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Self-Employed Contractors FAQ - February 2021

self-employed

Here are the most frequently asked questions we've received from self-employed contractors in February 2021, with answers from the experts at Orange Genie Accountancy:

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Question 1 – I have sold a second home recently, do I need to report this to HMRC?

Since 6 April 2020 , HMRC have required you to notify them of the sale of a residential property in certain circumstances. Where applicable you are required to send an online report and pay any tax owing to HMRC using a special online service no later than 30 days following the completion of the sale of your home or other residential property. HMRC can fine you for not complying. A sale only needs to be reported if you have made a gain on the sale of a property that is not your principle private residence and the gain is in excess of your annual  Capital Gains tax allowance (£12,300 for 20/21).

Question 2 – Is it right I can file my self-assessment late this year, without penalty?

HMRC have granted an additional month in which self-assessment can be submitted. As long as your return is submitted prior to 28 February the £100 late filing penalty will not apply. However, interest will accrue on any late payment of tax from 1 February 2021 so it is important to make a payment on account if you believe you have a tax liability

If you have questions if iwe can help in any way please call our expert team on 01296 468483 or email info@orangegenie.com.

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