Help for postmasters completing 2022/23 tax returns
[ad_1] HMRC has advised that postmasters who do not receive a top-up payment in good time to meet the 31 January 2024 filing deadline will not be subject to interest and penalties. HMRC also has a specialised team to deal with queries from postmasters. As part of the Horizon Shortfall Scheme (HSS), postmasters may receive […]
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 […]
Tips for returns for deceased individuals and estates
[ad_1] HMRC has issued a set of tips and reminders about self assessment returns for deceased persons and estates in administration. HMRC’s Agent Issue 114 includes advice for self assessment tax returns for deceased individuals and estates in administration. Repayment claims When notified of a taxpayer’s death, the agent authorisation held on HMRC’s systems ceases. […]
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 […]
ICAEW supports greater pre-population of tax returns
[ad_1] Pre-population has the potential to increase accuracy and reduce taxpayer compliance obligations. However, it must be balanced with mechanisms for taxpayers to check and amend pre-populated data. HMRC’s consultation document on information and data considers changes to the way that HMRC collects data for potential pre-population of taxpayer returns. It also outlines potential reform […]
Record numbers file self assessment tax returns on time
[ad_1] According to HMRC figures, more than 11.7m taxpayers filed their tax returns before the 31 January 2023 deadline. However, 600,000 taxpayers still missed the deadline. HMRC was expecting around 12.1m tax returns to be filed for the 2021/22 tax year. Of these expected returns, 11.4m were submitted on time, along with 0.3m unsolicited returns […]
6 tips for online self-employed tax returns this year
[ad_1] With the 31 January online submission deadline to file your self-assessment tax return just days away, now is the time to brush up on how best to do yours with our top tips. A self-assessment tax return is an online or paper form that must be submitted to HMRC each year by anyone who owes tax […]