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.
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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. Every year around this time we get a wave of negative news in the media with large corporations issuing retail sales warnings, making excuses publicly about Brexit, the election, weather, online sales, anything really to distract from their own incompetence in the run up to Christmas and New Year 2019. In fact last year December 2018 it was the exact same excuses with only exception being the recent general election.
Always ignore the 'nay sayers' and pro-actively look at what positive steps can be taken to ensure your business sales and profits rise or at the very least stay level with previous years. To help with this we've compiled a short list based on our extensive experience and industry wide knowledge. 1. Go where the money is - try to be fluid and adaptable and look to see what is selling and sell more of that and stock less of what is in less demand. If its a different product or service that you don't offer consider adding this. 2. Give the customer what they want not what you want - try to listen to them and understand them properly and give them what they are looking for. Your customer will tell you how to keep things going in your business. Don't be shy to ask them, actively ask for feedback. 3. Make an offer they cant refuse - when things are difficult for a client make sure you have offers and special deals like supermarkets do. This may mean you have to offer something at a lower price with the plan to sell another product/service that compliments that item which will make more profit. 4. Keep an eye on competition - try to make sure your business is not lagging behind on the four P's of the marketing mix - Product, Price, Promotion, Place. All four need to be excellent to ensure growth in a slowing economy. 5. Give away stuff to entice people to keep visiting - This doesn't mean give everything away at a knock down price, but more specifically could mean a good chance to clear out old stock items and have more space by getting rid of it at cost price. The customers get a good deal and you keep the cash-flow coming in. 6. Don't use bad economic conditions as an excuse - try to stay focused and think positive, don't listen to negative sources of information, look at the positive sources as well. Many large retailers have a positive outlook, its just that media outlets like to dwell on negativity as bad news sells better than good. Compare your business to the bigger companies and see what they are doing and what you can do as well. The Director / CEO that thinks and plans positively is the one that drives their business forward. By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts in Tax and Accountancy. Based in Worcester Park and Kingston upon Thames they are considered in the Industry to be expert accountants and tax advisors for small businesses. Helping and supporting contractors and self employed people throughout the UK, they regularly help clients grow their business providing tailored advice. 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. All Personal Tax returns (self assessments) have to sent to HMRC by 31.1.18 and anytime after that will incur an automatic penalty of £100, which can rise up to £1300 the longer it remains outstanding. This is even if you had no tax due, as its a penalty for late submission not late payment of tax. Late payment of tax can incur more fines and interest upon the amount calculated at a daily rate.
Below is a list to help explain the fines process:
Also penalties can be issued for incorrect tax returns:
Therefore it makes sense that everyone should seek the help and support of an experienced and qualified accountant or tax advisor. As a reputable firm of accountants, such as Tax Affinity Accountants, will usually save you far more money in saved taxes through their skill and knowledge than they will ever charge. Leaving you more time and money to concentrate on your business, especially in these difficult economic times. By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts in Tax and Accountancy. With branches in Surbiton , Worcester Park , Kingston upon Thames , Cheam and Epsom they are considered in the Industry to be expert accountants and tax advisors for small businesses. Helping and supporting business throughout the UK, they regularly help clients grow their business providing tailored advice and support. 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. As of today there are only 16 working days till the 31st January 2018, which is HMRC's online self assessment deadline. Our team of experienced tax accountants, some who have worked in the top 5 accounting firms in the UK, advise everyone to make haste and ensure their tax return is done early to both minimise tax and the chance of late filing penalty.
The submission of the personal income tax return and the payment of any tax and NI due for the period 6/4/16 to 5/4/17 is midnight 31/1/18. And anyone who has not yet had their tax return done should start to worry about the 'up to £1300 fine plus interest on late paid tax' imposed by HMRC for missing the deadline. To put it further in to perspective there is an immediate penalty of £100 if the return even one day late. The self assessment / personal tax return is required from the following types of people: 1. Self Employed (even partially) during the tax year 16/17 ie 6/4/16 to 5/4/17 2. Employed and earning over 100k for the year ended 5/4/17 3. Director or shareholder of a Company and taking dividends in the period as above 4. If you have received rental income in the period 6/4/16 to 5/4/17 5. You received savings and investments income in the period 6/4/16 to 5/4/17 6. You sold something and made a profit on the item, so are required to pay the Capital Gains Tax (CGT) eg selling shares, a property, an antique, Plant and Machinery etc 7. You have received income over £50,000 and you claimed Child Benefit 8. If you have not notified HMRC that you have left self employment and they have not confirmed that you do not need to do a 16/17 return 9. A letter / email / text from HMRC has been received by the tax payer advising them that they need to submit a tax return for the 16/17 year (note: only new registrants may get a reminder as HMRC expects old registrants to already know the deadlines and protocols required). 10. You received income from overseas including off shore companies (the law has changed) 11. You lived abroad and had income from the UK 12. You are retired and receive more than one type of pension and annual income payment pushing you over the personal income allowance 13. You have had a P800 from HMRC saying you have not paid enough tax in the year 14. You are minister of religion or and Underwriter 15 Even if a person has died they may still need to submit a tax return to make sure they have paid the correct tax and those that receive an inheritance may need to pay for Inheritance Tax (HMRC will advise further). 16. If you have received a P11d and not paid the correct tax for the benefit in kind eg company car, private medical, gym, travel etc So if you haven't already had your tax return done and still need to send / drop in your income and expenses information, please take heed of this reminder. For those that have handed in their information, we will make sure it is done before the deadline and if there is any tax due we will advise you of this well before the deadline. We can even have your deadline extended in some cases as we are a registered authorised agent for HMRC. And if your thinking of using an accountant - then make sure to note, not all accountants are the same. We recommend you use an expert in tax so he/she saves you far more in tax than you ever have to pay them for their service. A lot of accountants are using out of date knowledge they learned along time ago and never bother to keep up to date with the ever changing landscape of HMRC tax rules and regulations. With fines up to £1300 plus interest on the amount of tax due. This means for some, the penalties can be much greater than the actual tax that would have been due. So don't delay, as you have little time left. And in the unfortunate even that you do miss the deadline - most excuses and appeals are rejected by HMRC. If you would like to contact us about having your tax return done by an experienced tax accountant then go to our contact us page and tell us your requirements today. By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts in Tax and Accountancy. With branches in Surbiton , Worcester Park , Kingston upon Thames , Cheam and Epsom they are considered in the Industry to be expert accountants and tax advisors for small businesses. Helping and supporting business throughout the UK, they regularly help clients grow their business providing tailored advice and support. 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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