UPDATED: 12th July 2020 – There are only 24 hours left to claim the first self-employment grant. The scheme closes at Midnight on Monday 13th July 2020. To make the claim click on the following link HMRC Self-employment grant claim and follow the instructions. HMRC Self-employment Grant Step by Step Video HMRC have released this …
The married couples allowance for 2020/21 is £250. This is tax free cash which an estimated 700,000 couples don’t claim. Better still, you can claim back for the previous 4 tax years. As a result the total tax rebate can be as high as £1,188. This total is explained later. Married Couples Allowance Example A …
Try our Self-employed grant calculator tool to see how much you can claim from the Government. The maximum grant is £2,500 per month. Conditions of the Self-employed Grant Claim To qualify for the grant, self employed individuals must confirm the following: A 2018/2019 tax return has been submitted (and it was submitted by 23rd April …
Tax code 1250L will be the most common tax code for the tax year 2020/21. It is unchanged from the tax year 2019/20. Most taxpayers will receive an updated tax coding notice from HMRC in February or March each year. Your tax code is important as it is used to calculate how much tax you …
Have you missed the January tax deadline? If so, it is important to act now as the penalties and fines will only increase. More than 950,000 taxpayers are reported to have missed the January tax deadline, so you are not alone. This is what you must do now. File your personal tax return Pay over …
HMRC will issue personal tax return penalties for late filing and late payment of any tax liabilities due. As accountants and tax advisors we strongly recommend that you file your personal tax return on time. However, should this not be possible, below are the penalties you can expect to be issued by HMRC. Late Filing …
There are several ways in which you can pay personal tax liabilities. We go though each option on how to pay personal tax, so that you can decide which option is most convenient for you. Recap: Who needs to pay personal tax UK individuals who are registered for self-assessment must pay their personal tax liabilities …
With less than 2 months to the Self-Assessment tax return deadline of 31st January 2020. HMRC have been urging individuals to complete their tax returns earlier to avoid the last minute mad panic. Who needs to complete a Personal Tax Return? Not all taxpayers need to complete a Personal Tax Return. This is because in …
What is an Allowable Christmas Gift and Gifts in general? As Christmas Party Season is now approaching, what constitutes as a Christmas gift? More importantly, what is an allowable Christmas Gift for Tax Deduction purposes? Many Companies over the festive period are unsure what the tax treatment may be, whether providing staff a Christmas party …
Staff Christmas Presents and the Tax Consequences Read More »
What is the dividend allowance for the 2018/19 year? What are its effects and what therefore does it mean to me and my business? Past and Current dividend allowances The current dividend allowance for the 2018/19 tax year has reduced from £5,000 to £2,000. This will then determine the way in which a company or …