Your HMRC wants YOU….?

 

 

Many taxpayers have been receiving this email alert from HMRC :


You’ve got a new message from HMRC

Dear XXXXX

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

Continue reading

Advertisements

Were you one of the 10.7 million?

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.

Continue reading

HMRC hiccups

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*

Self Employed National Insurance – info for 2019/2020

NEWS on the application of National Insurance rates from Accounting Web:

Classes 2 and 4 NIC were to be merged from 6 April 2018, with class 2 NIC abolished from that date. This merger will now take place from 6 April 2019.

Delay

In a written statement to the House of Commons released late yesterday, it was announced that the abolition of class 2 national insurance contributions (NIC) would be delayed by one year to 6 April 2019. This delay was justified by a need to consult more fully with interested parties in respect of the effect of the abolition of class 2 NIC on lower earners.

Continue reading

Simple tax assessments from next year?

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.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

 From accountingweb.co.uk:

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.

Continue reading