×

HOW TO BECOME A CLIENT

1 EMAIL OR CALL US.
2 ARRANGE MEETING.
3 BECOME A CLIENT

If you have any problems, please let us know, by sending an email to info@rmiaccountancy.com. Thank you!

OFFICE HOURS

Mon-Fri 10:00AM - 5:00PM
Saturday by appointment only!

SIGN IN YOUR ACCOUNT TO HAVE ACCESS TO DIFFERENT FEATURES

FORGOT YOUR PASSWORD?

FORGOT YOUR DETAILS?

AAH, WAIT, I REMEMBER NOW!
QUESTIONS? CALL: 0161 9137 958
  • LOGIN
  • SUPPORT

RMI Accountancy

RMI Accountancy

City firm of financial and forensic accountants

T 0161 4137 958
Email: info@rmiaccountancy.com

RMI Accountancy
Blue Tower, Media City, Manchester, M50 2ST

Open in Google Maps
  • HOME PAGE
  • ABOUT US
    • ABOUT US
    • Our Team
    • Our Testimonials and Reviews
  • SERVICES
    • FORENSIC ACCOUNTING
      • Forensic Accounting
      • Forensic Investigation
      • Fraud Risk Assessment
      • Fraud Prevention Plan
      • Forensic Audit
      • Forensic Services Guarantee
      • Forensic Accounting – Posts
    • Accounting Solution
      • Accounting
      • Contractor and Freelancers
      • Tax Planning
      • Payroll
      • Business Growth Analysis
      • Book-Keeping
      • Company Formation
      • Guidance for businesses
    • Media & Celebrities
      • Accountancy for TV, Film, Sports & Media
      • Trusted and Reliable Accountancy Services for Media Clients
      • Wealth Management
      • Property Tax Planning
    • Specialist Accounting Solutions
      • Dental Practices
      • Optical and Pharmaceutical Practices
      • General Medical Practices
  • CASE STUDIES
    • A Success Story
    • Case Studies
    • The Path to Success – Becoming a Client
    • Tax updatesTax updates
    • BLOG & STORIES
  • LIBRARY
  • CONTACT
FREECONSULTATION
  • Home
  • Tax return
  • Archive from category "Tax return"
February 8, 2023

Category: Tax return

HMRC piles pressure on taxpayers behind on payments

Wednesday, 17 August 2022 by admin@rmiaccountancy.com

A further increase on interest paid to HMRC for late payment of taxes will hit taxpayers who are not up-to-date, warns Blick Rothenberg

Nimesh Shah, CEO at the firm said: ‘Following another Bank of England base rate to 1.75%, HMRC has confirmed that it will raise its interest rates on late tax bills to 4.25% on 23 August – a level not seen since January 2009.’

He added: ‘Since the start of 2022, the HMRC’s interest rate has increased by 1.5% – that’s the equivalent of an extra £225 per annum on a £15,000 tax liability. On the same £15,000 tax liability, you would suffer almost £650 of interest per annum.

‘With continuing rising costs rising across the board, HMRC have hiked up interest on late tax payments at the latest opportunity. It sets a worrying trend for some taxpayers who are struggling to pay their outstanding taxes, against the backdrop of other rising costs.

The threat of further interest rate rises this autumn, coupled with rising inflation, will likely see further increases in HMRC rates.

Shah said: ‘The worst is yet to come on this front, with some economists projecting the Bank of England could decide to increase the base rate to 2.5% by the end of 2022 – this could see HMRC increasing their interest rate on late paid tax to 5% by the end of the year.

‘Taxpayers who have outstanding tax liabilities should be mindful to settle as much as they can afford before there are further rate rises.

‘HMRC have also finally increased the repayment supplement rate by 0.25% to 0.75% – the first increase in this rate in over a decade. It’s quite shocking that HMRC have quickly increased the rate on late paid tax by six times the amount the equivalent repayment interest rate has gone up by this year.

