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Latest from Accountancy and Business NewsHigher income parents receiving child benefit must register for Self Assessment
HMRC are reminding parents with higher incomes who continued to receive Child Benefit after January 2013 that they must register for Self Assessment by 5 October 2013 to avoid any penalties in relation to the High Income Child Benefit Charge. 2011/12 Tax Return Amnesty
HMRC have launched a tax return 'amnesty' for those individuals who have been issued with a self assessment tax return or notice to complete a tax return for any year up to 2011/12 and have not completed the return(s). RTI relaxation for the small employer
HMRC have announced that, for some smaller employers, they will relax the reporting requirement for RTI that payments to employees should be reported on or before the amount is paid to the employee. PAYE Real Time Information (RTI)
Time is running out...HMRC are issuing final reminders to employers to 'act now' in order to be ready to report PAYE under Real time Information (RTI). PAYE Coding Notices
HMRC are issuing PAYE tax codes for 2013/14, with some good news for some. HMRC target those with outstanding VAT returns
HMRC have introduced the VAT Outstanding Returns Campaign, which is an opportunity for taxpayers to bring their VAT returns and payments up to date. Paper tax return deadline of 31 October 2012
Please remember the deadline for filing a paper tax return online expires at 31 October 2012, a paper submission after this date will result in penalties of at least £100.
What is a car, commercial vehicle or motor home for VAT?
HMRC have updated their guidance on the classification of vehicles for VAT purposes.
HMRC targets East Midlands businesses
HMRC has six new taskforces, some of which specifically target East Midlands businesses, including Taxi firms, Property rentals and Restaurants. Latest HMRC IR35 guidance
HMRC have released guidance setting out their risk-based approach to checking compliance with IR35.
Common P11D errors
The forms P11D, and where appropriate P9D, which report benefits and expenses for both employees and directors for the year ended 5 April 2012, are due for submission to HMRC by 6 July 2012. P11d deadline looming
The forms P11D, and where appropriate P9D, which report employees and directors benefits and expenses for the year ended 5 April 2012, are due for submission to HMRC by 6 July 2012.
Bumpy road ahead for company car drivers
Changes in the emissions bandings and tighter thresholds will increase the tax cost of a company car even if the company car driver does nothing Child Benefit tax charge - how it will work...
Legislation will be introduced to impose a new charge on a taxpayer who has adjusted net income over £50,000 in a tax year where either they or their partner are in receipt of Child Benefit for the year, New HMRC penalties for failing to file payroll forms online
The latest HMRC Employer Bulletin has confirmed that they intend to impose penalties on all employers who fail to send their payroll starter and leaver forms online from April 2012. HMRC sends penalty letters to 17,000 by mistake
It has been reported that HMRC have issued 17,000 final reminder letters in error. P11d Benefits in kind – reporting and dispensations
As the end of the tax approaches, so does the task of declaring benefits in kind and expense payments paid to employees and directors for the tax year ending 5 April, this relates to all employers, sole traders, partnerships or LLP and companies. Are you ready for online VAT returns and electronic payments?
As from 1 April 2012 all VAT registered businesses are required to submit their VAT Returns online and pay any VAT due electronically. (apart from a very small number who will be exempt)
HMRC sets its sights on home improvement traders and missing tax returns
HMRC has announced the focus of its campaigns to be implemented later this year HMRC now able to accept faster payments
H M Revenue & Customs have announced that they are now able to accept payments made using the Faster Payments Service (FPS). New 2012/13 PAYE tax codes
HMRC are commencing to issue PAYE tax codes for 2012/13 to be applied from April 2012 onwards. HMRC now target electricians
We have been advised HMRC is continuing its targeted campaigns into tradespeople with vigour with the announcement of the Electricians Tax Safe Plan (ETSP). New £3,000 PAYE coding limit
HM Revenue & Customs (HMRC) increased the maximum amount for coding out tax underpayments via PAYE from £2,000 to £3,000 as from 20 July 2011.
CFW appoints professional with manufacturing expertise
ACCA qualified Karl Hobbins joins CFW with over ten years’ accounting and auditing experience HMRC extend Business Records Checks
HM Revenue & Customs have announced that they are extending their Business Records Checks programme.
HMRC Time to Pay restrictions
How a company chooses to remunerate its director/shareholders could affect HMRC’s opinion on “Time to Pay” (TTP) arrangements New Businesses National Insurance Contributions Holiday
If you are a new business which started after 22 June 2010 (budget day) then you may be entitled to extra help in the first year of trading. National Minimum Wage rates w.e.f. 1 October 2011
The National Minimum Wage (NMW) hourly rate increases at 1 October 2011 Revised construction industry penalties
From October 2011 the late submission Construction Industry Scheme (CIS) monthly returns will result in revised penalties. HMRC reminder of new tax return penalties
HM Revenue & Customs is reminding individuals and businesses about new Self Assessment penalties for late returns and late payments, which come into effect this autumn.
