Paying tax and National Insurance due under your PSA
If you agreed a PAYE Settlement Agreement (PSA) with HMRC for 2020/21, you will need to pay the tax and Class 1B National Insurance that is due in October 2021.…
Extension of Making Tax Digital for VAT
Making Tax Digital (MTD) for VAT is currently only compulsory for VAT-registered businesses whose turnover for VAT is above the VAT registration limit of £85,000. However, this is set to…
440,000 tax credit claimants still to renew their claims
HMRC is reminding tax credit claimants that they have until 31 July 2021 to renew their claims. According to HMRC, 440,000 claimants have yet to renew their claims. More than…
Voluntary Class 2 NICs where 2019/20 tax return filed after 31 January 2021
If you are self-employed, you will pay Class 2 and Class 4 National Insurance contributions if your profits exceed the relevant thresholds. Class 2 National Insurance contributions are the mechanism…