Below are the most important information about current procedures, changes and updates from HMRC and tips on running a business, partnership and company Ltd as well as information on Benefits.
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SELF-EMPLOYED - 100 Days remaining for Self Assessment 2022-23
You have just 100 days left to submit your tax return ahead of the deadline on 31 January 2024. HMRC advice you should do it early to avoid delays and possible fees for late submissions and payments. More information HERE
Self - employed - Class 2 National Insurance contributions
If your taxable profits are less than £6,725, or you made a loss, you can choose to pay Class 2 NICs, voluntarily to protect your entitlement to State Pension and certain benefits.
You will find more information HERE
Taxpayers given more time for voluntary National Insurance contributions
The government has extended the voluntary National Insurance deadline to 31 July 2023 to give taxpayers more time to fill gaps in their National Insurance record and help increase the amount they receive in State Pension.
You will find more information HERE
National Minimum Wage and National Living Wage - INCREASE
From April 2023 the minimum hourly wage is changing. For people aged 23 and over it will be £10.42
You will find more information HERE
HMRC has announced that we will not charge:
1. Late filing penalties for those who file online by 28 February 2022.
2. Late payment penalties for those who pay the tax due in full or set up a payment plan by 1 April 2022.
This will give customers and their representatives additional time if they need it and will operate in the same way as the equivalent waivers last year. However, HMRC is encouraging customers to file and pay on time if they can – almost 6.5 million have already done so. More information HERE
6go kwietnia 2021 new Off-Payroll Working Rules were applied, commonly known as IR35. You might want to check whether you fall into IR35 if you contract with a medium or large-sized organisation as an Ltd company.
You can find the most common questions and answers HERE
If you are wondering which option would be the best for you, please read the below article. It explains in detail the pros and cons of both solutions. Check HERE
EU Settlement Scheme
30 June 2021 is a deadline for applying for settled and pre-settled status in the UK.
All EU, EEA and Swiss citizens and their family members who were resident in the UK by 31 December 2020, should apply without delay at www.gov.uk/eusettlementscheme so that they can continue to work, study, and access free healthcare and benefits in the UK after 30 June 2021.
Do not delay - the process is free and in most cases very fast and easy.
Secure your rights to live and work in the UK.
The rules for the fourth grant, covering the period 1 February 2021 to 30 April 2021,
were published on 12 April 2021 and the claim process for this grant is now open until 1 June 2021.
In calculating the claims, HMRC will take account of 2019/20 tax returns submitted by 2 March 2021. This means that individuals who started self-employment for the first time in 2019/20, as a sole trader or partner in a partnership, might be eligible for the fourth and fifth grants for the first time. It also means that if you did not meet this deadline, you will not be able to claim.
You can find full eligibility criteria and other useful information HERE.
The eligibility conditions for the fifth grant will be different. According to GOV.UK, the amount of the fifth grant, which can be claimed from late July 2021, will depend on the extent of the reduction of your turnover between April 2020 and April 2021. Further details will be published in a due course.
The government confirmed the fourth SEISS Grand for self-employed. The rules are changing - check HERE
The Coronavirus Job Retention Scheme (CJRS or Furlough) has been extended until 30 September 2021. See if you are eligible.
From 1 March 2021 the domestic VAT reverse charge must be used for most supplies of building and construction services. Check if it applies to you HERE
PLANNING A VISIT IN THE UK AFTER 30 JUNE 2021?
knew points-based immigration system
The UK's introduced a new points-based immigration system for EU citizens. You can find detailed information HERE
HMRC announced a new deadline for filing tax returns 2019-20. Now you can submit it until 28 February 2021 without getting Late Filing Penalty. The deadline for paying the tax you owe remains 31 January 2021 so better hurry to avoid paying interest. Read MORE
Help for self-employed affected by Coronavirus has been extended. The rules for receiving the grand has changed. To make a claim for the third grant your business must have had a new or continuing impact from coronavirus between 1 November 2020 and 29 January 2021, which you reasonably believe will have a significant reduction in your profits.
