Get your self-assessment done now or face the consequences
The deadline for your self-assessment tax return is fast approaching. Here’s why you should get yours done now and how to submit it.
New National Insurance rate
To help pay for the NHS and social care from April 2022 1.25% will be added to all National Insurance rates – employee, employer and dividend tax. From April 2023 this will show as a seperate item on your payslip or tax return.Limited companies, Tax, dividends, National Insurance
The best way to pay yourself is through your own Limited company. You go on your own payroll which reduces company tax and then top up your personal income each month with a dividend paid from profits. This dividend is free of National Insurance (NI) and taxed at a...Paying tax online
Go to www.tax.service.gov.uk/pay – pick what tax you wish to pay, do not sign in, insert your reference for that particular tax and then pay by card or bank transfer. If you wish to still pay by cheque you can forward an HMRC payable cheque via your Accountant. If you...Work from home tax allowance
If anyone has had to work from home during the 20/21 tax year for even one day, HMRC are allowing you to claim £6 per week for every week as an allowable expense, saving the basic rate tax payer £62 in tax.
20/21 work from home tax relief
Due to Corona virus restrictions anyone forced to work from home can claim £6 per week tax relief from their earnings via their self assessment tax return.