One of the biggest problems for self employed taxpayers relates to confusion over allowable business expenses when completing self assessment returns Many self-employed people experience difficulties completing self assessment returns due to ‘confusing terminology, ambiguity around allowable business expenses and uncertainty transferring figures from personal spreadsheets...
Read MoreSelf assessment taxpayers have just one week left to pay their tax bill or set up a payment plan to avoid incurring a penalty, HMRC has warned Taxpayers have until 1 April to pay all tax due from their 2020-21 tax return and not receive a...
Read MoreNew rules will create a register of overseas owners of UK property to improve transparency and highlight potential risks of money laundering The Economic Crime (Transparency and Enforcement) Act 2022 has received Royal Assent following a speeded up passage through parliament. Introduced following Russia’s invasion of Ukraine,...
Read MoreHMRC has released its response to feedback on proposals to reform the basis period accounting rules, making some amendments to the rules as a result The reform’s implementation has been delayed by a year, meaning the transition to the new rules will take place in 2023...
Read MoreHMRC is reminding taxpayers to check that they have the correct information in order to complete their paper self assessment tax returns by the month end deadline The deadline for 2020/21 paper tax returns is 31 October 2021 for those completed on paper forms and 31...
Read MoreThe launch of a social care levy from 2022 will see taxpayers facing a 1.25% tax charge under government plans, while dividend tax will also rise. From April 2022, the government will introduce a new, UK-wide 1.25% Health and Social Care Levy, ringfenced for health and...
Read MoreFive UK tax and accounting bodies have urged the government to delay reforms to the tax system which would affect how self-employed people and businesses report their profits In a letter sent to Treasury financial secretary Jesse Norman, ICAEW, the Institute of Chartered Accountants of Scotland...
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