The deadline for sending most online 2020/21 Self Assessment tax returns to HMRC, and for paying the related tax, is 31 January 2022. This year, HMRC will not charge you penalties straight away if you are a bit late. But you should still try to sort out your tax by 31 January if you can.
The Low Incomes Tax Reform Group (LITRG) welcomes today’s (Thursday) announcement from HMRC that they will not charge late-filing penalties for 2020/21 self-assessment tax returns filed online on or before 28 February 2022. HMRC have also announced that no late payment penalties will be charged for ...
Most CIS workers receive a tax refund (rebate) after they submit their Self Assessment tax return because they usually overpay towards their tax bill through CIS deductions at source. The 2020/21 tax year may be different because of the inclusion of the Self-Employment Income Support Scheme (SEISS) ...
In October 2021, LITRG submitted evidence to the House of Lords Economic Affairs Committee Finance Bill Inquiry.
The normal minimum pension age is the earliest point at which most people can access their pensions without incurring an unauthorised payment tax charge. It is currently set at age 55 and this legislation will increase it to 57 with effect from 6 April 2028. There are exceptions for those who have ...
LITRG has commented on draft legislation removing the existing rules on basis periods.