This is the blog for Clay Shaw Butler, chartered accountants and business consultants of Carmarthen and Porthcawl.
Tuesday 18 December 2012
Merry Christmas from all at Clay Shaw Butler
Merry Christmas from David Butler, Ann Thomas, Nigel Roberts and all at Clay Shaw Butler!
Tax event due on December 30
The following Tax Events are due on 30 December 2012:
Online filing deadline for submitting 2011/12 self assessment return if you require HMRC to collect any underpaid tax by making an adjustment to your 2013/14 tax code
What this means for you?
This deadline is relevant for those individuals who complete a self assessment tax return online and who are employees. Where you have an underpayment of up to £3,000 only, you may request that HMRC collect any tax outstanding by making an adjustment to your tax code for the year 2013/14.
If we have already dealt with this matter on your behalf you need take no action.
Online filing deadline for submitting 2011/12 self assessment return if you require HMRC to collect any underpaid tax by making an adjustment to your 2013/14 tax code
What this means for you?
This deadline is relevant for those individuals who complete a self assessment tax return online and who are employees. Where you have an underpayment of up to £3,000 only, you may request that HMRC collect any tax outstanding by making an adjustment to your tax code for the year 2013/14.
If we have already dealt with this matter on your behalf you need take no action.
Monday 10 December 2012
We helped Carmarthen charity day
We were proud to sponsor the special Carmarthen Town AFC 'pink' kit for the recent charity day at Richmond Park.
Friday 7 December 2012
Tax events due on December 19
The following Tax Events are due on 19 December 2012:
PAYE, Student loan and CIS deductions are due for the month to 5th December 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 by today even if 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 Friday 21st December 2012 unless you are able to arrange a 'Faster Payment' to clear on or by 22nd December. Penalties may apply if payment is made late.
PAYE, Student loan and CIS deductions are due for the month to 5th December 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 by today even if 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 Friday 21st December 2012 unless you are able to arrange a 'Faster Payment' to clear on or by 22nd December. Penalties may apply if payment is made late.
Our summary of the Chancellor's Autumn Statement
On Wednesday 5 December the Office for Budget Responsibility (OBR) published its updated forecast for the UK economy.
Chancellor George Osborne responded to that forecast in a statement to the House of Commons later on that day.
In the period since the Budget in March a number of consultation papers and discussion documents have been published by HMRC and some of these proposals are summarised on the link below.
Draft legislation relating to many of these areas will be published on 11 December.
We will provide an update for you on 12 December if significant changes are announced.
Our summary also provides a reminder of other key developments which are to take place from April 2013.
The Chancellor's statement
His speech and the subsequent documentation was a 'mini-Budget' announcing tax measures in addition to the normal economic measures.
Our summary concentrates on the tax measures which include:
http://www.clayshawbutler.com/ard/merge_doc.asp?AID=518&MergeFile=autumn_statement_2012.htm
Chancellor George Osborne responded to that forecast in a statement to the House of Commons later on that day.
In the period since the Budget in March a number of consultation papers and discussion documents have been published by HMRC and some of these proposals are summarised on the link below.
Draft legislation relating to many of these areas will be published on 11 December.
We will provide an update for you on 12 December if significant changes are announced.
Our summary also provides a reminder of other key developments which are to take place from April 2013.
The Chancellor's statement
His speech and the subsequent documentation was a 'mini-Budget' announcing tax measures in addition to the normal economic measures.
Our summary concentrates on the tax measures which include:
- changes to personal allowances and tax bands
- changes to pensions reliefs
- a tenfold increase in the Annual Investment Allowance to £250,000
- a further reduction in the main rate of corporation tax
- announcements regarding the General Anti Abuse Rule and other 'abusive arrangements'.
http://www.clayshawbutler.com/ard/merge_doc.asp?AID=518&MergeFile=autumn_statement_2012.htm
Tuesday 4 December 2012
Advice on child benefit tax changes
From January 7, those entitled to Child Benefit, where they or their partner have annual income exceeding £50,000, will have some of this clawed back through the tax system.
And where either income exceeds £60,000 the entire amount of benefit will be lost through extra tax .
To prevent this happening, you can 'opt' not to receive the benefit in the first place, but opt back in, within two years of the end of the tax year if you change your mind.
Please contact us if you want more details.
Clay Shaw Butler
Chartered Accountants
01267 228500
www.clayshawbutler.com
And where either income exceeds £60,000 the entire amount of benefit will be lost through extra tax .
To prevent this happening, you can 'opt' not to receive the benefit in the first place, but opt back in, within two years of the end of the tax year if you change your mind.
Please contact us if you want more details.
Clay Shaw Butler
Chartered Accountants
01267 228500
www.clayshawbutler.com
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