#Complete the Director's Self-Assessment Tax Return

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How to Complete A Company Director Self Assessment Tax Return

New Post has been published on https://www.fastaccountant.co.uk/director-self-assessment/

How to Complete A Company Director Self Assessment Tax Return

If you’re a director of a company and wondering if you need to file a tax return, good news! The HMRC has recently clarified its guidance on the matter. According to the updated guidance, if all of a director’s income is taxed at source and there is no further tax to pay, they do not have to register for and file a self-assessment return. This is particularly relevant for directors who are taxed under PAYE. However, if a director receives a notice to file a return and has no other taxable income to report, they can request for the notice to be withdrawn. It’s important to comply with these guidelines, as late filing penalties may apply. This article is all about completing and submitting company director self assessment tax return by those who are required to do so.

Register as a director

Registration with HMRC is the first step in completing your company director self assessment tax return. As a director, you are most likely to be required to register for self assessment if you have any other taxable income (besides your PAYE income) or if you receive a notice to file a tax return.

To register for director self assessment, you will need to notify HMRC that you are now a director by filling out Form SA1. This can be done online through the HMRC website or by calling their helpline. Once you have registered, you will receive a Unique Taxpayer Reference (UTR) number, which is a unique identifier for your tax affairs.

It is important to keep track of important deadlines related to your self-employment, such as the deadline for submitting your tax return and making any necessary payments. Failure to meet these deadlines can result in penalties, so it is crucial to stay organized and keep track of all relevant dates.

Gather Relevant Information for your director self assessment

Before you can start completing your director’s self-assessment tax return, you will need to gather all the relevant information. This includes collecting your personal information, such as your National Insurance number and UTR number, as well as your company’s name and PAYE reference number.

To accurately report your income and expenses, you will need to obtain documentation for all sources of income and expenses. This can include bank statements, dividend vouchers,  and any other relevant financial documents. It is important to keep thorough records and retain these documents for future reference.

Additionally, you should accumulate any relevant tax forms, such as P60s or P11Ds, which provide information about your employment and taxable benefits. These forms will help ensure that you accurately report all income and claim any eligible allowances and deductions.

Calculate Director’s Income

Calculating your director’s income is a crucial step in completing your director self assessment tax return. Start by determining your salary from the company. This includes any regular payments you receive as a director, such as a salary or directors’ fees and bonuses.

Next, consider any other sources of income you have that need to be included in your tax return. This can include income from rental properties, investments, or freelance work outside of your director role. It is important to account for all sources of income to ensure accurate reporting.

Additionally, consider any taxable benefits you may have received as a director. This can include benefits such as a company car, medical insurance, or accommodations. These benefits are subject to taxation and must be included in your tax return.

Compile Director’s Expenses

Identifying and organizing your expenses as a director is an essential step in completing your self-assessment tax return. Start by identifying which expenses are allowable deductions according to HMRC guidelines. Allowable expenses are those that are incurred solely for business purposes and are necessary for carrying out your duties as a director.

Organize and categorize your expenses to make the process of reporting them in your tax return easier. Common categories for director’s expenses include travel and accommodation, office supplies, professional development, and subscriptions to professional bodies. Be sure to properly allocate each expense to the correct category for accurate reporting.

It is important to obtain proof of your expenses, such as receipts or invoices, to substantiate your claims. This documentation will serve as evidence in case of an investigation by HMRC, so make sure to keep accurate records and retain these documents for a minimum of six years.

Calculate the total deductible amount by adding up all the allowable expenses. This will help reduce your taxable income and potentially lower your tax liabilities.

Declare Dividends

As a director, any dividends you receive are taxable and must be declared in your self-assessment tax return. Dividends are a share of a company’s profits distributed to its shareholders. If you are a shareholder as well as a director, you may receive them if the company is profitable.

To accurately report your dividend income, start by understanding how dividend taxation works. Dividends are subject to different tax rates compared to other types of income, such as salary or interest. It is important to calculate your dividend income correctly. Include your dividends in the tax return under the appropriate section, usually labelled “Additional Income.” This will ensure that your dividend income is properly accounted for and taxed accordingly.

Claim Allowances

Researching and claiming available tax allowances is another important step in completing your director self assessment tax return. Tax allowances are deductions that can be applied to reduce your taxable income and potentially lower your tax liabilities.

Start by researching the available tax allowances that you may be eligible for. Common allowances for directors include the Personal Allowance, which is the amount you can earn before you start paying income tax, and the Marriage Allowance, which allows married couples or civil partners to transfer a portion of their Personal Allowance to their partner.

Determine your eligibility for each allowance and make sure to include them in the relevant sections of your tax return. Claiming the correct allowances can help reduce your overall tax liabilities.

Complete the Self-Assessment Form

Completing the self-assessment form is the core step in the process of filing your director’s tax return. Start by accessing the online tax return system provided by HMRC. This online platform allows you to complete and submit your tax return electronically, making the process faster and more convenient.

Enter your personal and company information accurately and provide all the necessary details of your income and expenses. Make sure to include any dividends, allowances, and additional income in their respective sections. Double-check your entries to ensure accuracy and completeness.

Use the additional information boxes if necessary. Depending on the complexity of your financial situation, you may need to complete additional information boxes to provide more detailed information or report certain types of income or expenses. These boxes can be found in many sections of the online tax return system.

Reviewing and Double-Checking

Thoroughly reviewing your completed tax return is crucial to ensure accuracy and avoid any mistakes or omissions. Take the time to go through each section and cross-check the information for accuracy. Check for missing or inaccurate details, such as incorrect figures or overlooked income or expenses.

Double-check that all income has been declared and that all allowable expenses have been accounted for. Look for any inconsistencies or errors that may trigger an alert from HMRC and potentially lead to penalties or further investigations.

It is also a good practice to compare your current tax return with the previous year’s return to identify any significant changes or discrepancies in your financial situation. This will help you ensure that your tax return is consistent over time and that all relevant information has been included.

Submitting the Tax Return

Once you have thoroughly reviewed and double-checked your tax return, it is time to submit it to HMRC. If you are using the online tax return system, you can submit your return electronically with just a few clicks.

Make sure to submit your tax return before the deadline to avoid penalties. January 31, is the deadline for submitting your company director self assessment tax return. Late filing can result in financial penalties, so it is important to meet the deadline and file your return on time.

Upon submission, you will receive an email confirmation from HMRC. Keep this confirmation for your records as proof that you have filed your tax return. It is also advisable to retain a copy of your tax return and any supporting documentation for future reference or in case of a HMRC investigation.

Keeping Records

Maintaining accurate financial records is essential for successfully completing your director’s self-assessment tax return. Keep organized and store all important documents, such as bank statements, receipts, tax forms, and business-related records. This will ensure that you have the necessary documentation to support your claims and comply with HMRC regulations.

Organize your records systematically, such as by year or category, to make retrieval and referencing easier. Digital record-keeping can be a convenient option, as it allows for easy search and retrieval of documents. However, make sure to keep backups of your digital records to prevent any loss of data.

Retain your financial records for a minimum of six years. HMRC has the right to review your tax affairs within this time period, so it is important to keep your records accessible and in good order. Failure to provide accurate records when requested by HMRC can result in financial penalties or further investigations.

In cases where the completion of your company director self assessment tax return becomes complex or overwhelming, seeking professional help may be necessary. Tax accountants or other financial professionals can assist you in properly completing and submitting your tax return, ensuring compliance with tax law and minimizing the risk of penalties or disputes.

In conclusion, completing your directors self-assessment tax return may seem like a daunting task, but by following the steps outlined in this article, you can navigate the process with confidence. Remember to register as an individual director, gather all relevant information, accurately calculate your income and expenses, and claim any eligible allowances. Complete the self-assessment form with care, thoroughly review all details, and submit it before the deadline. And finally, keep accurate financial records to satisfy HMRC requirements and ensure a smooth tax return process. By taking these steps and staying organized, you can fulfil your obligations as a director and maintain compliance with tax law.

