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...
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...
HMRC Launches Campaign: UK Crypto Investors Tax Risks
In a bid to ensure tax compliance among the burgeoning crypto community in the UK, HMRC has launched a targeted campaign, sending out over 8,000 advisory letters to crypto investors as the self-assessment deadline looms. The move is part of...
31 January 2024 Deadline for Hybrid LLPs: Withdrawal and Settlement Considerations
As the 31 January 2024 deadline for Hybrid Limited Liability Partnerships (LLPs) approaches, participants are facing pivotal decisions. Recent letters from HMRC have brought attention to the ongoing scrutiny of Less Tax for Landlords, the planning provider in focus. While some seek...
HMRC’s VAT Investigations Yield £11.4bn: Uncovering Unpaid Taxes Surge
In a noteworthy surge, HMRC’s VAT investigations witnessed a 23% increase last year, as the tax authority launched a robust campaign with 104,900 probes targeting unpaid VAT. The intensified efforts, particularly focused on mid-sized businesses, resulted in the recovery of...
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