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Published on 28 September 2020
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LITRG is urging those affected by the loan charge not to leave it until the last minute to try and arrange a payment plan. Any loan amounts subject to the loan charge must be reported by 30 September – in addition, the loan charge and any other tax due, must also be paid by that date (or a payment plan agreed).

Image of a calendar highlighting 31 July
Published on 24 September 2020
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If you have not yet paid (‘deferred’) your Self Assessment second payment on account for 2019/20, HMRC may automatically allocate payments made after 31 July 2020 against it. This means that if you wish to pay a penalty or other liability issued after that date, you may need to ask HMRC to allocate your payment against that other amount.

Image of a calendar with 30 September circled
Published on 23 September 2020
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The Low Incomes Tax Reform Group (LITRG) is warning people that they have until next Wednesday (30) to meet their loan charge reporting and payment obligations. The tax campaign group is particularly urging anyone who has worked through 'umbrella' companies to double-check whether they are liable to the loan charge.

Image of a calendar and notepad with the words furlough and redundancy written down
Published on 22 September 2020
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We regularly receive queries via our website. We do not give advice, but we try to signpost sources of further information and support. Some of the replies might be useful to others, so occasionally we post them anonymously as ‘question and answer’ news items.

Image of a piggy bank and a board with the words child trust funds written on it
Published on 22 September 2020
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From this month, the first of 6.3 million Child Trust Fund accounts can be accessed. If you have turned 18 since 1 September 2020, you may have access to funds which have been locked away since you were born. LITRG has published new guidance on what you need to know.

Man working on a laptop at home
Published on 14 September 2020
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For most people working at home over lockdown, there will have been no travelling expenses. But, what if you had to visit a client or attend a socially distanced meeting that you could not do from home? Or you had to go to your closed office to pick something up or deliver something?

Image of a calendar with 30 September circled
Published on 10 September 2020
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The loan charge is a tax charge that needs to be reported and paid by the 30 September 2020. If you worked through an umbrella company in the past, you may have been paid through arrangements that are caught by the loan charge – although you may not have realised this was the case.

Image of a sticky note saying file tax return
Published on 9 September 2020
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Tax returns that are filed on paper, rather than online, normally need to be with HM Revenue & Customs (HMRC) by 31 October following the end of the tax year. This April, HMRC decided to encourage more people to file online by sending many paper-filers a Notice to complete a tax return (form SA316, or ‘notice to file’) rather than an actual tax return.

Loan Charge Decision Day
Published on 4 September 2020
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Given the current unprecedented jobs and income situation, it is likely that some people could now pay less loan charge by way of the three-year spreading provisions, because one of those three years will be 2020/21.

self employed writing in a book in a colourful office
Published on 17 August 2020
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From today, 17 August 2020, self-employed individuals are able to make a claim for the second grant under the Self-Employment Income Support Scheme (SEISS).

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