Post Office payments temporary reprieve
HMRC was due to stop payments of certain benefits, including tax credits and child benefit, into Post Office accounts on 30 November 2021. However, a last-minute reprieve will be welcome news to claimants. What’s going on?
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Investing: loans vs shares
You have the opportunity to invest in a promising start-up company. You can either purchase shares or lend it the money. What are the potential tax consequences you need to factor in when making your decision?
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Where can you get help with MTD quarterly updates?
As Making Tax Digital for Income Tax (MTD IT) filing obligations begin for some taxpayers, questions are continuing to arise around quarterly updates and how problems should be resolved. If issues occur, where should you go for help?
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Electronic VAT return and payment due
Recipients of certain benefits that use Post Office card accounts for incoming payments were supposed to provide alternative bank details to HMRC by 30 November 2021, or risk suspension of payments. The affected benefits are:
- tax credits;
- child benefit; and
- guardian allowances.
This was due to expiration of the contract between HMRC and the Post Office. Thankfully, some common sense has prevailed during what is a busy time of year - both for tax compliance and obvious familial reasons. HMRC has now announced that it has agreed a one-off extension with the Post Office until 5 April 2022.
Whilst this is obviously welcome news for affected individuals just prior to Christmas, it is crucial to update these details via the tax account, or by contacting HMRC’s tax credits or child benefit helpline sooner rather than later.
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