There are only a few working days are left until (UK) HMRC's self assessment (tax return) deadline. And with many people receiving furlough, SEISS type covid grants and Covid Support from Local Council's which all need to be declared it only add to the complication.
Many tax payers are finding their tax bills are higher this year than last year and are turning to expert tax accountants at Tax Affinity to help them. Doing it yourself or with someone with a basic knowledge of the ever changing tax rules is likely to end up costing you much more than the fees an expert tax accountant would ever cost. It just makes economic sense. So if you have not had your 2020/21 (6.4.20 to 5.4.21) tax return completed then you urgently get in touch today as the number of working days are fast decreasing and before you know it the time will be gone and you may end up facing a fine by HMRC for missing the deadline. By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts in Tax and Accountancy. With branches in Worcester Park and Kingston upon Thames and Epsom and Ewell they are considered in the Industry to be expert business accountants and tax advisors for small and medium sized businesses (SME's). Helping and supporting limited company owners and self employed people throughout the UK, they regularly help clients grow their business providing tailored advice and support. Their support has been considered invaluable by many clients and key to their success. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends.
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Last year over 30,000 people filed their tax returns between christmas eve and boxing day12/19/2021 Did you know last year more than 30,000 people in the UK did their tax return between Christmas Eve and Boxing Day?
As of writing this, there are only 20 working days left until HMRC's self assessment deadline of 31st Jan 2022. Each year millions of people leave their tax return (self assessment) to the last minute and then stress out if they declared the info correctly and if the tax due is correct. Statistically the number one worry tends to be if their submission may trigger an HMRC investigation into their tax affairs... death and taxes being the fear we suppose. Plus in the last tax year due to Covid 19 and lockdown's there were many other sources of income e.g. council support grants, SEISS (self employed grants), furlough, bounce back loans, universal credit, tax credits etc. Making tax returns more complicated and resulting with higher taxes due for most tax payers. If your worried we recommend you get in touch with one of our tax experts. Because we have seen a lot more investigations this year than previous years as HMRC starts it claw back to try to shore up the UK government income and focuses even more on tax avoidance and incorrect information. So if you have not had your 2020/21 (6.4.20 to 5.4.21) tax return (self assessment) completed then you urgently need to get in touch today as the number of working days are fast decreasing and before you know it the time will be gone and you may end up facing badly caclulated tax return paying more tax than you need to or worse a fine by HMRC for missing the deadline. Contact us today by clicking this link or calling us on the number above. And share this page with your friends and family. By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts in Tax and Accountancy. With branches in Worcester Park and Kingston upon Thames and Epsom and Ewell they are considered in the Industry to be expert business accountants and tax advisors for small and medium sized businesses (SME's). Helping and supporting limited company owners and self employed people throughout the UK, they regularly help clients grow their business providing tailored advice and support. Their support has been considered invaluable by many clients and key to their success. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends. We love a list that gets right to the point. So here is our key points for businesses in the UK from the Chancellor's autumn budget 2021:
1) Dividends: rise of 1.25% tax after nil band from 7.5% to 8.75% and higher rate band up from 32.5% to 33.75% from April 2022 2) Capital gains tax (CGT): with immediate deadline to report & pay after selling a UK residential property has increased from 30days to 60days after completion date. Giving landlords more time 3) Corporation tax: will rise from 19 % to 25 % from April 23. Businesses with profits less than £50k will get a small profit rate which is still 19%. For profits above £50,000 there is a tapered rate with bands & %’s going up to the 25% rate. 4) National insurance: Increase 1.25% national insurance contribution for all (employees, employers & self-employed) from April 2022. 5) National living wage: increase from £8.91 to £9.50 p/hr. 6) R&D tax relief: to be expanded to cover cloud computing & data costs now also as well. 7) Business rates : Rates revaluation cycle changed from 5 years to 3 years from 2023. New Improvement Relief, for businesses to improve/extend property, meaning they won’t pay additional business rates in 12 months after improvements. Plus a 50% business rates discount from April 2022 (to max £110k) for 1 year for retail, hospitality & leisure. 8) Annual investment allowance (AIA): £1m Annual Investment Allowance (AIA) extended to March 2023. If your business is effected by these changes and you want help and support contact us today By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts Business, Tax and Accountancy. With branches in Worcester Park and Kingston upon Thames and Epsom and Ewell they are considered in the Industry to be expert business accountants and tax advisors for both individuals and small & medium sized businesses (SME's). Helping and supporting both individuals and limited company owners / self employed people throughout the UK and the world, they regularly help clients grow their business providing tailored advice and support. Their support has been considered invaluable by many clients and key to their success. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends. The 5th SEISS grant
As the UK returns to normal after the Covid 19 pandemic, all government support for sole traders, self employed and small and medium sized business is winding down. Meanwhile HMRC is increasing efforts to maximise tax revenues. In some cases going back several years to find any unpaid taxes and add on interest and fines to the amounts. It use to be the anything under £50 HMRC wouldnt bother to chase but now every pound matters. The deadline for the 5th SEISS (self employed / self assessment) grant is 30th Sept 2021 only a few days away. The 5th SEISS grant is different from the previous ones as there are two levels available and the claimant needs to declare how trade as been negatively effected (reduced activity / capacity / demand) between 1st May 2021 to 30th Sept 2021. And requires that the 19/20 and 20/21 self assessments (personal tax returns) be completed. There is also a relevant basis period applicable and a financial impact declaration (FID). This has caused a lot of members of the public confusion and worry on how to claim for this correctly and not make an incorrect that can be picked up by HMRC and asked to be paid back. So we at Tax Affinity Accountants are here to help and support everyone who needs help with this regard. We can help complete the paperwork and documentation required to claim the 5th grant without the hassle and time spent trying to work out and worrying if you have declared everything correctly. Contact us via our online form here. Bounce Back Loans We have also noticed that a lot of banks are not telling customers clearly about their options (ensured by the goverment) when it comes time to start making repayments for the bounce back loan. In short you have 3 options before having to make repayments in full when your business and you may not be able to afford to.
