How we can help construction and property businesses

Check out what we can do for the construction and property sector - http://www.clayshawbutler.com/construction-property-sector.htm

New face at Clay Shaw Butler

There's a new face to welcome you to the Clay Shaw Butler office in Lammas Street, Carmarthen.
Nerys Jones, 25, from Cross Hands, has just joined Clay Shaw Butler as an administrator. Nerys is a former pupil of Ysgol Gyfun Maes-yr-Yrfa in Cefneithin.

Tax events due on March 1

The following Tax Events are due on 01 March 2012:
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 and Class 4 NI liabilities and any capital gains tax.
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 the payment is made late interest will be charged. On 1st March 2012 a late payment penalty of 5% will be added to the outstanding liability.

HMRC bid to tackle fraud

As part of the government's commitment to tackle fraud, HMRC's new Contractual Disclosure Facility (CDF) has been launched. Find out more on our website -
http://www.clayshawbutler.com/ard/eNEWS_Article.asp?AID=518&ID=2840

HMRC now able to accept faster payments

HMRC have announced that they are now able to accept payments made using the Faster Payments Service. This will allow you to make faster electronic payments, typically via internet or telephone banking, enabling them to be processed on the same or next day.
HMRC advise that those wishing to make payments using this method should contact their bank or building society before making a payment to confirm:
the service available to you
whether there are any single transaction or daily limits on the amount you can pay
their latest cut off times for making a payment.
HMRC are also reminding taxpayers to ensure that they always use the correct bank account details and reference number.

Tax events due on February 19

The following Tax Events are due on 19 February 2012:
PAYE, Student loan and CIS deductions are due for the month to 5th February 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 22nd February 2012. Penalties may apply if payment is made late.

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