Nearly 45,000 taxpayers sign up for HMRC Payment Plans As the deadline to submit self assessment tax returns gets closer, nearly 45,000 people have set up a payment plan for the tax that they owe with HMRC. Although getting close to 8 million self assessment tax returns which have already been filed for the 2022…

Selling online is changing – are you falling into the ‘tax trap?’ Digital platforms, such as eBay, Vinted and Airbnb, to name a few, will have to report ‘seller data’ to HMRC from January 2024 giving HMRC access to this information directly for the first time. Are you one of the millions of UK individuals…

Self Assessment Tax returns – less than 20 days to go! There are now less than 20 days left to file your Self Assessment Tax return for the tax year 22/23. The deadline remains as 31 December 2024 at midnight, and as soon as you pass the midnight hour, the first fine will be charged…

HMRC publishes 3 guides regarding IR35 guidance for employers HMRC has published 3 guides which clarify the tax status of The guidelines are aimed at organisations operating under the reformed off-payroll working rules (IR35) and with umbrella companies. The guides set out clearly what HMRC considers the ‘good and bad’ practices when preparing for and…

Did you spend Christmas day filing your personal tax return? With less than 30 days to file your Self Assessment tax return, it seems that some of the most popular days to do this – have already ‘been and gone.’ The number of people filing their Self Assessment tax returns on Christmas Day has shot…

Crypto Investors Warned to Disclose Unpaid Tax HMRC is encouraging crypto investors to voluntarily disclose unpaid tax going back four years on their cryptocurrency and non-fungible token (NFT) transactions. As well as paying any tax for the years in question, penalties and interest will be charged as usual on all unpaid tax. HMRC has provided…

Businesses will need to consider some key changes in 2024 which need to go in their diaries… For small businesses, companies and employers there are a number of areas to watch out for which were listed in the Autumn Statement, the key ones of which are listed below; Wages and salaries  Employers with younger workers…

Buy to Let Landlords property income continues to increase The total property income declared by unincorporated landlords in 2021-22 was £48.8bn, up from £46.3bn the previous year according to HMRC figures. The data also showed that 2.79m landlords filed self assessment tax returns, with the overwhelming majority having just one buy to let property. There…

Over 50% of businesses are paying suppliers late! Over 50% of businesses have confirmed that they have been paying invoices late due to cashflow problems. External research has confirmed that the average payment has been 22 days late while up to 21% of businesses are paying suppliers over a month late. Delays in payments are…

Less than 60 days to go until the self assessment tax return deadline With less than 60 days to go until the self assessment tax return deadline, a recent survey has recognised that around 75% of the self employed do not know when higher rate tax starts. The survey found that 75% of the self…