So be careful to ensure you and your business can afford to pay the BBL back before paying back your bank. And if you plan wisely and your bank allows you could use all of the options in turn. Our company vision is to improve the financial life of every person in the world we are here to help anyone who needs help in these or any other matters. Feel free to Contact Us via our online form. By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts Business, Tax and Accountancy. With branches in Worcester Park and Kingston upon Thames and Epsom and Ewell they are considered in the Industry to be expert business accountants and tax advisors for both individuals and small & medium sized businesses (SME's). Helping and supporting both individuals and limited company owners / self employed people throughout the UK and the world, they regularly help clients grow their business providing tailored advice and support. Their support has been considered invaluable by many clients and key to their success. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends. The 5th and final (so far advised) grant from the government for self employed people impacted by Covid 19 (coronavirus) is now open and available to claim.
The 5th grant is different from the previous four as there are two levels available and the claimant needs to declare how trade as been negatively effected (reduced activity / capacity / demand) between 1st May 2021 to 30th Sept 2021. And requires that the 19/20 and 20/21 self assessments (personal tax returns) be filed. There is also a relevant basis period applicable and a financial impact declaration (FID). This has caused a lot of members of the public confusion and worry on how to claim for this correctly and not make an incorrect that can be picked up by HMRC and asked to be paid back. So we at Tax Affinity Accountants are here to help and support everyone who needs help with this regard. We can help complete the paperwork and documentation required to claim the 5th grant without the hassle and time spent trying to work out and worrying if you have declared everything correctly. Contact us via our online form here. And because our company vision is to improve the financial life of every person in the world we are here to help anyone who needs help in this matter. So feel free to Contact Us via our online form. By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts Business, Tax and Accountancy. With branches in Worcester Park and Kingston upon Thames and Epsom and Ewell they are considered in the Industry to be expert business accountants and tax advisors for both individuals and small & medium sized businesses (SME's). Helping and supporting both individuals and limited company owners / self employed people throughout the UK and the world, they regularly help clients grow their business providing tailored advice and support. Their support has been considered invaluable by many clients and key to their success. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends. We have noticed that a lot of tax payers are missing out on claiming the 4th Self Employed grant and wanted to let everyone know not to miss out.
The Self Employed (SEISS) 4th and 5th grants were announced in March 2021 and are supposed to run to the end of Sept 2021. The 4th grant (April to June) is the same criteria as the previous ones (up to max £7500 of 80% of profits). While the 5th grant (July to Sept) will be banded with those who have seen a greater than 30% reduction in income eligible for 80% and those who have seen income fall less than 30% receiving a grant of only 30% (up to max £2,850). The cut off date for eligibility was 2nd March 2021 so the 19/20 tax return had to be submitted by then. And both will take into account 2019/20 tax returns figures filed. You still need to qualify with over 50% of your income coming from self employment rather than other sources. Many tax payers are hesitent because they are applying for mortages and remortgages where the lenders are unfairly saying to them they look unfavourably at the grants coming in. And this leads to tax payers being unfairly restricted on eligible grants or many other personal reasons such as divorce or employment. And because our company vision is to improve the financial life of every person in the world we are here to help anyone who needs help in this matter. So feel free to Contact Us via our online form. By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts Business, Tax and Accountancy. With branches in Worcester Park and Kingston upon Thames and Epsom and Ewell they are considered in the Industry to be expert business accountants and tax advisors for both individuals and small & medium sized businesses (SME's). Helping and supporting both individuals and limited company owners / self employed people throughout the UK and the world, they regularly help clients grow their business providing tailored advice and support. Their support has been considered invaluable by many clients and key to their success. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends. HMRC has extended the self assessment deadline to 28th Feb 2021 due to Covid 19. Allowing tax payers another month to ensure they have their persoanl tax return submitted and tax paid by then.
