HMRC effectively extends Self Assessment deadline by 30 days

HMRC have announced they will effectively push back the Self Assessment filing deadline for submission of the 2020/21 Self Assessment Tax Returns from 31 January 2022 to 28 February 2022. For the second year in a row this gives the taxpayer additional time to complete their tax return and pay any tax due. The late filing penalty of £100 will not be charged unless the tax return is submitted after 28 February 2022.  

HMRC issue one too many letters – again…

HMRC are sending letters to individuals who are named as a Person of Significant Control (PSC) of a company registered at Companies House. These letters have been issued to a large number of taxpayers and are being sent directly to individuals and/or separate letters to their agent, where the taxpayer is represented.

Submit your Tax Return by 30 December and avoid paying your tax in January!

Sound good...? There may be a way for you to have tax collected via your tax code instead of paying your total bill in January. You can pay your Self-Assessment bill through your PAYE tax code if you submit your Self-Assessment Tax Return online by 30 December.

There is no escape - Making Tax Digital will include Non Doms and Non UK Residents

Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) compliance obligations are still being introduced in the UK. This was originally due to be implemented in 2023, but after much lobbying from a variety of professional bodies, this has now been postponed until April 2024.

HMRC Nudge Letters to Crypto Currency Investors

This month will see HMRC issue “Educational Nudge letters” aimed at UK investors in the crypto market. The letters will ask taxpayers to check they have reported crypto gains correctly and paid the right amount of capital gains tax, or in some cases, income tax.

Non Resident Landlords continue to own up to HMRC…

Around 250 non UK resident landlords voluntarily disclosed previously undeclared rental income for 2020/21 to HMRC, via their ongoing “Let Property Campaign”.

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