Tens of thousands of taxpayers spread out Self Assessment tax bill in wake of coronavirus pandemic

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Tens of thousands of taxpayers spread out Self Assessment tax bill in wake of coronavirus pandemic

Dec 09, 2021

Tens of thousands of self-employed workers have used HM Revenue & Customs’ (HMRC) Time to Pay service to spread out tax bills, the latest figures have revealed. The Time to Pay facility has offered a lifeline to those who may struggle ...

Blog, Tax

Be aware of tax liabilities if you are using cryptocurrencies

Nov 30, 2021

To many, cryptoassets, which includes cryptocurrencies, are an enigma shrouded in mystery. Whether we are talking about Bitcoin, Dogecoin, Litecoin, blockchain or mining, most people will not have a clue. But for those who have dabbled in the market, it’s important ...

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Blog, HMRC, Tax

Almost 800,000 tax scams reported to HMRC in past 12 months, figures reveal

Nov 19, 2021

Nearly 800,000 tax-related scams were reported to HM Revenue & Customs (HMRC) in the past 12 months, a major study has revealed. The figures come as the tax authority prepares to send millions of emails and text messages to taxpayers ahead ...

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Cryptoassets and Capital Gains Tax: what you need to know

Nov 12, 2021

Traders who have sold or exchanged cryptocurrency may be required to pay Capital Gains Tax (CGT), HM Revenue & Customs (HMRC) has warned. It comes after the tax authority wrote to holders of cryptoassets, such as Bitcoin, reminding them of their ...

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Controversial basis period reforms delayed by one year, Government announces

Nov 01, 2021

Controversial changes to the basis period rules will be pushed back to 2024, the Government has announced. Critics said the reforms would needlessly burden businesses in the wake of the coronavirus pandemic and ahead of the introduction of Making Tax Digital ...

Blog, HMRC, Tax

Are you a Self-Assessment taxpayer?

Oct 26, 2021

If you are, then keep reading... From today, you have less than a week to submit paper tax returns for the 2020/21 tax year before the deadline on Sunday 31 October. Those submitting online tax returns, you have 98 days! For the 31 ...

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MTD for Income Tax delayed until April 2024, HMRC confirms

Sep 27, 2021

Making Tax Digital (MTD) for Income Tax will be delayed until April 2024, the Government has confirmed. It means self-employed business owners and landlords will have one more year to prepare for the digitalisation of Self Assessment. According to HM Revenue & ...

Blog, Business accounting, Business Advice, Tax

What are year-end accounts and how can I prepare for them?

Sep 17, 2021

If you’re new to business, year-end accounts may seem like a daunting prospect. But with the right preparation, advice and approach, you will have nothing to worry about. In this blog, we’re going to look at what year-end accounts are when ...

Blog, Tax

Tax-related scams double during coronavirus pandemic, figures reveal

Aug 26, 2021

Tax-related scams have almost doubled in the past 12 months, HM Revenue & Customs (HMRC) has revealed. The tax authority said the coronavirus pandemic has created a perfect environment for criminals to operate in. According to the most recent figures available, HMRC ...

Blog, Tax

150,000 businesses owe HMRC £2.7 billion in deferred VAT payments

Jul 27, 2021

HM Revenue and Customs (HMRC) reported that 150,000 UK businesses have not yet made arrangements to pay back deferred VAT payments, and therefore owe the department £2.7 billion. As of 30 June 2021, nine per cent of the total VAT deferred ...

Tax