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April 14, 2014
Late filing of Self Assessment tax returns
Taxpayers who have not yet filed their Self Assessment returns online face a daily penalty of £10 up to a

April 14, 2014
Tax statements
The Chancellor of the Exchequer has announced that from October 2014 some 24 million UK taxpayers will

April 14, 2014
Abolition of stamp taxes on recognised growth markets
With effect from 28 April 2014, the Government is abolishing the 0.5% stamp duty or stamp duty reserve

Tax News

Closing or selling a business
April 14, 2014

It is important that taxpayers follow the correct steps if they stop trading or close their business. Taxpayers that owe tax or National Insurance, and have difficulty making payment, may be able to negotiate an agreement with HMRC for more time to pay. There are also certain circumstances when taxpayers may be able to claim back tax or National Insurance overpaid.

HMRC guidance on the subject includes the following main sections:

  • How to tell HMRC and finalise your tax
  • What you can claim for tax and National Insurance
  • Getting someone to act on your behalf
  • What to do if you have problems paying HMRC

There is an email notification facility for taxpayers that have ceased to be self-employed to inform HMRC of their change in status.