‘HMRC’s meagre 0.75% repayment supplement rate means there is not any great incentive for HMRC to release repayments. There continues to be one rule for money owed to HMRC and another for taxpayers who are due a refund. Many taxpayers have seen significant delays to repayments over the last 12 months, but HMRC can continue to drag their heels with little cost to the Treasury.’

Read more
  • Published in HMRC, Interest Rates, Tax return
No Comments

Second payment on account tax due 31 July

Wednesday, 20 July 2022 by admin@rmiaccountancy.com

Individuals who fill in a self-assessment tax returns and owe more than £1,000 in tax need to pay their latest instalment by 31 July

This affects tax which has not been collected in other ways, for example through an adjustment to a tax code, which needs to be paid via payment on account.

Payments on account are tax payments made twice a year by taxpayers to help them stay on top of their payments and spread the cost of the upcoming year’s tax.

Generally this applies to people who are self-employed or have other income from property – for most people who are employed, their tax is managed under PAYE.

Payment is spread over two instalments during the year and is calculated based on the previous year’s tax bill. Each payment is typically 50% of the last bill. A final payment is made after the actual tax return is submitted.

Kevin Sefton, CEO, untied, said: ‘The payment on account deadlines are 31 January and 31 July which means the second cut-off date is fast approaching. 

‘In theory tax payment on account helps the self-employed spread out their bill. However, it can lead to more financial hardship for those who have been hit by the cost of living crisis and haven’t put the money way already.

‘We always advise individuals who have to pay these two sums every year to set money aside regularly in order to pay their liabilities at the beginning and midpoint of every calendar year. 

‘If you are having difficulties paying your tax bill, don’t ignore it – contact HMRC as soon as you can, to see if they can set up a payment plan for you. It also makes sense to submit tax return information early, as this provides time for planning and identifying potential tax savings.’

Read more
  • Published in Self Assessment, Tax return
No Comments

Tips for completing tax returns

Tuesday, 21 December 2021 by admin

Although the self assessment deadline is not until 31 January, there continues to be an increase of taxpayers choosing tax returns over turkey by using the festive period to submit their tax returns online

In fact, last year a huge 31,400 taxpayers submitted self assessment tax returns between 24-26 December; with 20,200 tax returns submitted on Christmas Eve, 2,700 submitted on Christmas Day and a further 8,500 filed on Boxing Day.

Roan Lavery, CEO and co-founder of FreeAgent, said: ‘Small business owners and self-employed people have been hit the hardest over the last 24 months with the impact of both Covid-19 and Brexit. There has also been a mental health impact on small business owners since the start of the pandemic with over half (51%) of small business owners polled saying they had experienced burnout since the start of the pandemic and over a third (35%) say they are working longer hours.’

Here we set out tips and advice on how to prepare your annual self assessment return.

Get online – if you are new to self assessment, register with HMRC and give yourself a few weeks to complete the process. HMRC revealed that more than 10.7 million customers completed a tax return by 31 January 2021, of those 96% were submitted online.

Gather your files – gather all your relevant information before you can file your tax return. Depending on your circumstances, this could include proof of self-employed income, a P60, P45 or a P11D. As a basic rule, you’ll need to show any money received or earned from pretty much anywhere – including wages from a job, income from a trust, and interest from your bank account (except an ISA). If you’re a limited company shareholder, you’ll also need to provide proof of any dividends received during the tax year.  You don’t want to be gathering this paperwork at the last minute, so make sure this is all in order ahead of time.

Use resources online and get professional advice if you need to – make sure to consult HMRC’s website or get help from a professional accountant or tax adviser to make sure you understand all of the regulations in place specific to your business.

Make next year easy by keeping your accounts up to date – if you keep your accounts up to date all year, then this will help you to avoid having to rush to meet the deadline for filing your tax return. This way you can enjoy your festive break with nothing hanging over your head!