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How to Complete A Company Director Self Assessment Tax Return

If you’re a director of a company and wondering if you need to file a tax return, good news! The HMRC has recently clarified its guidance on the matter. According to the updated guidance, if all of a director’s income is taxed at source and there is no further tax to pay, they do not have to register for and file a self-assessment return. This is particularly relevant for directors who are taxed���

[faryalkhanblog]

How Self-Assessment Impacts Sole Traders Versus Limited Companies?

the UK tax system can be complex, especially for individuals running their own businesses. Understanding the differences in self-assessment for sole traders and limited companies is crucial for effective tax management and compliance. Both structures have unique implications for taxation, and knowing these differences can help business owners make informed decisions about their financial futures.

Sole Traders

As a sole trader, you operate as an individual, and your business income is reported on your personal tax return. This means that you’ll complete a self-assessment tax filing each year, declaring all your income, including profits from your business. The tax you owe is based on your total taxable income, and you can deduct allowable expenses related to your business. While this structure offers simplicity and ease of setup, it also means you are personally liable for any business debts.

Sole traders often have a straightforward tax process, but they may miss out on certain advantages that limited companies enjoy, such as more favorable tax relief rates on profits. Additionally, the personal liability aspect can be a significant concern, especially for those in higher-risk industries.

Limited Companies

In contrast, limited companies are separate legal entities, which means they offer limited liability protection to their owners. This structure requires filing corporation tax returns as well as self-assessment tax returns if directors or shareholders receive income from the company. The company pays corporation tax on its profits before dividends are distributed to shareholders, which can provide tax efficiency benefits.

Limited companies can claim a wider range of allowable expenses and may have access to certain tax reliefs unavailable to sole traders. Furthermore, directors of limited companies can pay themselves a combination of salary and dividends, potentially lowering their overall tax liability.

The Need for Professional Help

Given these complexities, seeking professional help with self-assessment tax filing is highly recommended for both sole traders and limited companies. Understanding the nuances of the UK tax system can make a significant difference in your tax obligations and potential reliefs, including those related to charitable contributions. Working with a tax expert can ensure compliance, optimize your tax position, and provide peace of mind as you navigate your business finances.

[uk-property-accountant]

If a UK resident person gets rental income (either from UK Property or Overseas property) or capital gains from selling the properties, the landlord needs to prepare and file a Self Assessment Tax Return with HMRC, usually referred to as Self-Assessment return (SA100).

Similarly, if a non-UK resident person gets rental income from UK Property, the overseas investor needs to prepare and file a Self Assessment tax return with HMRC.

Who Needs To File A Self Assessment Tax Return In The UK?

Generally, if you have any taxable income not already taxed, you must file a Self-Assessment return with HMRC. If you only have employment income taxed under PAYE, you don't need to file a Self Assessment Tax return.

Usually, the following people need to file a Self Assessment return with HMRC:

You are a self-employed or sole trader (with income of more than £1,000 allowance)

You are a partner in a partnership business

You are landlord receiving rental income of more than £1,000

You are a company director who has income not taxed under PAYE

Your total income is £100,000 or more (even if it is already taxed under PAYE)

Your income from savings and investments is £10,000 or more

You have transferred or sold assets worth more than £49,200 (£24,000 from April 2023 and further reduced to £12,000 from April 2024)

You have net capital gains of more than the annual exemption limit (which is £6,000 for the tax year 2023/24)

You or your partner are receiving a high-income child benefit charge, and your adjusted net income is more than £50,000

What Is The Deadline For The Self Assessment Tax Return?

A tax year runs from 6 April to the following 5 April in the UK. So, for example, the tax year 2022/23 runs from 6 April 2022 to 5 April 2023.

The deadline for an online filing tax return is 31 January, following the end of the tax year. For the tax year 2022/23, the deadline for filing a tax return is 31 January 2024. However, if you are filing a paper return, the deadline is 31 October in the same year as the tax year's end. For the tax year 2022/23, the deadline for filing a paper return is 31 October 2023.

Are There Any Penalties For Late Filing?

If the tax return is filed late, the initial penalty is £100. This penalty is levied even if there is no tax liability. Additional daily penalties of £10 per day will be charged in respect of returns that are more than three months late up to a maximum of £900.

If you are six months late, there will be a penalty of 5% of tax liability (or £300 if greater). For being more than 12 months late, there will be an additional 5% of tax liability (or £300 if greater). So, it is best to file the tax return on time.

In addition to these late filing penalties, you will incur late payment penalties for missing the payment deadline.

What is the Deadline for Payment of Tax Liability?

The taxpayer needs to pay the income tax liability in three instalments on a payment on account basis which means the tax is due even before you have prepared your self assessment tax return. The deadline for making payment of income tax liability is as below:

31st January - 50%

31st July - 50%

31st January Balancing figure

50% of previous year tax liability is payable by 31 January during the tax year.

50% of previous year tax liability is payable by 31 July during the tax year. 

Balancing figure of tax liability is payable on 31 January as per final self assessment tax return. 

For example, for tax year 2022/23, 50% of 2021/22 tax liability is payable on 31 January 2023 as payment on account.

For example, for tax year 2022/23, 50% of 2021/22 tax liability is payable on 31 July 2023 as payment on account.

For example, for tax year 2022/23, balancing figure is payable on 31 January 2024 as per the tax computation.

HMRC What if You Never Completed a Tax Return Before?

For the first-time Landlord, this is quite a common question. If you were used to receiving only employment income taxed via PAYE, you never had to complete a tax return. However, once you start receiving rental income, you must complete your tax return and pay any taxes due to HMRC.

You will need to notify HMRC by 5 October following the end of the tax year if you have any taxable income or capital gains. For example, if you started to receive taxable income during the tax year 2022/23, you will need to register with HMRC for tax return by 5 October 2023.

Generally, even if you failed to notify HMRC before the deadline of 5 October, HMRC may reduce your late-notification penalty to Zero if you pay your tax in full by the usual 31 January deadline.

I Stopped Receiving Rental Income. Do I Still Need to Complete My Tax Return?

Once you register with HMRC for a self-assessment return, you will need to file the tax return even if you don't have any income. Otherwise, you will receive a late filing penalty from HMRC. To avoid this, you will need to notify HMRC about your changed circumstances and ask to cancel your tax return filing requirements.

How Can I Complete My Tax Return?

You can either complete your tax return yourself or use accountancy firms such as UK Property Accountants to complete your tax return. If your tax return is simple and you are confident about filing a tax return, it would be cost-effective to do it yourself. However, you will need to carefully assess that you understand rules around various areas, including repairs vs capital, potential tax reliefs and allowances, etc., before deciding whether to do tax return yourself or engage a professional accountancy firm.

If you decide to file a tax return yourself and do this for the first time, you will need to create a Government Gateway account and Register for Self Assessment as detailed on the HMRC website. Once you have accessed your Government Gateway account, you will be able to complete your tax return online. Read More

[brainjohncena-blog]

Financial Year 2024-25: Important Dates to Remember

Managing funds and complying with tax regulations are critical components of running a business or managing personal finances. To guarantee smooth operations and prevent penalties, it is critical to be aware of key dates and deadlines for the fiscal year. In this article, we'll go over the key dates to note for the fiscal year 2024-25 in the UK, as well as payroll management considerations and accessible solutions.

Understanding the Tax Year:

The tax year, often known as the fiscal year, is the period during which governments conduct accounting and budgeting. The UK tax year runs from April 6th to April 5th of the following year. For example, the 2024-25 tax year begins on April 6, 2024, and concludes on April 5, 2025.

