Latest News
1 June - Payment of corporation tax for SME's with accounting periods ended 31 August 2011
7 June - Submission of April VAT returns with electronic payment
9 June - Deadline for late single payment scheme claims for 2012
14 June - EC Sales list paper return filing deadline. Notify HMRC of intent to make a disclosure under e-markets disclosure facility
19 June - Payment of PAYE/CIS liabilities for month ended 5 June if paying by cheque. File monthly PAYE/CIS returns
21 June - EC sales list - online return filing date
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If you have a company and are looking for tax efficient ways to incentivise and retain your employees, consider adopting one of the HMRC approved share plans. These plans allow shares to be awarded to employees in a very tax efficient way. Highly useful for companies who have key employees who have in-demand skills. Please contact me for further information.
Approved Share Schemes
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Following on from my earlier announcement of the new Investment incentive, please find attached my report on the various qualifying conditions and summary of reliefs following last weeks budget.
The up front tax relief is worth up to a staggering 78% - meaning an investor can purchase up to £100,000 worth of shares in a qualifying company for just £22,000.
SEIS report
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Budget Report 2012
With the dust settling on the Budget, and the inevitable row about 'granny taxes' and so forth emerging, we give our thoughts on the Chancellor's announcements
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Year end tax planning 2012
The report details some ideas to reduce tax and make the most of the various tax allowances and various rates. The areas considered are income tax, business tax, capital gains tax and tax efficient investments.
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HMRC’s anticipated tax ‘amnesty’ for electricians was launched today, a month later than scheduled.
Under the new electricians' tax safe plan (ETSP) – originally scheduled to begin on 12 January – around 50,000 individuals will be invited by letter to come forward with details of previously undisclosed earnings.
For the purposes of the initiative, the Revenue will consider an electrician to be anyone who installs, maintains or tests electrical systems, equipment or appliances under stringent safety regulations.
Those who enter into the ETSP will be expected to pay no more t...
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In December 2011, the HMRC announced their intention to formally codify ESC C16 into the tax legislation. This will be effective from 1 March 2012, and the treatment will no longer be 'extra statutory'. This will affect clients who have more than £25,000 in surplus funds within the company, and decide to close the business.
The personal tax position upon cessation will be affected by this.
When you close down your company, any final dividend payments you make to yourself get taxed as dividend income in the normal way within your personal tax return. You can however apply ...
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This was on the cards as soon as rumours of a mass walkout began to circulate; however it is now official, HMRC have confirmed that, due to anticipated difficulty of contacting their call centres on 31 January, the following provisions will apply.
- The filing deadline will be extended 2 days to midnight on 2 February
- No penalties for late filing or payment of tax will be applicable until after 2 February
David Gauke, Exchequer Secretary to the Treasury, said: "This strike could have caused thousands of people to incur fines, so I am pleased that HMRC has taken t...
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From April 2012 HMRC will be able to collect Self Assessment debts of less than £3,000 by including them in the taxpayer’s PAYE code. This applies to both tax debts and tax credit overpayments.
Last year HMRC began writing to affected individuals so that they would have the opportunity to arrange to pay the outstanding amount by another method. However, HMRC will now start including outstanding debts in PAYE codes issued from January 2012. Such amounts will be included in the code issued at the start of the tax year but will not be added to the code in-year.
HMRC advises tha...
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The contractual disclosure facility (CDF) is a new opportunity that will come into effect at the end this month, when the Revenue will write to taxpayers suspected of tax fraud.
The individuals will be offered a CDF contract and provided with an acceptance letter, a denial letter, a disclosure form and a copy of COP9 - thereby providing three options: own up, rebuff the allegation, or do not reply.
Entering into a CDF contract will mean HMRC will not enter into criminal investigation. In return, the taxpayer will be obliged to:
reveal details of all tax deliberately evaded, with no e...
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