Payroll P35 Deadline Approaches
Clients are reminded that the filing deadline for payroll year end forms for the 5th April 2012 is 19th May 2012. Failure to submit forms to HM Revenue & Customs by 19th May will result in a fine of £400.
read moreHMRC targets Electricians and Electrical Engineers.
HM Revenue & Customs has today launched a campaign targeting electricians and electrical engineers who may have underpaid tax or undeclared income. Following on from similar campaigns last year, electricians and electrical engineers have until 15th May 2012 to notify HMRC of their intention to voluntarily disclose any undeclared income and underpaid tax and until 14th [...]
read moreDon’t get caught by increased filing penalties!
With the passing of the 31st January filing deadline anyone who has not submitted a self-assessment tax return for 5th April 2011 that was required to do so is now liable to a fixed penalty of £100. However, this can increase by up to £900 if the outstanding return remains unsubmitted. A daily penalty of [...]
read moreSelf-assessment tax return deadline looms!
The last date for filing self-assessment tax returns for the 5th April 2011 is 31st January 2012. Failure to submit a required return by this date will result in a minimum fine of £100 even where there is no tax due to HM Revenue & Customs.
read moreChristmas!
We wish all our clients a very Merry Christmas and a prosperous New Year.
Our offices will be closed from 2pm on Friday 23rd December 2011 and reopen at 9am on Tuesday 3rd January 2012.
If you have an urgent enquiry during the Christmas holiday please telephone 07866 440950.
Two important VAT deadlines
Take advantage of the HMRC VAT initiaitive http://www.hmrc.gov.uk/ris/vat/introduction.htm to notify HMRC of VAT underdeclarations and failure to register by 30 September
Also ensure that EU VAT returns for 2010 are submitted this week
Do you have overseas customers?
HMRC now accepts that VAT incurred on the entertainment of overseas customers may be recovered under the terms of EU law. You may make claims in respect of of input tax on these costs, subject to the normal four year cap. However, in some circumstances a charge for private use will apply which may cancel [...]
read moreLate Paid PAYE
Penalties for late paid PAYE and related liabilities commenced in April 2010 but due to the way that penalties are calculated none will have been levied until now. Even then, it is not clear how the penalty regime will be applied in the period until Real Time Information is implemented.
The new penalties for late payment [...]
HM Revenue PAYE TAX CODE NUMBERS
Due to Government cutbacks, the HM Revenue & Customs are no longer sending out copies of PAYE code numbers to agents/accountants.
Therefore, if you receive a copy of a PAYE code number for the year 2010-2011 or 2011-2012, please call Steve Denny on 01543 273 830.
SMALL BUSINESSES BEWARE – REVENUE FINES FOR BOOKKEEPING MISTAKES
Controversial plans will give sweeping powers to HM Revenue & Customs to demand financial records and levy fines of up to £3,000 for poor bookkeeping.
Approximately 40% of all small and medium sized businesses (about 2,000,000) are guilty of poor record keeping according to the Revenue and they plan to check 50,000 a year starting in [...]
