1.1 million taxpayers miss self assessment filing deadline

[ad_1] While a record 11.5 million self assessment tax returns were filed by 31 January, the number missing the deadline increased by 100,000. If this article is supporting your professional development, it can count towards your verifiable CPD hours. Use the pop up at the bottom right corner of your screen to add reading this […]

Self assessment tax returns for cryptoasset holders

[ad_1] Individuals who received, sold or exchanged cryptoassets may be subject to income tax or capital gains tax (CGT) that should be reported on a self assessment tax return, due by 31 January 2024. HMRC has issued a reminder to individuals who held cryptoassets in the 2022/23 tax year. Many individuals may not realise that […]

Self assessment criteria are changing

[ad_1] A further change to the criteria for filing a self assessment tax return was announced in the Autumn Statement 2023. More changes are expected as new digital services are rolled out or improved. HMRC’s plan to review the self assessment criteria was consulted on in Simplifying and modernising HMRC’s Income Tax services through the […]

Self assessment paper filing deadline approaches

[ad_1] The deadline for submitting a tax return in respect of the tax year 6 April 2022 to 5 April 2023 is 31 October if submitting by post. Taxpayers submitting online have until 31 January 2024. Most individuals who need to submit a tax return are able to do so online. HMRC strongly encourages taxpayers […]

Self assessment registration deadline approaches

[ad_1] Taxpayers who need to submit a tax return for the tax year to 5 April 2023 should register for self assessment (SA) by 5 October 2023. Individuals who no longer need to file a tax return should also contact HMRC to have their notice to file withdrawn. The deadline for submitting a tax return […]

HMRC changes central assessment process for late VAT returns

[ad_1] Central assessments may no longer be cancelled immediately upon submission of the late return. When traders miss the deadline for filing a VAT return, a ‘central assessment’ is raised by HMRC’s system. This is also known as a ‘VAT notice of assessment of tax’.  A central assessment estimates the VAT liability due to HMRC […]

HMRC requests finalisation of Self Assessment returns

[ad_1] HMRC is requesting that returns that include estimated or provisional figures should be amended by 30 November 2023 if the actual figures are now known, or by 31 December 2023 if they are yet to be discovered. HMRC is sending letters to agents during August to encourage them to finalise provisional 2021/22 returns before […]

Changes to self assessment criteria

[ad_1] From the 2023/24 tax year onwards, the self assessment (SA) threshold for taxpayers taxed through PAYE only, will rise to £150,000. The increase in the SA threshold was announced in Agent Update 108. The threshold for the 2022/23 tax year, which many taxpayers and accountants will currently be preparing, remains unchanged at £100,000. This […]

Self assessment taxpayers to be moved to digital filing

[ad_1] HMRC is contacting almost 135,000 taxpayers who currently file paper self assessment (SA) tax returns to tell them that they will need to phone HMRC if they require a paper form. The SA forms will no longer be available to download from gov.uk. As part of HMRC’s digital by default approach, HMRC is contacting […]

Overpayments of CGT following self assessment

[ad_1] Self assessment tax return filers who have also submitted a capital gains tax (CGT) UK property return may end up in an overpayment position. ICAEW’s Tax Faculty recaps the process for claiming a CGT repayment. Taxpayers who dispose of UK residential property are required to submit a capital gains tax on UK property (CGT […]