will be turning their attention to preparing and submitting their self-assessment personal tax returns for the 2023/24 tax year, which covers the tax year ended 5th April 2024, but what are the reasons for choosing to submit your tax return early?   Although the filing…

778,068 beat the clock to complete their Self Assessment tax returns on 31 January 2024!   HMRC have released their Self Assessment 2023 facts and figures: 12,187,811 Self Assessment tax returns were issued to tax payers 11,581,962 expected tax returns were received by 31 January (95% of returns expected) An estimated 1.1 million customers missed…

With the tax year end approaching, we are busy assisting our clients with end of year planning. Pension contributions before 6 April 2024 are a valuable planning tool for all taxpayers, whether they are self-employed, Company directors or employees. Additionally we also have opportunity to support our clients when it comes to occupational schemes which,…

If you have missed the 31st January 2024 Self Assessment Tax Return deadline (one of the 605,849 who did) for your 2022/23 tax return, you may be unsure as to what to do next. We are here to help you submit your late return and answer any questions you may have on the matter.  …

Could your Self-Assessment Tax 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 2023, potentially made up of 2 components:   The balancing payment for 2022/23 (total 2022/23…

The forthcoming Self Assessment payment date of 31st January 2024 is looming. HMRC last increased the late payment and repayment interest rates on 22nd August 2023 and this applies to the main taxes and duties that HMRC currently charges and pays interest as follows:   Late payment interest rate — 7.75%   Repayment interest rate — 4.25%…

‘How to pay your Self Assessment Tax’ will be a question that many people are asking with the payment deadline of 31st January 2024 just around the corner.   It is important to ensure your payment is made by the 31st January to avoid any late payment interest which HMRC charge daily.     For…

Don’t forget the 30 December Self Assessment Deadline!   If you want HMRC to automatically collect tax you owe from your wages and pension you need to submit your tax return online by 30 December and if so you are able to pay your Self Assessment bill through your PAYE tax code as long as all these apply:  …