Important Dates for the Financial Year 2024-25:

As we enter the fiscal year 2024-2025, individuals, businesses, and organizations in the UK must remain aware of significant dates and deadlines. Whether you're a taxpayer, a business owner, or a financial professional, knowing these dates can help you plan and manage your finances more successfully. In this blog, we will highlight the key dates to remember for the UK fiscal year 2024-2025.

April 5, 2024 - End of the Previous Tax Year:

The UK financial year runs from April 6 to April 5 of the following year. April 5, 2024, is the end of the preceding tax year (2023-2024). It is critical to ensure that all financial transactions and tax-related activities for the previous year are appropriately recorded and reported by this deadline.

April 6, 2024 - Start of the New Tax Year:

April 6, 2024, marks the start of the new tax year (2024-2025). Now is the time to assess and adjust your financial plans and strategy for the future year. Whether you're an individual taxpayer or a business, understanding the new fiscal year's tax rules and regulations is critical for compliance and financial planning.

April 22, 2024 - Deadline for Paying Corporation Tax:

For enterprises with taxable profits of up to £1.5 million, the Corporation Tax payment deadline is nine months and one day following the end of the accounting quarter. For fiscal year 2023-2024, the deadline is April 22, 2024. To avoid penalties and interest costs, firms must ensure that they pay Corporation Tax on time.

July 31, 2024 - Deadline for Self-Assessment Tax Return (Paper Filing):

Individuals who want to file their Self-Assessment Tax Return on paper rather than online have until July 31, 2024, to file for the tax year 2023-2024. To avoid penalties, the tax return must be accurately completed and sent to HM Revenue and Customs (HMRC) by this date.

October 5, 2024 - Deadline for Registering for Self-Assessment:

If you're self-employed or have other untaxed income that requires you to file a Self-Assessment Tax Return for the first time, you must register with HMRC by October 5, 2024, which is the end of the tax year in which you become liable for Self-Assessment. Failure to register on time may incur penalties.

October 31, 2024 - Deadline for Paper Filing of Self-Assessment Tax Return:

The deadline for filing a Self-Assessment Tax Return on paper is October 31, 2024, for the tax year 2023-2024. To avoid fines and interest charges, the tax return must be completed and sent precisely to HMRC by this deadline.

January 31, 2025 - Deadline for Online Filing of Self-Assessment Tax Return and Payment:

For most taxpayers, including self-employed persons and company directors, the deadline for filing the Self-Assessment Tax Return online and paying any tax payable for the fiscal year 2023-2024 is January 31, 2025. To avoid fines and interest charges, submit your tax return and pay by this date.

March 1, 2025 - End of the Grace Period for Late Payment of Self-Assessment Tax:

If you miss the deadline for paying your Self-Assessment tax bill, HMRC offers a grace period until March 1, 2025, to avoid further penalties. However, interest will be imposed on any overdue tax beginning February 1, 2025.

Read full blog: https://www.brainpayroll.co.uk/blog/financial-year-2024-25-important-dates-to-remember

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What is a Revenue form 11? | How to fill out form 11 in Ireland

In the complex landscape of taxation, navigating the intricacies of revenue forms can be a daunting task. For individuals and businesses in Ireland, one such form that holds significant importance is Form 11 Revenue. Designed to capture a wide range of financial information, understanding Form 11 is crucial for complying with tax regulations and ensuring financial transparency. In this comprehensive guide, we’ll delve into the intricacies of Form 11 Revenue, its purpose, who needs to file it, key deadlines, and essential tips for a smooth submission process.

What is Form 11 Revenue?

Form 11 Revenue is an annual tax return form used by self-assessed individuals, including self-employed individuals, company directors, landlords, and individuals with non-PAYE income. Its primary purpose is to declare income earned during the tax year and to calculate the tax liability owed to the Irish Revenue Commissioners.

Who Needs to File Form 11?

If you fall under any of the following categories, you are likely required to file Form 11:

Self-employed individuals: This includes sole traders, freelancers, and individuals running their own businesses.

Company directors: Directors of Irish companies, whether they receive salaries or not, are obligated to file Form 11.

Landlords: Individuals earning rental income from property in Ireland must also submit Form 11.

Individuals with non-PAYE income: If you have income sources other than employment income subject to Pay As You Earn (PAYE), such as investment income or foreign income exceeding €3,174, you need to file Form 11.

Key Deadlines

The deadline for filing Form 11 Revenue varies depending on how you choose to submit it:

Paper Filing: The deadline for paper filing is typically October 31st following the end of the tax year. For example, for the tax year ending December 31, 2023, the deadline for paper filing Form 11 would be October 31, 2024.

Online Filing: If you choose to file online via the Revenue Online Service (ROS), the deadline is extended to mid-November of the following year. Using ROS not only grants you an extended deadline but also allows for faster processing and electronic payment options.

Essential Tips for Completing Form 11

Filling out Form 11 accurately is crucial to avoid potential penalties and ensure compliance with tax laws. Here are some tips to help streamline the process:

Organize Your Financial Records: Gather all relevant financial documents, including income statements, expense receipts, and any other supporting documentation.

Use ROS: Opt for online filing through ROS for a more convenient and efficient submission process.

Seek Professional Assistance: If you’re uncertain about any aspect of Form 11 or your tax obligations, consider seeking guidance from a qualified tax advisor or accountant.

Double-Check for Accuracy: Review your completed Form 11 thoroughly to ensure all information is accurate and up-to-date before submission.

Meet Deadlines: Aim to submit Form 11 well before the deadline to avoid last-minute rushes and potential penalties for late filing.

Conclusion

Form 11 Revenue plays a pivotal role in Ireland’s tax system, serving as a means for self-assessed individuals to report their income and fulfill their tax obligations. By understanding its purpose, knowing who needs to file it, adhering to key deadlines, and following essential tips for completion, individuals and businesses can navigate the process with confidence and ensure compliance with Irish tax laws. Remember, when it comes to tax matters, accuracy and diligence are paramount, and seeking professional advice when needed can help alleviate any uncertainties along the way.

In essence, Form 11 Revenue is not just a form; it’s a tool for financial transparency and responsible taxation, ensuring that Ireland’s tax system operates smoothly and fairly for all.

Reference content : https://osservi.ie/what-is-a-revenue-form-11-how-to-fill-out-form-11-in-ireland/

[thxnews]

HMRC Urges Prompt Self Assessment Filing

HMRC's Countdown for Tax Return Filing

Urgency as Deadline Approaches With the self-assessment deadline rapidly approaching, HM Revenue and Customs (HMRC) is intensifying its efforts, urging nearly 5.7 million customers to file their tax returns for the 2022 to 2023 tax year. This critical reminder comes with less than a month remaining, placing a spotlight on the urgency for those who have yet to complete this crucial annual task.   Proactive Taxpayers Already Ahead Impressively, HMRC data reveals that almost 6.5 million customers have proactively filed their tax returns, successfully beating the deadline. Among them, 49,317 customers astutely used the New Year holiday period to advance on their tax obligations. Specifically, on New Year’s Eve, 25,593 customers filed their returns, with a notable spike in submissions between 12:00 and 12:59. Additionally, 127 customers chose the very beginning of the New Year for filing, and 23,724 customers completed their submissions on New Year’s Day.  

Deadline and Online Submission Details

31 January 2024: A Critical Date The critical deadline to file a tax return for the 2022 to 2023 tax year and settle any tax owed looms on 31 January 2024. Customers have the facility to submit their tax returns and make payments online through the GOV.UK website. This platform offers a user-friendly and secure environment for handling these important financial responsibilities. HMRC's Encouragement to Act Now Myrtle Lloyd, HMRC’s Director General for Customer Services, is strongly emphasizing the importance of not delaying the submission of tax returns. She encourages customers to seize the opportunity to start the new year on the right foot by addressing their self-assessment promptly. For assistance, she suggests utilizing the comprehensive resources available on GOV.UK.  

