Dividend tax rates to increase by 1.25% from April 2022 The government have announced an increase in dividend tax rates by 1.25% from April 2022. The current dividend tax rate on basic rate taxpayers will increase from 7.5% to 8.75%,…
Class 4 NIC rates to increase
Self employed class 4 NIC rates to increase by 1.25% from April 2022 It was confirmed that the 1.25% increase will also be applied to the Class 4 National Insurance rates paid by the self-employed. This means that the current…
Making Tax Digital
Making Tax Digital (MTD) for Business revised dates: Income Tax Self-Assessment (ITSA): From April 2024: self-employed businesses and landlords with business turnover above £10,000 report under MTD for ITSA. From April 2025: general partnerships join. From April tba: other income…
Autumn Budget 2021
The Chancellor made no new announcements in respect of tax penalties, compliance and administration in his Autumn Budget 2021. Discovery Assessments With retrospective effect: Finance Bill 2022 will include amendments to the Discovery provisions to ensure that HMRC can use…
Budget 2021 Summary
Furlough to be extended until the end of September Government to continue paying 80% of employees’ wages for hours they cannot work Employers to be asked to contribute 10% in July and 20% in August and September Support for the…
Director’s loans
A director’s loan is when you (or other close family members) get money from your company that is not: a salary, dividend or expense repayment money you’ve previously paid into or loaned the company Records you must keep You must…
Defer your Self Assessment payment on account due to coronavirus (COVID-19)
You had the option to defer your second payment on account if you were: registered in the UK for Self Assessment and finding it difficult to make that payment by 31 July 2020 due to the impact of coronavirus You…
Paying your Self Assessment tax bill
The deadlines for paying your tax bill are usually: 31 January – for any tax you owe for the previous tax year (known as a balancing payment) and your first payment on account 31 July for your second payment on…
Check if you can claim a grant through the Self-Employment Income Support Scheme
If you’re self-employed or a member of a partnership and have been adversely affected by coronavirus (COVID-19) find out if you can use this scheme to claim a grant. The scheme has been extended. If you were eligible for the…
HMRC is urging Self Assessment customers to complete their Self Assessment tax return before the 31 January 2020 deadline.
About 5.4 million taxpayers have less than a month to complete their Self Assessment tax returns before the 31 January deadline. More than 11 million 2018 to 2019 tax returns are due back with HM Revenue and Customs (HMRC) by…