A selection of business news and articles to help make your business a success
Around 600,000 late-filing penalties have been paid to HMRC in the last five years by some of the lowest earners in the UK despite them not owing any tax, according to Tax Policy Associates. Missing the filing deadline of January 31 for a self-assessment tax return...
Less than half of self-employed workers, who use their vehicle for work purposes, are aware of HMRC’s simplified mileage rates, according to its own research. The flat rate deduction is 45p per mile for the first 10,000 miles and 25p for every mile after this. These...
Just under 300,000 self-assessment tax returns were filed in the first week of the 2025/26 tax year, according to HMRC, way ahead of the deadline of January 31, 2026. A total of 299,419 tax returns were filed between April 6 and April 12 – 28,503 more than the same...
The Government has revealed a package of changes designed to simplify the tax and customs system and to help deliver its ‘Plan for Change’. There are 26 measures included in the changes, plus two administrative measures to strengthen the “integrity of the tax and...
Most of us have heard about the Self-Assessment tax regime, especially those who are self-employed or who need to declare income outside of their main PAYE job. But some people will have received Simple Assessment letters from HMRC, and they may need to pay a tax bill...
No-one likes to pay more to the taxman than they have to. However, if you fall foul of HMRC’s rules, you could find yourself paying a penalty, and interest if things are not sorted out quickly. There are various fines you could face from HMRC if you get things wrong,...
It’s that time of year again – the shops are playing Christmas music, there are Christmas films starting to appear on the TV, and for many of us, there is a tax deadline looming, whether that is personal or for our business. This is the busiest time of year for...
January is supposed to be a month full of fresh optimism. New Year’s resolutions are in full swing. Bad habits are swapped for healthy choices. Important steps are taken towards big dreams and aspirations. For the self-employed though, the first month of the year is a...
We all make mistakes. It’s called being human. Unfortunately, the taxman isn’t exactly the forgiving type. Tiny errors can lead to massive consequences when you get something wrong on your tax return. That’s why it’s so important to ensure your Self Assessment is in...
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