HMRC 2021 Paper Tax Return Form
The new paper tax return form has been released for 2020/21 by HMRC The 2021 tax year covers the period 6th April 2020 to 5th April 2021. If you are submitting a paper tax form, this has to be submitted to HMRC before 31st October 2021 in order to avoid an automatic £100 fine being […]
SEISS grants 4 and 5 announced
It was announced in the Budget that there would be two SEISS grants: Fourth Grant – covering three months at 80% of average trading profits. Paid out in a single instalment and capped at £7,500. You must be a self-employed individual or a member of a partnership. The 2019/20 tax return is referred to for […]
Tax Allowances Frozen to 2025/26
In the Budget it was announced that, rather than increase in line with inflation each year, several personal tax allowances are to be frozen. The below allowances will remain at the 2021/22 levels through until 2025/26: Personal Allowance – £12,570 Basic Rate Band – £37,700 = Higher Rate Threshold £50,270 Additional Rate Threshold – £150,000 […]
James McBrearty in TAXAdviser magazine
As a fellow of my tax association, I was featured in the February 2021 issue of TAXAdviser magazine: The feature discusses my tax career and how the ATT qualification, ATT fellowship and volunteering for the association have all had a positive impact: James McBrearty ATT(Fellow) CAT tells us about his career in tax and how […]
HMRC 31st January 2021 Return Deadline Extended
The normal deadline for submitting an online tax return is the 31st January after the year end. For 2020 tax returns the deadline would usually have been 31st January 2021. It has been announced that late return penalties will not be issued on 31st January this year… as long as any outstanding returns are filed […]
Self-serve HMRC time to pay for 2021
HMRC had already allowed people to defer payment of their 31st July 2020 second payment on account until 31st January 2021. Now, that is being extended through a new time to pay arrangement that will enable people to set up their own online payment plan to cover any or all of the below liabilities: 1) […]
The Winter Economy Plan update
The chancellor has announced the winter economy plan, which provides some additional support to individuals and the self-employed: SEISS Grant Extension There are to be two further payments under the Self-Employed Income Support Scheme. These payments are to cover the period from November 2020 to April 2021. Payments are to be made in two lump-sum […]
Countdown to HMRC Digital Income Tax in 2023
NOW POSTPONED to 2024: Making Tax Digital postponed until 2024 (taxhelp.uk.com) HMRC has recently announced the proposed timescale to introduce the next stage of Making Tax Digital (MTD) for Income Tax. Who does HMRC Digital Income Tax affect? Previously MTD applied to those that were VAT registered – from 2023 it will expand to include […]
taxhelp celebrates 14 years in business
I started taxhelp.uk.com back in 2006, specifically to help the self-employed and individuals with their personal tax. Having helped many clients through the last downturn in the economy, from 2008 – 2013, I am sure that their will again be many success stories from small businesses in the coming years. Over my first decade in […]
When is the best time to start a small business?
You could actually find that it may be during a downturn… as many perceived obstacles are actually opportunities if you are aware of them and take advantage. Having started my own business in 2006, I have both grown my own business during the last downturn from 2008-2013 as well as help hundreds of small business […]
Confirmation of payee for bank payments
In order to reduce fraud, confirmation of payee has been introduced for bank payments. This service aims to tie up payments to the correct account name, whereas in the past only the sort code and account number was used. At present, the new systems work for faster payments or standing orders, as well as for […]
Small Business Saturday 2020 & the #SmallBiz100
Many people will be looking to promote their business in the current market, something I can highly recommend is Small Business Saturday and also the Small Business Saturday 100. There are many great opportunities to gain publicity for your small business, and there are no costs involved. Small Business Saturday Now in its eighth year […]