Latest Self Assessment

The 31st January payment deadline is fast approaching. Here are some tips to ensure you get your payments to HMRC on time: HMRC accepts payments on date of payment rather than date it reaches their account You can pay via the secure HMRC App You can pay via scanning the QR code within your HMRC…

With the forthcoming Self Assessment payment date of 31st January 2023 just 3 weeks away HMRC have increased the late payment and repayment interest rates applied to the main taxes and duties that HMRC currently charges and pays interest from 6th January 2023: late payment interest rate — 6% from 6 January 2023 repayment interest…

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).…

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…

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…

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…

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,…

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…

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…

  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…