Get your self-assessment done now or face the consequences
The deadline for your self-assessment tax return is fast approaching. Here’s why you should get yours done now and how to submit it.
Limited companies, Tax, dividends, National Insurance
The best way to pay yourself is through your own Limited company. You go on your own payroll which reduces company tax and then top up your personal income each month with a dividend paid from profits. This dividend is free of National Insurance (NI) and taxed at a...20/21 work from home tax relief
Due to Corona virus restrictions anyone forced to work from home can claim £6 per week tax relief from their earnings via their self assessment tax return.
Self assessment penalties
Remember there is a 5% unpaid tax surcharge if your personal tax remains unpaid at the end of February, July and the following January.
HMRC installment plan
HMRC have announced that all 2020 personal tax owed, less than £30,000, may be paid over a year by monthly installments, penalty free if you contact them and agree the plan before 31st March 2021.
Scam HMRC phone calls
If you receive an automated phone call from HMRC asking you to pay tax please ignore as these are SCAM calls.