HMRC 2018 Tax Return Form
Now that the 2017/18 tax year has finished, it is time to complete the 2018 tax return. Finding the form online can sometimes be a challenge – the official name for a UK tax return form is a SA100. To obtain the form and the notes, you can obtain these direct from HMRC’s website: https://www.gov.uk/government/publications/self-assessment-tax-return-sa100 […]
Daily fines for a late 2017 tax return are approaching
Although we have now started on completing 2018 tax returns(covering the year to 5th April 2018), there may be some people who have yet to complete the 2017 tax return. This should have been submitted to HMRC by 31st January 2018, so has already incurred a £100 fine for being late. On top of that […]
Watch out for the buy to let mortgage interest changes
People will shortly be completing their 2018 tax returns, which cover the year to 5th April 2018. However, this is the first year where the mortgage interest restrictions introduced last April will apply. In the 2017/18 tax returns, only 75% mortgage interest relief will be at the full rate… and with the 2018/19 tax year […]
Planning for 2018 and your tax
With a little over one month to go now in the 2017/18 tax year, it is time to start planning for 2018: 1) Are you going to make any purchases in the business? If so, and you make them before 5th April then you will get tax relief straightaway in the 2018 tax return. Completing […]
SA302 Tax Computations for Mortgages
In the past, it was common for a mortgage provider to ask for copies of HMRC tax computations (called SA302 forms) for several years to prove earnings. This created an unfortunate problem, as HMRC could only issue these by post due to data concerns. Posting out the SA302 tax computations meant that they could take […]
Last chance to complete your 2017 HMRC tax return
The very final deadline to submit the 2017 tax return to HMRC is rapidly approaching – 31st January 2018. The deadline to have any tax deducted through your tax code in a later year (if possible) has already passed, so you will also now have to pay the tax liability by 31st January 2018 as […]
Budget 2017 Update
Today saw the 2017 Budget, thankfully some of the possible changes people had worried about were not introduced. VAT Rumours had been circulating that a possible reduction in the VAT registration limit would be announced. Currently the limit is £85000 meaning that many small businesses do not have to worry about quarterly reporting (or charging […]
HMRC tax refunds onto cards
In cases where a refund is due for the year, there is a possibility that this might go back onto a card that was used to pay tax – rather than come as a bank transfer or cheque as requested on the tax return. This is something to be aware of, in case you are […]
No tax payments at post offices in future
Unfortunately HMRC will no longer be allowing payments of tax to be made through post offices from 15th December 2017. This is likely to affect those living in the smaller towns the most, as many have seen bank branch closures and were told not to worry, as you could still use the post office for […]
HMRC to stop accepting credit cards
There is a good chance that quite a few people will go to pay their tax at the end of January 2018, but only then find out that HMRC has stopped accepting credit cards… From 13th January 2018 it will no longer be possible to pay your tax using a credit card, although debit cards […]
HMRC 31st October 2017 tax return deadline
The 2017 tax return year ended on 5th April 2017 – by now, nearly 6 months has passed since the end of the year so all the information to complete the tax return should be available. 31st October 2017 marks the first tax return deadline for the 2017 returns – although this date was for […]
HMRC tax code changes for 2017
A useful benefit for those with income taxed at source (pensions or employments) is the possibility of collecting underpaid tax through the tax code (interest free, and by instalments in a later year.) For example, if you had a liability that would have originally been due for payment on 31st January 2018 – by taking […]