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.

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.

VAT: An introduction for small businesses

Registering for VAT can feel scary for businesses, but it is an essential part of growth. In this brief introduction to the tax, we give you all the most important information to help you grow more comfortable with the tax.

What the Chancellor’s Mini Budget Means for Small Businesses

The Chancellor has unveiled a £30bn plan to protect jobs and boost the economy in the wake of the coronavirus pandemic, but what will this ‘mini budget’ mean for contractors’ small businesses in the UK?

Think Tank Calls for Single Consolidated Tax on SMEs

The Centre for Policy Studies has proposed a new simple consolidated tax (SCT) to replace the four main taxes currently paid by small and medium sized firms.

The radical proposal would see corporation tax, employer’s national insurance, VAT and business rates consolidated into one tax paid by firms turning over less than £1 million.

Small businesses are the heartbeat of Britain’s economy. Some 5.6 million small firms employ around 13 million people and generate three-quarters of all new jobs.

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.

What is a HMRC compliance check?

Fretting about an HMRC compliance check? This mini guide will tell you everything you need to know.

What an online sales tax means for digital retailers
Editor | 3 August 2020
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Rishi Sunak is reportedly weighing up a new tax on goods sold over the internet as the Chancellor considers options to save the high street post-lockdown. But what would this mean for online sellers?

The plans could include a 2% levy on all online sales, which would raise £2bn per year for the exchequer, or an additional charge on deliveries.

The online sales tax is being considered as part of broader plans to support ‘bricks and mortar’ retailers in the aftermath of the coronavirus pandemic, particularly on business rates.

Amazon Charges HMRC More than It Pays in Tax

HMRC paid Amazon £11 million for web hosting services in 2018, more than six times the £1.7 million than Amazon’s main UK business paid in corporation tax.

A new report from the GMB union reveals that Amazon received more than £460 million worth of public contracts in the last four years.

What Government Support is Available for Small Businesses?

The Government offers a range of loans, services and tools to help small businesses grow and improve productivity.

If you have just set up a new business, or are looking at ways to expand, then Government support is often the best (and cheapest) way to realise your goals.

In this blog post, we look at some of the schemes that can help small businesses achieve specific targets.

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