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.
Showing posts with label self assessment. Show all posts
Showing posts with label self assessment. Show all posts
Thursday, 1 March 2012
Tuesday, 24 January 2012
T-7 and counting ...
Time is ticking away and with only 7 calender days left, the 31st January will be here before we know it.
All Self Assessment Tax Returns for the year ended 5th April 2011 must be filed online by 31st January 2012. (The deadline for most paper returns is long gone.)
If you have received a notification from HMRC that they are expecting a self assessment return from your, or you have had any assessable income during the tax year, you need to file a tax return by the deadline date.
All Self Assessment Tax Returns for the year ended 5th April 2011 must be filed online by 31st January 2012. (The deadline for most paper returns is long gone.)
If you have received a notification from HMRC that they are expecting a self assessment return from your, or you have had any assessable income during the tax year, you need to file a tax return by the deadline date.
Tuesday, 17 January 2012
Self Assessment Returns
More than 1,000 taxpayers submitted their self assessment returns on Christmas Day, HMRC figures have revealed.
The figures also show that 102 people saw in the new year at their computer completing their tax returns. In total, 11,648 filed on New Year's Eve, while 8,935 people battled hangovers to submit on New Year's Day.
It is no surprise that HMRC can collect this type of data yet cannot spend the necessary time to get basic PAYE codes correct or indeed many of the other processes which create worry and concern for taxpayers.
The figures also show that 102 people saw in the new year at their computer completing their tax returns. In total, 11,648 filed on New Year's Eve, while 8,935 people battled hangovers to submit on New Year's Day.
It is no surprise that HMRC can collect this type of data yet cannot spend the necessary time to get basic PAYE codes correct or indeed many of the other processes which create worry and concern for taxpayers.
Monday, 16 January 2012
Walker Thompson Newsletter 51
WELCOME TO 2012
On 15 December 2011 Walker Thompson were successfully re-assessed against the Investors in Excellence Standard, first achieved by the firm in 2007 and again two years later.
PENSIONS AUTO ENROLMENT
The Government has confirmed that pensions auto enrolment will commence in Autumn 2012 and all employers will remain within the scope of the rules.
ADVISORY FUEL RATES FOR COMPANY CARS
New company car advisory fuel rates have been published to take effect from 1 December 2011.
CAPITAL ALLOWANCES IN ENTERPRISE ZONES
Following the Autumn Statement at the end of November 2011, more information is now available in respect of the proposal to give 100% first year allowances on plant and machinery expenditure for use in some Enterprise Zone areas.
SEED ENTERPRISE INVESTMENT SCHEME
The government has released more information on the new Seed Enterprise Investment Scheme (SEIS) aimed at smaller companies.
STATUTORY RESIDENCE TEST
The government has been consulting on introducing a Statutory Residence Test (SRT). The test which was expected to be introduced from 2012 has been delayed until 6 April 2013. More details are expected to be announced in the 2012 Budget.
SELF ASSESSMENT DEADLINE FAST APPROACHING
HMRC are reminding taxpayers that the deadline for filing self assessment tax returns is fast approaching.
THE PORTAS REVIEW
The CBI commented on a report by Mary Portas on the future of the high street.
HMRC TO ACCEPT FASTER PAYMENTS
HMRC have announced that they will now accept payments made using the Faster Payments Service. This will allow taxpayers to make faster electronic payments, typically via internet or telephone banking, enabling them to be processed on the same or next day.
2012/13 STATUTORY PAYMENTS
HMRC have announced the following statutory payment rates which are due to take affect for 2012/13. These rates are still subject to Parliamentary approval and HMRC will confirm the rates before 1 April 2012.
On 15 December 2011 Walker Thompson were successfully re-assessed against the Investors in Excellence Standard, first achieved by the firm in 2007 and again two years later.
PENSIONS AUTO ENROLMENT
The Government has confirmed that pensions auto enrolment will commence in Autumn 2012 and all employers will remain within the scope of the rules.
ADVISORY FUEL RATES FOR COMPANY CARS
New company car advisory fuel rates have been published to take effect from 1 December 2011.
CAPITAL ALLOWANCES IN ENTERPRISE ZONES
Following the Autumn Statement at the end of November 2011, more information is now available in respect of the proposal to give 100% first year allowances on plant and machinery expenditure for use in some Enterprise Zone areas.
SEED ENTERPRISE INVESTMENT SCHEME
The government has released more information on the new Seed Enterprise Investment Scheme (SEIS) aimed at smaller companies.
STATUTORY RESIDENCE TEST
The government has been consulting on introducing a Statutory Residence Test (SRT). The test which was expected to be introduced from 2012 has been delayed until 6 April 2013. More details are expected to be announced in the 2012 Budget.
SELF ASSESSMENT DEADLINE FAST APPROACHING
HMRC are reminding taxpayers that the deadline for filing self assessment tax returns is fast approaching.
THE PORTAS REVIEW
The CBI commented on a report by Mary Portas on the future of the high street.
HMRC TO ACCEPT FASTER PAYMENTS
HMRC have announced that they will now accept payments made using the Faster Payments Service. This will allow taxpayers to make faster electronic payments, typically via internet or telephone banking, enabling them to be processed on the same or next day.
2012/13 STATUTORY PAYMENTS
HMRC have announced the following statutory payment rates which are due to take affect for 2012/13. These rates are still subject to Parliamentary approval and HMRC will confirm the rates before 1 April 2012.
Tuesday, 18 May 2010
BUDGET DAY ANNOUNCED
Tuesday 22 June 2010 will see the first Budget of the newly elected (or perhaps not elected as such) Coalition Government.
George Osborne will deliver his Emergency Budget to the nation with explanations as to how the Government will address the £6billion hole in the year one forecasts.
It is interesting to observe that the Chancellor has delegated responsibility for budgetary forecasts to a new "Quango" - "The Office for Budgetary Responsibility". It is less than 12 months since David Cameron stated that vast numbers of Quangos needed to be cut back in order to direct money to front line services.
We can expect austerity measures to be implemented which could bring higher taxes on some sectors with the potential for lower level earners to gain more from increased personal allowances.
It will be an interesting period leading up to the Budget given that the Lib Dems will be seeking to assert a level of influence over Mr Osborne.
On a side note:
HM Revenue and Customs have now introduced a scheme for those taxed under Self Assessment to pay their tax early by direct debit. This must be seen as a desperation measure and something designed to prop up the Payment Support Office which is extending credit to taxpayers worth millions of pounds. Given the choice, would you pay tax sooner than necessary? That we suggest would take all of one second to contemplate.
George Osborne will deliver his Emergency Budget to the nation with explanations as to how the Government will address the £6billion hole in the year one forecasts.
It is interesting to observe that the Chancellor has delegated responsibility for budgetary forecasts to a new "Quango" - "The Office for Budgetary Responsibility". It is less than 12 months since David Cameron stated that vast numbers of Quangos needed to be cut back in order to direct money to front line services.
We can expect austerity measures to be implemented which could bring higher taxes on some sectors with the potential for lower level earners to gain more from increased personal allowances.
It will be an interesting period leading up to the Budget given that the Lib Dems will be seeking to assert a level of influence over Mr Osborne.
On a side note:
HM Revenue and Customs have now introduced a scheme for those taxed under Self Assessment to pay their tax early by direct debit. This must be seen as a desperation measure and something designed to prop up the Payment Support Office which is extending credit to taxpayers worth millions of pounds. Given the choice, would you pay tax sooner than necessary? That we suggest would take all of one second to contemplate.
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