Today HMRC has announced that Self Assessment customers will not be charged the initial 5% late payment penalty if they pay their tax or make a Time to Pay arrangement by 1 April.The payment deadline for Self Assessment is 31 January and interest will be charged from 1 February on any amounts outstanding. The deadline has not changed, but this year, because of the impact of COVID 19, HMRC is giving taxpayers more time to pay or set up a payment plan.Payment plans or payments in full … [Read more...]
How your imminent self-assessment is affected by your set-up
If you're a contractor and you haven't yet submitted your self-assessment to HMRC, then you need to get going - the deadline is midnight on January 30th. With all the recent changes to the rules, there are sure to be many people scratching their heads as they struggle with their returns. You can find some useful information videos on YouTube, and the following article provides some extremely valuable advice.With the starting pistol of 2018 now well and truly fired, countless contractors … [Read more...]
Newly self-employed? Don’t miss the October 5 deadline!
If you became self-employed in the 2016-7 tax year (ie between 6 April 2016 and 5 April 2017), and you haven’t yet registered as such with HMRC, then you need to do so by this coming Thursday - October 5th or face the risk of penalties. By law you are required to register so HMRC know they have to issue you with notice to complete a self-assessment tax return and send you tax statements when required.You may also need to register separately for VAT if your VAT taxable turnover is more than … [Read more...]