Regular check ups on the financial health of your business, particularly on cashflow, let you spot and resolve potential problems before they become major issues.
Although the government has delayed its plans for the introduction of Making Tax Digital for ITSA (Income Tax Self-Assessment), Bates Weston urges self employed and landlords to make the move to digital record keeping sooner rather than later.
A recap of HMRC’s proposals to reform the penalties for late submissions to a points based system.
HMRC is making SEISS (Self-Employment Income Support Scheme) auto-corrections to 2020/21 tax returns where it believes the total of declared SEISS grants received does not match their records.
No late filing penalty if self assessment tax return filed by 28 February 2021, but interest will still be charged on any outstanding liabilities. More time to file your online return and make Time To Pay arrangements.