HMRC’s Annual Tax Summary

HMRC’s Annual Tax Summary

The Annual Tax Summary is a document provided by HMRC that provides details on the tax you pay and how this is used by government. The Annual Tax Summary shows: your taxable income from all sources that HMRC knew about at the time that it was prepared the rates used...
Pay January tax by instalments

Pay January tax by instalments

The deadline for submitting your 2019-20 Self-Assessment tax returns online is 31 January 2021. You should also be aware that payment of any tax due should also be made by this date. This includes the payment of any balance of Self-Assessment liability for the 2019-20...
Recent case re late filing appeal

Recent case re late filing appeal

The First-tier Tribunal (FTT) has dismissed a taxpayer’s appeal for having a reasonable excuse. The taxpayer applied out of time for permission to appeal against penalties imposed by HMRC. The appeal was in relation to late payment penalties imposed on the...
Coding out debts deadline

Coding out debts deadline

The coding threshold entitles tax payers to have tax underpayments collected via a tax code, provided they are in employment or in receipt of a UK-based pension. The coding applies to certain debts such as Self-Assessment liabilities, tax credit overpayments...
Less than 100 days to file your tax return

Less than 100 days to file your tax return

HMRC has published a news release to remind taxpayers that there is now less than 100 days to file their 2019-20, Self-Assessment tax return. Last year over 11 million taxpayers were required to complete a tax return, but over 958,000 taxpayers missed the deadline. If...
Sale of income in exchange for capital amount

Sale of income in exchange for capital amount

A capital sum received by an individual in respect of the sale or relinquishment of income derived from their personal activities can sometimes be treated as earned income and chargeable to Income Tax. If this is the case, the amount charged to Income Tax is not...