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New Health and Social Care Tax

Posted: 07 September 2021

The Prime Minister has outlined a health and social care tax to pay for reforms.

The new tax starts as a 1.25% rise in National Insurance (NI) from April 2022, becoming a separate tax on earned income from 2023.

View more on this here: https://www.gov.uk/government/publications/build-back-better-our-plan-for-health-and-social-care

If you have any questions please contact us at info@burgesshodgson.co.uk

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HMRC to start moving to new IT system

Posted: 24 June 2021

HMRC plans to move taxpayer accounts to a new IT system. They intend to implement these changes from July, till September 2021. This change will affect:

  • VAT-registered businesses that are not signed up to Making Tax Digital, i.e. mainly voluntary registrations; and
  • businesses that pay their VAT bills by direct debit.

HMRC are required by banking regulations compliance to inform businesses paying by direct debit of the amount and payment date before the payment is taken. HMRC will do this via email only to accommodate the short time frame between the return due date and the payment date.  This means that businesses are at risk of late payments as any direct debits will be cancelled if there is no email address on record.

We would encourage businesses to log in to their business tax account to ensure there is a valid and updated email address on record.

If you have any queries on this please contact us at info@burgesshodgson.co.uk

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Taxation of Cryptocurrencies

Posted: 17 May 2021

Cryptocurrencies have become well publicised once again, having grabbed plenty of media attention during the bull run in 2017, with Bitcoin rising to around $19,800. Throughout 2021, Bitcoin has continued to record all-time highs, with the greatest price being recorded on 13 April in excess of $63,000 per bitcoin. (more…)

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Self-Employment Income Support Scheme – Fourth Grant

Posted: 16 April 2021

HMRC have announced they will be contacting eligible taxpayers, either by email or through the online service, to notify them that they can apply for the fourth Self-Employment Income Support Scheme (SEISS) grant to cover the period 1 February 2021 – 30 April 2021.

No definitive date has been set for this, although HMRC have indicated that they will be contacting taxpayers from mid-April, with the deadline for claims being 1 June 2021.

For further information please see the following link: https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme

A fifth and, most likely, final grant will be issued later in the year to cover the period 1 May 2021 – 30 September 2021.

Burgess Hodgson will be contacting clients that we believe are eligible for the fourth grant. If you have any queries in the meantime please contact your usual tax adviser or email tax@burgesshodgson.co.uk

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SEISS Grant – HMRC Email

Posted: 19 March 2021

HMRC sent an email on 26 February 2021 to a number of self-employed traders, asking them to prove they are still trading before they can claim the 4th and 5th SEISS grants.

The deadline for response is Monday 22 March.

(more…)

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Tax Tables 2021-22

Click here to download our free and useful tax tables for tax year 2021-2022

 

If you need help with your tax or have any questions please get in touch with our tax team at tax@burgesshodgson.co.uk

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Fourth SEISS Grant

HMRC will be carrying out pre-verification checks on individuals who started self-employment in 2019/20 and may be eligible to claim the 4th grant under the Self Employed Income Support Scheme (SEISS).

Read and download more information here: Fourth SEISS Grant.

If you have any questions, please contact your personal tax advisor within Burgess Hodgson or email: tax@burgesshodgson.co.uk

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Tax Update- Land Disposal Returns

New legislation introduced means that any UK resident selling an interest in residential property which gives rise to a tax liability will have to submit a new Capital Gains Tax Return.

Read more here: Important Tax Update- Land Disposal Returns 2021

 

If you are unsure or would like to discuss a potential tax charge, please contact tax@burgesshodgson.co.uk

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No Penalties for Late Filing of Tax Returns

Posted: 25 January 2021

Self Assessment customers who cannot file their tax return by the 31 January 2021 deadline will not receive a late filing penalty if they file online by 28 February.

For more information visit: www.gov.uk/government/news/no-self-assessment-late-filing-penalty-for-those-who-file-online-by-28-february

For help with your tax return email: tax@burgesshodgson.co.uk

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No extension for Self-Assessment Tax Returns

Posted: 22 December 2020

HMRC have confirmed they will not extend the filing deadline for the submission of 19/20 Self-Assessment Tax Returns in the wake of the pandemic. Tax Returns remain due for submission by 31 January 2021 and late filing penalties will be issued automatically for Returns submitted after that date.

With our clients’ assistance we aim to submit all Returns within the deadline to avoid any penalties arising.

HMRC have however confirmed that they will accept pandemic-related personal or business disruption as a reasonable excuse and will provide additional time for appeals to be made against automatic penalties.

It should be noted that submission of a Tax Return after the 31 January 2021 deadline will extend the period in which HMRC can review a Return and may make a review more likely.

We would be happy to assist with any Tax Returns or penalty appeals, should you be unable to make the filing deadline.

Contact us at tax@burgesshodgson.co.uk

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