There were a record number of fraudsters targeting taxpayers with scam emails, texts and calls in the run up to the deadline for submission of self-assessment returns for 2020-21. HMRC received more than 570,000 reports over the last year about suspicious HMRC contacts. You may have received a call too? The scams were telling taxpayers […]
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Did you know? If you are working from home, you may be able to claim tax relief for some of the bills you pay related to your work. Employees can be reimbursed by their employers for any additional household expenses incurred through regularly working from home. This relief covers expenses such as business telephone calls,
HMRC has announced that late filing penalties will be waived for taxpayers that file their 2020-21 Self-Assessment returns by 28 February 2022. The due date of 31 January 2022 remains and HMRC is still encouraging taxpayers to try and meet this deadline. Taxpayers should try and pay their tax bill by 31 January 2022 otherwise
Did you know that some businesses or self-employed people may be eligible to receive support with when and how they pay their tax through HMRC’s Time To Pay service. An online payment plan for Self-Assessment tax bills can be used to set up instalment arrangements for paying tax liabilities up to £30,000. Taxpayers that qualify for
Completing a self-assessment return can be for a number of reasons such as you are self-employed, a company director, have an annual income over £100,000 or have an income from savings, investments or property. Individuals that need to complete a self-assessment return for the first time should inform HMRC as soon as possible. The latest
If you are a sole trader, you run your own business and you are known as self-employed by HMRC. As a sole trader, you are responsible for any losses your business makes, however you can keep all your business’s profits after you have paid tax on them. The first step to becoming a sole trader
The Prime Minister recently announced a 1.25% increase to National Insurance from April 2022. Here we explain what this change in rates means for small businesses and the self-employed. Speaking at the beginning of September, Boris Johnson announced plans to increase National Insurance in April 2022. The increase of 1.25% is designed to fund the
Keeping records for your tax returns is so important for both small businesses and the self-employed. If you keep your records for your tax returns in an organised manner then it will be easier for your accountant, us and HMRC. We always advise any new company to keep on the right track by keeping good