WARNING >> to all users of selling platforms >>
From 1st January 2024, Ebay, Airbnb, Fiverr, Upwork, Uber, Etsy, taxi & private hire services and other selling platforms must automatically report details to HMRC of all money paid to account holders using their platforms.
Obviously this is to check that everyone is declaring their income under self assessment.
If not then HMRC could invoke “discovery” which brings with it stiff fines.
We understand that HMRC will only be looking into sellers who make 20 or more sales in a year and/or receive £2000+ in sales but this could change.
Make sure you are declaring everything IF YOU NEED TO to mitigate penalties.
Personal Tax Account >> Personal Tax Accounts are with us NOW.
We strongly urge you to register immediately if you haven’t got an account.
HMRC will be making more use of this account as a means of communicating with taxpayers. If you don’t have one you may be shut out.
Register here with your Government gateway login details but be warned this may not be a simple process …
MTD “Making Tax Digital” FOR VAT IS OPERATIONAL NOW….BUT MTD FOR INCOME TAX IS DELAYED TIL 2026
From April 2022 MTD was extended to all VAT registered businesses with turnover below the VAT threshold.
“MTD for income tax” will apply to self-assessment Tax Returns for ALL businesses and/or property income owners totaling over thresholds shown below:
> Those with an income of more than £50,000 need to make the change by April 2026.
> Those with an income between £30,000 and £50,000 need to make the change by April 2027.
Under this system self employed people and/or landlords will be required to file QUARTERLY Returns of income & expenditure.
At the end of the tax year taxpayers will be required to file two more summary / confirmation statements.
That’s potentially a total of SIX submissions per year instead of the one Tax Return you have now.
There are many difficulties with this new system including who, exactly, will be required to file these Returns every 3 months. Accountants and advisors may be locked out of some areas of the process. Taxpayers themselves may be required to file the Returns directly using new software. We just don’t know yet.
Register to “follow” our blog (see top of page, right hand tab) for more information on this as it develops.
No computer? Awful internet connection? NO internet connection at home or work? Want to carry on filing on paper? How will you cope? You may be forced into hiring an accountant or tax advisor to do the filing for you.
Speak to us if you have concerns about these proposals. We can help.
TAX PROBLEMS SOLVED
Received an unexpected tax demand? Tax office says you have not paid enough tax? Want us to check your tax situation? Then CALL US.
Do any of these sound like you…..
DEADLINES APPROACHING? Don’t want to suffer fines & penalties but no time to do the accounts and Tax Return?
Feel like you’re paying too much tax? Fed up with doing your taxes? Want to see how your tax bills could be reduced?
Construction Industry Scheme, CIS ? If you are a contractor … Are your building subcontractors “verified”? Not sure if they should be “PAYE/employed” or “self-employed”? Are you paying your subcontractors correctly? If not then your business will be facing fines and penalties. DO YOU NEED backup expertise to meet your building subcontractor obligations?
THEN CONTACT US
We will work with you face-to-face, by email, fax, letter, phone calls….. however you choose and at times to suit.
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>>ATTENTION OWNERS OF OVERSEAS PROPERTIES
HMRC has allocated many new staff to tackling tax evasion. They have confirmed they are actively looking into the tax affairs of overseas property owners. Make sure your declarations to HMRC are UP TO DATE and FULLY ACCURATE.
>>ATTENTION OF SELF EMPLOYED AND LANDLORDS
The new “digital online account” first announced by George Osborne in the 2015 Budget
This is likely to cause you much more work than filing just one Tax Return a year.
Did you know there is Taxpayers’ Charter in the UK? No? Read about it here ….
Use it to ensure you are treated fairly and properly by HMRC.