HMRC SA100 Self Assessment Payments on Account

I have been asked many times recently to explain to clients and friends how HMRC’s payments on account system works when submitting an SA100 Self Assessment Tax Return. It is probably best explained by way of an example – see below SA PoA If you would like an editable version of this file for your own use please use the contact us link and send us a message requesting the editable file. There is also more guidance from HMRC here   The assumption is that as time moves on your business will increase its profits. Once you have payable tax of more than £1,000 then you become liable to make payments on account. These equate to half of the previous years tax liability. So for example, if you have a tax liability for 2014-2015 of £2,000 you will need to make payments on account towards 2015-2016 of £2,000. These payments are made in two parts, half in January and half in July. Obviously these are then deducted from the bill next year and new payments on account are calculated. We are happy to explain these figures in more detail and personalise them to your own liabilities if necessary. Just contact us!   Share this:Click to share on Twitter (Opens in new window)Click to share on Google+ (Opens in new window)Share on Skype (Opens in new window)Click to email this to a friend (Opens in new window)Click to share on Pinterest (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to...

Self Assessment Tax Return – what do I do?

Published by HMRC At HM Revenue and Customs (HMRC) we strive to make it as easy as possible for you to submit your Self Assessment tax return but we know that sometimes you’ll need our help. More than 85% of customers chose to submit their return online last year, with even more expected in 2016. You can do it at a time convenient to you – day or night – and there’s online support available too, including web chat and general queries answered on Twitter @HMRCcustomers. Here, we answer some of our customers more common queries: Do I need to fill in a tax return? Over ten million people in the UK need to complete a tax return. Find out if you’re one of them by taking our handy online test. HMRC will always notify you if we are expecting you to complete a tax return. Can you help me register for the Online Self Assessment Service? If you are a new online user, you will need to register first. Go to online.hmrc.gov.uk/registration and follow the instructions to enrol for online services. Please remember to make a note of the User ID that we allocate to you, as you will need that later in the process. You will then receive your activation code through the post. Please follow the instructions provided to activate your online account as soon as possible. Can you help me obtain a new user ID and/or password? If you’ve already registered but lost your log in details here are a few handy links to request new ones, without having to phone the helpline: User ID...

Top outrageous expense claims – HMRC SA100 self assessment

As the countdown to the Self Assessment deadline begins, HM Revenue and Customs (HMRC) has revealed the top five most outrageous personal expense claims included in 2013-14 Self Assessment tax returns. The spurious expense claims range from furnishing a new flat to the meagre cost of storing Mars Bars overnight in a fridge. Here’s the full list of bizarre expense claims that some taxpayers have tried, and failed, to claim for: 1. The costs for storing Mars Bars overnight in a fridge 2. The cost of a pair of flip flops so I don’t have to walk barefoot between my work’s changing and shower rooms 3. The costs for my intimate waxing 4. I bought a second hand car to get me from home to work so I didn’t have to walk 5. I purchased my own flat, so I need to claim back the money I spent on the furniture. There is now only one week left to submit your online tax return, and pay what you owe, to HMRC to avoid a £100 late return penalty. Ruth Owen, HMRC Director General of Personal Tax, said: “There are a number of items and expenses that people can claim against, such as genuine business costs and items needed to do a job. But a painful beauty regime or the furniture for your own home are not items that every taxpayer in the country should be contributing towards. It’s wrong that a small minority of people expect the honest majority to subsidise their lifestyle and HMRC will never allow for these to be processed as genuine expense claims. “With one week to go until the...

25 passwords that put you at risk of cyber crime

BUSINESSIn its annual shame file SplashData has just released the top 25 “Worst Passwords List” of 2015. It shows people are continuing to put themselves at risk of being hacked, scammed and conned. Whether it’s out of laziness, convenience or a lack of imagination the password “123456” once again tops the list. SplashData sourced its information from more than two million leaked passwords. Insecure passwords put people at risk of crime.       Experts are warning people to steer clear of these passwords.  SplashData CEO Morgan Slain said using common sports and pop culture terms was a bad idea and that using different passwords for different websites would improve your security. “We have seen an effort by many people to be more secure by adding characters to passwords, but if these longer passwords are based on simple patterns they will put you in just as much risk of having your identity stolen by hackers,” he said. Here are three tips for strengthening your password: 1. Use passwords of 12 characters or more with mixed types of characters 2. Avoid using the same password on different websites. 3. Include symbols like !@#$%. Share this:Click to share on Twitter (Opens in new window)Click to share on Google+ (Opens in new window)Share on Skype (Opens in new window)Click to email this to a friend (Opens in new window)Click to share on Pinterest (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to print (Opens in new...

25 passwords that put you at risk of cyber crime

BUSINESSIn its annual shame file SplashData has just released the top 25 “Worst Passwords List” of 2015. It shows people are continuing to put themselves at risk of being hacked, scammed and conned. Whether it’s out of laziness, convenience or a lack of imagination the password “123456” once again tops the list. SplashData sourced its information from more than two million leaked passwords.  Insecure passwords put people at risk of crime.   Experts are warning people to steer clear of these passwords.  SplashData CEO Morgan Slain said using common sports and pop culture terms was a bad idea and that using different passwords for different websites would improve your security. “We have seen an effort by many people to be more secure by adding characters to passwords, but if these longer passwords are based on simple patterns they will put you in just as much risk of having your identity stolen by hackers,” he said. Here are three tips for strengthening your password: 1. Use passwords of 12 characters or more with mixed types of characters 2. Avoid using the same password on different websites. 3. Include symbols like !@#$%. Share this:Click to share on Twitter (Opens in new window)Click to share on Google+ (Opens in new window)Share on Skype (Opens in new window)Click to email this to a friend (Opens in new window)Click to share on Pinterest (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to print (Opens in new...