Following the 2021 Budget, HMRC have announced reforms to the late filing penalty regime applicable to Self-Assessment tax returns. The new regime will be implemented for those with business or property income over £10,000 from 6th April 2023 and all other taxpayers, from 6th April 2024. How will the new regime work? Rather than the usual fixed financial penalty, each time a ...

Employees who are working from home will need to make new claims for tax relief for the 2021/22 tax year, HMRC has stated. From 6 April 2020, employers have been able to pay employees up to £6 a week tax-free to cover additional costs if they have had to work from home. Employees who have not received the working from home expenses payment direct from their employer can apply ...

The government has published over 30 updates, consultations and documents on the UK's first ever Tax Day. The announcements, which would traditionally be published at Budget, have been released later to allow for scrutiny from stakeholders. It was announced that HMRC will tighten rules to force holiday let landlords to prove they have made a realistic effort to rent propertie ...

The Low Incomes Tax Reform Group (LITRG) has urged the government to raise the High Income Child Benefit Charge (HICBC) threshold to avoid it affecting basic-rate taxpayers for the first time in April 2021. The LITRG stated that this goes against the original policy intent, and is 'likely to cause the government additional difficulties in raising awareness about the charge amo ...

Updated 25th January 2021 Today HMRC has announced that Self Assessment customers will not receive a penalty for filing their 2019-20 tax return late, as long as they file online by 28‌‌ ‌February. Ward Williams are still encouraging customers who have not yet filed to do so by 31‌‌ ‌January, if possible. Customers still need to pay their Self Assessment tax bill by 31‌‌ ‌Jan ...

The deadline for submitting your 2019/20 self assessment return is 31 January 2021. The deadline applies to taxpayers who need to complete a tax return and make direct payments to HMRC in respect of their income tax, Classes 2 and 4 National Insurance Contributions (NIC), capital gains tax and High Income Child Benefit Charge liabilities.   There is a penalty of £100 if a taxp ...

Increased minimum wage rates have been announced to take effect from 1 April 2021. The government has announced that the National Living Wage (NLW) will increase by 2.2% from £8.72 to £8.91, and will be extended to 23 and 24 year olds for the first time. For workers aged under 23, Commissioners recommended smaller increases in recognition of the risks to youth employment, whic ...

Updated 24th November 2020 The Self-Employment Income Support Scheme Grant Extension provides financial support to the self-employed in the form of two grants, each available for three month periods covering 1 November 2020 to 31 January 2021 and 1 February 2021 to 30 April 2021. To make a claim for the third grant a business must have had a new or continuing impact from coro ...

There is a wide range of financial support available under the Government’s economic rescue package, but it can be difficult to identify the measures most relevant for your specific circumstances. Ward Williams provide a simple overview of the most common financial issues arising for businesses and individuals affected by COVID-19. For further information please get in touch wi ...

HMRC has received more than 54,800 claims from taxpayers using a new online portal which allows workers to claim tax relief for working at home. From 6 April 2020, employers have been able to pay employees up to £6 a week tax-free to cover additional costs if they have had to work from home. Launched on 1 October 2020, the online portal has been set up to process tax relief o ...