DIY housebuilders scheme digitised – and time limit extended
[ad_1] Individuals building their own home can submit their DIY housebuilders VAT refund claim digitally. The time limit for such a claim has also been extended to six months after completion of the build. The VAT DIY housebuilders scheme gives DIY homebuilders the ability to reclaim the VAT they pay on building materials for any […]
HMRC launches self-serve time to pay for VAT
[ad_1] Certain businesses can now set up a VAT payment plan online. As of 31 May 2023, VAT-registered businesses that owe less than £20,000 of VAT can set up a payment plan online. Payment plans are sometimes known as time to pay agreements. A VAT-registered business can set up its VAT payment plan online if […]
Make time to pay arrangements online and avoid calling HMRC
[ad_1] Taxpayers that cannot pay their tax bill on time can set up a time to pay arrangement with HMRC. ICAEW’s Tax Faculty highlights the circumstances when this can be done online for self assessment and PAYE. Setting up a time to pay arrangement online for self assessment (SA) has been possible for several years. […]
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 […]