self-assessment Archives - WRLO Accountants

5.4 million yet to file their self assessment tax return

WRLO Accountants — Sun, 12 Jan 2025 20:03:55 +0000

With less than a month to go 5.4 million taxpayers still need to complete and pay their self assessment and avoid penalties, HMRC warns. Anyone required to file a tax return for the 2023/24 tax year who misses the 31 January 2025 deadline could face an initial late filing penalty of £100. Thousands of taxpayers have already done so by completing their tax returns before the fizz was barely flat on New Year’s Day. HMRC revealed that more than 24,800 people filed on 1 January. A further 38,000 had even squeezed theirs in before the bells on 31 December 2024, with 310 filing between 23:00 and 23:59 on New Year’s Eve. Myrtle Lloyd, HMRC’s Director General for Customer Services, said: ‘We know completing your tax return isn’t the most exciting item on your New Year to-do list, but it’s important to file and pay on time to avoid penalties or being charged interest. ‘The quickest and easiest way to complete your tax return and pay any tax owed is to use HMRC’s online services – go to GOV.UK and search ‘self assessment’ to get started now.’ Internet link: HMRC website

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HMRC agree to make things easier with paper tax returns

WRLO Accountants — Tue, 22 Oct 2024 16:06:18 +0000

HMRC’s decision to make it easier for taxpayers to file a paper tax return has been welcomed by the Low Incomes Tax Reform Group (LITRG). With less than a month until the 31 October deadline for filing a 2023/24 paper self assessment tax return, HMRC have confirmed to LITRG they will accept copies of the tax return form that have been downloaded and printed from GOV.UK. Until recently, the 2024 form on GOV.UK had been marked ‘For reference only’ and HMRC indicated they would only accept a paper tax return form if it had been specifically issued by them and sent to the taxpayer by post. Following concerns raised by LITRG, HMRC have now agreed to relax their position and have confirmed they will accept forms printed from GOV.UK. It means some taxpayers wishing to file a paper return ahead of the 31 October 2024 filing deadline will be able to do so without needing to call HMRC to ask them to post out a copy. Antonia Stokes, LITRG Technical Officer, said: ‘We understand HMRC strongly encourage people to file their tax returns online, but this is not always possible. We have always been clear that HMRC should not try […]

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November 2022

WRLO Accountants — Mon, 07 Nov 2022 11:02:39 +0000

In this month’s Enews we consider the latest news on the upcoming Autumn Statement. We also update you on inflation and the cost-of-living crisis. With guidance for employers and a warning for self assessment taxpayers, there is a lot to update you on. Government pushes back economic statement New PM must restore confidence, say business groups Inflation returns to 40-year high FCA warns that eight million are struggling to keep up with bills IoD survey finds UK businesses anticipate growth in exports Self assessment clock ticks down to under 100 days Latest guidance for employers British Business Bank lending now exceeds £12 billion Government pushes back economic statement Chancellor of the Exchequer Jeremy Hunt has delayed the announcement of the government’s economic plan until 17 November. The Medium-Term Fiscal Plan was due to be delivered by the Chancellor in the Commons on 31 October, along with a forecast from the Office for Budget Responsibility. This had been brought forward because of the market turmoil that followed September’s Mini Budget. But it will now be put back by more than two weeks and be turned into a full Autumn Statement – expanding its remit and providing longer term plans. The delay followed […]

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