Support and Resources from HMRC

Guidance for Completing Tax Returns HMRC offers an extensive array of online resources, including informative video tutorials on YouTube and helpful guidance on GOV.UK, to support customers in completing their tax returns. These resources are meticulously designed to simplify the process and reduce the stress often associated with tax filings.   Payment Options and Assistance For customers, the quickest and easiest method to settle their tax bills is through HMRC’s app, which is both free and secure. A variety of payment methods and detailed instructions are available on GOV.UK. For those unable to pay in full, HMRC provides advice and the option to arrange an affordable payment plan, known as Time to Pay, for amounts less than £30,000. This arrangement can be organized online by searching “HMRC payment plan” on GOV.UK.   Sources: THX News & HM Revenue & Customs. Read the full article

[systemtek]

Scam warning for 12 million UK Self Assessment customers

Self Assessment customers are urged to be on the lookout for scam texts, emails and phone calls from fraudsters. This warning comes as HM Revenue and Customs (HMRC) received more than 130,000 reports about tax scams in the 12 months to September 2023, of which 58,000 were offering fake tax rebates. With around 12 million people expected to submit a Self Assessment tax return for the 2022 to 2023 tax year before the 31 January 2024 deadline, fraudsters will prey on customers by impersonating HMRC. The scams take different approaches. Some offer a rebate; others tell customers that they need to update their tax details or threaten immediate arrest for tax evasion. Myrtle Lloyd, HMRC’s Director General for Customer Services, said:   HMRC is reminding customers to be wary of approaches by fraudsters in the run up to the Self Assessment deadline. Criminals are great pretenders who try and dupe people by sending emails, phone calls and texts which mimic government messages to make them appear authentic. Unexpected contacts like these should set alarm bells ringing, so take your time and check HMRC scams advice on GOV.UK. Customers can report any suspicious communications to HMRC: - forward suspicious texts claiming to be from HMRC to 60599 - forward emails to phishing@hmrc.gov.uk. - report tax scam phone calls to HMRC on GOV.UK. HMRC works to protect the public from scammers. In the 12 months to September 2023, HMRC has responded to 60,000 reports of phone scams alone and got 25,000 malicious web pages taken down. Customers do not need to wait until 31 January before filing their tax return, they can submit it before then but do not have to pay until the deadline, unless they choose to. Filing earlier allows them to find out what they owe sooner or if they are owed money, get their refund. Help and support is available on GOV.UK to help customers complete their return, there is no need to call us. HMRC has a wide range of online resources to help customers file a tax return including a series of video tutorials on YouTube and help and support guidance on GOV.UK alongside HMRC digital assistant, HMRC app, community forums and the help and support email service. Read the full article

[all-things-are-nothing-to-me]

War Against the Information Age A Future of Mass Social Control

As capitalist imperialism consolidates its economic borders through an ongoing paramilitarisation process and harmonised internal policing structure to cope with increased external war and social-ecological collapse, there is an amplification of repression in response to the manufactured ‘crisis’ of the bankers. Enough decentralisation in the hegemony is maintained to allow internal security services to retain sufficient self-rule to operate according to the local situations, but generally speaking , the areas of amplification — ‘terrorism’ and immigration (specifically mass incarceration and deportation) — correspond with a rise in an encouraged nationalism and the prison-society.

The legislature of the new authoritarianism is in fact not a new set of laws, but rather the amplification and conjunction of existing laws that carry themselves forward to meet “new threats”. The prison-society is firstly an information-age authoritarian social model, as information technology and the new sciences are the key to its infrastructural progress and evolution. The prison-society is not just the regime of ‘intelligent’ surveillance cameras, databases, police-stations and prisons, it is urban planning, biometrics, contactless smart chips, electronic tagging and pattern recognition. It is satellite mapping, private security armies, automated drones and unmanned border planes. It is universalisation of social welfare systems, banking and corporate services. It is telephone voice analysis, high-definition CCTV, facial-recognition systems, “X-Ray” microwave scanners, covert units of police for breaking and entry, bugging and tailing, and the global surveillance network, Echelon. It is blacklists of ‘subversives’, ‘criminals’, ‘immigrants’ and ‘terrorists’. It is concepts and viral messages from the powerful, beamed directly into your head 24 hours a day, reprogramming your reality through television, newspapers, advertising, radio and internet.

It is the strength of the marketing poll, the consumer survey and the pressure group. It is the tax office, the exchange rate, the currencies and their manipulation. It is the details of countless numbers of individuals being processed by machines. It is statistics and their virtualisation.

It is in the minutiae; it controls your existence without you even seeing a prison-guard, it controls your routine, sets the clock, sets the debt and spends the wage. It fits the lock and fills the cell. It is an industry, a society, a way of living. It is the future you were born for, and the life of regulatory servility it forms people to fulfil.

Embryonic, it is distributed and skeletal in form at present, but already controls all important state structures in the post-industrial centres of power. To a lesser extent in the peripheries, such as South East Asia and Latin America, the prison-society is reconciling and overcoming the contradictions inherent in the classical fascist and dictatorial social control model through consumerism. The control society being constructed gathers enough information to assess individual activity and potential for deviation from top-down generated norms. This includes monitoring physical features (eg: maintaining a national computerised biometric and DNA database etc.) and location (eg: GPS, mobile-phone location, financial services tracking, internet tracking etc.), combined with behavioural patterns such as what is consumed and accessed (eg: library books, food shopping , transport, leisure etc.). The outcome is the dream of the cyberneticians of social control – the perfectly ordered utopia where each polices the other and the machine runs all.

Geotime, a security programme used by the US military, and now being used by the London Metropolitan Police creates a graph of an individual’s movements and communications with other people on a three-dimensional graphic. It can be used to collate information gathered from social networking sites, satellite navigation equipment, mobile phones, financial transactions and IP network logs. Links between entities can represent communications, relationships, transactions, message logs, etc. and are visualised over time to reveal temporal patterns and behaviours, and to highlight previously undetected links. Once millions and millions of pieces of microdata are aggregated, you end up with a very high-resolution picture of a targeted individual or group of individuals. Curtis Garton, product management director for Oculus, the company that markets the programme, is quoted as saying “... in terms of commercial sales pretty much anybody can buy,”. Professor Anthony Glees, director of the University of Buckingham’s Centre for Security and Intelligence Studies, said he was aware of tracking software such as Geotime, the use of which he described as “absolutely right”. He is quoted as saying: “My feeling is: if it can be done, and if its purpose is the protection of the ordinary citizen that wants to go about their lawful business ... then it’s absolutely fine.”

These product developers and academics of social control are the architects of structural hierarchy and injustice.

New technology is introduced in the following sequence: military hardware/personnel (eg: internet; cybernetics, satellite technology, microwaves etc.); prison & policing (eg: electronic tagging, ‘non-lethal’ weapons, ‘area of denial’ systems, ‘public disorder’ situations etc.); civil population (eg: home CCTV systems, personal computers, new products, leisure time etc.). This sequence returns military advances to entertainment, and conditions the population to be dependent on the pieces imposed on it by the system of militarism.

Technology seeks to disappear, in an ongoing process of miniaturisation, nanotechnology being the present expression of this tendency. This is to become the invisible background and context of what we do and how we live. Machines and the bureaucratic processes they initiate have come to dominate human behaviour and damage the Earth. It has created a situation where ordinary people are excluded from the processes of the system around them and lack the ability to make any real decisions over their lives. In the creation of ‘useful’ tools, human skills have migrated to machines. Modern social control is now defined by growing militarisation of the internal police force and transport infrastructure, with development in the use of cutting-edge technologies in the gathering and profiling of information that can be used and acted on in a model of population management. All this requires networks, servers, routers, transmission and conduit systems, admins, back-ups, contingency exercises. Cybernetic modelling by multinational corporations and information-age nation states already altered warfare and civil planning decades ago. The management of a city is the management of only so much information. The political and capitalist functionaries understand this, that is why it is logical to them to allow machines to become the city.

