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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 […]
BREAKING NEWS: No. 10 Heeds Guy’s Plea — & Extends Self-Assessment Deadline!
/in Accountancy, Accountants, Guy Bridger, Office of Tax Simplification, South London, Tax return, Tax returns/by Mark[BREAKING NEWS:] 11 days ago we published a post confirming that Guy Bridger, Taxfile’s founder, had personally delivered a postcard to No. 10 Downing Street, making the case for an extension to the Self-Assessment tax return deadline until the end of February. In Guy’s postcard to Boris Johnson, he had argued that there was simply too much pressure on people during Christmas, the New Year and the month of January, due to the bottleneck caused by the Self Assessment tax return deadline.
Well, in some very welcome good news, it seems the Government has listened to Guy’s plea. This afternoon HMRC confirmed …
Every Day of January is the 31st
/in 2019, 2020, 2021, Self-assessment, Tax return, Tax returns/by Guy BridgerHMRC have announced that those members of the public not able to pay their taxes or submit tax returns on time will be able to appeal against the late filing penalties they will inevitably get this winter. From what we have been hearing HMRC are expecting everyone to have adequate proof of sickness. Does this mean
Guy Tells No. 10 to Extend Self-Assessment Deadline
/in Accountancy, Accountants, Guy Bridger, Office of Tax Simplification, South London, Tax return, Tax returns/by Guy Bridger[THERE IS BREAKING NEWS ABOUT THIS POST – CLICK HERE FOR MORE DETAILS]
Guy Bridger, Taxfile’s founder, has personally delivered a post card to Boris Johnson. He recently slipped it under the door of Number 10 Downing Street (there is no letterbox!).
The Issue with the Tax Return Deadline – & Guy’s Suggested Solution
In his communication to Boris, Guy suggested that the tax return filing deadline should be …
Taxfile Partners with Local Government to Offer Self Assessment Assistance
/in 2020, 2021, Advice, BBLS, Bounce Back Loan Scheme, coronavirus, Coronavirus, COVID-19, COVID-19, HM Revenue and Customs, HMRC, Income & Expenditure, Income tax, London, Pandemic, Pandemic, SEISS, Self-assessment, Self-employed, Sole traders, South London, Uncategorized/by TaxfileWith the self-assessment tax deadline looming in the midst of a global pandemic and no announcement of an extension from the government (28 days would do), 5.4m* taxpayers (45%) still needing to submit a tax return before the 31st January and many of those are left feeling hopeless and helpless, unsure how to complete it […]
Self Assessment Income Tax Returns 2019/20 – COVID Edition
/in 2020, 2021, Accountants, coronavirus, Coronavirus, COVID-19, COVID-19, Income & Expenditure, Income tax, Pandemic, Pandemic, Self-assessment, Self-employed, Tax, Tax accountant, Tax accountants, Tax agents, Tax calculation, Tax return, Tax returns, Uncategorized/by TaxfileTo date there has been no change on the deadline to submit and pay your 2019/20 Self Assessment Income Tax return by 31st January 2021. In preparation for our busiest period in the year we have been doing everything to ensure both our offices and business practices are ready to cope with the changes […]