‘We all deserve a rest this holiday period, so make sure you get yourself prepared in order to enjoy turkey and not tax returns this Christmas Day,’ said Lavery.

returntax
Read more
  • Published in Tax return
No Comments

Recent Posts

  • HMRC raises late payment interest from 21 February

    HMRC will raise interest rates on tax debt to 6...
  • Former chancellor owes HMRC £3.7m in unpaid tax

    Nadhim Zahawi has agreed to pay millions of pou...
  • Inflation falls slightly to 10.5%

    The rate of inflation was down fractionally to ...
  • VAT penalties change from 1 January

    HMRC’s new penalty regime for late filing and l...
  • Rules on flexible working set for overhaul

    Millions of workers will be able to request fle...

Recent Comments

    Archives

    • February 2023
    • January 2023
    • December 2022
    • November 2022
    • October 2022
    • September 2022
    • August 2022
    • July 2022
    • June 2022
    • May 2022
    • April 2022
    • March 2022
    • February 2022
    • January 2022
    • December 2021
    • November 2021
    • October 2021
    • September 2021
    • August 2021
    • July 2021
    • June 2021
    • May 2021
    • April 2021
    • March 2021
    • February 2021
    • January 2021
    • December 2020
    • November 2020
    • October 2020
    • September 2020
    • August 2020
    • July 2020
    • June 2020
    • May 2020
    • April 2020
    • December 2018
    • November 2018
    • January 2018
    • November 2015
    • August 2015

    Categories

    • Accounts
    • Annual Investment Allowance
    • Bounce back loan
    • Brexit
    • Budget
    • Budget 2021
    • Business grants
    • Business Rates
    • Business Support Finder Tool
    • Capital gains tax
    • Carer's Leave
    • Corporation Tax
    • Covid booster programme
    • Covid Restrictions
    • Eat Out to Help Out
    • Employment
    • Filing Deadlines
    • Flexible working
    • Fuel Rates
    • Furlough scheme
    • HMRC
    • Home Working Tax Relief
    • Inflation
    • Inheritance Tax
    • Interest Rates
    • IR35
    • Job Retention Scheme
    • Job Support Scheme
    • Kickstart Scheme
    • Making Tax Digital
    • Mobile
    • National Insurance
    • National Wage Rates
    • Networking
    • PAYE
    • Pension
    • Recovery Loan Scheme
    • Research & Development
    • Self Assessment
    • self employed scheme
    • Stamp Duty
    • Statutory Sick Pay (SSP)
    • Tax Credits
    • Tax Fraud
    • Tax Investigation
    • Tax Relief
    • Tax return
    • Technology
    • Uncategorized
    • VAT
    • Virtual Accountancy Services
    • Working Tax Credit

    Meta

    • Log in
    • Entries feed
    • Comments feed
    • WordPress.org

    Featured Posts

    • HMRC raises late payment interest from 21 February

      0 comments
    • Former chancellor owes HMRC £3.7m in unpaid tax

      0 comments
    • Inflation falls slightly to 10.5%

      0 comments
    • VAT penalties change from 1 January

      0 comments
    • Rules on flexible working set for overhaul

      0 comments

    GET A FREE QUOTE

    Please fill this for and we'll get back to you as soon as possible!

    FOOTER MENU

    • About us
    • Our Team
    • Forensic Accounting
    • Tax Planning
    • TV, Film, Sport and Media
    • Wealth Management
    • Case Studies
    • Advisory
    • Contact Us

    NEWSLETTER SIGNUP

    By subscribing to our mailing list you will always be update with the latest news from us.

    We never spam!

    GET IN TOUCH

    T (0161) 4137958
    Email: info@rmiaccountancy.com

    RMI Accountancy
    Blue Tower, Media City, Manchester, M50 2ST

    Open in Google Maps

    © 2019-2020. All rights reserved. Web Design - by Web & Print Media

    TOP
    Skip to toolbar
    • About WordPress
      • WordPress.org
      • Documentation
      • Support
      • Feedback
    • Log In