The tax return filing deadline is today. There won’t be any penalties if you file it or pay before 28th February, however there will be interest to pay from 1st February at a rate of 2.75%. If you are struggling to pay, HMRC may let you pay in instalments under a Time to Pay arrangement. … Read More
September sees the end of some COVID support schemes, so it is important not to miss the deadlines. The final SEISS grant for the self employed has a deadline of 30th September . For this grant, you will need to provide turnover figures for April 20-21 and either 19-20 or 18-19 and confirm your business … Read More
Tax returns are more complicated this year for the self-employed if you have received SEISS grants. The first 3 SEISS grants need to be reported as they are taxable. If the grants are not added in the correct place, or do not agree with HMRC records, then HMRC have been sending revised tax calculations which … Read More
You may not be thinking about your tax return during this glorious sunny weather, however now is a great time to complete it. See below for just some of the reasons: You have more time to save for the 31st January 2022 payment deadline You may be able to reduce your 31st July 2021 payment … Read More
The deadline for applying for the 4th SEISS grant for self employed is 1st June. This grant covers the period 1st February to 30th April 2021. The good news is newer self employed businesses who submitted a tax return for the 19/20 tax year are able to apply this time. HMRC are insisting there must … Read More
There is no requirement to be qualified or a member of a professional body, and at the moment one third of the accountancy population is unregulated. A member of a professional body must have completed years of studying and passed exams, have professional indemnity insurance, keep up to date with continuing professional development (CPD) … Read More
As we approach tax return season, here are some unusual expense claims HMRC have rejected in previous years: A 3 piece suite for a wife to sit on while her partner was completing the accounts Vet fees for a rabbit £4.50 sausage and chips meal for 250 days A carpenter claiming £900 for 55 … Read More
Extended Furlough Scheme from 1st November Who can claim? The employer can claim for anybody who was on payroll submitted to HMRC by 30th October 2020 who is not able to work their normal hours after 1st November. This includes new starters before 30th October. Can the employee do any work for the … Read More
Keep all receipts – scan into software or keep monthly receipts together in envelopes within a folder for the year. There is a penalty of up to £3000 for failing to keep records. Keep all records for 6 years. Keep a business bank account and do not use it for personal expenses. It will be … Read More
Create and send invoices on the spot from your computer, tablet or smart phone. Be flexible about payment methods. If you accept credit cards and carry a credit card reader, you could accept payment at the job. Take a deposit up front for a large job. Send a polite reminder a couple … Read More
