No late online filing penalties until 28 February 2021
HMRC has announced that fines for taxpayers that file their Self-Assessment returns late will be waived until 28 February 2021. The filing deadline for 2019-20 returns remains at 31 January 2021. HMRC is still encouraging taxpayers to try and meet this deadline. Taxpayers remain obliged to pay their
Making good fuel provided for private motoring
Where an employee with a company car is provided with fuel for their own private use by their employer, the default position is that the employee is required to pay the car fuel benefit charge. The charge is determined by reference to the CO2 rating of the car, applied to the car fuel benefit
Drifting into the HICBC
The High Income Child Benefit Charge (HICBC) could apply to taxpayers if their income exceeds £50,000 for the first time this year and they are in receipt of child benefit. The charge effectively claws back the financial benefit of receiving child benefit either by reducing or removing the benefit
Online tax payment plans
New figures published by HMRC have revealed that some 25,000 taxpayers have set up an online payment plan to manage their tax liabilities spreading payments of £69 million for up to 12 monthly instalments.
This follows an increase in the limit for making an online payment plan to £30,000
Tax returns filing deadline is fast approaching
The approaching deadline for submitting 2019-20 Self-Assessment tax returns online is 23:59 on Sunday, 31 January 2021. The filing deadline is not just the final date for submission of your Self-Assessment tax return but also an important date for payment off tax due to HMRC. This includes the
Simplified expenses motor vehicles
There are simplified arrangements in place for the self-employed (and some partnerships) to claim a fixed rate deduction for certain expenses where there is a mix of business and private use. The simplified expenses regime is not available to limited companies or business partnerships involving a
Did you file your tax return on Christmas Day?
A new press release by HMRC has highlighted that 2,700 taxpayers took the time to file their tax return online on Christmas Day with a further 8,500 taxpayers completing their tax returns on Boxing Day. In total, 31,400 Self-Assessment returns were filed between 24 and 26 December. Although this was
Tax returns filing deadline at the end of this month
The 31 January 2021 tax return filing deadline is not just the final date for submission of your Self-Assessment tax return but also an important date for payment of tax due to HMRC. This includes the payment of any balance of Self-Assessment liability for the 2019-20 plus the first payment on
Time to pay arrangements
One of the measures announced by HMRC at the start of the coronavirus pandemic was the introduction of emergency measures to help those affected by COVID-19 using the existing Time to Pay service. Businesses and self-employed people in financial distress, and with outstanding tax liabilities may be
HMRC’s Annual Tax Summary
The Annual Tax Summary is a document provided by HMRC that provides details on the tax you pay and how this is used by government.
The Annual Tax Summary shows:
your taxable income from all sources that HMRC knew about at the time that it was prepared
the rates used to calculate your Income Tax