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Millions yet to file self-assessment tax return as deadline nears

People who tick the right box could be £125 better off if they were told to work from home
With just over four weeks to go until the 31 January self-assessment deadline, several million people still haven’t filed their tax return. This could be the weekend to get it out of the way.
Meanwhile, if you are one of the millions who were told by their employer not to come into the office, don’t forget that you can claim tax relief worth up to £125 a year for working from home.
Each year about 11 million people have to complete a self-assessment tax return. Looking at recent years, there were still 5.4 million taxpayers who hadn’t filed by 31 December 2019, and 5.5 million who were yet to file by 31 December 2018.
For most people, the coronavirus is no excuse for not doing it, though HM Revenue & Customs has said it is “determined to help customers during this difficult time”.
HMRC says it is aware that many people will have been adversely affected by the pandemic, and may, for example, need help to spread the cost of their tax bill. Once an individual has done their 2019-20 return, and knows their tax calculation, they can set up a payment plan, provided they owe less than £30,000. They can then choose how much to pay straight away and how much to pay each month by direct debit, and it can all be done online. Needless to say, you’ll have to pay interest.
It’s a good time to remind the many people who have spent much of the past few months sitting at their kitchen table, or in their spare room, to apply for tax relief for working from home.
Because the first lockdown began on 23 March 2020, the pandemic takes in two tax years: 2019-20 (the last two weeks) and 2020-21.
It is arguably a lot easier to claim the relief if you don’t fill in a tax return. That’s because HMRC has created an online portal offering employees a simple way to claim.
The relief is offered to workers provided that they were told by their employer, rather than chose, to work from home – and provided that they have not received home expenses payments directly from their company.
If you go for the easy, no-receipts-required route, your claim will be based on the assumption that you have incurred costs of £6 a week, and you will get back the tax you would have paid on that. For basic-rate taxpayers, it is worth £1.20 a week. Higher-rate taxpayers can claim £2.40 a week. Over the course of a year, this could reduce the bill by £62.40, or £124.80 for higher-rate taxpayers.
Note that the £6-a-week figure relates to the period from 6 April 2020; for previous tax years it is £4 a week.
As Sarah Coles at the investment firm Hargreaves Lansdown explains, to claim for perhaps a couple of weeks of the 2019-20 tax year, and the whole of 2020-21, you just put the details of when you started working from home into the online portal, and the HMRC will apply the relief.
If you do a self-assessment form, you can’t use the online portal – you must claim this as an expense on your tax return (working from home should be included in the “other expenses and capital allowances” box). And, crucially, you will only be able to claim for up to and including 5 April 2020 on the 2019-20 return. You will have to wait for 2020-21 form to claim for working from home after that date.
So who needs to do a tax return? Broadly, it’s if any of these apply:
• you are a self-employed sole trader whose annual turnover is more than £1,000;
• you earned more than £2,500 renting out property;
• you, or your partner, received child benefit and either of you had an annual income of more than £50,000;
• you received more than £2,500 in other untaxed income, for example from tips or commission, or are an employee claiming expenses totalling more than £2,500;
• you earn more than £100,000 a year; or you earned income from abroad that you need to pay tax on.
source: Rupert Jones
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BENEFIT AGM approves 10%...
- March 27, 2025
BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).
Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.
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