From 1 April 2012 all VAT registered businesses will be required to submit their VAT Returns online and pay any VAT due electronically, apart from a very small number who will be exempt.
Full story on our website -
http://www.clayshawbutler.com/ard/eNEWS_Article.asp?AID=518&ID=2836
This is the blog for Clay Shaw Butler, chartered accountants and business consultants of Carmarthen and Porthcawl.
Tuesday 31 January 2012
Monday 30 January 2012
Pledge on late tax returns
HMRC have announced that they will not impose late filing penalties on taxpayers who file their Self Assessment returns on 1 and 2 February 2012.
Full story -
http://www.clayshawbutler.com/ard/eNEWS_Article.asp?AID=518&ID=2835
Full story -
http://www.clayshawbutler.com/ard/eNEWS_Article.asp?AID=518&ID=2835
Thursday 19 January 2012
Tax event due on February 2
The following Tax Events are due on 02 February 2012:
Deadline for submitting P46(car) for employees whose car/fuel benefits changed during the quarter to 5th January 2012
What this means for you?
This deadline is relevant to employers who provide any employees with the use of a car. The form P46 (car) only needs to be completed where a car is first provided or an additional car is provided, or an employee ceases to have the use of a car without replacement. The completion of the form enables HMRC to amend the individuals coding notice to reflect the change in benefit.
Where one car is merely replaced with another, this can be notified online.
Deadline for submitting P46(car) for employees whose car/fuel benefits changed during the quarter to 5th January 2012
What this means for you?
This deadline is relevant to employers who provide any employees with the use of a car. The form P46 (car) only needs to be completed where a car is first provided or an additional car is provided, or an employee ceases to have the use of a car without replacement. The completion of the form enables HMRC to amend the individuals coding notice to reflect the change in benefit.
Where one car is merely replaced with another, this can be notified online.
Tuesday 17 January 2012
Tax event due on January 31
The following Tax Events are due on 31 January 2012:
Deadline for submitting your 2010/11 self assessment return (automatic £100 penalty if your return is late even if there is no outstanding tax liabilitiy or you return shows you are due a tax refund). Balance of your 2010/11 tax due, plus first payment on account for 2011/12.
What this means for you?
This deadline is relevant to individuals who need to complete a self assessment tax return and make direct payments to HMRC in respect of their income tax, Class 4 NI and any capital gains tax liabilities. There is a penalty of £100 if your return is not submitted on time, even if there is no tax due or you are due a tax refund. Continued delay in submitting the return will result in further penalties being incurred.
The balance of any outstanding income tax, Class 4 NI and capital gains tax for the year ended 5th April 2011 is due for payment by 31st January 2012. Where the payment is made late interest will be charged.
The first payment on account in respect of income tax and any Class 4 NI is also due for payment by 31st January 2012.
Deadline for submitting your 2010/11 self assessment return (automatic £100 penalty if your return is late even if there is no outstanding tax liabilitiy or you return shows you are due a tax refund). Balance of your 2010/11 tax due, plus first payment on account for 2011/12.
What this means for you?
This deadline is relevant to individuals who need to complete a self assessment tax return and make direct payments to HMRC in respect of their income tax, Class 4 NI and any capital gains tax liabilities. There is a penalty of £100 if your return is not submitted on time, even if there is no tax due or you are due a tax refund. Continued delay in submitting the return will result in further penalties being incurred.
The balance of any outstanding income tax, Class 4 NI and capital gains tax for the year ended 5th April 2011 is due for payment by 31st January 2012. Where the payment is made late interest will be charged.
The first payment on account in respect of income tax and any Class 4 NI is also due for payment by 31st January 2012.
Saturday 7 January 2012
News on Seed Enterprise Investment Scheme
The government has released information on the Seed Enterprise Investment Scheme (SEIS). See our website - http://www.clayshawbutler.com/ard/eNEWS_Article.asp?AID=518&ID=2791
Thursday 5 January 2012
Tax event due on January 19
The following Tax Events are due on 19 January 2012:
PAYE quarterly payments are due for small employers for the pay periods 6th October 2011 to 5th January 2012
What this means for you?
This deadline is relevant to small employers and contractors only. As a small employer with income tax, national insurance and student loan deductions of less than £1,500 a month you are required to make payment to HMRC of the income tax, national insurance and student loan deductions on a quarterly basis.
Where the payment is made electronically the deadline for receipt of cleared payment is 20th January 2012. Penalties may apply if payment is made late.
PAYE, Student loan and CIS deductions are due for the month to 5th January 2012
What this means for you?
This deadline is relevant to employers who have made PAYE deductions from their employees salaries and to contractors who have paid subcontractors under the CIS. The contractors monthly return showing details of payments made to subcontractors must also be filed even if this is a nil return.
Employers are required to make payment to HMRC of the income tax, national insurance and student loan deductions. Contractors are required to make payment to HMRC of the tax deductions made from subcontractors under the CIS.
Where the payment is made electronically the deadline for receipt of cleared payment is 20th January 2012. Penalties may apply if payment is made late.
PAYE quarterly payments are due for small employers for the pay periods 6th October 2011 to 5th January 2012
What this means for you?
This deadline is relevant to small employers and contractors only. As a small employer with income tax, national insurance and student loan deductions of less than £1,500 a month you are required to make payment to HMRC of the income tax, national insurance and student loan deductions on a quarterly basis.
Where the payment is made electronically the deadline for receipt of cleared payment is 20th January 2012. Penalties may apply if payment is made late.
PAYE, Student loan and CIS deductions are due for the month to 5th January 2012
What this means for you?
This deadline is relevant to employers who have made PAYE deductions from their employees salaries and to contractors who have paid subcontractors under the CIS. The contractors monthly return showing details of payments made to subcontractors must also be filed even if this is a nil return.
Employers are required to make payment to HMRC of the income tax, national insurance and student loan deductions. Contractors are required to make payment to HMRC of the tax deductions made from subcontractors under the CIS.
Where the payment is made electronically the deadline for receipt of cleared payment is 20th January 2012. Penalties may apply if payment is made late.
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