HMRC has announced that Self Assessment tax payers will not be charged the initial 5% late payment penalty if they pay their tax or make a Time to Pay arrangement by 1 April. HMRC is allowing taxpayers more time to pay or set up a payment plan. Payment plans or payments in full must be […]
Income Tax allowances 2020/2021 Personal Tax Rates 2020/2021 Starting rate for savings income 0% Starting rate limit (savings income) £5,000 Basic rate band 20% £0 – 37,500 Higher rate band 40% £37,501 – 150,000 Additional rate band 45% Over £150,000 Personal allowance £12,500 Income limit for personal allowance born after 05/04/1948 £100,000 Income limit for […]
Self Assessment 2019 The UK appears to be fast approaching Brexit, but don’t forget that 05/04/2019 is also an important date! This is the end of the tax year. A letter has been sent out to each self-assessment client to request all the required information, accounting records, and documentation for the accounting year ended in […]