Tag Archive: self-assessment tax return
Be on trend with your tax return
Posted 20th May 2024 at 2:10 pm
HM Revenue & Customs (HMRC) have released figures showing that 295,250 Self Assessment tax returns were filed in the first week of the new tax year. Almost 70,000 were filed on the first day – April 6th. This seems to suggest an increasing trend for filing tax returns early. Last year, 246,210 returns were filed in the opening week. Tax returns do not need to be filed until 31 January 2025, however filing early does bring advantages. You get more time to budget and plan for paying your tax bill as well as peace of mind from knowing an essential... Read more
Making Tax Digital for Income Tax Self-Assessment: More time to prepare
Posted 10th January 2023 at 9:05 am
The mandatory use of software for Making Tax Digital for Income Tax Self-Assessment is being phased in from April 2026. Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) was due to be phased in from April 2024. However, the government, recognising the current economic environment and the significant change that a transition to Making Tax Digital represents, has pushed this back to April 2026. In addition, the previously announced £10,000 threshold for self-employment and property income has been raised, as detailed below. Under MTD for ITSA, businesses, self-employed individuals, and landlords will keep digital records, and send a quarterly summary of their... Read more
Don’t forget to declare your Covid-19 payments!
Posted 7th November 2022 at 1:31 pm
HMRC is reminding taxpayers that they must declare COVID-19 payments in their tax returns for the 2021 to 2022 tax year. Self Assessment Tax Returns: More than 2.9 million people claimed at least one Self-Employment Income Support Scheme (SEISS) payment up to 5 April 2022. These grants are taxable and should be declared on tax returns for the 2021 to 2022 tax year before the deadline on 31 January 2023. The SEISS application and payment windows during the 2021 to 2022 tax year were: SEISS Four: 22 April 2021 to 1 June 2021 SEISS Five: 29 July 2021 to... Read more
File your tax return early this year!
Posted 4th July 2022 at 11:26 am
Many of you will have received an email from HMRC recently inviting you to submit your Self Assessment tax return earlier this year. Though the online Self Assessment filing deadline is 31 January 2023 (31 October 2022 for paper submissions), there are some benefits to filing early if you are able to. Filing your Self Assessment tax return earlier can give you peace of mind, and help you better manage your tax bills so that you don’t get a nasty surprise in January. When returns are filed early, the payment on account (POA) for the next period is more likely... Read more
Time to start thinking about tax!
Posted 11th October 2021 at 4:27 pm
The deadline for filing the 2020/21 self-assessment return online is 31 January 2022*. While this deadline may seem ages away, especially at a time when you may be dealing with supply chain issues, staffing shortages, and other ongoing fallout from Brexit and the Covid-19 pandemic, it’s important not to let your tax return slip your mind. HMRC will not forgive you for a late filing. Even if your return is only one day late and/or there is no tax to pay, they will still charge you a penalty. You can avoid a fine by submitting your return well before the... Read more
When is your tax return due?
Posted 5th October 2020 at 10:01 am
The deadline for filing the 2019/20 self-assessment return online is 31 January 2021*. While this deadline may seem ages away, with the Covid pandemic ongoing, and the Brexit transition period coming to an end, it would be understandable if you had other things on your mind! However, HMRC will not forgive you for a late filing. Even if your return is only one day late and/or there is no tax to pay, they will still charge you a penalty. You can avoid a fine by submitting your return well before the deadline, which means that now is a great... Read more
Do YOU know when your tax return is due?
Posted 16th October 2019 at 9:19 am
The deadline for filing the 2018/19 self-assessment return online is 31 January 2020*. While this deadline may seem ages away, with Christmas (and Brexit!) on the horizon it could be easy to get distracted until you realise that you only have a few weeks left to submit. A late filing penalty is charged if the return is filed late, even if it is only late by one day and/or there is no tax to pay. You can avoid a fine by submitting your return well before the deadline, which means that now is a great time to be preparing all... Read more