by MAS | Mar 25, 2021 | CIS, Financial news, HMRC, NIC, PAYE, Tax, VAT
1 April Digital links required in Making Tax Digital for VAT returns. 5% late payment penalty on any 2019/20 outstanding tax which was due on 31 January 2021 and still remains unpaid. 5 April Last day of the 2020/21 tax year. Deadline for 2020/21 ISA investments and...
by MAS | Mar 12, 2021 | Covid-19, Financial news, HMRC, Self Assessment, Self employed, Tax
An update re any self assessment tax that you may still have to pay. HMRC has announced that Self-Assessment taxpayers will not be charged the 5% late payment penalty if pay their tax or set up a payment plan by 1 April 2021. Normally, a 5% late payment penalty is...
by MAS | Mar 11, 2021 | Business advice, Financial news, HMRC
We want to reaffirm this as we have had a number of clients contact us regarding this over the last few months. You can be sure that HMRC will: · only ever call you asking about a claim or payment on a debt that you already know about · only ever call...
by MAS | Mar 10, 2021 | Accounts, Business advice, Coronavirus, Covid grants, Covid-19, Financial news, Self Assessment, Self employed
The fourth SEISS grant will be open to some taxpayers who became newly self-employed in 2019/20. To protect the scheme from fraud, HMRC is writing to 100,000 of these taxpayers, asking them to complete pre-verification checks to confirm their identity and provide...
by MAS | Mar 5, 2021 | Business advice, CIS, Construction services, VAT
Introduction of New VAT Penalty System HMRC have announced a reform of the current penalty system regarding late submissions of VAT returns and late payment of VAT liabilities. Instead of an automatic penalty being applied, points will be accrued depending on the...
