Category Archives: Taxation

Posts about taxation

Tax planning before Budget Day 2012

Posted on 20/02/2012 by Jamie Hooper ATT CTA

With further savings needing to be made by the Government and with general speculation as to whether or not there will be tax rises, it is a fair assumption that changes to tax and pensions will be announced on 21st March 2012. It … Continue reading →

Posted in Pensions, Taxation | Leave a comment

Remember, new penalties now apply for late self assessment returns

Posted on 09/01/2012 by Jamie Hooper ATT CTA

New interest and penalty rules for self assessment tax returns will affect returns for the tax year 2010/11 and for all future tax years.  These penalties also apply to partnership and trust returns. The deadline for submitting the 2010/11 return … Continue reading →

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Directors’ loan accounts, a note of caution

Posted on 11/03/2011 by Jamie Hooper ATT CTA

It is established practise in small and medium size companies for owner directors to withdraw sums from the business ‘in lieu of salary’ and then, at the year end, to declare a dividend to clear to nil any balance on … Continue reading →

Posted in Business, Corporate, Taxation | 1 Comment

New fuel rates for company cars

Posted on 07/03/2011 by Jamie Hooper ATT CTA

HMRC has updated the advisory fuel rates applicable where employers reimburse employees for business travel in their company cars, or require employees to repay the cost of fuel used for private travel.  From 1 March 2011 the rates are: Engine size … Continue reading →

Posted in Employees, Employers, General news, Taxation | 1 Comment

Taxman considers amnesty for heating engineers

Posted on 04/03/2011 by Jamie Hooper ATT CTA

Permanent secretary for tax Dave Hartnett has suggested that gas fitters could be the next professional group to be offered a disclosure opportunity. Following tax amnesties for offshore account holders and healthcare professionals, HM Revenue & Customs (HMRC) may offer … Continue reading →

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How good are your records?

Posted on 28/02/2011 by Jamie Hooper ATT CTA

HMRC believes 40% of the five million small and medium businesses in the UK maintain inadequate records.    Due to commence in the second half of 2011, the HMRC are introducing a new Business Records Check consisting of a visit to the business … Continue reading →

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Interest on employee loans to remain at 4.00%

Posted on 15/02/2011 by Jamie Hooper ATT CTA

HMRC have confirmed that the official rate of interest applying to interest-free or low interest loans made to employees will remain at 4.00% for the 2011–12 tax year, subject to review in the event of significant rate changes.

Posted in Corporate, Employees, Employers, General news, Taxation | Leave a comment

Self assessment deadline next Monday

Posted on 20/01/2011 by Jamie Hooper ATT CTA

A self-assessment return for the 2009/10 tax year must be filed online and by 31 January or HMRC will impose a £100 penalty.  NOTE: The penalty will be reduced to nil is any tax due for 2009/10 is settled by the 31st.

Posted in General news, Personal, Taxation | Leave a comment

New HMRC guidance on Residence, Domicile and the Remittance Basis

Posted on 19/01/2011 by Jamie Hooper ATT CTA

HMRC have published a revised version of booklet HMRC6: Residence, Domicile and the Remittance Basis. A copy of the new booklet can be downloaded direct from the HMRC website.

Posted in General news, International Tax, Personal, Taxation | 1 Comment

PAYE payment dates alert

Posted on 18/01/2011 by Jamie Hooper ATT CTA

HMRC are tightening the rules on the payment of taxes.  To avoid paying late employers must ensure HMRC have cleared funds by the due date or, if the due date falls on a non-banking day, by the last bank working day before … Continue reading →

Posted in Employees, Employers, General news, Taxation | Leave a comment