HMRC extends tax self-assessment deadline by a month to 28 February

[AtW]

“ HM Revenue & Customs has effectively extended the tax self-assessment deadline by a month, until 28 February, after conceding that some people were struggling and needed more time.

The 11th hour move provides a breathing space for more than 3 million people who have still not filed their 2019-20 tax return.

The official deadline for completing a return is Sunday 31 January, after which a £100 late filing penalty would be automatically imposed. But HMRC said it recognised “the immense pressure” many individuals were facing as a result of the pandemic, adding: “It has become increasingly clear that some people will not be able to file their return by 31 January.”

HMRC extends tax self-assessment deadline by a month to 28 February | Tax | The Guardian

Needs small print reading...

[AtW]

“ However, the government department said it was still encouraging people to file by 31 January if possible, adding that taxpayers were still obliged to pay any tax that they owe for the year by 31 January and that interest would be applied to any outstanding balance from 1 February.”

[AtW]

Inside SA site -

"New for 2019-20 tax year

Coronavirus Support Schemes

If you have received grant payments to help your business as part of the government's Coronavirus Support Schemes, then these payments are taxable. Only include in this year's return amounts which you received on or before 5 April 2020."

[AtW]

"Do you need to disclose any income from disguised remuneration avoidance schemes? If you received any disguised remuneration loans and they have not been fully repaid or you still owe tax on an amount outstanding on 5 April 2019, select "Yes""

[eek]

Inside SA site -

"New for 2019-20 tax year

Coronavirus Support Schemes

If you have received grant payments to help your business as part of the government's Coronavirus Support Schemes, then these payments are taxable. Only include in this year's return amounts which you received on or before 5 April 2020."

They are only taxable if you've not used the money to pay people and have just kept the money within the company.

[AtW]

They are only taxable if you've not used the money to pay people and have just kept the money within the company.

That's not a grant then - it's a Tory Con

[TwoWolves]

Had a call from my bank manager last week.

She was telling me that she is talking to people, especially self-employed who haven't had any income since last March and are close to having a breakdown. The government schemes are odious, interest rates too high and introducing IR35 mid-pandemic is unusually cruel.

Almost all the taxation deferrals schemes seem to have a sting in the tail that makes me think they want all small enterprise gone.

[ladymuck]

That's not a grant then - it's a Tory Con

It's to discourage companies taking grants they don't need and stashing the cash. If it's used for the intended purpose then you won't pay tax on it. I actually think that's not unreasonable.

[AtW]

It's to discourage companies taking grants they don't need and stashing the cash. If it's used for the intended purpose then you won't pay tax on it. I actually think that's not unreasonable.

Pandemic is not over - stashing the cash is very responsible course of action (at all times really).

Govt is just encouraging bad behaviour, bad bad Govt

[ladymuck]

Pandemic is not over - stashing the cash is very responsible course of action (at all times really).

Govt is just encouraging bad behaviour, bad bad Govt

So, you're saying ALL companies eligible for a grant should take the money on offer from HMT, irrespective of whether or not they need it. They should then STASH the money they've received and NOT be expected to pay tax on the money they claimed but didn't use because they didn't need it.

Instead, I'd rather see companies take what they need, use it for its intended purpose and pay no tax because the funds were used appropriately.

Which free money tree are you tapping, little troll?