What You Need To Know About HMRC Self-Assessment and Penalty Waivers in 2022

What is Self-assessment and Why Do I Need an Accountant?

Self assessment is a system that HM Revenue and Customs (HMRC) uses to collect freelancer tax and personal tax. Tax is usually deducted automatically from wages, pensions and savings. People and businesses with other income must report it in a tax return. A self-assessment tax return must be calculated and sent to HMRC if you were self-employed or fell under the category of a ‘sole trader’, earning more than £1k. Self assessment accountants can be a very beneficial hire for yourself or your business. Dealing with and filing tax returns is a time consuming but essential part of your business. And while it may be tempting to complete and file your returns yourself, it is vitally important to understand the potential benefits of hiring a self-assessment accountant and the concrete risks if you don’t. As the HMRC deadline draws closer this can be a stressful time. If you need assistance registering with HMRC for self assessment, completing your self assessment or need any queries attended to, our self assessment accountants at Spartan Accounting Group are ready to tackle this year and take the stress off of your shoulders. Start this year on the right path with Spartan Accounting Group in London!

HMRC and Penalty Waivers for 2022 to Help Taxpayers

2021 was yet another very difficult year for all. This is why HMRC has announced that they will not charge late filing penalties for those who file online by 28 February 2022. They will also not charge late payment penalties for those who pay the tax due in full or set up a payment plan by 1 April 2022. This will give customers and their representatives additional time if they need it and will operate in the same way as the equivalent waivers last year. However, HMRC has encouraged customers to file and pay on time if they can – almost 6.5 million have already done so. HMRC’s ‘Time to Pay’ options is still available to assist customers. Once you have filed your 2020-21 tax return, customers can set up an online payment plan to spread self-assessment bills of up to £30,000, over and up to 12 monthly instalments. Self-employed customers who need to claim certain contributory benefits soon after 31 January 2022, need to ensure their annual Class 2 National Insurance contributions (NICs) are paid on time – this is to make sure their claims are unaffected. If you need more information or help to understand all these penalty waivers please visit HMRC’s website here or contact their offices on 0300 200 3822 for help as soon as possible or contact our self assessment accountants at Spartan Accounting Group.

What You Need To Know About HMRC Self-Assessment and Penalty Waivers in 2022

Spartan Accounting Group is Your Go-To Accounting Firm in 2022

As we go into 2022 not knowing what to expect this year, as we’ve experienced over the last two years, anything is possible, and things can change drastically overnight, one thing is for sure, we’ve all become wiser. If you’re looking to make positive changes in your business this year, hiring Spartan Accounting Group to take care of all your accounting needs, might be the right move. If personal tax and self assessment sounds extremely complicated and causes you to feel anxious then now is the time to make that move. A self-assessment accountant will take all the stress off of your shoulders so you can carry on with your day-to-day business. Spartan Accounting Group provides services to taxpayers requiring assistance with self assessment, from registering for self assessment and submitting returns by the self assessment deadline, to dealing with HMRC enquiries quickly and efficiently. As well as all your day-to-day accounting needs that keep the wheels of your business turning. From bookkeeping to cash flow forecasting and payroll to business advisory. Let our accountants at Spartan Accounting Group help your business thrive in 2022 and make this your best year. Contact us today to find out how we can help you! 

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