Self-assessment Articles

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.

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.
 

What to do if you can’t pay your income tax bill on time
marketing | 29 January 2018
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The self-assessment deadline is less than a week away on January 31.

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. 

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.

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.

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.

HMRC fudging call centre waiting time figures
marketing | 22 January 2018
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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.

Do I have to submit a tax return?
marketing | 20 January 2017
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With little more than a week to go before the self-assessment tax deadline hits, it is worth double-checking whether or not you have to submit a tax return.

If you have to send a tax return and you miss the 31st January deadline then you will be penalised. If your tax return is less than three months late then you’ll have to pay a fine of £100, but this figure can rise quickly if you submit a return after three months or you pay your tax late.

For certain groups like company directors, it is pretty obvious that you will have to pay. But there are some complicated rules that you might not have taken into account.

If you are an umbrella contractor with Umbrella.co.uk, then as a rule of thumb you won’t have to submit a tax return, but there are some circumstances that may contradict that. 

Next year, don’t leave your tax return to the last minute
marketing | 3 February 2016
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Did you, like many others, have to run the mad dash to get your tax return finished over the weekend?

HMRC estimates that around six per cent of tax returns are filed on the 31 January deadline day each year. For those leaving it to the last minute, HMRC’s online filing system can be slower than normal and the automatic £100 penalty for late filing is a constant threat. 

How can you avoid this deadline day rush in years to come? Here are our top five tips for a stress-free 2016-17 tax year.