Self-assessment Articles

Self-Assessments: late payment fines still apply, even when delaying your filing

HMRC have moved the deadline for online self-assessment filings from 31st January to 28th February 2022.

Do you need to complete a Self Assessment Tax Return for the 2020/2021 tax year?

How do you know if you need to complete a tax return?

The tax year is from 6 April to 5 April the following year. You’ll need to send a tax return if in the last tax year:

CIS worker? Why wait for your tax refund? You could be due £2,000 plus!
Most CIS workers have overpaid tax last tax year.  Why not let us prepare your 2019/20 self-assessment now to release any tax windfall you might be due? Maybe use it to book a nice summer holiday or pay off a debt that's weighing you down?
 
The refund you may get back depends on 3 things: Your CIS deductions, total earnings and business expenses. The average tax refund for our customers is £2,300. In some cases you can receive several years of overpaid refunds, if you're eligible. CIS tax can be claimed back for the previous 4 years.
 
Call our Customer Services Team on 01625 546 610 (option 1) or email customerservices@umbrella.co.uk before the end of May and we guarantee our discounted price of £100 + VAT!
Woolly Underwear and Other Expenses Rejected by HMRC
marketing | 28 January 2019
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With less than a week to go until the 31 January Self-Assessment deadline, HMRC has provided a bit of light relief by posting some of the weird and wonderful excuses from people who have missed the deadline in the past.

 

One late filing Brit tried to blame his mother in law, another tried to blame a junior member of staff and one even blamed the postbox.

 

The tax authority also posted a list of failed expense claims that people have tried to get away with, including five years’ worth of woolly underwear.

Not everyone is a self-assessment early bird! But don’t stick your head in the sand, it’s not too late to get help with your self-assessment

The deadline for submitting your online self-assessment tax return and paying any tax due is 31st January 2019.  This is only just over three weeks away….but don’t panic!! 

Accountants are being booked up quickly as time runs out but at Umbrella Accountants, we always plan for the last-minute rush!  We have capacity to help you with your self-assessment – provided you don’t leave it until the very last minute!! Plus, if you quote ‘2019SA’ we will give you a 25% discount off the current fee!

If you miss the deadline by up to three months, then you will get an automatic penalty of £100. You could have to pay more if it is later than three months or if you pay the tax bill late.

So, what do you need to do to avoid the last-minute stress and heartache?  Here are our top tips.

HMRC Payment on Account Due 31 July

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.
 

Early Bird Self Assessment Discount Umbrella Accountants

Early bird offer - Discounted price of £150 + VAT – Ends 31st August

Tired of finishing that self-assessment with just a few late January days to spare? This could be the year when you finally make a change.

It’s a feeling that many contractors will be all too familiar with. One minute you’re toasting the end of another successful year, the next you’re staring down at a mountain of work you didn’t get done before the Christmas break and, all the while, precious seconds are ticking down on the self-assessment deadline.

Sure, you don’t really want to think about it while the World Cup is on and the sun is out, but completing your tax return paperwork early does have a lot of benefits.

Here are four that we think are most important.

What to do if you can’t pay your income tax bill on time

The self-assessment deadline is less than a week away on January 31.

HMRC fudging call centre waiting time figures

The taxman has come under pressure from MPs and contracting organisations after it was revealed that HMRC doesn’t include time spent listening to automated messages in their official ‘waiting time’ figures.

January is a busy month for contractors. Many have a back-log of Christmas work and now have less than 2 weeks left to file any outstanding self-assessment tax returns.

Self-assessment deadline looms: Get help now

The deadline for submitting your online self-assessment tax return is just over six weeks away and accountants are being booked up quickly as time runs out.

Remember that you should have submitted your tax return and paid any taxes you owe by Midnight on 31 January.

With its large team of accountants, Umbrella.co.uk is well placed to help clients complete their self-assessment tax returns on time. But spaces are filling up quickly and opportunities to get help are running out. 

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