It comes around almost as fast as Christmas, and here we are again. The 31 January 2018 marks the deadline for filing of the 2016/17 Self-Assessment Tax Return (SATR). Individuals who are required to submit a SATR include, the self-employed and some landlords, investors, company directors, high earners and people who have worked overseas. Those … Continue reading Tax Return Deadline is Approaching
It comes around almost as fast as Christmas, and here we are again. The 31 January 2017 marks the deadline for filing of the 2015/16 Self-Assessment Tax Return (SATR). Individuals who are required to submit a SATR include, the self-employed and some landlords, investors, company directors, high earners and people who have worked overseas. Those … Continue reading Tax Return Deadline is Approaching
In 2015 the Government announced its commitment to bringing our tax system into the 21st century by introducing digital technology and dispensing with the annual tax return. The new system would involve digital quarterly reporting with a view to making tax simpler and easier to manage for the taxpayer. The Financial Secretary to the Treasury, … Continue reading Digital Tax Reporting – The Story So Far
Businesses will not be expected to complete quarterly tax returns from 2020, it has been revealed. Further to HMRC’s digital revolution and several announcements in the Chancellor’s budget, it was thought that all businesses would need to send quarterly tax returns. However HMRC director general Ruth Owen has emphasised that companies will only need to … Continue reading Digital Revolution Or Administration Nightmare?
CODE NUMBERS Check your code to ensure you have been given the correct personal allowances, including relief for pension contributions and gift aid donations if liable to higher rate tax. PENSIONS With a general election a few weeks away it cannot be certain that the current generous reliefs will remain in place. It is important … Continue reading Year End Tax Planning – Points for review before 5 April!
The initial £100 penalty for late submission of self-assessment tax returns could be abolished under new Government plans. Under the current system, which has been in place for the last 20 years, someone who files their return 24 hours later than the midnight deadline, will pay as much of a penalty as someone who is … Continue reading Penalty For Accidental Late Submissions A Thing Of The Past?
http://www.youtube.com/watch?v=NUwV2I5HtC8 To find out what other announcements were made in the Chancellor's Budget, read our Budget Summary.
Leanne Flanagan, tax senior at Green & Co provides some last-minute tax return advice in an article by Moneywise: “With under a month to go to get your accounts in order, we solve queries about your tax liability if you're self-employed..."
Rental income does have to be disclosed to HM Revenue and Customs but whether or not you have to complete a tax return to disclose the income will depend on your circumstances. You will not need to complete a tax return if: The gross rental income is below £10,000 per annum, and The net rents … Continue reading Receiving Rental Income: Should You Be Completing A Tax Return?
If you can cope with the relative social isolation and are not easily distracted by domestic issues, home-working offers a practical solution where it is not possible to carry out your duties at a business premises. Working hours are flexible and can be fitted around family or other personal obligations, as well saving on costs … Continue reading Working From Home