Normally each the deadline each year is the 31st Jan. But this year as a last minute policy announced a few days before the deadline HMRC extended it saying they will not charge the late filing penalty until after the 28th Feb. And if tax was due the interest for late payment will not be applied until after 28th Feb also. However a close estimate of the tax payable should be paid by the 31st Jan to avoid interest. If readers have not had their 2019/20 self assessment / personal tax return done. Then they should urgently contact us today to ensure it can be done by the 28th Feb 2021 deadline. By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts in Tax and Accountancy. With branches in Worcester Park and Kingston upon Thames and Epsom and Ewell they are considered in the Industry to be expert business accountants and tax advisors for small and medium sized businesses (SME's). Helping and supporting limited company owners and self employed people throughout the UK, they regularly help clients grow their business providing tailored advice and support. Their support has been considered invaluable by many clients and key to their success. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends. The UK Chancellor announced one-off top up grants for retail, hospitality and leisure businesses worth up to £9,000 per property to help businesses through to the Spring.
Businesses are advised to contact their local authority for discretionary grants and Local Restriction Support Grants worth up to from £1300 to £3,000 a month and extension of furlough scheme. This follows the Prime Minister’s announcement that business will be closed until at least February half-term in order to help control the coronavirus. The cash payment is accepted by the local authority is provided on a per-property basis to support businesses through the latest restrictions Chancellor Rishi Sunak also said: A further £594 million pounds is also being made available for Local Authorities and the Devolved Administrations to support other businesses not eligible for the grants, that might be affected by the restrictions. Businesses should apply to their Local Authorities as soon as possible. The new one-off grants come in addition to grants worth up to £3,000 for closed businesses, and up to £2,100 per month for impacted businesses once they reopen. The government has also provided 100% business rates relief for retail, hospitality and leisure businesses, £1.1 billion existing discretionary funding for Local Authorities, the furlough scheme now extended to April and 100% government backed loans, extended until March. More information
By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts in Tax and Accountancy. With branches in Worcester Park and Kingston upon Thames and Epsom and Ewell they are considered in the Industry to be expert business accountants and tax advisors for small and medium sized businesses (SME's). Helping and supporting limited company owners and self employed people throughout the UK, they regularly help clients grow their business providing tailored advice and support. Their support has been considered invaluable by many clients and key to their success. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends. Only 20 working days left until HMRC self assessment deadline.
Did you know this year over 2700 people did their tax return on Christmas day this year according to HMRC. Those that did know that they have to get it done before the deadline of 31/01/2021 and that there is only 20 working days left (as of today 31/12/20). So if you have not had your 2019/20 (6.4.19 to 5.4.20) tax return completed then you urgently get in touch today as the number of working days are fast decreasing and before you know it the time will be gone and you may end up facing a fine by HMRC for missing the deadline. By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts in Tax and Accountancy. With branches in Worcester Park and Kingston upon Thames and Epsom and Ewell they are considered in the Industry to be expert business accountants and tax advisors for small and medium sized businesses (SME's). Helping and supporting limited company owners and self employed people throughout the UK, they regularly help clients grow their business providing tailored advice and support. Their support has been considered invaluable by many clients and key to their success. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends./ The Chancellor yesterday announced a raft of new measures to support businesses in the UK. Below are the key points to help you and your business:
Job Support Scheme - to replace the Furlough scheme
If an employee (e.g. Mr Bob Smith) works reduced hours the employer pays for that. And in addition the employer and government pay one third of the lost pay each (up to the cap £697.92). So if Mr Bob Smith normally worked for an employer at £2,000 a month, and then worked 50% hours, he would get £1,000 normal pay plus £333 extra from their employer and £333 from the government. Self Employed Support - SEISS Grants
Bounce Back (BBL) Loans and Covid (CBILS) Loans - time extended from 6 to 10 years to repay + chance to pay interest only
Tax - 5% VAT to remain longer, VAT deferred interest free payments, more time to pay HMRC
By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts in Tax and Accountancy. With branches in Worcester Park and Kingston upon Thames and Epsom and Ewell they are considered in the Industry to be expert business accountants and tax advisors for small and medium sized businesses (SME's). Helping and supporting limited company owners and self employed people throughout the UK, they regularly help clients grow their business providing tailored advice and support. Their support has been considered invaluable by many clients and key to their success. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends. |
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