Warning: Self Assessment Taxpayers Being Scammed

HMRC is warning that self assessment taxpayers are being aggressively targeted by crooks after more than 570,000 scams were reported to HMRC in the last year. In the 12 months to January 2022, nearly 220,000 scams reported to HMRC offered bogus tax rebates. At this time of year, self assessment customers are at increased risk of falling victim […]

Don’t Be Fooled By Self Assessment Deadline ‘Extension’

HMRC has announced that they are giving “self assessment taxpayers more time to ease COVID-19 pressures” and the date of 28 February 2022 is being suggested as a newly extended deadline to submit your tax returns by.  (Instead of the usual deadline of 31 January.) However, please don’t be fooled by the inaccurate headlines that […]

HMRC’s Self-Assessment Backlog

If, like most people, you haven’t yet submitted your annual self-assessment (due by 31 January 2022) then you may want to know that HMRC currently has a backlog of admin relating to this important task.  There are delays in HMRC processing the following: Registrations for self assessment; Applications to authorise an agent to deal with […]

Radio Adverts Are HMRC’s Most Effective Communication Media

HMRC has published research into the effectiveness of their annual self-assessment communications campaign which uses multiple media to make taxpayers aware of their tax return responsibilities.  The radio ad was the most likely to have been recognised; 40% of individuals and 45% of businesses recalled hearing it. Around six in ten individuals (59%) and businesses (63%) […]

Banks To Share Your Financial Information With HMRC

The Office of Tax Simplification has published a report outlining how third party data, including information from your bank, could be shared with HMRC in order to assist tax payers with their annual self-assessment tax returns.  Information that could be shared includes: Bank and building society interest Other interest Pension contributions Dividends and other investment […]

HMRC waives 5% late payment penalty for self-assessment

HMRC have announced that Self Assessment taxpayers will not be charged a 5% late payment penalty if they pay their tax or set up a payment plan by 1 April 2021. The payment deadline for Self Assessment is 31 January and interest is charged from 1 February on any amounts outstanding.  Normally, a 5% late […]

10.7 Million Tax Returns Filed Within Deadline

According to HMRC, more than 10.7 million people submitted their 2019/20 Self Assessment tax returns by the 31 January deadline.  The remaining 1.8 million whose tax return is now late will not be charged a late filing penalty provided they submit their return online by 28 February. Those who did not pay their Self Assessment tax […]

Fun Facts About Self-Assessment

Now that we are just weeks away from the self-assessment deadline, here are some fun facts issued by HMRC: 96,519 people filed their tax return on 6 April 2020 (first day of the tax year); It’s now the 20th anniversary of Self Assessment internet filing, the service began on 3 July 2000; In January 2011, […]

COVID-19 could be a reasonable excuse for late filing of your tax return

HMRC has confirmed that COVID-19 could be a “reasonable excuse” for filing your tax return late, but this is not automatic and taxpayers will need to provide details to justify their case.  There are approximately 5 million people that have not yet submitted their tax return (deadline 31 January) and HMRC are encouraging everyone to […]