Walker Thompson Newsletter 53

Please click on any of the headings below for more information about each subject.

ONLINE VAT RETURNS

From April 2012, businesses (with very few exceptions) will have to file their VAT Returns online and pay their liability electronically. If you are not already online, now is the time to set it up.

EU COOKIES

The Information Commissioner’s Office (ICO) has published guidelines on the business use and storage of cookies.

PENSIONS AUTO ENROLMENT DATES DEFERRED FOR SMALLER EMPLOYERS

The timetable for the introduction of Pensions Auto Enrolment has been revised for smaller employers.

NEW APPROACH TO RECORDS CHECKS FROM HMRC

HMRC have announced that they intend to make changes to their business records checks programme following a review of the pilot scheme.

PAY UP ON TIME

A new guide ‘Get Paid!’ has been published. The guide which is aimed at smaller businesses contains tips and advice from both suppliers and customers. The guide covers advice on invoicing and developing a robust credit policy.

HMRC LATEST TARGETS

HMRC have announced that they will turn their attention to those involved in home improvement trades and direct selling (online market sellers) in their next round of Tax Catch Up Plans.

CLEAN UP YOUR PAYROLL DATA

HMRC have launched a new online video to help employers reduce the problems caused by inaccurate employee data.

SELF ASSESSMENT STATISTICS

According to HMRC a record 9.45 million self assessment tax returns were filed on time this year and a record 7.65 million (80.9% of them) were filed online.

BUDGET FOR GROWTH

The CBI is calling for a Budget to help businesses. To read more information on the CBI’s recommendations visit the link below.

PENALTIES FOR FAILING TO FILE PAYROLL FORMS ONLINE

HMRC have confirmed in the latest Employer Bulletin that they intend to impose penalties on all employers who fail to send their payroll starter and leaver forms online from April 2012.

HMRC wired up for an Electricians Amnesty

HM Revenue & Customs has announced that electricians will be the next group of trades targeted as part of its crackdown on tax evasion.

The Electrician's Tax Safe Plan will be launched in February 2012 and will offer favourable terms for electricians to come forward and declare any unpaid tax. Following this, HM Revenue & Customs will target those in the trade who have not come forward.

This campaign follows the Plumber's Tax Safe Plan launched this year. Around 600 voluntary disclosures during the campaign brought in £328,000 to the Treasury. That must be considered a nice little earner for HMRC who had little to do except wait for the disclosures to come in, assess the tax & send out the bill. The second stage of the campaign involving targetting those who did not voluntarily come forward resulted in five arrests and investigations opened into a further 600 people.

Our view : If you are an Electrician and believe that you have underpaid tax by not fully declaring income then use the amnesty opportunity:  we will see the Revenue making greater use of Section 16 notices over the coming months, to obtain third party information before the amnesty begins in February.

HMRC Announce Latest Campaigns and Targets

Some advance notice of HMRC's latest campaigns.

Professionals - Private Tuition
(starting Autumn 2011)

This looks at professionals who are able to profit from providing tuition or coaching as either a main or secondary income, but have chosen not to tell HMRC about it. This can include those providing private lessons, whether they have a teaching qualification or not, and could include fitness / dance / lifestyle coaches as well as national curriculum subject tutors, for example.

Organisations/individuals wishing to contribute to the PT&C voluntary disclosure campaign design, please follow link to HMRC Campaigns.

E Marketplaces
(starting 2012)

This aims to find those who are using e-marketplaces to buy and sell goods as a trade or business, and fail to pay the tax owed. It will not be targeting people who sell a few items, and who are not traders, as they are unlikely to be liable to pay tax.

Organisations / individuals wishing to contribute to the campaign design please follow this link to HMRC Campaigns.

Trades - 2nd Campaign
(starting 2012)

Following on from the plumbers' campaign, HMRC will be looking to give an opportunity to another group of tradespeople to come forward and declare unpaid tax.

Organisations / individuals wishing to contribute to the campaign design please follow this link to the HMRC Campaigns.