If you have recently taken on a second job which is classed as a second income, you may need to tell HMRC about the additional income, as it can impact your income tax obligations.  
 

If you have recently taken on a second job which is classed as a second income, you may need to tell HMRC about the additional income, as it can impact your income tax obligations.  
 

There are a number of reasons why you might need to contact HMRC  about changes in your income. 
HMRC’s guidance states that this could happen because you:
•    did not realise you needed to tell HMRC about it;
•    were not sure how to declare it; or
•    did not declare it because you could not pay the tax.

There are a number of reasons why you might need to contact HMRC  about changes in your income. 
HMRC’s guidance states that this could happen because you:
•    did not realise you needed to tell HMRC about it;
•    were not sure how to declare it; or
•    did not declare it because you could not pay the tax.

Most payments a company makes to its shareholders, in respect of their shares, will be qualifying distributions and may be subject to Income Tax.

The Chancellor has recently announced an extension to the Self-Employment Income Support Scheme (SEISS)  with a third and fourth grant becoming available, covering the period of November 2020 to April 2021.

The countdown has begun for this years’ paper tax return, a crucial time for around 400,000 taxpayers who are self employed or those that receive other income that requires the submission of a tax return, which is normally rental income, or interest and dividend income that is liable to income tax at more than the basic rate.

Even though many of the uncertainties that have plagued UK politics during 2019 are still to be decided, at least the hiatus in parliament has been resolved; the Conservatives now have a working majority and we can expect action on a number of fronts. 

A reminder that in just a few months the present tax year closes, 5 April 2020.

After this date, a whole raft of 2019-20 tax planning options for individuals will cease to be available.

These cover a multitude of opportunities to reduce your liability to Income Tax, Capital Gains Tax and National Insurance.

You will pay Scottish Income Tax if you live in Scotland, Income Tax if you live in England or Northern Ireland and the Welsh Income Tax if you live in Wales.

On Friday 1st February, HMRC announced that over 93% of taxpayers filed their self-assessment tax returns on time and before the 31st January deadline.

On Friday 1st February, HMRC announced that over 93% of taxpayers filed their self-assessment tax returns on time and before the 31st January deadline.

On Friday 1st February, HMRC announced that over 93% of taxpayers filed their self-assessment tax returns on time and before the 31st January deadline.

Now that Wales and Scotland have devolved powers for taxation purposes, residents that live and work in the border areas with England have more planning options.

Now that Wales and Scotland have devolved powers for taxation purposes, residents that live and work in the border areas with England have more planning options.