Category Archives: Self Assessment

Tax Time – Dates for March 2018

Dates for Your Diary

Your tax dates for the month ahead: 1 March 2018 – Due date for corporation tax due for the year ended 31 May 2017. 2 March 2018 – Self assessment tax for 2016/17 paid after this date will incur a 5% surcharge. 19 March 2018 – PAYE and NIC deductions due for month ended 5 […]

More Tax Free Allowances from 6th April 2017!

In addition to the current £5,000 tax free dividend allowance and the personal savings allowance of up to £1,000 there will be two further tax free allowances starting from 6 April 2017. These will be: A £1,000 Tax Free Allowance for Self-Employed income  A £1,000 Rental Income Allowance  These new allowances mean that individuals doing a […]

CIS Gross Payment Rules relaxed

In April 2016 HMRC introduced significant changes to the Construction Industry Scheme (CIS). What do your clients need to know? Reason for change –  In 2014 HMRC announced changes to the CIS with the aim of making its processes simpler. In particular, it’s hoped that the new legislation will enable more businesses to achieve gross payment […]

Clarification finally issued on new dividend tax!

Following the announcement in the Summer Budget of a major change to the taxation of dividends, HMRC has now published a factsheet which clarifies the rules. How will they work? Changes to taxation of dividends In the Summer Budget the Chancellor dropped a bombshell for owner managers of smaller companies by stating that, from April […]

The dog ate my tax return…

… is not a reasonable excuse! However, it has been announced that HMRC will not contest appeals against the £100 late filing penalty in respect of 2013/14 tax returns where the taxpayer provided a reasonable excuse for not filing on time. In the past, HMRC has looked in detail to judge if each excuse is […]