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

Tax events due on August 1

The following Tax Events are due on 01 August 2012:
Additional penalty for failing to submit your 2010/11 self assessment return
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. The 2010/11 return was due for submission to HMRC by 31 January 2012. Where the return is more than six months late a further penalty is charged of £300 or 5% of the tax outstanding, whichever is the higher.
If we have already dealt with this matter on your behalf you need take no action.
Second 5% late payment penalty on any 2010/11 outstanding tax due on 31st January 2012 still remaining unpaid
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.
The balance of any outstanding income tax, Class 4 NI and capital gains tax for the year ended 5th April 2011 was due for payment by 31st January 2012. Where any of the liability is still outstanding a 5% late payment penalty will be added to the outstanding liability. Interest is also charged on any late payments.
If we have already dealt with this matter on your behalf you need take no action.

Tax events due on April 19

The following Tax Events are due on 19 April 2012:
Automatic interest is charged where PAYE tax, Student loan deductions, Class 1 NI or CIS deductions for 2011/12 are not paid by today. Penalties may also apply if any payments have been made late throughout the tax year.
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.
PAYE quarterly payments are due for small employers for the pay periods 6th January 2012 to 5th April 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 April 2012. Penalties may apply if payment is made late.
PAYE, Student loan and CIS deductions are due for the month to 5th April 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 20th April 2012. Penalties may apply if payment is made late.

Last minute planning for tax year

The following Tax Events are due:
Last minute planning for tax year 2011/12
What this means for you?
The final deadline of 5th April 2012 is relevant to individuals who have not considered year end tax planning issues. These issues include:
• utilising your annual capital gains tax exemption
• utilising your annual inheritance tax exemption for gifts
• utilising your annual Individual Savings Account investment limit
• making additional pension contributions for 2011/12.

PAYE tax codes for 2012/13

HMRC are issuing PAYE tax codes for 2012/13. For more info, see our website - http://www.clayshawbutler.com/ard/eNEWS_Article.asp?AID=518&ID=2837

Electronic changeover for VAT

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

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

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.

Tax event due on October 5

The following Tax Events are due on 05 October 2011:
Deadline for notifying HMRC of new sources of taxable income or gains for 2010/11 if no tax return has been issued.
What this means for you?
This deadline is relevant to individuals who have not received a self assessment tax return for the year ended 5th April 2011 but who believe they have received income or capital gains which will result in a tax liability. Individuals must notify HMRC of their liability so that a self assessment return can be issued in good time for the submission deadline of 31st January 2012.

Tax event due on July 5 - PAYE

The following Tax Events are due on 05 July 2011: 

Deadline for reaching a PAYE Settlement Agreement for 2010/11 

What this means for you?
This deadline is relevant for employers who wish to pay the tax and NI on benefits provided to their employees. Agreement must be reached with HMRC of the benefits and related liabilities which are not to be shown on the forms P11D by this date.

Planning ahead

As the final tax returns are submitted for 2009/10 it is important to remember that the end of the current tax year will soon be upon us.
See - http://tiny.cc/in9ke

Tax event due January 31

The following Tax Events are due on 31 January 2011:
Deadline for submitting 2009/10 self assessment return (up to £100 penalty if your return is late).Balance of 2009/10 tax due, plus first payment on account for 2010/11
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 up to £100 if your return is not submitted on time.
The balance of any outstanding income tax, class 4 NI and capital gains tax for the year ended 5th April 2010 is due for payment by 31st January 2011. 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 2011.

Tax event due on February 2

The following Tax Events are due on 02 February 2011: Deadline for submitting P46(car) for employees whose car/fuel benefits changed during the quarter to 5th January 2011 (other than replacing one car with another)
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 there is a change in provision for example a new or additional car is provided, or an employee ceases to have the use of a car. The completion of the form enables HMRC to amend the individual's coding notice to reflect the change in benefit.