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

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 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.