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Self assessment late filing: COVID-19 is reasonable excuse

Self assessment late filing: COVID-19 reasonable excuse

HMRC says it will accept coronavirus (COVID-19) as a reasonable excuse for the late filing of self assessment tax returns. However, taxpayers must submit the return as soon as possible and explain how they were affected by COVID-19 in the grounds for appeal. HMRC has also enhanced ‘Time to...

HMRC says it will accept coronavirus (COVID-19) as a reasonable excuse for the late filing of self assessment tax returns. However, taxpayers must submit...

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Taxpayers using Time to Pay to spread cost of tax payments

Taxpayers using Time to Pay to spread cost of tax payments

Tax payments worth over £69 million are being spread through HMRC’s Time to Pay facility, according to the tax authority. HMRC said that nearly 25,000 self assessment taxpayers have set up an online payment plan to manage their tax liabilities in up to 12 monthly instalments. Last October HMRC...

Tax payments worth over £69 million are being spread through HMRC’s Time to Pay facility, according to the tax authority. HMRC said that nearly...

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Furlough claims: Monthly deadline approaching

Furlough claims: Monthly deadline approaching

HMRC has reminded employers that there are now monthly deadlines for furlough claims for furloughed staff under the Coronavirus Job Retention Scheme (CJRS). Chancellor Rishi Sunak extended the CJRS until the end of April 2021. The CJRS was supposed to have ended after being scaled back to cover 60%...

HMRC has reminded employers that there are now monthly deadlines for furlough claims for furloughed staff under the Coronavirus Job Retention Scheme (CJRS). Chancellor...

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ICAEW calls for further guidance on CIS changes

ICAEW calls for further guidance on CIS changes

The Institute of Chartered Accountants in England and Wales (ICAEW) has urged HMRC to publish draft regulations and guidance on the forthcoming CIS changes (Construction Industry Scheme). The ICAEW has called for HMRC to ‘move quickly’ to give businesses enough time to prepare. The CIS changes are set to...

The Institute of Chartered Accountants in England and Wales (ICAEW) has urged HMRC to publish draft regulations and guidance on the forthcoming CIS changes...

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HMRC issues self assessment scams warning

HMRC issues self assessment scams warning

The approach of the 31 January self assessment tax return deadline will bring a surge in self assessment scams, HMRC has warned. HMRC issues thousands of SMS messages and emails as part of its annual self assessment tax return campaign. However, the tax authority has warned taxpayers completing their...

The approach of the 31 January self assessment tax return deadline will bring a surge in self assessment scams, HMRC has warned. HMRC issues...

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Pandemic drives dramatic increase in SME borrowing

Pandemic drives dramatic increase in SME borrowing

Small and medium-sized enterprises (SME) borrowing dramatically increased in 2020. The first three quarters of 2020 reached £54 billion driven by coronavirus (COVID-19) loan schemes, according to figures from trade body UK Finance. That represents more than double the annual total of SME borrowing reached in 2019, UK Finance...

Small and medium-sized enterprises (SME) borrowing dramatically increased in 2020. The first three quarters of 2020 reached £54 billion driven by coronavirus (COVID-19) loan...

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