More help with self-assessment tax bills
If you haven’t paid what you owe within 30 days of the filing date of your self-assessment return for that year, you’ll be charged a penalty. The good news is that HMRC has relaxed this rule for the 2019/20 tax year. What’s the full story?
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Review how much VAT charged on sales?
A recent Tribunal case ruled that HMRC’s logic was flawed in dealing with a “what is the supply” challenge. Does this mean you should check that you are charging VAT correctly on your sales if there could be doubt about what you are selling?
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Are buy-to-let companies worth the hype?
There’s no doubt that landlords have been on the receiving end of multiple tax hikes in recent years. So called “property experts” will tell you that the best tax-saving strategy is to operate through a company. Are they right?
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Electronic VAT return
HMRC has today (19 February) announced that self-assessment taxpayers won’t be charged the automatic 5% late payment penalty if they pay what they owe for 2019/20 or set up a payment plan by 1 April 2021.
Normally, a 5% late payment penalty is charged on any unpaid tax that is still outstanding on 3 March following the end of the tax year. But this year, because of the impact of the pandemic, HMRC is giving taxpayers more time to pay or set up a payment plan.
Note that HMRC will stick to the normal rule of charging interest at 2.6% per annum for all self-assessment bills not paid on time.
You can pay your tax bill or set up a monthly payment plan here. You need to do this by midnight on 1 April to prevent being charged a late payment penalty.
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