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Tax News

17 articles in Tax News
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Last week HMRC finally announced their revised plans for Making Tax Digital (MTD) after it was put on hold whilst the election process took place.  Originally MTD was to be implemented for businesses over the VAT registration threshold from April 2018 but this now won't be mandatory until April 2019.…
If you are earning income from a business activity you must register with HMRC as self-employed (also known as being a sole trader) and submit a self-assessment tax return annually by 31st January each year. A business activity includes:…
For some time now there has been the option to set up two step authentication to access your tax accounts through HMRC or the Government Gateway. I have found that that choice no longer exists for access to personal tax accounts. Today I had to set up two step authentication and not only did I have to provide my mobile phone or landline number,…
If you are self-employed or have income which is not taxed at source you will need to complete a self-assessment tax return. A tax return will need to be submitted to HMRC for the period 6th April 2015 to 5th April 2016 and can be prepared and submitted any time between 6th April 2016 and 31st January 2017. However …
In September 2015 the Government made the Marriage Allowance available to couples where one of them earns less than the personal threshold for tax, currently £10,600.…
HMRC guidelines have changed for registering your business with them. Previously you had three months to register before being subject to a penalty for not registering within this time but now HMRC ask you to register as soon as possible or by 5 October in your business's second tax year. You will not receive a penalty as long as you submit your tax return and pay any tax due by the due date.…
From April 2015 your liability to pay Class 2 National Insurance Contributions (NICs) as a sole trader or self-employer person will be assessed annually when you submit your self assessment tax return. Payment will be made at the same time as your payment for tax and Class 4 NICs. …
Business owners who are sole traders will probably have an accounting year which ended on 31st March. This date is in line with HMRCs tax year which ended on 5th April.…
If you have received income which is not taxed at source you must complete a self-assessment tax return and it is your responsibility to notify HMRC if they haven't asked you to complete one.…
Class 2 National Insurance Contributions (NICs) have to be paid by individuals who are self-employed or a sole trader. The cost is…
17 articles in Tax News
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