It has been widely reported in the media that Making Tax Digital has been cancelled with even Equity announcing on Facebook that it is down to successful lobbying by them.   Unfortunately, this isn’t the end of Making Tax Digital and it would be foolish to think otherwise.   Making tax Digital has been dropped … Continue reading “Has Making Tax Digital Been Scrapped?”

No sooner had we written about the changes to Class 4 National Insurance in the 2017 Budget (albeit with the Caveat to ‘watch this space’), the Chancellor Philip Hammond has performed a U-turn. The Chancellor had faced an unprecedented backlash from his MPs who had accused him of breaking a general election manifesto commitment not to raise … Continue reading “Class 4 National Insurance U-Turn – Budget 2017 Update”

Under Making Tax Digital, HM Revenue & Customs are seeking to create one account for each taxpayer, for all their different taxes within HMRC. You have probably noticed changes to your online account already. The main talking point about Making Tax Digital which is causing a lot of controversy and worry amongst taxpayers, is the … Continue reading “What is making tax digital?”

It’s a well and good submitting your Self Assessment tax return on time, but you still have to make sure your pay your tax bill by the deadline to avoid interest and surcharges. The deadlines for paying your tax liability are: 31st January for tax that you owe for the previous year and your first … Continue reading “How do I pay my 31 January Self Assessment Tax Liability?”

Although the changes were introduced some time ago, we still have many clients contacting us wondering why HM Revenue & Customs have stopped collecting Class 2 National Insurance Contributions. Class 2 NI is a flat rate weekly contribution that counts towards certain benefits such as your state pension. Since 6 April 2015, the rate has … Continue reading “Why have HMRC stopped collecting my Class 2 National Insurance Payments?”

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