You will receive 80% of your profits from HMRC and you must make your claim by 29 January 2021. More information HERE.
NATIONAL MINIMUM WAGE - EMPLOYMENT
know your minimum earnings
You can check current National Minimum Wage and National Living Wage rates HERE.
They will change in April 2021.
If you completed your tax return for 2019-20 in April 2020 and you didn't receive money from HMRC yet, you have to call them on 0300 200 3310 and inform them.
SELF ASSESSMENT 2019-20 - SELF-EMPLOYMENT
31 January 2021 - deadline to file Tax Return 2019-20!
You have to file your Tax Return 2019-20 until the end of January or you will have to pay a penalty.
Complete your Self Assessment ON TIME! Contact MJ UK Accountancy Ltd now to avoid penalties!
If you were self-employed between 06/04/2019 - 05/04/2020, you have to complete your tax return even if your company didn't make any profits. HMRC takes the deadlines very seriously and 1 day delay will incur £100 penalty! Then you will pay £10 per day - for 90 days delay you will have to pay £900 + £100.
THERE IS LITTLE TIME LEFT TO COMPLETE YOUR RETURN - DON'T WAIT ANY LONGER!!!
Call or write to us NOW!
CORONAVIRUS - SELF-EMPLOYMENT
Defer your Self Assessment payment on account due to coronavirus
You can pay your tax by instalments if you’re unable to pay in full by 31 January 2021.
File your 2019 to 2020 Self Assessment return early and you’ll then be able to set up a Time to Pay instalment arrangement with HMRC. More information HERE.
From 17 August you can claim 70% of profits.If your business is still adversely affected by coronavirus after 14 July, you can receive 70% of your profits from HMRC. The deadline for claims is on 19 October. More information HERE.
EU Settlement Scheme
30 June 2021 is a deadline for applying for settled and pre-settled status in the UK after it leaves the EU.
Information about the scheme and the application process is available in 26 languages.
Do not delay - the process is free and in most cases very fast and easy.
Secure your rights to live and work in the UK.
changes to the Coronavirus Job Retention Scheme
The Coronavirus Job Retention Scheme will close on 31 October 2020.
From 1 July, employers can bring furloughed employees back to work part-time while still being able to claim CJRS grant for the hours not worked.
From 1 August, the level of grant will be reduced each month.
More information HERE
Every self-employed person receiving Universal Credit or Working Tax Credit
HAVE TO REPORT SEISS Grant in order to update the records.
Let the relevant office know as soon as possible that you received the grant and how much it was.
CORONAVIRUS - SELF-EMPLOYMENT
the deadline for applying for the 80% grant
HMRC announced the deadline for making first SEISS claims. If you haven't applied already, do it ASAP - the deadline is 13 July 2020.
In addition, there will be a second and final grant of 70% of profits available in August - this service is not available yet. It will be additional help for those people whose trade continues to be, or is newly, adversely affected by COVID-19. More information here.
CORONAVIRUS - information for Employers
new deadlines announced
The CJRS scheme will close to new entrants from 30 June. From this point onwards, employers will only be able to furlough employees that they have furloughed for a full three-week period prior to 30 June.
This means that the final date by which an employer can furlough an employee for the first time will be 10 June for the current three-week furlough period to be completed by 30 June. Employers will have until 31 July to make any claims in respect of the period to 30 June.
Each self-employed person must have an individual Government Gateway account
to claim 80% of their income.
If you do not have this account yet, you can create it HERE by selecting the 'Create an account' option
CORONAVIRUS - SELF-EMPLOYMENT
check if you can apply for an 80% grant
Self-employed people who meet certain conditions will be able to apply for a grant of 80% of their income. Check if you qualify
If you run your business and have been affected by a coronavirus, you may be entitled to help from HMRC. Check HERE
If you are an employed person and you have been affected by coronavirus changes, you may be entitled to help with HMRC. Check HERE
In connection with the current situation caused by the coronavirus, there have been some changes in applying, downloading and maintaining benefits. Read if they apply to you.
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