Technological convergence in fields such as artificial intelligence, biotech, robotics, nanotech and information technology is the current expression of hierarchical relationships that are based on a newly defined poverty gap of understanding , knowledge and language.

Control of information is the defining factor in the control of modern wars. As our lives take place in a social war for survival against the techno-system, information warfare and information control/distribution are two key factors in the new urban war which is taking place between the system and the people of the world it wants to conquer. The social clash is defined by access to information like any other resource or commodity. Huge gulfs in access are simply a form of the division facing excluded people, who have been cut from the means to secure their survival.

Information technology has its basis in a purely productive, quantitative sense: mass society requires it. Information technology is what enabled the Third Reich to execute its final solution: the well known machines of IBM completed a feat that would have taken civil servants too long to do before the end of the war, and filed 6 million people to their deaths. Efficiency and utilitarianism combine to form the present.

In the capitalist economy, the flow of information is encountered as an item to be processed with as much scrutiny as any other controlled item. Information is as precious as, sometimes more than, the realities it refers to. Accordingly truth has a value (economic), secrecy being quantifiable.

The ‘intelligence agencies’ and units of secret police decreasingly rely on so-called ‘human intelligence’: less people on the street, less physical surveillance but more agents behind desks analysing ‘signal intelligence’ instead. Presently machines can scan for keywords and patterns, but it takes transcription and analysis by humans, which still takes time. This means that often digital methods of monitoring can be defeated by face-to-face informal meetings and being aware of the operating environment. Despite the buggings, tailings and psy-war, direct action and sabotage continues to spread, along with the internationalist anarchic virus.

Information control is a state of war: internal borders, check points, so-called ‘green zones’ and ‘total security’ environments. The important questions are still: who knows what, where, when, how and why! Information war is “impervious branding”, “negative briefings”, it is the “spinning of facts”, black and grey propaganda, the fabrication of “narratives” etc. It is a list of names, a list of materials or a list of instructions.

Internet and social media are transforming the way people interact, and what they demand. Information which was not widely spread 30, even 20 years ago now circulates freely, and there are more possibilities to access previously ‘forbidden’ knowledge than ever before. From trade secrets on methods of production, to government files on wartime atrocities, it is easier to find out about several different shades of truth than ever before, but it is absolutely meaningless without the will to use this information to act. Through consumerism, a comfortable liberalism has evolved in the post-industrial core. In the long term, the failure of traditional supplies of resources (the situation of peak oil production) will lead to shortages and conflict. The nation-states cannot fulfil the demands of the people any more, and their only future is to sell out to corporatism if they wish to hold their ranking positions and maintain order. They are entering a period of unprecedented ‘crisis’, with little hope of recovery unless the development of new technologies for energy supply and production can prevent an overwhelming collapse in industry due to the depletion of resources and the fact of scarcity. Despite this, capitalism can and will adapt to any phase of deprivation, as the plan of the banks is to capture as much social wealth as is possible and eviscerate the ability of the nation-state to resist their manipulation of the economy and government.

Reconfigurement of power appears immanent, accompanied by a totalising interlinked corporatist future. Corporations are networked entities that have monolithic agendas, but because they are subject to the whims of Capital and State, they constantly break apart and reconfigure. The actually immutable nation-states cannot adapt to the new cybernetic, networked, corporative future unless the ‘democratic’ relationship it manages itself on is rejected for the adoption of the prison-society as the social model. It already moves in this direction knowingly. The nation-states will be superseded by the corporations and will come to rely on them more, whilst the corporations rely on them less. If the nation-states seek to dominate or subvert them, they’ll most likely fail.

Now a point is reached where the strategic narratives which kept back the unleashing of revolutionary libertarian violence are crumbling as populations in revolt confront the plans of the rich. The post-industrial nation-states are at risk, and are increasingly revealing their own developed and connected prison-society projects; the ascendant form of power relations backed by the multinational corporations.

Some of these corporations have greater gross domestic product and paramilitary capabilities than many countries and are responsible for more injustice and exploitation than many small dictatorial states. In the globalist modern society, attacks should be properly understood as information. Rapidly moving image-narratives and violent models of urban rebellion against the system have spread, moving amongst the disaffected of the world. In the age of instantaneous data-exchange, the actual technical rupture created by sabotage is often minor compared to the impact it imparts as a signifier of collapse and refusal. The capitalist system and civilisation itself can absorb the vast majority of sabotages and attacks, but the new media which is based on self-production and self-replication is creating international ‘communities’ of rebellion with shared intersecting global histories. Highly symbolic content exchange, theme-repetition, maximum-distribution and propulsive coherence are the aim. The destructive violent attack or anarchist sabotage, added to its method of communication — the powerful image or communique — is the blood of the new anarchist direct action, communicating a radicalised awareness based on methods of participatory organisation and the proliferation of destructive and iconoclastic ideas.

Anarchistic and nihilist ideas are anathema to the information-age, they are the glitch in the database society which escapes classification and control. The imagination walking; dangerous and capable of unforeseen actions and moments of interconnection.

The future of civilisation is an increasing merger of state and corporate power, with the new sciences as an essential ally. With war and crisis always as a pretext, the elite have declared dominion over every free individual, animal, plant and wilderness.

Emerging as the omnipresent machine intelligence that forms human beings to its whims, it damages and manipulates entire continents of beings. Reflecting our emptiness and our loss, the prison-society must be fought, because the logic which it operates on is a system of closure of parameters that work by exclusion of vast amounts of alternative possibilities and potentials. It is self-referential and non-creative; it pursues a model of progress that is the abolition of personal individuality and freedom.

Our struggle pushes forward into the future, let’s strike against the concepts and mechanisms of their control.

[georgeshutcheson]

HMRC Self Assessment Tax Payment

New Post has been published on https://www.fastaccountant.co.uk/hmrc-self-assessment-tax-payment/

HMRC Self Assessment Tax Payment

Navigating your way through the HMRC Self Assessment Tax Payment process can seem challenging, but it doesn’t have to be. This straightforward guide will walk you through what you need to know to manage your self-assessment tax efficiently and make timely payments without any stress. You’ll find helpful tips and clear instructions to ensure that you’re on top of your obligations and can confidently handle your self assessment tax payment.

Understanding HMRC Self Assessment

Self assessment is a system used by HM Revenue and Customs (HMRC) to collect income tax. It’s the process where you (the taxpayer) report your annual income and any capital gains, allowing HMRC to determine how much tax you owe. If you’re self-employed, a company director, or receiving income for rental properties, you’ll likely need to complete a self assessment.

Who Needs to Complete a Self Assessment?

There are specific criteria for who needs to complete a self assessment. Here’s a quick list to help you figure out if this applies to you:

You’re self-employed or a sole trader.

You have a partnership business.

You’re a company director.

You receive income from property or land.

You have foreign income.

You receive gross annual income of more than £100,000.

You have significant savings or investment income.

You claim certain tax reliefs or are subject to high income child benefit charge.

If you meet any of these criteria, it’s likely that you’ll need to complete a self assessment and file a tax return.

Registering for Self Assessment

Before you can file a self assessment tax return, you need to register with HMRC. The registration process can differ depending on whether you’re self-employed, a partnership, or registering for other reasons.

Registering as Self-Employed

If you’re self-employed and need to register for self assessment, follow these steps:

Create a Government Gateway Account: Go to HMRC’s website and set up an online account.

Register for Self Assessment: Use the online registration form to provide your details.

Receive a Unique Taxpayer Reference (UTR): HMRC will send you a UTR number by post within 10 working days.

