New VAT penalty regime and other VAT news

HMRC starts chasing up SEISS overpayments

HMRC has started to recover overpayments of Self-employment Income Support Scheme (SEISS) grants.

From April, HMRC is writing to taxpayers whose entitlement to the fourth or the fifth SEISS grant has reduced by more than £100 to ask them to repay amounts that were overpaid.

Entitlement to the fourth and fifth SEISS grants can be affected by an amendment to a tax return. HMRC's letters include an assessment and a date by which you must make the repayment. If the payment is over 30 days late, a late payment penalty of 5% of the unpaid tax will be applied.

Even if you do not receive a letter, you must tell HMRC within 90 days if an amendment to a tax return affects your entitlement.

Anyone who needs to repay grants can make use of HMRC online tools to help them calculate what they owe. Individuals who receive a letter from HMRC are required to use the payment reference beginning with X when making their repayment.

If you are not able to pay in full, you may be able to set up a Time to Pay arrangement with HMRC.

Internet links: GOV.UK

1.25% increase to NIC and dividend tax rates 

HMRC starts chasing up SEISS overpayments

HMRC has started to recover overpayments of Self-employment Income Support Scheme (SEISS) grants.

From April, HMRC is writing to taxpayers whose entitlement to the fourth or the fifth SEISS grant has reduced by more than £100 to ask them to repay amounts that were overpaid.

Entitlement to the fourth and fifth SEISS grants can be affected by an amendment to a tax return. HMRC's letters include an assessment and a date by which you must make the repayment. If the payment is over 30 days late, a late payment penalty of 5% of the unpaid tax will be applied.

Even if you do not receive a letter, you must tell HMRC within 90 days if an amendment to a tax return affects your entitlement.

Anyone who needs to repay grants can make use of HMRC online tools to help them calculate what they owe. Individuals who receive a letter from HMRC are required to use the payment reference beginning with X when making their repayment.

If you are not able to pay in full, you may be able to set up a Time to Pay arrangement with HMRC.

Internet links: GOV.UK

Budget 2021

HMRC starts chasing up SEISS overpayments

HMRC has started to recover overpayments of Self-employment Income Support Scheme (SEISS) grants.

From April, HMRC is writing to taxpayers whose entitlement to the fourth or the fifth SEISS grant has reduced by more than £100 to ask them to repay amounts that were overpaid.

Entitlement to the fourth and fifth SEISS grants can be affected by an amendment to a tax return. HMRC's letters include an assessment and a date by which you must make the repayment. If the payment is over 30 days late, a late payment penalty of 5% of the unpaid tax will be applied.

Even if you do not receive a letter, you must tell HMRC within 90 days if an amendment to a tax return affects your entitlement.

Anyone who needs to repay grants can make use of HMRC online tools to help them calculate what they owe. Individuals who receive a letter from HMRC are required to use the payment reference beginning with X when making their repayment.

If you are not able to pay in full, you may be able to set up a Time to Pay arrangement with HMRC.

Internet links: GOV.UK

COVID-19 Update 3

HMRC starts chasing up SEISS overpayments

HMRC has started to recover overpayments of Self-employment Income Support Scheme (SEISS) grants.

From April, HMRC is writing to taxpayers whose entitlement to the fourth or the fifth SEISS grant has reduced by more than £100 to ask them to repay amounts that were overpaid.

Entitlement to the fourth and fifth SEISS grants can be affected by an amendment to a tax return. HMRC's letters include an assessment and a date by which you must make the repayment. If the payment is over 30 days late, a late payment penalty of 5% of the unpaid tax will be applied.

Even if you do not receive a letter, you must tell HMRC within 90 days if an amendment to a tax return affects your entitlement.

Anyone who needs to repay grants can make use of HMRC online tools to help them calculate what they owe. Individuals who receive a letter from HMRC are required to use the payment reference beginning with X when making their repayment.

If you are not able to pay in full, you may be able to set up a Time to Pay arrangement with HMRC.

Internet links: GOV.UK

Update on Government schemes in response to COVID-19

HMRC starts chasing up SEISS overpayments

HMRC has started to recover overpayments of Self-employment Income Support Scheme (SEISS) grants.

From April, HMRC is writing to taxpayers whose entitlement to the fourth or the fifth SEISS grant has reduced by more than £100 to ask them to repay amounts that were overpaid.

Entitlement to the fourth and fifth SEISS grants can be affected by an amendment to a tax return. HMRC's letters include an assessment and a date by which you must make the repayment. If the payment is over 30 days late, a late payment penalty of 5% of the unpaid tax will be applied.

Even if you do not receive a letter, you must tell HMRC within 90 days if an amendment to a tax return affects your entitlement.

Anyone who needs to repay grants can make use of HMRC online tools to help them calculate what they owe. Individuals who receive a letter from HMRC are required to use the payment reference beginning with X when making their repayment.

If you are not able to pay in full, you may be able to set up a Time to Pay arrangement with HMRC.

