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SE21 8JP.
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Tax “Payment Plans” are ENDING – Act NOW if you Owe Tax!
/in 2019, 2020, 2021, Accountancy, Accountants, HMRC, Income tax, Late return, London, payment plans, penalties, penalty, Self-assessment, Tax advice, Tax bill, Tax return, Tax returns, Tulse Hill/by MarkTaxfile has recently been helping some of our customers with tax debts from 2019/20 and earlier. In particular, we’re helping them to arrange payment plans with HMRC as part of their ‘Time to Pay‘ scheme. This spreads the cost of those tax debts instead of paying them off in one go. This is really useful to those who are struggling financially following the pandemic. The new payment plans are only available until 1 April 2021, though, so really you should apply by 31 March 2021. Our advice is to act now if you are in a position to take advantage of the payment plans while they’re still — just about — available.
The benefits of arranging a tax payment plan now
Agreeing a payment plan with HMRC will help avoid the 5% late payment penalty that’s usually charged on outstanding tax not paid by the deadline. And, of course, spreading the cost helps those who might otherwise struggle to get together the full amount in one transaction. The HMRC interest rate seems relatively low too.
How Tax Payment Plans have gone so far
What we’ve found so far is that
Late Filing Penalty Calendar
/in 2021, Late return, penalties, penalty, Self-assessment, Self-employed, Sole traders/by TaxfileIf you needed to have submitted a self assessment tax return for 2019/20 but have not done so by 28/02/2021, you will now be receiving a letter from HMRC stating that you owe a £100 late filing penalty fee. Please do not ignore this, as from 29th of May you will see an exponential growth […]
Furlough Scheme Extended until End of September
/in 2021, Coronavirus, COVID-19, Employee, Employer, Government support, Pandemic, Pay-as-you-earn, PAYE, Payroll, Payroll bureau/by TaxfileIn The Chancellor’s 2021 budget speech it was announced that the furlough scheme would be extended until the end of September 2021, to protect the jobs and livelihoods of the UK population during the pandemic. The Government will pay employees 80% of the hours not worked through to the end of June 2021. As the […]
Mortgage Holidays ENDING
/in 2021, Land and property, Landlords, Lettings, property/by TaxfileCould you do with a few months’ mortgage holiday? The availability of a three month mortgage holiday was first announced in March 2020, as part of a package of support for individuals as COVID-19 spread rapidly through the UK. For the 1.8M people that took up the initiative in March, the holidays came to an […]
Bounce Back Loan Applications & Top-Ups ENDING
/in 2021, BBLS, Bounce Back Loan Scheme, Interest rates, Self-employed, Small traders, Sole traders/by TaxfileApplications for the Bounce Back Loan Scheme (BBLS) come to a close on 31st March 2021. The purpose of the scheme was to allow small businesses, regardless whether they were sole traders, partnerships, or limited companies, a way of getting a cash flow worth 25% of their turnover (within the range of £2-£50k) to support […]
5% Late Payment Penalty Relief Announced by HMRC
/in 2020, 2021, Deadline, Filing deadlines, Income tax, Late return, payments on account, penalties, penalty, Self-assessment, Self-employed, Sole traders/by TaxfileHM Revenue and Customs (HMRC) has announced that Self Assessment taxpayers will not be charged a 5% late payment penalty if they pay their tax or set up a payment plan by 1st April 2021. Normally, a 5% late payment penalty is also charged on any unpaid tax that is still outstanding on 3rd […]
Latest News on Gov. Grants, Support, Loans, Deadlines & More
/in 2019, 2020, 2021, Accountancy, CIS, Construction Industry Scheme, Coronavirus, COVID-19, Grants, Newsletter, SEISS, Self-assessment, Self-employed, Tax, VAT/by MarkDon’t miss our latest newsletter. Published just this week, it includes several updates on the latest Government support for small businesses during the pandemic, including …
SEISS Grant 4 – News Coming Soon!
/in 2021, Accountancy, Budget, Chancellor of the Exchequer, coronavirus, COVID-19, Grants, Pandemic, SEISS, Self-employed/by MarkMoney Saving Expert founder Martin Lewis has announced¹ exclusive news about a possible 4th SEISS Grant for self-employed people. The Self-Employment Income Support Scheme (SEISS) offers direct financial support from the Government for those self-employed people who have seen a significant drop in profits due to the coronavirus pandemic, where eligible. He says the official announcement is currently scheduled for 3rd March 2021 during the Chancellor of the Exchequer’s Spring Budget.
Applications for the current 3rd SEISS grant closed on the 29th of January. The fourth SEISS grant period will cover the months February, March and April. Martin’s exclusive information suggests
Domestic Reverse Charge for the Construction Sector
/in 2021, Accountants, CIS, Construction Industry Scheme, Flat rate scheme, MTD, Subcontractor, Taxfile, Value Added Tax, VAT/by TaxfileThe Domestic Reverse Charge (DRC) for the construction sector comes into effect as of 01/03/2021. What does this mean for you? If you are VAT registered & you work falls under the Construction Industry Scheme (CIS) then from the 1st of March you will need a written declaration from your contractor that they are classified […]
HMRC Extends the Self-Assessment Submission Deadline to 28th February BUT Payments still need to be made by 31st January
/in 2019, 2020, 2021, Appeal, Coronavirus, COVID-19, Deadline, Late return, Self-assessment, Self-employed, UTR/by TaxfileYesterday HMRC made an 11th hour decision to give the remaining 3 million tax payers an additional 28-days to file their tax return electronically. For most, a submission after the 31st of January would have resulted in a £100 late filing penalty. With planning already underway at HMRC on how to cope with the administrative […]