Activate Your Account: Once you have your UTR, you’ll need to activate your Government Gateway account using the activation code sent to you by HMRC.

Registering a Partnership

If you’re part of a partnership, each partner needs to register for self assessment. Additionally, the partnership itself must be registered as a separate entity.

Other Registration Scenarios

If you’re not self-employed or in a partnership but still need to register for self assessment, the process will involve creating a Government Gateway account and registering based on your circumstances (e.g., by having rental income).

Filing Your Tax Return

Once you’re registered, you’ll need to file your tax return. The tax year runs from April 6th to April 5th the following year. You need to file your return and pay any tax due by the following January 31st.

Key Deadlines

Here are some important dates to remember:

Event Deadline Register for self assessment October 5th Paper tax return submission October 31st Online tax return submission January 31st Pay any tax you owe January 31st

Missing these deadlines can lead to penalties, so put them in your calendar!

How to File

You can file your tax return in two main ways:

Online: This is the preferred method for its convenience and efficiency. Simply log in to your HMRC online account, follow the on-screen instructions, and submit your return.

Paper: Download the forms from HMRC’s website, fill them in, and post them to HMRC. Make sure it’s received by October 31st if you opt for this method.

Information Needed for Filing

Before you start, gather all necessary information to complete your tax return. This includes:

National Insurance number

UTR number

Employment income (P60s and P45s)

Self-employment income and expenses

Rental income and expenses

Bank or building society interest

Dividend income

Pension contributions

Accuracy is crucial, so double-check all figures to avoid mistakes that could lead to penalties.

Paying Your Tax

Once you’ve submitted your tax return, HMRC will calculate your tax bill. You must pay any tax owed by January 31st of the following year.

Methods of making self assessment tax payment

HMRC offers several ways to pay your tax:

Direct Debit: Set up a direct debit from your bank account.

Debit or Credit Card: Pay online using your card.

Bank Transfer: Use online or telephone banking to transfer funds.

At Your Bank or Building Society: Pay in person at your local bank or building society.

Budget Payment Plan

If you find paying in one lump sum challenging, consider HMRC’s budget payment plan. This allows you to make regular payments in advance, helping you manage your cash flow better.

Self Assessment Tax Payment on Account

If your tax bill is more than £1,000, you might have to make payments on account. These are advance payments towards your future tax bill, split into two installments: one by January 31st and the other by July 31st.

Balancing Payment

After your self assessment tax payment on account, if you still owe tax, you must make a balancing payment by January 31st following the end of the tax year.

Penalties and Interest

It’s important to meet deadlines to avoid penalties. Here are the penalties you might face:

Missed Event Penalty Late filing (up to 3 months) £100 3-6 months late £10 per day (capped at 90 days) Over 6 months late 5% of tax due or £300, whichever is greater Late payment (after 30 days) 5% of tax unpaid

In addition to penalties, interest accrues on unpaid taxes, starting from the due date until payment is made.

Appealing a Penalty

If you believe you’ve been wrongly penalized, you can appeal to HMRC. However the circumstances have to be exceptional for HMRC to cancel the penalty for self assessment tax late payment.

Common Pitfalls and How to Avoid Them

Not Keeping Accurate Records

One of the most common mistakes is failing to keep accurate records. Maintain a thorough, well-organized record of your income and expenses throughout the tax year. This makes filing your return far simpler and more accurate.

Forgetting to Include All Income

Ensure you include all sources of income. Overlooking any can result in an underpayment of taxes and subsequent penalties.

Missing Submission Deadlines

Mark all key dates on your calendar and set reminders to ensure you never miss a deadline.

Not Claiming Allowable Expenses

If you’re self-employed, you can claim reasonable business expenses to reduce your taxable income. Ensure you know what you can claim and keep evidence of all expenses.

Seeking Help When Needed

Using an Accountant or Tax Advisor

If the process feels too complicated or you want to ensure you’re maximizing your tax efficiency, consider hiring an accountant or tax advisor. Their expertise can save you time and potentially reduce your tax bill.

HMRC Support

HMRC offers plenty of resources and support for individuals completing self assessments. Their website includes comprehensive guides and tutorials. You can also contact HMRC directly if you have any specific questions.

Updating Your Personal Information

It’s important to keep HMRC updated with any changes to your personal information, such as your address or marital status. This ensures you receive all correspondence and avoid missing crucial deadlines.

Changing Address

Inform HMRC of any address change either online via your Government Gateway account or by contacting them directly. This ensures you receive all necessary documentation timely.

Other Changes

Update HMRC about other significant changes like changes in your employment status, starting or stopping self-employment, or changes in your name.

Conclusion

Navigating the HMRC self assessment tax payment process might seem complex, but with a bit of planning and organization, you can handle it smoothly. Remember to stay on top of deadlines, maintain thorough records, and seek help when needed. By doing so, you’ll not only stay compliant with tax laws but also enjoy the peace of mind that comes with knowing your tax affairs are in order.

Hopefully, this guide on self assessment tax payment has clarified the process for you and made it less intimidating. Happy filing, and may your tax year be as stress-free as possible!

[davidwhitelove]

Set up a company-you must understand all the rules from the beginning

If you want to set up a company, you need to do a lot of basic work from the survey. You cannot decide and start your own business overnight. The most basic and necessary thing is to determine the type of business to start. Enterprises are generally divided into two types: manufacturing and service industries. Both types of industries require different types of backgrounds, infrastructure, resources and labor. Once you have decided on the type of joint venture, the next step is location. The place and country where you live is also an important consideration. The rules for granting licenses and authorizations to personnel and companies in countries and regions vary from country to country.

The most popular and most recommended country for setting up a company is the United Kingdom. In recent years, the British government has simplified industrial and trade rules, thereby providing many benefits to people interested in business. The support and infrastructure provided by this country is excellent. After obtaining the British company registration certificate, the enterprise will gain sufficient credibility to convince customers. However, the basic rule is that you must have British citizenship to start a business. Even offshore companies, because of their simple and easy way of doing business, are more likely to do business here. There are regulatory agencies such as corporate buildings and other private sectors that can help you conduct business quickly and easily.

You can choose from three business structures in the UK. They are exclusive traders, limited companies and partnerships. The first structure is for those who want to work for them or "self-employed". By registering as an exclusive trader, you can start your own business. If you plan to set up a limited company in the UK, you need to register a business office and you must have at least one director.

If you want to do business in the simplest way, then registering as an individual businessman will be better for you. In this structure, you are the owner of the business, and you are free to hire people to run your business. The "self-assessment" tax must be registered. This means that you or your accountant is responsible for calculating your own taxes.

How can you become an exclusive businessman?

To set up a company in the UK as an exclusive trader, you need to have a National Insurance Number (NI). Then, you need to register with the UK Tax and Customs Administration (HMRC) for self-assessment. You can also choose a company name or use your own name to run the company.

As an individual trader, you are the sole owner of all income earned by the business. However, you must calculate profits after paying income tax. Only you are responsible for your business debts, and keep valid real bills for all expenses incurred. For example, tools and equipment, office rent (if any), travel expenses and food expenses. Then, sales and expenditure records must also be kept. You must submit a self-assessment tax return once a year to avoid violating current tax regulations. Finally, you must pay income tax and national insurance for the profits of the business.

When naming your business, you must follow certain naming conventions. You have no right to use "limited", "limited company", "public limited company", "PLC", "LLP" or "limited liability partnership".

Any offensive words, names of government agencies, national heroes, etc. must be avoided. If you do n’t want to mess up the paperwork for setting up a company, you can seek help from Umbrella ’s services.

The process of company registration in Singapore is now easy with the help of A1corp.com.sg. Now at A1corp.com.sg you can learn more about the company registration requirements, timeline and procedures.