Internet links: GOV.UK

COVID-19 Government schemes to help

HMRC starts chasing up SEISS overpayments

HMRC has started to recover overpayments of Self-employment Income Support Scheme (SEISS) grants.

From April, HMRC is writing to taxpayers whose entitlement to the fourth or the fifth SEISS grant has reduced by more than £100 to ask them to repay amounts that were overpaid.

Entitlement to the fourth and fifth SEISS grants can be affected by an amendment to a tax return. HMRC's letters include an assessment and a date by which you must make the repayment. If the payment is over 30 days late, a late payment penalty of 5% of the unpaid tax will be applied.

Even if you do not receive a letter, you must tell HMRC within 90 days if an amendment to a tax return affects your entitlement.

Anyone who needs to repay grants can make use of HMRC online tools to help them calculate what they owe. Individuals who receive a letter from HMRC are required to use the payment reference beginning with X when making their repayment.

If you are not able to pay in full, you may be able to set up a Time to Pay arrangement with HMRC.

Internet links: GOV.UK

Dividend 2017/18 and 2018/19

HMRC starts chasing up SEISS overpayments

HMRC has started to recover overpayments of Self-employment Income Support Scheme (SEISS) grants.

From April, HMRC is writing to taxpayers whose entitlement to the fourth or the fifth SEISS grant has reduced by more than £100 to ask them to repay amounts that were overpaid.

Entitlement to the fourth and fifth SEISS grants can be affected by an amendment to a tax return. HMRC's letters include an assessment and a date by which you must make the repayment. If the payment is over 30 days late, a late payment penalty of 5% of the unpaid tax will be applied.

Even if you do not receive a letter, you must tell HMRC within 90 days if an amendment to a tax return affects your entitlement.

Anyone who needs to repay grants can make use of HMRC online tools to help them calculate what they owe. Individuals who receive a letter from HMRC are required to use the payment reference beginning with X when making their repayment.

If you are not able to pay in full, you may be able to set up a Time to Pay arrangement with HMRC.

Internet links: GOV.UK

Autumn Budget 2017

HMRC starts chasing up SEISS overpayments

HMRC has started to recover overpayments of Self-employment Income Support Scheme (SEISS) grants.

From April, HMRC is writing to taxpayers whose entitlement to the fourth or the fifth SEISS grant has reduced by more than £100 to ask them to repay amounts that were overpaid.

Entitlement to the fourth and fifth SEISS grants can be affected by an amendment to a tax return. HMRC's letters include an assessment and a date by which you must make the repayment. If the payment is over 30 days late, a late payment penalty of 5% of the unpaid tax will be applied.

Even if you do not receive a letter, you must tell HMRC within 90 days if an amendment to a tax return affects your entitlement.

Anyone who needs to repay grants can make use of HMRC online tools to help them calculate what they owe. Individuals who receive a letter from HMRC are required to use the payment reference beginning with X when making their repayment.

If you are not able to pay in full, you may be able to set up a Time to Pay arrangement with HMRC.

Internet links: GOV.UK

Changes to flat-rate VAT in more detail with examples

HMRC starts chasing up SEISS overpayments

HMRC has started to recover overpayments of Self-employment Income Support Scheme (SEISS) grants.

From April, HMRC is writing to taxpayers whose entitlement to the fourth or the fifth SEISS grant has reduced by more than £100 to ask them to repay amounts that were overpaid.

Entitlement to the fourth and fifth SEISS grants can be affected by an amendment to a tax return. HMRC's letters include an assessment and a date by which you must make the repayment. If the payment is over 30 days late, a late payment penalty of 5% of the unpaid tax will be applied.

Even if you do not receive a letter, you must tell HMRC within 90 days if an amendment to a tax return affects your entitlement.

Anyone who needs to repay grants can make use of HMRC online tools to help them calculate what they owe. Individuals who receive a letter from HMRC are required to use the payment reference beginning with X when making their repayment.

If you are not able to pay in full, you may be able to set up a Time to Pay arrangement with HMRC.

Internet links: GOV.UK

Autumn Statement 2016

HMRC starts chasing up SEISS overpayments

HMRC has started to recover overpayments of Self-employment Income Support Scheme (SEISS) grants.

From April, HMRC is writing to taxpayers whose entitlement to the fourth or the fifth SEISS grant has reduced by more than £100 to ask them to repay amounts that were overpaid.

Entitlement to the fourth and fifth SEISS grants can be affected by an amendment to a tax return. HMRC's letters include an assessment and a date by which you must make the repayment. If the payment is over 30 days late, a late payment penalty of 5% of the unpaid tax will be applied.

Even if you do not receive a letter, you must tell HMRC within 90 days if an amendment to a tax return affects your entitlement.

Anyone who needs to repay grants can make use of HMRC online tools to help them calculate what they owe. Individuals who receive a letter from HMRC are required to use the payment reference beginning with X when making their repayment.

If you are not able to pay in full, you may be able to set up a Time to Pay arrangement with HMRC.

Internet links: GOV.UK