Don’t miss tax deadlines

If you miss the deadline for filing your self-assessment tax return (31 January for online filing) you will be charged a £100 penalty. If the return is filed more than three months late, an additional £10 per day is charged and, after six months, another penalty is incurred (the higher of £300 or 5% of […]

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Where there’s a Will…

When you die, your executors or relatives need to sort out your affairs. This stressful task can be made easier if you leave a clear and up-to-date Will that has been drafted with tax in mind. They may also need to pay inheritance tax (IHT) if the net value of your assets, including your home […]

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Accelerate your tax relief

The end of the accounting period for your business is a key point for tax planning. You can save or delay tax by advancing the acquisition of assets to before the end of your accounting period. This permits you to claim the capital allowances associated with those assets earlier. If you trade through a company, […]

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Claim for your company’s losses

Companies can take advantage of an extended carry back period for trading losses arising in accounting periods that end between 1 April 2020 and 31 March 2022. The trading losses from these periods can be carried back to set against total profits of accounting periods ending in the previous three years. There are two £2 […]

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Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA)

In previous articles, we explained that HMRC are currently piloting MTD for ITSA.  HMRC are working with software developers, individuals and agents to identify and resolve issues ahead of the new reporting requirements which were originally scheduled to commence on 5 April 2023. In a recent statement the Treasury has announced that MTD for ITSA will […]

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The Fifth Self Employed Income Support Scheme (SEISS) Grant

Earlier this year, the government announced that a fifth Self Employed Income Support Scheme (SEISS) grant would be made available. HMRC invited claims to be made from late July 2021 in a similar way to the fourth SEISS grant. Claims must be submitted online and are subject to a deadline of 30 September 2021. The […]

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