Posts by Graham
Self-Assessment payment deadline extended
Today HMRC has announced that Self Assessment taxpayers will not be charged the initial 5% late payment penalty if they pay their tax or make a Time to Pay arrangement by 1st April. The payment deadline for Self Assessment is 31st January and interest will be charged from 1st February on any amounts outstanding. The…
Read MoreDon’t Pay Any Unnecessary Tax
Download our free Tax Planning Checklist It is not long now until the end of the tax year, and the Budget is on 3rd March 2021. Taxpayers across the UK are considering how they can mitigate their liabilities from the last year. To help you prepare, we have put together a helpful checklist. Download…
Read MoreThe VAT Deferral New Payment Scheme
Many businesses deferred VAT payments due between 20th March and 30th June 2020 as a result of the Coronavirus pandemic. These businesses must now consider how they will repay this outstanding tax. They can choose from the following options: Pay the deferred VAT in full by 31st March 2021; Join the VAT Deferral New Payment…
Read MoreCOVID-19 Bounce Back Loan repayment period extended
The Government has announced changes to the Bounce Back Loan Scheme (BBLS) available to small businesses in the UK. Companies will now have longer to repay what they have borrowed. Under the current scheme, firms get interest-free loans for the first year. However, many businesses that took out a loan last year will have to…
Read MoreNearly 1.8m late filers miss tax return deadline
More than 10.7m taxpayers filed their tax returns by 31 January. Yet nearly 15% didn’t make the deadline. This is almost twice the amount reported last year. On 1st February 2021, the day after the 2019/20 self assessment deadline, HMRC had received 10,743,387 returns (which includes expected returns, unsolicited returns and late registrations). 1.8m were outstanding. …
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