Latest Self Assessment

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…

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…

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…

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…

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…

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…

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…

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…