With the tax deadline having just past, we have had many tax-filers contacting us with penalty notifications for failing to file on time.
Every year the UK tax return deadline falls on the 31st January after the end of the tax year. If you are sent a tax return by the HMRC, but do not file by the statutory deadline an automatic penalty of £100 will be issued.
There are however some instances where the HMRC will give lenience.
What is a reasonable excuse?
There isn’t legislation that specifically defines what a ‘reasonable excuse’ is. However, the HMRC generally accept excuses for failing to file that can be regarded as beyond the tax-filers control; such as serious illness.
Time to file
In order to plead a reasonable excuse and it be accepted by the HMRC, you must be able to show that despite the initial delay, you have full intention to rectify the matter i.e. beginning the filing procedure.
Not reasonable excuses
Forgetfulness, ignorance of the law or similar reasons are not regarded as acceptable grounds for a reasonable appeal.
Currently there are over 2,200 families on the waiting list for Kensington and Chelsea social housing. Which compared to the 11,000 houses currently available, presents a huge issue for councils finding the families accommodation. The council has already spent its entire reserves of £230m on new housing for the Grenfell tower survivors, whom all fall into their borough.
Stamp duty is an area of much dispute and change in UK tax. Currently, you usually pay Stamp Duty Land Tax (SDLT) on increasing portions of your property’s price above £125,000 (for residential properties, like a house of flat).
The amount of Stamp Duty you owe can vary depending on whether or not the property is your first home and the purchase is £500,000.
Statutory accounts (commonly known as annual accounts) are financial reports that must be prepared and filed at the end of each financial year. For UK private limited companies statutory accounts are a compulsory part of the tax year.
As a business owner it is important to be aware of your companies tax obligations and liabilities. There are a number of taxes that small businesses are required to pay. Below is our breakdown of the taxes you should know about as a business owner:
The October 15th US tax deadline is just around the corner. Below we have put together a brief outline of how to get started and avoid the harsh penalties of the IRS’s long arm:
Inspired off of the Jean Royère’s furniture designs we went to see yesterday (pictured above) in the spirit of London Design Week, we have put together a brief guide for our clients on some of the expenses you can claim as a furniture designer.
There are generally much expenses incurred while working as a furniture designer than other freelance professionals. For instance, the cost of raw materials and machinery. Raw materials and any equipment required to assemble the furniture are all claimable against tax, assuming that you are buying both.
If you are based in the UK and your employees are working abroad there are slightly rule surrounding PAYE and NIC depending on where your employees are working and how long you expect them to work there.
A confirmation statement is a form that was introduced to replace the annual return (AR01) in June 2016. The purpose of a annual confirmation statement is to verify important company data registered on Companies House to ensure it is correct and up to date.
As a business owner, you are responsible for ensuring your business is compliant and reaches relevant accounting deadlines. Your business accounting period for Corporation tax is covered by your Company Tax Return.
We have worked with thousands of self-employed Marketing Consultants on their tax returns over the years. Through our years of experience, we have developed an in-depth, expert knowledge of the claimable tax expenses and deductions available to Marketing Consultants.