Self Assessment Penalties: When and How to Appeal
HMRC provides guidance on the process of appealing against self assessment penalties for late filing or delayed payment in individual or partnership tax returns. Understanding Self Assessment Penalty Issuance HMRC issues penalty notices in cases where individuals or partnerships miss...
Warning: Don’t Incur Late Tax Penalties as 7.75% Interest Rate Looms
As the 31 January deadline for self-assessment tax returns approaches, taxpayers are receiving a stern warning to settle any outstanding amounts promptly and to avoid any late tax penalties. HMRC’s interest rates have surged to their highest in over two decades, with...
Self-Assessment Deadline Countdown: 3.8 Million Returns Still Outstanding
As the 31 January Self-Assessment deadline approaches, 3.8 million individuals are yet to file their tax returns, facing a potential £100 penalty. HM Revenue and Customs (HMRC) urges prompt action to avoid penalties and provides insights into meeting the deadline,...
Essential Tips for Every Buy-to-Let Landlord Filing 2022-23 Tax Returns
The deadline for filing your self-assessment tax return is 31st January 2024, meaning that it is right around the corner. This also means that every buy-to-let landlord must act swiftly to avoid penalties. Here are crucial tips for navigating the tax...
HMRC Campaign Targets Online Sellers’ Place of Establishment
HMRC is gearing up for a new campaign to verify the place of establishment for businesses selling via online marketplaces. The tax agency has informed stakeholders, including the CIOT, that letters will soon be dispatched as part of this initiative....
Self Assessment Deadline: HMRC Offers New Payment Plans
In response to the looming deadline for self-assessment tax returns, a significant number of taxpayers, totalling almost 44,800 individuals, have proactively settled their tax bills, amounting to nearly £148 million. Proactive Taxpayers Take Advantage of Payment Plans As the deadline...
Surge in Buy-to-Let Company Formations Amid Tax Challenges
In light of a noticeable downturn in individual property acquisitions by landlords throughout the year 2023, a substantial and noteworthy surge emerged in the establishment of limited companies specifically dedicated to the management and operation of buy-to-let properties. This shift...
Self-Assessment Tax Return Tips To Make Your Filing Process Easier
As the 31 January deadline for self-assessment approaches, essential insights from experts shed light on key considerations when completing annual tax returns. In a new year filled with resolutions and business plans for 2024, it’s crucial not to overlook the...
File Your Self-Assessment Tax Returns Before The January 31 Deadline!
As the January 31st deadline for self-assessment tax returns inches closer, HM Revenue and Customs (HMRC) is sounding the alarm for the nearly 5.7 million customers who are yet to file their tax returns for the 2022 to 2023 tax...
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