National Insurance contributions are to increase

Yesterday the government announced tax changes to fund £12 billion a year to be spent on the NHS and social care across the UK. National Insurance contributions (NICs) will increase by 1.25% for one year only for employees, employers and the self-employed from‌‌ ‌April‌‌ ‌2022. This will cover both Class 1 (employee and employer), Class 1A Read more about National Insurance contributions are to increase[…]

HMRC outlines changes to late payment penalty regime

HMRC has published a policy paper outlining the forthcoming changes to the penalties for late payment and interest harmonisation for taxpayers. The government intends to reform sanctions for late submission and late payments to make them ‘fairer and more consistent across taxes’. Initially the changes will apply to VAT and Income Tax Self Assessment (ITSA). Read more about HMRC outlines changes to late payment penalty regime[…]

Warning of Self Employed Income Support Scheme (SEISS) grant Scams

HMRC has issued a warning to taxpayers to be careful when making a Self Employed Income Support Scheme (SEISS) grant claim as there are a number of scams circulating, with fraudsters using emails and text messages to try dupe the self-employed into making spurious claims. It is important not to click on any links before Read more about Warning of Self Employed Income Support Scheme (SEISS) grant Scams[…]

HMRC pledges harsh fines for abuse of Self Employed Income Support Scheme (SEISS) grant

HMRC has confirmed the penalty regime for the Self Employed Income Support Scheme (SEISS) with harsh fines. An overclaimed Self Employed Income Support Scheme (SEISS) grant includes any amount paid which the self-employed person was not entitled to or received payments of more than the amount HMRC said they were entitled to when the claim Read more about HMRC pledges harsh fines for abuse of Self Employed Income Support Scheme (SEISS) grant[…]

Fifth SEISS grant will be open to claims from late July

HMRC has confirmed that the fifth Self-employment Income Support Scheme (SEISS) grant covering the period May 2021 to September 2021 will open to claims from late July. To be eligible for the grant, an individual must be self-employed or a member of a partnership. They must have traded in the tax year 2019/20 and submitted Read more about Fifth SEISS grant will be open to claims from late July[…]

Late payment penalties for Self Assessment waived until 1 April

HMRC has announced that Self Assessment taxpayers will not be charged a 5% late payment penalty if they pay their tax or set up a payment plan by 1 April. The payment deadline for Self Assessment was 31 January and interest is charged from 1 February on any amounts outstanding. Normally, a 5% late payment Read more about Late payment penalties for Self Assessment waived until 1 April[…]

Self-Employment Income Support Scheme – future grants confirmed

It was announced at yesterday’s budget that the Self-Employment Income Support Scheme (SEISS) will continue until September with a fourth and fifth grant. The fourth and fifth grants will take into account submitted 2019-20 tax returns. This means you may be able to claim, even if they were not eligible for previous grants. You must Read more about Self-Employment Income Support Scheme – future grants confirmed[…]

Main points from the budget (3 March 2021)

Here are some of the key points from the budget of 3 March 2021: Furlough and Self-employed grant extended until September. Universal Credit uplift of £20 to be extended for a further 6 months. Incentive payments of £3,000 for all new hires of any age. Business rates holiday will be extended until June. National insurance, Read more about Main points from the budget (3 March 2021)[…]

Self assessment – late filing penalty suspended

Today HMRC has announced that Self Assessment customers will not receive a penalty for filing their 2019-20 tax return late, as long as they file online by 28‌‌ ‌February. We would still encouraging you to file by 31‌‌ ‌January, if possible. You still need to pay their Self Assessment tax bill by 31‌‌ ‌January. Interest will be Read more about Self assessment – late filing penalty suspended[…]

Deadline for submitting your 2019/20 self assessment return

Deadline for submitting your 2019/20 self assessment return is 31 January 2021, along with the balance of your 2019/20 liability together with the first payment on account for 2020/21.   This deadline is relevant to individuals who need to complete a self assessment tax return and make direct payments to HMRC in respect of their Read more about Deadline for submitting your 2019/20 self assessment return[…]