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Looks like it's going to be a busy January! keep-calm-and-let-us-file-your-tax-return-257x300

Records show that as at 1st January 2019 47.9% of all the anticipated 2017/18 Income Tax Returns remain to be filed in the final month of the filing period.

That amounts to 4,541,784 Tax Returns and history has shown that approx. 50% of those Returns are going to be filed by Accountants. This has been the case since the inception of Self-Assessment, which means we are going to be incredibly busy throughout January!

There are only 24 days left! Your personal tax return needs to be submitted to HMRC by Thursday 31st January 2019.  Also payment of your tax needs to be paid by this date. If you require any assistance with this, please call us on 01242 370298 or email us on office@wfrancisandco.co.uk

 

It has been confirmed the first ‘wave’ of 20,000 letters to affected businesses will hit doormats this week, followed by a further 180,000 to be issued next week.

If you are unaware, Making Tax Digital (MTD) for VAT is compulsory for all VAT registered businesses for VAT periods beginning on and after 1 April 2019. The requirement to keep digital records starts from this date but the first VAT return for a normal quarterly period, must be submitted by 7 August 2019.

HMRC will be running a social media campaign about Making Tax Digital (MTD) for VAT including Twitter posts and YouTube videos.

Please see the link below for more information regarding Making Tax Digital from HMRC:

https://www.gov.uk/government/news/hmrc-publishes-more-information-on-making-tax-digital

If you would like further information we are here to help! Give us a call on 01242 370298 or email us on office@wfrancisandco.co.uk

 

 

HMRC has published guidance for tax agents and advisers to help them manage the 31 January 2014 self assessment deadline. If individuals haven’t sent in their tax return yet they must be filed online by midnight on Friday 31 January 2014 to avoid a late filing penalty.

The new rules for repaying child benefit through the High Income Child Benefit Charge will mean there will be many taxpayers filing a tax return this year for the first time.

It is important for these taxpayers to be set up in good time if they have still to register for self assessment. To do this, use form SA1 Registering for Self Assessment and getting a tax return which can be completed and sent to HMRC online. It can take a few weeks to get the necessary Unique Taxpayer Reference and subsequently to register to file online.

Don’t forget too that the £100 fixed rate penalty for filing late is now levied regardless of whether or not there is actually any tax unpaid at 31 January. This will feel particularly harsh for taxpayers who are due a repayment.