Over 746,000 people missed the UK tax deadline to file their self-assessment tax return, risking a fine of £100 or more.
The HMRC have said that despite the high amount of late filers, 2018 has reached record numbers for taxpayers filing on time.
Angela MacDonald, director general for customer services at HMRC said
“ If you’re one of the small number that missed the deadline, please submit your return now to avoid further penalties. We really don’t want penalties, we just want tax returns.”
The current HMRC point system I place means that the HMRC are able to demand a penalty of £100 for late filing during the first three months after the deadline. After the three months, additional penalties of £10 per day can be demanded, up to a maximum of £900, followed by a further six and 12 months after the deadline.
In serious cases, if you’re more than 12 months over due with your tax return you may be asked to pay up to 100% of the tax due as well as any tax you owe, thus doubling the payment.
Should you have filed a tax return?
You must fill in a tax return if:
· you're self-employed, a business partner, or director of a limited company
· you're an employee or pensioner with an annual income of £100,000 or more
· you have a pre-tax investment income of £10,000 or more
· you're a 'name' at the Lloyd's of London insurance market
· you're a minister of religion
· you're a trustee or representative of someone who has died
I’ve missed the tax deadline, what can I do to avoid a fine?
If you have a genuine reason why you missed the tax deadline the HMRC may waive the penalty for a late return if you can provide a ‘reasonable’ excuse.
The HMRC states that a reasonable excuse for missing the deadline is ‘normally something unexpected or outside of your control that has stopped you meeting a tax obligation’.
· Death of a partner
· An unexpected serious illness
· Computer failure
The HS2 project is one of the most demanding and exciting transport currently active in Europe. The project has set out to build a railway that will form the new backbone of Britain’s transport network.
The HMRC has continued its crackdown on tax avoidance this tax year, with a record amount of investigations into British taxpayers offshore assets and income; which have been followed by the HMRC’s record net income of £560million.
With the rise of the IoT, AI, AR, Fintech and much more, comes the rise of software engineers. A software engineer is an individual who develops various applications that enable users to accomplish tasks. Like all professions, software engineers come in the form of either employed or self-employed.
Software engineer’s salary bracket is regarded as one of the highest in the UK ranging from around £30,000 to £300,000, depending on seniority and ability. This means that many fall into the tax filing bracket whether they are self-employed or not.
Over the past 5 years the general UK population’s rise in concern and consciousness for the environment is undeniable. From youth climate change protests to the suggested conversion to veganism to help the environment; climate change activism can be seen in all walks of life in the UK.
This article will focus on how UK taxes are joining in on the effort to help the environment.
With 51% of businesses expressing desires to expand over the next year, UK unemployment levels have fallen to its lowest point since 1974. Below are some of the fastest growing sectors for employment.
This article if focused on explaining pay for UK employees and the process of reading pay slips.
As an employee you should be told by your employer how much you will be paid, the date of your payment and the medium of payment i.e. by cheque or bank transfer.
As an employee, unlike contractors or freelancers, you have the right to receiving a payslip. This can come in a paper or online form.
With the ongoing US tax crackdown on US expats, comes the demand to file FBARS. An FBAR or FinCen is used to report foreign bank and financial accounts. Within the FBAR you must report all foreign bank, securities and financial instruments.
The 2018-19 tax season is in full-swing and tax payers can now file there returns ahead of the 31st January 2020 deadline. It is advised by the HMRC to get tax returns filed as early as possible, to ensure that the deadline is met. As an added incentive to taxpayers, we, at Bambridge Accountants, offer a discount to those who file between April and August 2019.
As an accountancy firm for creative professionals and businesses, we are always interested in promoting and sharing creative works we love.
GUAP magazine is leading the way as the world’s first video magazine. The video-magazine works to document and nurture creative talent within music, fashion, the arts and business, both locally and globally grown.
Creative Industry Professionals are notoriously one of the worst for keeping on top of their taxes. The all-consuming nature of creative industry careers that often requires travelling and long-hours, makes keeping on top of taxes all that bit harder. Not to mention the complexities that can occur within tax due to cross-border trade and the unique reliefs that are available depending on profession.