Tax

Self Assessment Late Filing Penalties deferred

HMRC announced recently that it was deferring the imposition of late filing penalties for Self Assessment Tax Returns to the 28th February this year. Effectively, they have extended the filing deadline by a month, for the second year. They have also included late payment in this waiver, which means there will be no penalty if […]

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New VAT Penalty Regime delayed

As part of the Budget, it was announced that penalties would apply to the late submission of VAT Returns, from the 1st April 2022. This has now been delayed until 1st January 2023. Lucy Frazer, financial secretary to the Treasury, said this week: ‘HMRC is committed to becoming one of the most digitally advanced tax […]

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HMRC Tax income is down £30billion

HMRC’s tax income reduced by almost £30 billion in the latest financial year as a direct result of the pandemic, according to its annual accounts. HMRC’s 2020/21 annual report reports that it had collected £636.7 billion collected in 2019/20, which reduced to £608.8 billion over the latest period. The reduction was explained as a result of […]

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HMRC Phonelines to close

HMRC has announced that it will close the VAT and Corporation Tax helplines on the 3rd, 6th and 17th December to allow its staff to work on the backlog of post that has built up over the last 12 months. Phonelines for subjects such as PAYE, Self Assessment, Employers lines and the bereavement line will […]

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Can I pay my Personal Tax Bill from my Company?

If you’re a sole Director of a limited company, we totally understand why this would seem like an obvious way to streamline the process of getting your tax bill paid. Our answer though, is ‘Don’t do it!’ By paying your personal tax liability from the company bank account, you could create more of a problem […]

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Visit our Rebound Resources page for free tools & guidance to help your business Rebound from the pandemic.