Self-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 [...]
Penalty charges for late tax returns
Subject to consultation, new late filing and late payment penalties will take effect from 6 April 2011 for personal, trust and partnership tax returns.
The existing rule that a personal/trust late filing penalty would be the lower of £100 and the balance of tax due will be replaced.
Click for more information
MAS Associates are specialist tax advisors. [...]
ATTENTION ALL PLUMBERS…….
Plumbers, gas fitters and heating engineers are being targeted by the tax authorities in a clampdown on tradespeople failing to declare their earnings and pay tax.
Plumbing professionals and members of associated trades who have tax to pay can come forward by 31 May 2011 to tell HM Revenue & Customs of their intention to disclose [...]
Is your accountant iXBRL ready?
This is an extremely important question.
From 1 April 2011, all company tax returns for periods ending after 31 March 2010 must be filed online. For the vast majority of corporation tax customers, this means submitting the computations and accounts that are part of the return using iXBRL, which ‘tags’ information in the return. This means [...]
NEW CONTACT DETAILS
*BREAKING NEWS*
We finally have confirmed new contact details!!
Telephone: 01543 273 830
Fax: 01543 279 713
IMPORTANT CONTACT INFO
Due to problems with BT that will hopefully be resolved by the end of the week, our contact numbers are as follows:
01543 899 435
07866 440 950