For more details, visit A1corp.com.sg company registration complete guide.

[jamelthorne-blog]

The Most Suitable Accountancy Alternatives

Are you looking for a professional accounting firm to submit a low priced tax return for anyone? If you do, you've arrived at the correct website! Accountants4SelfAssessment is part of The Accountancy Solutions that have submitted over 8,000 tax statements since the first day of functioning back in 2010 and we are willing to get yours processed correctly and timely! Remove the stress of your taxes The work of filing a self-assessment tax return properly and submitting it to HER MAJESTY'S REVENUE AND CUSTOMS through the 31st January each year can be a hectic and complex task. Nevertheless, in the event you ask a professional accounting firm to do it for you - you may be within the most trustworthy hands. Don't ignore, in the event you mistakenly provide some wrong information and facts or else you miss the deadline day, you need to cope with a superb from HER MAJESTY'S REVENUE AND CUSTOMS. Did you know within the tax year 2018/19, over 800,000 people processed a late income tax return so when a result, many of these individuals suffered an instant fine of ?100 from HER MAJESTY'S REVENUE AND CUSTOMS? Needing to submit a personal taxation return (self-assessment taxes)?

As outlined by HER MAJESTY'S REVENUE AND CUSTOMS, over Ten million self-assessment tax returns are submitted on the yearly basis prior to deadline day. This quantity is continued to rise because more and more people are requested to submit one. Should you fall within one of the classifications down the page, you may be expected to submit a self-assessment income tax return. Should you be doubtful, please give our helpful team a phone call on 01216297768 and they can be glad to advise. • You are self-employed. • You pay better pay of tax. • You really are a director of a limited company and receive payments as dividends. • You lease your house or perhaps a second property. • You receive foreign income (this really is still relevant even if you do not reside in britain). • You have reasons for untaxed income, capital gains or losses. • You have your individual pension or specific savings. • You produce other causes of untaxed income per HMRC. Who're The Accountancy Solutions? Accountants4SelfAssessment and Accountancy Solutions is often a group run accountants who're experts in providing services for general contractors and self-employed. We now have your own in-house Personal Tax division and each year, they efficiently complete thousands of self-assessment taxation assessments. You can rely on us to: • Complete your earnings taxes promptly. • Submit your income tax return correctly and legitimately. • Provide you with continuous assistance - if you'd like it. • Let you understand about any tax obligation or tax repayment that you're said to be paid. • offer trusted information on how to lawfully reduce tax and increase your take-home pay. • Contact us mobile phone . an inexpensive tax return Our rates structure has become tailored to profit those that get in touch faster instead of late! As a result, the quicker you contact us and why don't we understand you need your income tax return being submitted by our experts, the lower the rate! To determine our present rate, please complete rapid form in this article or give our friendly team a call on 0121 629 7768. Searching for a specialist accountant? In case you are self-employed and could benefit from the professional guidance of your contractor accounting firm, please e-mail us using the form in this article or the number above. We've got assisted over 3,000 contractors in britain lawfully maximize their take-home wage. We've several accountancy plans which have all been specially tailored to ensure that you only pay for that assistance you will need rather than the extras you don't. For more info about self assessment accountant webpage: look at this.

[greystoneaccountants1122]

The benefits of having your tax return filed early

Although the deadline is months away, did you know you can file your tax return any time after 6th April 2021?

 In this article  we look at just some of the benefits of filing your self-assessment tax return for the 2020/21 tax year sooner rather than later.

 Receive your tax refund earlier

There are many reasons why you may be due a tax refund, including excessive payments on account based on the previous year's income, and for employees and directors where HM Revenue and Customs (HMRC) have made errors with their tax codes. Accountants Walsall   subcontractors who have had tax deducted at source through the Construction Industry Scheme (CIS) are often in a tax refund position.

 You may also have experienced disruption to your business due to the COVID-19 pandemic and may find yourself in loss position which could generate a tax refund

 Therefore the sooner you file your tax return, the sooner any refund you may be due can be processed.

 What better way to boost your cash resources than by claiming a refund from HMRC?

 Calculate your tax bill for cash flow planning

Many businesses are currently trying to forecast their cash needs in the short/medium term and one of the biggest expenses the self-employed will have before the end of the tax year will be their income tax bill.

 Knowing exactly how much your tax bill will be in January 2022 will help you to plan effectively for how you will be able to pay it, be that through bank funding or by preparing to engage with HMRC and asking for a phased payment arrangement when the liability falls due.

 Remember just because you file your return early does not mean that you must pay the liability immediately. That only becomes due for payment in January 2022.

 Have more time to focus on your business

If business is quieter for you now, your income tax return is a job that you could get done and out of the way.  Small Business Accountants in Walsall then you will have more time to focus on getting your business back on track rather than on your tax returns.

 More time to prepare

The more time you give yourself to gather all the information you need to prepare your tax return, the better. This should reduce the risk of errors and mistakes being made, which may not only be costly, but could also mean you end up paying more tax than you need to and having to re-submit your tax return.

 Not missing the tax return deadline

If you file your tax return late, you will be issued with an initial, automatic £100 filing penalty. It no longer matters how much tax you had outstanding. If your tax return becomes more than three months late, £10 daily penalties start to accumulate up to a maximum of £900.

 A penalty of the higher of £300 or 5% of your tax due is then charged if your return is six months late and again if it becomes over 12 months late. All of these penalties are in addition to one another; rather than in place of. This can mean penalties for late tax returns can top over £1,600.

 Despite HMRC’s best endeavours, a large number of taxpayers still choose to leave their return until the last minute. A record 1.8 million taxpayers payers missed the 31st January self-assessment tax return deadline in 2021.

 How we can help

We can help you complete your tax return early, so you know how much tax needs to be paid and by when.

 If you are due a tax refund, it makes great sense to receive this as soon as possible. We work with many self-employed individuals and business owners and we can help you too.

[onlineandyou]

