HMRC launches a new online VAT Deferral Payment Scheme
Businesses that deferred VAT payments last year can now join HMRC’s new online VAT Deferral Payment Scheme, allowing you to spread the payments over smaller, more manageable monthly instalments.
HMRC announces more help for Self-Assessment Taxpayers
HMRC has announced that taxpayers will not be charged the 5% late payment penalty if they pay their tax bill or set up a payment plan by the 1st of April 2021.
What is salary sacrifice, and can umbrella company employees benefit?
Salary sacrifice is a great way to increase the amount you pay into your pension pot – by saving for your retirement in a tax-efficient manner. Continue reading to discover the benefits of using salary sacrifice, and to find out if it’s available to umbrella company employees.
1.8 million people miss the Self-Assessment filing deadline
The pressures of COVID-19 have understandably affected many individuals’ ability to file their self-assessment tax return by the 31st January 2021 deadline. HMRC has confirmed that approximately 1.8 million people have missed the filing deadline. Don’t worry, if you missed the deadline HMRC has issued necessary guidance about the next steps to take to file your tax return.
A contractor’s guide to tax planning for the end of the 2020/21 tax year
With the end of the tax year just around the corner, it’s time to start thinking about arranging your tax affairs as efficiently as possible before the new tax year commences on 6th April 2021. Please continue reading for detailed summaries of tax reliefs, allowances and rates that apply to businesses and individuals, and how to maximise them for the remainder of 2020/21.
HMRC is waiving late self-assessment fines
This year, HMRC has said it wouldn’t penalise individuals for filing their self-assessments late. We explain what this means for you and the next steps if you’re due to file a self-assessment by 31st January 2021.
What does Brexit mean for limited company contractors?
The UK left the EU on the 31st December 2020, and you may be wondering what this means for contractors using their limited company outside of the UK? Keep reading and discover what contracting abroad looks like, post-Brexit.
Important changes to the January 2021 Self-Assessment Tax Bill
HMRC has recently expanded an online service which now allows more people to set up a payment plan and spread the payment of their January 2021 tax bill over 12 months. You can use the online payment plan to help ease the financial impact you may be facing as a result of the coronavirus pandemic.
HMRC and ASA join forces to tackle the use of misleading marketing used by promoters of tax avoidance schemes
HMRC and the Advertising Standards Agency have launched a joint initiative to eliminate misleading marketing regularly used by promoters of tax avoidance schemes.
Why should you complete your Self-Assessment Tax Return before the January rush?
January is always a busy month for HMRC as people rush to file their self-assessment tax returns before the 31st January deadline. It is advisable to avoid this busy period and file your tax return as soon as possible.