HM Revenue & Customs (HMRC) sent out bills to those who fell into the relevant category – those who had paid Class 2 NI contributions during 2018/19. These bills needed to be paid within 30 days. Those who didn’t receive a bill could contact HMRC immediately. If you missed your deadline, there was a risk of penalties.
If you think you might have been affected, make sure you give yourself plenty time to send your payment. You need to send it by the deadline. Remember: your payment needs to reach HMRC by the deadline. If you miss your deadline there’s a risk of penalties. HMRC will take action against anyone who fails to meet the deadline.
The deadline for paying Class 2 NI contributions is 31 December 2020. However, if you haven’t already submitted your return, you still have time to do so. You don’t need to submit your tax return online; you can print off a paper version and post it to HMRC.
What Not to Say to HMRC If Your Self Assessment Tax Return is Late
The deadline for self assessment returns is April 15th. However, there are still many people who haven’t filed their returns. This is because it takes some effort to do so. You have to fill out forms, send them off, wait for the response, and then pay the amount due. There are a few things that you shouldn’t say to HM Revenue & Customs (HMRC), however, if you want to avoid being fined. Here are some suggestions.
1. I didn’t know about the deadline.
You don’t owe anything until you actually submit your return. So, saying that you didn’t know about the deadline isn’t enough reason to justify why you haven’t submitted yours yet.
2. I wasn’t aware that I had to file my tax return.
If you weren’t aware that you needed to file your tax return, then you probably won’t be able to claim ignorance. Even though it might seem like you’re doing the right thing by not submitting your return, you could end up getting penalised.
3. My accountant told me that I didn’t have to file my tax return, but I did anyway.
This is one of the most common excuses given by people who aren’t prepared to file their tax return. But, even if your accountant tells you that you don’t have to file your return, you still have to make sure that you do.
What Expenses can you Claim when Self-Employed?
There are different ways to pay National Insurance Contributions (NI), depending on whether you’re self-employed or employed. If you’re self-employed, you can claim expenses such as rent, fuel, equipment costs, and even office supplies. But what about the rest of your expenses? Here we explain how you can make claims for things like mobile phones, car repairs, and travel.
Common Self Assessment Mistakes and How to Avoid Them
The UK government has announced that it will introduce a new income tax system for individuals starting next April. This means that anyone earning over £150,000 per annum will pay a 40% income tax rate, while those earning less than £50,000 will pay 20%. However, there are some things you can do now to prepare yourself for the changes that lie ahead. Here we look at five of the most common mistakes people make when filling out their self assessments and how to avoid making them.
1. Not checking your bank accounts
If you haven’t checked your bank account since the end of 2018, it might be worth taking a few minutes to go through everything. You could find that you owe HMRC money because you forgot about certain expenses, or maybe you earned too much during the year. If you find anything unusual, contact HMRC immediately.
2. Failing to claim allowances
You may think that you already claimed every allowance you were entitled to, but you never know – you could still be missing out on thousands of pounds. For example, you may have missed claiming the Childcare Allowance, the Carer’s Allowance, the Working Tax Credit, the Housing Benefit Deduction, the Income Support Deduction, the Jobseeker’s Allowance or even the Universal Credit. If you didn’t claim something, you should definitely check whether you’re eligible for it.
3. Overpaying your tax bill
This one is pretty obvious – if you paid too little tax last year, you won’t want to pay too much this year. But if you did pay too much, you might want to consider paying off your debt rather than just increasing your mortgage.
Frequently Asked Questions
How can I pay my fees?
We are aware that accountancy costs are a cost to any small business. And we do everything we can to keep our fees as affordable as possible. So how can you afford it? Here are some options:
Many of our clients prefer to smoothen out cash flow through the year by paying fees in advance by monthly Standing Order. This way we don’t charge interest, and there is no risk of late payments. You just pay what you think you will spend over the next 12 months.
Please ask us about this and let us know what you want to use. We will organise all the paperwork for you.
Some clients prefer to pay by Direct Debit. They give us a set amount each month and we send them a statement every quarter. If you like this option, please let us know what you require and we will take care of it.
You could choose to pay by Cheque or Bank Transfer. We can arrange this too. Just tell us what method suits you best and we will sort it out.
What is a CWF1 form for
A CWF1 form is a type of fertilizer that is specifically designed for use with Cannabis. These forms have been developed to help improve the quality of the final product. In addition, they are designed to make sure that the nutrients reach the roots of the plant at optimum levels.
The first step in making these types of products was to find out what exactly makes them work so well. To do this, scientists took samples of different parts of the plant and analyzed their chemical makeup. From this analysis, they were able to determine what elements were present in each sample and how much of those elements were present. Based on this information, they created formulas that would provide the best possible results.