Payments on account can often cause confusion due to both their calculation and the fact the payments straddle tax years. Basically, payments on account are just in-advance tax payments that are set against one future year’s tax liability. They are calculated based on the figures for the previous tax year, so unless the tax position […]

HMRC has been issuing the notices to complete a tax return, for the 2019 year. The 2019 tax returns cover the year 6th April 2018 to 5th April 2019. Although there is a very final deadline of 31st January 2020 to submit the 2019 returns and avoid a fine, the goal should be to submit […]

The first tax return deadline for 2018 returns is approaching… 31st October 2018. Although this deadline is for people submitting a paper tax return, it is a good deadline for everyone to use. HMRC print the statements of account after the end of October, before sending these out in December, so to ensure they are […]

At present, there are two different types of National Insurance for the self-employed, Class 2 and Class 4. Class 2 is a fixed weekly amount, whereas Class 4 is charged based on profits. We had been expecting Class 2 National Insurance to be abolished for some time. It was supposed to be replaced by a […]

If you have income to report to HMRC for the tax year ending 5th April 2018, the deadline to register to complete a 2018 tax return is fast approaching. You must notify HMRC by 5th October 2018 that you will be submitting a 2017/18 tax return. Once registered, you will then have until 31st January […]

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 […]

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 […]

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 […]