Self-Assessment
Online Side Hustlers sent letters from HMRC about unpaid tax
Online Side Hustlers sent letters from HMRC about unpaid tax HMRC has now started sending letters to online sellers and side hustlers it suspects of not paying tax or disclosing sales on online platforms in 2022-23, giving them just 30 days to respond. The letters will need immediate action and if HMRC do not receive…
Read MoreRent a room tax relief
Rent a room tax relief It is now thought that over 1.8 million UK adults rent out furnished rooms in their homes, which allows them to qualify for up to £7,500 in tax free income under the rent a room scheme. HMRC have advised that £170m was claimed in the tax relief in 2023-24, but…
Read MoreHigher Rate Tax Payers up 43% in the last 3 years
Higher Rate Tax Payers up 43% in the last 3 years In total 2.5m taxpayers will have to pay higher and additional rate tax for the first time, with the situation unlikely to improve before 2029 at the earliest, based on the latest freeze extension announced at the Budget. There will be 6.3m higher rate…
Read MoreAre there any acceptable excuses for not submitting your Self Assessment on time!
Are there any acceptable excuses for not submitting your Self Assessment on time! HMRC could rake in up to £100m from taxpayers failing to submit their tax returns by 31 January 2025. Penalties for late filing are issued automatically, and taxpayers can appeal them if they have a reasonable excuse. However, what classifies as ‘reasonable’…
Read MorePaying your self-assessment tax return – what do I need to consider?
Paying your self-assessment tax return – what do I need to consider? The deadline for paying your self-assessment tax bill is 31 January 2025 for the 2023/2024 tax year. If you have already paid your bill or you did not have any tax due, there is nothing else for you to do. Your Self-assessment personal…
Read MoreHMRC to replace Government Gateway accounts with One Login
HMRC to replace Government Gateway accounts with One Login The government is investing millions of pounds in a single login system for taxpayers and agents using online services with the launch of GOV.UK One Login. The new login service which will have two factor authentication and will be rolled out across all government web services…
Read MoreWith only 2 weeks to go until the self-assessment deadline on Friday 31 January, here are some tips for working on your tax return
With only 2 weeks to go until the self-assessment deadline on Friday 31 January, here are some tips for working on your tax return Whether you are an individual taxpayer or a sole trader, it is important to gather all the right information in advance of sending the information to your accountant for them to…
Read MoreHow did you spend your Christmas?
How did you spend your Christmas? On Christmas Day, an impressive 4,400 people filed their tax return. On Christmas Eve, another 23,730 filed their tax return… Then on Boxing Day another 11,930 decided to file their tax return, with over 1,100 filing between 4 and 5pm. This means that over these 3 days, HMRC received…
Read MoreMarriage Allowance for Self-Assessment Tax Returns
Marriage Allowance for Self-Assessment Tax Returns As the deadline for self-assessment tax returns edges closer, the complicated process for anyone who claims marriage allowance to follow, related to timings, is proving difficult for many. Here at Kennedys Accounting, we are experienced in complex self-assessments and are happy to assist with your return, the following information…
Read MoreData sharing between HMRC and online platforms from HMRC is NOT a new tax!
Data sharing between HMRC and online platforms from HMRC is NOT a new tax! Despite a supposed ‘uproar’ earlier this year after the mandatory requirement for online platforms to share data with HMRC about their users’ sales, there will be no new tax changes for influencers, and those selling online. HMRC are launching a publicity…
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