HM Revenue & Customs have announced an initiative to crack down on VAT rule breakers. The new campaign will focus on individuals and businesses who are trading above the VAT threshold but who have not yet registered for VAT.
New Self Assessment penalties for late filing and late payments
HM Revenue & Customs has recently issued a reminder that the new penalty regime for
late filing and late payment of Income Tax Self Assessment (ITSA) Tax Returns applies for 2011/12.
PAYE remittance booklet problems
HM Revenue & Customs (HMRC) may be unable to issue all the PAYE Payment booklets for the tax year 2011–12 to employers in time for the first payment to be made by 19 or 22 May depending on payment method. New Bribery Act - the end of Corporate Hospitality?
CFW are urging businesses to take a good look at their commercial practices, in respect of The Bribery Act 2010, which was planned to come into effect in April, bringing together and updating all acts, guidance covering bribery and corruption in the UK and overseas since the Fraud Act 2006. Far reaching in its potential, UK businesses could be found guilty of offences in the UK, EC and worldwide. Individual Savings Accounts (ISA) - Planning ahead
Probably the most important piece of year-end tax planning is to make sure you have used up your full Individual Savings Account (ISA) limit for 2010/11. Online filing of VAT Returns
The HMRC is pressing ahead with encouragement to file electronically. HMRC scale rates for subsistence payments
New guidance for scale rates for subsistence payments issued by HMRC Important changes in the 2008 Pensions Act
There have been several major changes in the field of pensions brought about by the 2008 Pension Act. The most significant of these changes however, is a new compulsory pension scheme. Changes to Capital Allowances
New rules which come into force for 2009/10, in particular a new car regime. Year End Planning
Essential tax planning tips for the end of the tax year. Reduction of Payments on Account
HM Revenue and Customs have been experiencing problems with their online claims to reduce payments on account for the 31 January 2009 deadline. Additional Maternity and Paternity Pay and Leave
The government had previously announced their intention to extend Statutory Maternity Pay (SMP), Maternity Allowance and Statutory Adoption Pay from the current 39 weeks entitlement to 52 weeks. Inheritance Tax changes welcomed
Chancellor Alistair Darling announced in his Pre-Budget speech a change to the way in which the inheritance tax (IHT) nil rate band of £300,000 can be used for married couples and civil partners. Capital Gains Tax Taper Relief to be abolished
The Pre-Budget speech also included the shock announcement that taper relief for capital gains tax (CGT) will be abolished from 6 April 2008. National Minimum Wage Prosecutions
HMRC have issued a warning to employers about their programme of targeted enforcement of national minimum wage (NMW) procedures. Balls for Financial Education
Changes to the national curriculum that encourage schools to teach children about tax, interest rates and personal budgeting were unveiled last month by the government. Revenue Targets Fake 'non-doms'
Revenue & Customs intends to take a hard line against people who try to claim non-domicile status to escape paying penalties on money hidden overseas. Small Business Insolvency Fears Follow Rates Hike
Insolvency experts fear that last month’s quarter-point interest rate rise – the fifth since August 2006 – could lead to a wave of small business collapses. Verification is not an Employment Status Check
In March 2007, contractors were sent lists (CIS333) of subcontractors, showing subcontractors that do not have to be verified following the launch of the new Construction Industry Scheme in April 2007. Centralisation of Claims Cases
People may not be aware that HMRC has centralised its tax repayment claims processing work into Leicester. Don’t Tell Them!
Certain employers are apparently receiving bogus copies of form P86. E101 Forms
A revised application 9CA8421) for an E101 form for employees working in more than one country in the European Economic Area is now on the centre for Non-residents’ section of the Revenue & Customs website. PAYE Payment Enquiries
The Shipley and Cumbernauld phone numbers for PAYE payments enquiries have been replaced by a single number Back to School with Tax Credits
Claimants of tax credits are being reminded by HMRC that they must let them know of changes in their family circumstances within one month of the change. Phishing Scams
HMRC have updated their guidance on so-called 'Phishing' scams targeting taxpayers in an effort to fraudulently obtain personal information from them.
Pre-Budget Report October 2007
Chancellor Alistair Darling presented his first Pre-Budget Report on Tuesday 9 October 2007. Delay in issuing 2006/07 e-filing incentive cheques
Delay in issuing 2006/07 e-filing incentive cheques Nil payment notifications
Nil payment notifications Alliance & Leicester Tax Deduction Certificates
Alliance & Leicester Tax Deduction Certificates Pension Schemes - how to avoid a headache
Pension Schemes - how to avoid a headache BACS payments
BACS Forgotten Passwords
Forgotten Passwords Reporting benefits provided after retirement
Reporting benefits provided after retirement CIS monthly return penalties - the end of the amnesty is nigh!
CIS monthly return penalties - the end of the amnesty is nigh! Any returns which are still outstanding on or after 20th October 2007 will attract a penalty right back to when it should have been filed.
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