Previously, most people taxed through PAYE do not need to complete a self-assessment tax return unless they have earned more than £100,000. However, the self-assessment threshold has now changed. If you earn more than £150,000 taxed through PAYE, you must submit a self-assessment tax return.
The self-assessment tax return filing deadline for the 2022 to 2023 tax year is the 31st of January 2024, but there are many benefits to filing now and beating the January rush.
To cater to the rising demand for CIS payroll specialists, Churchill Knight is delighted to announce that we have officially launched Churchill Knight CIS – a compliant and efficient payroll service to cater exclusively to self-employed professionals working in the construction sector.
If you are required to submit a self-assessment tax return for the 2021/22 tax year, the 31st of January 2023 deadline is approaching quickly. Failure to submit your tax return by the deadline will automatically result in a £100 penalty. Keep reading to learn more about self-assessment tax returns and advice to help you meet the deadline and avoid a fine from HMRC.
Filing a tax return can be time-consuming and stressful, and despite HMRC’s best endeavours, taxpayers often delay submitting their tax returns until December/January. Continue reading as we highlight the six reasons you should file your tax return early.
Failing to meet the self-assessment filing deadline almost certainly results in a £100 penalty from the government. However, HMRC will not enforce penalties for anyone who submits their 2020/21 tax return up to a month after the regular deadline for the second year in a row. Keep reading, and we’ll explain more about this unexpected announcement.
With just over a month to go until the self-assessment tax deadline, it is worth double-checking whether or not you have to submit a self-assessment tax return. In many cases, umbrella company employees won’t need to submit a tax return because they are taxed similarly to those in permanent employment (PAYE). However, any additional income may need to be disclosed to HMRC by submitting a tax return. Continue reading to discover whether you need to file a self-assessment tax return.
If you are required to submit a self-assessment tax return for the 2020/21 tax year, it’s recommended you file it before Christmas – to ensure you’re well within the deadline of the 31st January 2022. This blog explains more about the importance of beating the deadline, and we explain who needs to complete a tax return. There are also a few eye-opening facts about the submission of tax returns during the Christmas period. Keep reading to find out more.
In a statement released on the 23rd of September (2021), the government has confirmed Making Tax Digital (MTD) for income tax self-assessment (ITSA) will be delayed by a year. In an attempt “to help those impacted by the changes” and “ for their representatives to develop their own support and guidance”, MTD for ITSA will be now be rolling out from April 2024. Keep reading, and we’ll summarise the latest announcement from the government and how it’ll impact landlords and self-employed professionals in the UK.
HMRC has announced that taxpayers will not be charged the 5% late payment penalty if they pay their tax bill or set up a payment plan by the 1st of April 2021.