ICICI Bank to offer instant overdraft (OD) to sellers registered on amazon.in

ICICI Bank announced that it has partnered with Amazon India to offer overdraft (OD) facility upto Rs 25 lakh to individual sellers and small businesses registered on the e-commerce company’s online marketplace, www.amazon.in, instantaneously and digitally. Driven by API integration, the partnership enables sellers to avail an OD from the Bank in a process--from application to sanction to disbursement-- that is entirely digital. Even customers of other banks can avail the OD facility from ICICI Bank, if they are registered as sellers with amazon.in. Leveraging advanced data analytics, ICICI Bank has developed this new facility that functions on the back of an industry-first scorecard to instantly evaluate credit worthiness of sellers based on their financial profile including Credit Bureau scores. The new credit assessment method offers significant convenience to the sellers as it does away with the paper-intensive bank statements or income tax returns for assessing credit worthiness. Further, it empowers small businesses and individual sellers who are ‘new-to-credit’ and ‘existing MSME borrowers’ to unlock the value of their digital transactions and get access to instant credit. Sellers having current account with ICICI Bank can immediately start using the OD to meet their working capital requirements. Customers of other banks can avail the OD by simply opening a current account with the Bank digitally. Speaking on the initiative, Pankaj Gadgil, Head- Self Employed Segment, SME & Merchant Ecosystem, ICICI Bank said, “ICICI Bank has always believed that access to timely credit and ease of doing business are key parameters for the growth of the MSME businesses. In line with this, we are pleased to launch the OD facility for sellers registered on amazon.in instantly and digitally. The partnership stands to enable sellers to avail instant overdraft up to Rs. 25 lakh in a completely digital manner. They can start using the OD amount immediately to meet their working capital requirements. We have specially curated a new way of assessing credit worthiness of the sellers on the basis of their Credit Bureau score as well as their transaction history on amazon.in. This new and improved process will help the sellers, who may otherwise not get access to adequate credit when assessed in the traditional way of using only balance sheets, bank statements and tax returns. We believe that this new proposition resonates our effort in developing path breaking innovations for MSME customers and will empower them with new avenues of business expansion.” Vikas Bansal, Director – Amazon Pay India said, “We are prioritizing our efforts to help sellers on amazon.in bounce back from the disruption owing to COVID-19. Our mission is to enable easy and trusted access to credit for sellers with transparent policies and at low costs. Our partnership with ICICI Bank will provide sellers across India with an OD facility instantly and digitally at affordable rates to meet all their current and future requirements.” Here are the benefits of ‘InstaOD’ for amazon.in sellers: - Online loan application: Sellers registered on amazon.in can apply for the OD instantly online through amazon.in in a completely digital and paperless manner - Easy process: The Bank evaluates sellers instantly on the basis of their Credit Bureau score and their transaction history on amazon.in, making the loan approval process easy and quick. This is a marked improvement over the typical process which demands sellers to go through the tedious paper-intensive process of submitting income tax returns, bank statements and GST returns - Instant sanction and disbursal: The approved OD amount is instantly sanctioned and disbursed into the seller’s current account - Pay for what you use: Sellers only need to pay interest on the amount of OD utilised by them - Auto-renewal facility: The OD is renewable on an annual basis, depending on the repayment track records of the seller Below are quick steps for the sellers to avail the ‘InstaOD’: - View offer: Eligible sellers can find the ICICI Bank offer on their account of Amazon Seller Central, online portal for sellers registered on amazon.in - Click on banner: The seller is redirected to ICICI Bank’s ‘InstaOD’ platform upon clicking on the banner on Seller Central - Fill details: The seller needs to login and fill in the digital application form - Confirm to sanction amount: Upon confirmation of the amount from the seller, the OD is instantly sanctioned. If the seller already has a current account with ICICI Bank, then the seller can immediately start using the OD Account opening for new-to-bank seller: Sellers new to ICICI Bank, will be redirected for instant opening of current account and KYC validation. Read the full article

[lushscreamqueen]

THE LAST WOMAN ON EARTH on the Schlocky Horror Picture Show

Friday, September 05, 2008

📷Episode 28 Category: Movies, TV, CelebritiesOPENING: Hello, good evening, and welcome to the Schlocky Horror Picture Show. Some ideas are so self-evidently bad that you really have to marvel that anyone would actually bother to follow through on them. Somewhere not too far from the center of this category is the notion of making a movie about the end of the world on a budget so small that the tax break a producer used to be able to get for shooting in Puerto Rico becomes an economically compelling incentive. Also somewhere in that vast tract of territory is the idea of giving a just-starting-out screenwriter the extremely demanding job of writing a philosophical, character-driven script for a cast of only three people, most of which is confined to two rooms of a house and a deserted stretch of shoreline. Roger Corman was not daunted by such considerations, however, and thus it was that the world would have to contend with The Last Woman On Earth, the trash-movie overlord’s misguided attempt to do The World The Flesh And The Devil with three actors, an empty house, and a handful of loose change. BREAK: From the blackest pits of Hell, insatiable evil creeps forth to claim your minds and souls! Then after the ads we'll be right back with The Schlocky Horror Picture Show and The Last Man On Earth! MIDDLE: Welcome back to the Schlocky Horror Picture Show, and me, Nigel Honeybone. Antony Carbone, from A Bucket Of Blood and The Pit And The Pendulum, plays shady and arrogant businessman Harold Gernis on vacation in Puerto Rico with his wife Evelyn, played by Betsy Jones-Moreland, of Creature From The Haunted Sea and The Saga Of The Viking Women And Their Voyage To The Waters Of The Great Yada Yada Yada. Evelyn is not having a good time. For one thing, her husband’s idea of a romantic evening out is to take her to see a cockfight before moving on to the craps table at the casino on the first floor of their hotel. For another, Harold seems incapable of disengaging his mind from his work for more than a few minutes at a stretch. Thus when the Gerns are accosted at the cockfighting arena by lawyer Martin Joyce, played by screenwriter Robert Towne, Harold abandons his wife completely to talk with Martin over the latest indictment pending against him back home. Truth be told, Martin isn’t terribly happy with Harold, either, for despite his nearly monomaniacal dedication to his business, he can’t seem to be bothered to pay attention to whether or not his latest scheme for furthering it is actually legal. Through an odd chain of events, Martin and Evelyn wind up consoling each other up in the hotel room while Harold pursues his oscillating fortunes in the casino, and Martin gets brought along for the ride the next morning when the Gerns head out on their yacht for a bit of scuba diving. As it happens, that frivolous little excursion means that Harold, Evelyn, and Martin are among the very, very few who survive the end of the world. While the three of them are down below, locked in mortal combat with the fearsome cow-nosed ray of the Caribbean, some unexplained bad business causes all the free oxygen in the lower atmosphere to disappear for a bit less than an hour. Cost-effective? Yes. Cinematic? Hardly. Our heroes get wise to the trouble when they climb back aboard the boat and start feeling faint the moment they spit out the mouthpieces of their air tanks. Returning to Puerto Rico with breathing tubes firmly back in place, they find the island devoid of all human and animal life. For that matter, there are precious few corpses in evidence, despite Martin’s alarmed pronouncement that the stench of decay will render the town where they had been staying uninhabitable within a day or two at most. Nor is there anything coming in over the radio to suggest that the mysterious catastrophe is confined to Puerto Rico. So far as Harold, Evelyn, and Martin can see, there’s a strong possibility that they may be the last three humans alive on Earth. So, let’s take a moment now to assess this situation in some detail. First of all, we’ve

got two men among our survivors of the apocalypse, but only one woman. Second, one of those men is married to the woman, but we’ve seen reason to believe that she would honestly prefer to be with the other one at this point. Finally, the two men have also established that their philosophies of life are more or less mutually antithetical. What do you suppose all this might mean for the remainder of the film? You got it! it's a virtual non-stop three-way argument consuming nearly the whole of the remaining running time. How perceptive of you! Nothing ever gets resolved, really, even after one of the three survivors is killed at the end of a climax that seems to have been written mostly so as to take advantage of a location which Corman didn’t discover until the final days of the shoot. The endless bickering and circular philosophising lead absolutely nowhere, the two bursts of action devolve into chase sequences that attempt to substitute scenic interest for dramatic urgency, and in general, The Last Woman On Earth enjoys the distinction of being among its creator’s most pointless and uninteresting movies. If you’re left with the impression that Corman probably made this turkey solely as an excuse to take a two-week vacation in Puerto Rico, you’re not alone. CLOSING: The Last Woman on Earth is a surprisingly literate movie. By saying literate I mean that The Last Woman On Earth has the feeling of a filmed play. A post-apocalyptic Tennessee Williams, a J.G. Ballard feeling pervades the proceedings as the trio faces desolate cities strewn with corpses. However, the movie’s low budget origins are very much in evidence: the screenplay has a rough feeling to it, as if it needed another rewrite. As is to be expected with the topic matter, The Last Woman on Earth makes for rather morose viewing, especially since director Corman wisely underplays the screenplay’s sensationalist aspects. One woman named Evelyn...get it? And two men! The ending is also rather heavy-handed in its unexpected sermonising. Still, if you were expecting something as trashy and light-weight as Corman’s Attack Of The Giant Leeches or The Wasp Woman you’ve be pleasantly surprised...or disappointed, depending on your cinematic preferences. I suppose I was a bit of both. The Last Woman On Earth has a stolid science fiction premise and some okay directing and acting behind it, even if it wasn’t exactly a whole lot of fun to watch. Anyway, please join me next week when I have the opportunity to burst your blood vessels with another terror-filled excursion to the back side of the Public Domain on...The Schlocky Horror Picture Show. Toodles!

by Lusscreamqueen