Preparing for the new tax year basis — Income Tax Self Assessment HMRC have provided the following notes regarding the change to the tax year basis: The rules HMRC uses to work out sole traders’ and partners’ profits for Income Tax in a Self Assessment return are changing for many businesses for 2023 to 2024 onwards. This…
HMRC are recognising that Covid-19 is affecting the capacity for taxpayers and their agents to meet their obligations and are showing some flexibility to help. The 2020/21 balancing payment of tax and first payment on account would ordinarily have been payable by 31st January this year, however, HMRC have confirmed that no late payment penalty…
GUIDE TO INFORMATION REQUIRED IN RESPECT OF YOUR SELF ASSESSMENT TAX RETURN Details required if you are employed Form P60 (details of income and tax deducted during the year). Form P11d (details of benefits provided if P11d form is not available). Details of bonuses or other income whether taxed or not. Your PAYE coding notices,…
UPDATE ON VAT & INCOME TAX DEFERRAL Based on the briefing from ICAEW, we have updated the notes. VAT The deferral for VAT payments applies from 20 March 2020 until 30 June 2020. All VAT registered traders are eligible. This will generally mean the deferral of one quarter’s VAT, therefore quarterly payments that would have been…
Income Tax The 2nd payment on account of tax that is due by 31 July 2020 will be deferred until 31 January 2021. Self-employed taxpayers are eligible for this deferment. There is no need to apply for this offer to apply. No penalties or interest for late payment will apply during this deferral period. Statutory…
GUIDE TO INFORMATION REQUIRED IN RESPECT OF YOUR SELF ASSESSMENT TAX RETURN Details required if you are employed Form P60 (details of income and tax deducted during the year). Form P11d (details of benefits provided if P11d form is not available). Details of bonuses or other income whether taxed or not. Your PAYE coding notices,…