Self assessment deadline next Monday

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

PAYE payment dates alert

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 the due

20% VAT from 4th January 2010

Most businesses should now be aware of the increase in the standard rate of VAT to 20% on 4th Janauary 2010, however, many are still unsure of the detail.  Set out below are a few of the important issues for VAT traders: Advance Sales Can I simply invoice now and receive payment later - In short yes,

HMRC issue incorrect penalities for 2009/10 PAYE

We have learnt the HMRC are once again issuing incorrect penalties for the late or non-filling of 2009/10 employer annual returns. Known errors include: penalties for PAYE schemes not setup by the client penalites for PAYE schemes closed down many years ago penalties for nil P35's filed using the HMRC online system If you have received a notice of penalty

Family companies still under scrutiny by HM Revenue & Customs

Despite several high profile cases going against HM Revenue & Customs, the tax authority is continuing to pursue shareholders in family companies where there is perceived tax avoidance by income shifting.  Income shifting is the process of diverting income from one tax payer to another where the second taxpayer is subject to a lower rate

National Insurance Holiday for new businesses

This three-year scheme will be available to a qualifying new business which is set up on or after 22 June 2010.  Unfortunately, the scheme only applies to businesses outside London, the South East and the East of England. The scheme will provide exemption from Class 1 employers national insurance contributions up to a maximum of £5,000 for each