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What It Means and Why It Matters If you have ever been scanning your bank statement, noticed a payment for HMRC, with a certain reference or description, possibly through a Nationwide account, you’re certainly not alone in this situation. For many businesses, as well as for taxpayers, the descriptions used by HMRC for payments are, in many cases, confusing, while also rather significant. Comprehending the way payments to HMRC would be categorised is not merely a bureaucratic formalities. It equally impacts the reporting, attribution, and verification regarding the payment of your taxes. What Is HMRC Payment Classification? HMRC Payment Classification:  HMRC payment classification is how a tax payment is tracked, sorted, and matched to your tax records. When a payment is made, whether it is made with Nationwide Bank or others in the UK, it goes through a reference system that indicates to HMRC what the payment is for. The IRS uses a classification system to decide whether to treat y...

In the UK, self-assessment tax returns have become an annual duty that comes in silently, then suddenly screams for urgent attention. Miss a deadline, and HMRC reacts remarkably quickly, automatically applying escalating penalties for the failure to act accordingly. Knowing what the key dates are, what they mean, and how to stay ahead of them can save you stress, money, and unnecessary correspondence with HMRC. Who Is Required to File a Self-Assessment Return ? You don't have to be a business owner to be obligated to file a self-assessment. You may need to file if you are: Sole trader or self-employed A company director A landlord deriving rental income. A higher-rate taxpayer with untaxed income Somebody receiving income from abroad, investments, or freelancing. If a notice to file has been issued by HMRC, the obligation exists even if you believe no tax is due. The Key UK Self-Assessment Deadlines The UK tax year runs from 6 April to 5 April. At the end of the tax year, the clock...

When it comes to the greatest Premier League game ever, where do you even start? Manchester United  and  Bournemouth  served up an eight-goal thriller on Monday, which former  Liverpool  and England defender Jamie Carragher described as the "best game" so far this season in the English top flight. Speaking on Sky Sports, Carragher said: "That's what makes the Premier League the greatest product in the world. "For the majority of that  Manchester United  were absolutely fantastic.  Bournemouth  were not at the races at all in the first half but they were fantastic in the second half. What a game. Brilliant. "I think we have just seen the best game of the Premier League season so far." The Red Devils famously played out a 5-5 draw at West Brom in Sir Alex Ferguson's final match in charge of the club in 2013. And United's 4-4 draw against the Cherries was the 17th time the scoreline has occurred in the Premier League era. But where does Monday...