Self-Assessments: filing deadline extended, but late payment fine remains

In response to the disruption caused by the Covid 19 pandemic, HMRC have extended the filing deadline for online self-assessment tax returns.

If you’re not able to file by 31st January, you have another month to get your return submitted.

Late filing penalties won’t be applied until after 28th February 2022. However, HMRC are still expecting payment, even without a filed return. You’ll be charged late payment interest if you don’t pay your tax bill in full by 31st January.

Income tax reporting is changing: Everything you need to know about Making Tax Digital for Income Tax Self-Assessment (MTD ITSA)

What is Making Tax Digital (MTD)?

MTD has been introduced by Government to revolutionize the tax system in the UK.

The new system requires tax records to be kept and submitted digitally, using compatible cloud accounting software.

Over £8.5 billion in tax went unpaid between 2018 and 2019. The aim of MTD ITSA is to make filings more accurate by digitising submissions. This should help people better understand what tax they owe and reduce the deficit.

MTD for VAT has been around since 2019 and will become compulsory from April 2022.

MTD for Income Tax Self-Assessment is the next step in the scheme.

Then MTD for Corporation Tax will be implemented by April 2026.

What taxes do I need to pay and when are they due?

Paying taxes is no one’s idea of fun, but they’re a part of life that can’t be avoided. There are even more taxes to consider when you’re a business owner. This article will explain what the most common taxes are, how they’re worked out and when they’re due. This will give you the knowledge to better manage your cash flow and save for tax payments.

How to switch from sole trader to limited company

Many sole traders think that they need to set up a limited company to take their business to the next level.

This isn’t always true. Deciding whether to set up a limited company should be a matter of personal preference, but there are some key advantages to going limited.

What are the benefits of cloud accounting?

Every successful business has solid financial foundations.

£700 million available for businesses most affected by Covid19

The Government has awarded a further £700 million worth of support to local authorities.

The money will be given as grants to businesses in the hospitality, leisure and accommodation industries who have continued to struggle with the impact of the pandemic.

XERO: Understand how to reconcile expenses paid via Cash or a Personal Card

This article will address one of the most frequently asked questions we hear from our clients: How do I reconcile business expenses paid for with cash or a personal card?

We’ll show you a step-by-step of how to get your Xero portal up to date.

October 2021 Budget Highlights

Yesterday the Chancellor of the Exchequer, Rishi Sunak announced the Autumn budget in the Commons. The budget put a huge focus on rises in Government spending across all Departments. To save you time, we’ve picked out the elements that will affect you as a business owner. Learn what’s changing below.

The difference between tax avoidance and tax evasion

As the famous saying goes, there are only 2 things that are certain in life, and one of those is taxes.

National Insurance & dividend tax rise
Editor | 8 September 2021
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The Government hopes the tax rises will tackle the current backlog in the NHS, and contribute to wider social care, including disease prevention and the cost of care homes.
April 2022 will see an increase in National Insurance contributions for employers, employees and the self-employed.

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