by Admin | Feb 17, 2022 | Income Tax
HMRC is using Valentine’s Day to issue a reminder to married couples and those in civil partnerships to sign up for the marriage allowance – if they are eligible and haven’t yet done so. The marriage allowance applies to married couples and those in...
by Admin | Feb 17, 2022 | Income Tax
One of the less well-known ways of paying your Self-Assessment tax bill is to do so through your tax code. This can only be done where all the following apply: you owe a Self-Assessment balancing payment of less than £3,000; you already pay tax...
by Admin | Feb 10, 2022 | Income Tax
HMRC has confirmed that more than 10.2 million people submitted their 2020-21 Self-Assessment tax returns by the 31 January deadline. This leaves over 2.3 million taxpayers or 19% that have missed the deadline and are yet to file. Are you among those that missed the...
by Admin | Feb 10, 2022 | Income Tax
Some businesses and agents are already keeping digital records and providing updates to HMRC as part of a live pilot to test and develop the MTD for ITSA. Under the pilot, qualifying landlords and sole traders (or their agents) can use software to keep digital records...
by Admin | Feb 3, 2022 | Income Tax
Newly self-employed taxpayers should notify HMRC as soon as practicable when they begin working for themselves. However, HMRC must be officially notified by 5 October following the end of the tax year so that a Self-Assessment return can be issued on time and to avoid...
by Admin | Feb 3, 2022 | Income Tax
Where a property business makes a loss, the loss can usually be carried forward and set against future rental business profits. HMRC’s guidance is clear that any losses made in one rental business cannot be carried across to any other rental business the...
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