Author: Lotus Accountancy

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Read more about the article Activation code requirement suspended for online SA filing

Activation code requirement suspended for online SA filing

1 December 2020: HMRC has temporarily suspended the requirement for an activation code to be sent in the post before taxpayers can access the self assessment online filing service. The normal process for taxpayers who want to sign up to file a self assessment (SA) tax return online involves HMRC sending an activation code through the post. This can take up to 10 days to arrive and the code expires after 28 days. Overseas taxpayers often receive the code after it has expired. Taxpayers waiting for their code frequently…

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Read more about the article Chancellor extends furlough and loan schemes

Chancellor extends furlough and loan schemes

The furlough scheme has been extended until the end of April 2021 with the government continuing to contribute 80% towards wages – giving businesses and employees across the UK certainty into the New Year, the Chancellor announced• certainty for millions of jobs and businesses as furlough scheme extended until the end of April 2021• businesses struggling will have now until the end of March to access government generous loan schemes• Chancellor also confirmed that the Budget will be on the 3 March and set out the next phase of…

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Read more about the article Making Tax Digital for sole traders and self-employed

Making Tax Digital for sole traders and self-employed

Making Tax Digital for Income Tax will launch properly in April 2023 for self-employed people and landlords who make over £10,000 annually.So while it's not compulsory (yet), if you fill in a Self Assessment tax return, you can sign up for a digital tax returns pilot scheme.The pilot lets you keep records digitally and send Income Tax updates to HMRC instead of filing a Self Assessment tax return. The government estimates that so far, around 30 per cent of businesses and landlords have signed up voluntarily.HMRC says it will…

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