I’ve updated the Quids and Quills website for a new 2019 look, and added many Useful Information sheets.
Let me know if these are useful to *you* and if there’s anything else you may want general information on.
Meanwhile, the tax year end (5 April) approaches us all, so be prepared as best you can!!
Many taxpayers have been receiving this email alert from HMRC :
You’ve got a new message from HMRC
You have a new message from HMRC about Self Assessment.
To view it, sign in to your HMRC online account.
For security reasons, we have not included a link with this email.
Why you got this email
From the Institute of Chartered Accountants in England and Wales (ICAEW) – Tax News (my highlights) :
The number of self assessment (SA) tax returns filed by the 31 January 2018 deadline for 2017 returns has once again reached a new high. 10.7 million taxpayers submitted their return on time and 9.9 million of these were filed online. For those interested in statistics, this means that more than 92.5% of total returns were completed online. And of course it does also mean that over half a million tax returns remain unfiled.
Spare a thought for accountants and their clients this weekend, and anyone who’s wrapping up personal tax returns in the final month before the deadline of 31 January – the HMRC online access has been “down” since at least Thursday, and submissions are waiting in a draft limbo. Here’s hoping it’ll be up and running again soon, HMRC are diligently working on it. Maybe we’ve broken the system, leaving too many submissions to the last minute! 🙂
*makes note to chase clients for details even earlier next year*
Are you a sole trader? Company director?
Have you sorted out your self-assessment tax return yet?
31 Jan 2018 is the deadline for 2016/2017, but please take pity on your poor beleaguered accountant and prepare your records before Jan 30! 🙂
I have several clients who are pensioners with a small amount of taxable income – whether or not they pay tax on it, depending on the amount – who are still being asked for a self-assessment return. I think this new initiative from HMRC may cover that more satisfactorily in future, though I’m cautious if (i) it would override any actual tax calculation, and (ii) it means a return to paper communication.
As yet there is still no detailed guidance available on gov.uk concerning simple assessments, but we expect some guidance to appear in the next two weeks.
The policy paper for simple assessments suggests that this new procedure will be used where the taxpayer’s main source of income is taxed under PAYE, but he or she also has up to £10,000 of other taxable income or gains. This income threshold has not been included in the legislation.
Don’t be alarmed or startled if you receive a message like this in your inbox this/last month! It’s from HMRC, and if you’re paying tax under Self Assessment, almost certainly about the fact that another tax year has passed and so you’ll need to file another, annual tax return.
Making Tax Digital
There has been much talk in the press recently of upcoming changes to the way businesses and individuals are going to need to report details of their tax affairs to HMRC, this is called ‘making tax digital’.
Below is a brief guide of what we currently know about HMRC’s plans to implement the making tax digital’ regime.
This is very much at an early stage and the proposals and/or timetables are likely to change so this article represents a brief summary of the key known details at the date of publication, being 8th February 2017.