What if I miss the tax return deadline?

Should you fail to meet the deadline to submit your self-assessment tax return there are penalties which HMRC will charge automatically. The first deadline is the 31st October for paper returns, but if you miss that deadline you are not fined as long as you submit the electronic version before the 31st January, but if you miss this deadline, and fail to pay any tax due by the same date then the … [Read more...]

Minimise impact of buy to let tax relief changes now

Changes announced in George Osborne’s summer 2015 budget cast the once healthy profit prognosis of buy to let landlords into imminent decline.   From April 2017, around 2 million British landlords will see their higher-rate tax relief on income from rental properties fall by 25% each year until 2020. After this point, tax relief for landlords will be at a flat rate of 20%. In reality, this … [Read more...]

Real Time Digital Tax Accounts

In the budget back in March this year, George Osborne, the Chancellor announced plans to move away from the annual tax return to digital tax accounts. But what does this mean for individuals and for accountants. For individuals From April 2016 five million small businesses and 10 million individuals will have digital tax accounts, which will mean that the individual will no longer need to … [Read more...]

Simple payroll for small businesses

As we approach the end of the tax year, it is worth giving some time over to think about how small businesses operate their payroll, and what is the most effective method for processing the payroll. Many small businesses use the HMRC basic PAYE tools, which are very good but do not link to their accounting system, their bank or generate payslips, others use a standalone payroll system which … [Read more...]