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 […]

Self Assessment Late Payment Costs Increase

As HMRC interest rates are linked to the Bank of England base rate, the increase in the base rate from 0.25% to 0.5% on 3 February 2022 has triggered an increase in rates for late payments. HMRC have confirmed that late payment interest rates will increase from 21 February 2022. This means that anyone that […]

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%) […]

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 […]

No Late Filing Penalty for Online Tax Returns up to 28 February

Self Assessment customers will not receive a penalty for their late online tax return if they file by 28 February, HMRC Chief Executive Jim Harra has announced.  Importantly though, taxpayers are still required to pay their bill by 31 January 2021.  Interest will be charged from 1 February on any outstanding liabilities. Customers can pay […]

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, […]