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 […]
HMRC October 2017 deadline to register for a tax return
A deadline often missed is the one to register for a tax return should one not already have been issued by HMRC. If you have untaxed income in the year to 5th April 2017, then you must notify HMRC by 5th October 2017 so that a tax return form can be issued for completion. Failure […]
HMRC aiming to eliminate cheques
As part of HMRC’s ongoing cost-cutting, they have recently stated their aims to eliminate cheques. However, there is a portion of the population who still use cheques regularly so this may take some time. Paying HMRC In the past people would use the HMRC payslip received in the post to either pay at their local […]
Good news about Making Tax Digital(MTD)
We have some excellent news – Making Tax Digital(MTD), the coming burden that many self-employed people were unaware of, has been postponed until at least 2020 (and hopefully permanently.) While improving systems and more up-to-date data for small businesses is recommended, there were many issues with MTD and the original timeline. As I reported back […]
HMRC 31st July 2017 Payments on Account
The end of July marks another tax deadline – for paying the second instalment towards your 2016/17 tax liability. If you are required to make payments on account then these are calculated as 50% of your 2016 tax liability each. The first payment made by 31st January 2017 will always be estimated as it is […]
Finance Bill Changes
Due to the upcoming election, several sections were dropped from the finance bill so that it could pass through quickly. There are quite a few sections that have been dropped, we will have to wait and see if they are reinstated after the election. The top four sections likely to affect those who are running […]
It’s time to complete your 2017 HMRC personal tax return
Now that the new tax year has started, you can commence preparation of your 2016/17 personal tax return. The 2017 tax return covers income and expenses in the year to 5th April 2017. Although the first deadline isn’t until October, preparing the return as soon as the information is available is to be recommended: 1) […]
Daily fines for a late 2016 tax return are approaching
People may think that the fine for a late 2016 tax return is £100… but in fact it can actually be £1600 or more. The fine applies even if you have a overpayment of tax for the year – it is quite normal to see that tax refund you would have been entitled to disappear […]
Time to invest in your business equipment
As the 2016/17 tax year draws to a close on 5th April 2017, now is the time to review whether you should replace any existing equipment. If you purchase new equipment now then you will receive tax relief straightaway in the accounts for the year to 5th April 2017 – meaning that your tax bill […]
Dividend tax changes from April 2018
Back in April 2016 the tax on dividends changed, however as the 2017 tax returns have yet to be prepared there is a good chance that a large number of people don’t know about the last change – let alone the next one coming in from April next year. In April 2016 people were entitled […]
Changes to Class 2 and Class 4 National Insurance in 2018
Last week we had details announced about changes to both Class 2 and Class 4 National Insurance, to take effect from April 2018. However, this has now been revised from the National Insurance changes were announced back in March 2016, and were expected to come through. Rather than have two separate classes of National Insurance […]
2017 Spring Budget #Budget2017
Yesterday saw the Spring Budget 2017, with several updates affecting the self-employed: Making Tax Digital(MTD) A welcome postponement of the introduction date was announced – for those who are below the VAT threshold, the first time they will have to use MTD will be from April 2019. This will allow a year for the systems […]