Tax News

From 13th January 2018 HMRC will no longer accept payment of taxes by personal credit card and prior to that, from 15th December 2017, payments will not be able to be made through the Post Office. Payments can be made to HMRC by:…

Are you aware of the implications of providing a mobile phone to your employee or reimbursing them for their mobile phone costs?  It could cost you, and them, more than you think. For instance:…

As a sole trader or self-employed person you won't have to pay tax on your earnings until 31 January the year after your first accounting period ends.  Finding out how much tax you will have to pay when you first tax return is submitted can come as a bit of a shock especially if you haven't saved for your tax bill during the year.  Do you understand how Self-Assessment tax works?…

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. …