deadline Articles

HMRC Payment on Account Due 31 July
marketing | 30 July 2018
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Self-employed contractors have just a few days left to pay their payment on account.

The second annual tax installment is due on the 31 July and is payable by anyone who is self-employed, or anyone that has substantial income not paid by an employer or pension provider.

Most contractors will have already paid the bulk of their income tax before the first January 31 deadline. The payment on account system means that contractors pay an advance on what the taxman thinks they will owe for the current tax year.

The July 31 payment will reduce what you have to pay next year.
 

Tax Return
editor | 26 January 2015
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The self assessment tax return submission deadline for completion and filing of your online tax return is midnight 31st January 2015 as is your tax payable.

What info does the taxman’s super computer have on you?
marketing | 13 January 2017
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Ahead of the January 31 deadline for 2015/16 tax returns, HM Revenue and Customs has released some details about its £100m ‘snooper computer’ that can tell if you aren’t paying enough tax.

The powerful super-computer known as ‘Connect’ draws information from lots of different sources, including some places you might not have thought about.

If the computer thinks that you have underpaid on your return then it will flag your account and prompt further investigation.

All this means that HMRC no longer needs to rely solely on information supplied by individual taxpayers. If you, accidently or otherwise, misreport your income then it could only be a matter of time before you get caught in the taxman’s web.

HMRC is already using the system to warn users that that they may have underpaid on previous tax returns.