Self Assessment

Rules on what you can and can;t claim as expenses on your tax return can be confusing. Why not let MCH help you out and make sure that your are claiming for all the allowable ones

TAX TIME – The deadline for spreading the cost of your SA tax bill is December 30th

The deadline for self assessment tax returns is approaching at the end of January 2020. Many may not be aware that you can pay your Self Assessment bill through your PAYE tax code if the following criteria are met:
– you owe less than £3,000 on your tax bill
– you already pay tax through PAYE, for example you’re an
employee or you get a company pension
– you submitted your paper tax return by 31 October or your
online tax return online by 30 December

The benefit of this is that HMRC will automatically take the money through your salary over 12 months, rather than a big bill at the end of January. The deadline is coming up this month, so it’s worth thinking about getting your return in before the Christmas break.

Honest mistakes on your tax return

This latest article on accounting web makes a very good case for using tax professionals to complete your tax return

A taxpayer had to pay a penalty for reporting amounts from an incorrect P60 on his 2016/17 self assessment tax return. The first tier tribunal accepted he made an honest mistake but upheld the penalty.

Click on the link below to read the full article