Tax events due on November 2

The following Tax Events are due on 02 November 2011:
Deadline for submitting P46(car) for employees whose car/fuel benefits changed during the quarter to 5th October 2011
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 may be reported online.

Tax events due on October 19

The following Tax Events are due on 19 October 2011:
PAYE quarterly payments are due for small employers for the pay periods 6th July 2011 to 5th October 2011.
What this means for you?
This deadline is relevant to small employers 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 21st October 2011. Penalties may apply if payment is made late.
PAYE, Student loan and CIS deductions are due for the month to 5th October 2011
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 21st October 2011. Penalties may apply if payment is made late.
Tax and NI due under a 2010/11 PAYE Settlement Agreement
What this means for you?
This deadline is relevant for employers who have entered into a PAYE settlement agreement to pay tax and national insurance in respect of benefits in kind for their employees for the year ended 5th April 2011.
Where the payment is made electronically the deadline for cleared receipt of cleared payment is 21st October 2011.

The following Tax Events are due on 31 October

The following Tax Events are due on 31 October 2011:
Deadline for submission of 2010/11 self assessment returns if you require HMRC to compute your tax liability and/or if tax underpaid is to be collected by adjustment to your 2012/13 PAYE code
What this means for you?
This deadline is relevant for those individuals who complete a paper self assessment tax return and who are employees. Where you have an underpayment of up to £2,000 only, you may request that HMRC collect any tax outstanding by making an adjustment to your tax code for the year 2012/13.
Deadline for submitting 'paper' 2010/11 self assessment returns
What this means for you?
This deadline is relevant to individuals who need to complete a self assessment tax return for 2010/11 and wish to file the return in a paper form. Self assessment returns submitted after this date must be submitted electronically.

Website has been updated

The Clay Shaw Butler website has been updated with a new Home page and more 'news' - http://www.clayshawbutler.com/index.htm

Bubbly surprise for Natalie!

There was a bubbly surprise for Carmarthenshire businesswoman Natalie Jones when she attended a business seminar in Carmarthen.
Natalie was the winner of a bottle of Moet & Chandon in a competition organised by seminar organisers Clay Shaw Butler, chartered accountants and business consultants.
Natalaie was at the seminar representing the new Llety Cynin leisure club and conference centre near St Clears.
Clay Shaw Butler consultant Ann Thomas said the seminar at the Halliwell Centre at the University of Wales Trinity St David in Carmarthen was a great success.
The Clay Shaw Butler website is at –
http://www.clayshawbutler.com

Clay Shaw Butler business seminar a big success

The spotlight was put on the latest developments in the world of business at a special seminar staged in Carmarthen.
The event was organised by Clay Shaw Butler, chartered accountants and business consultants of Carmarthen and Porthcawl.
“There was an excellent turnout, with a range of different business represented and the topics covered were very informative,” said Clay Shaw Butler consultant Ann Thomas.
One section of the seminar focussed on the latest changes to the Sage accounting software, a package which provides valuable support to many businesses.
Ann said: “We talked about the features of the new Sage upgrade released last month. The release makes many of the routine tasks easier and quicker to do while adding useful new features to improve the effectiveness of the software.
“Installation of the software has been made a lot easier with hardware checks and registration now being part and parcel of the quick set up. This includes networking your Sage onto more than one PC if you need to. The 2012 version also has a quick support homepage which has all the information you need on the technical details of your software in one place.
“The Chart of Accounts function, which helps you set out the format for your monthly management accounts, is user friendly with a preview window now on screen for you to see what any changes you are making will look like straight away. This screen will also show you how taxation is dealt with within Sage, using specific new nominal codes.
“Part of the new software now has the ability to give access to permitted users to view and enter data onto the system via their iPhones or Blackberry.
“It gives flexibility to users and management alike in that they do not need to be in the office now to access the accounts data.
“It will benefit the owner-managed businesses whom have to contend with the ever-changing world of business and to monitor their financials in real time, wherever they are.
“For further details on the software, whether it be for purchase, upgrade or training, give us a call at Clay Shaw Butler.”
The seminar was held at the Cothi Suite at the Halliwell Centre at the University of Wales Trinity St David in Carmarthen.
Chris Ellis, of One Life Financial Planning, talked about current and imminent changes in pensions and NEST (National Employment Savings Trust). NEST is a straightforward workplace pension scheme for employers to use for their UK based workers. It means that employers can provide a workplace pension scheme for all of their workers, including those who may not have had access to a pension arrangement before. NEST also makes it easy for employers to meet the new legal duties that start to be introduced in 2012.
Finally, Donna Purchase, of Red Kite Law discussed the ever-changing world of employment law and, in particular, the changes for employers.
The Clay Shaw Butler website is at –
http://www.clayshawbutler.com

Seminar speakers: Ann Thomas, Clay Shaw Butler consultant, Donna Purchase, of Red Kite Law, and Chris Ellis, of One Life Financial Planning.

Latest 'Looking After Business' column from the Journal

Looking after business, the new business page column from the Carmarthen Journal
By David Butler, director of Clay Shaw Butler, chartered accountants and business consultants of Carmarthen and Porthcawl

It’s usually one of the topics guaranteed to crop up in any business networking event, or even in a casual conversation down the local pub.
You get fixed with a cold stare – and then the question comes: “Now then, David, good boy, tell me what you know about VAT?”
Of course, I could probably talk for Wales on the subject.
But, space in the Carmarthen Journal being at a premium, I will try and be brief . . .
VAT (Value Added Tax) is a tax chargeable on taxable supplies and services made by taxable persons and businesses. Output VAT is charged on applicable sales and Input VAT is reclaimable on applicable purchases. The net amount when one is taken away from the other is the amount payable to/repayable from H M Revenue and Customs.
Who should register for VAT?
You have to register if your turnover is more than £73,000 for last 12 months or next 30 days. H M Revenue and Customs need to be told within 30 days of this threshold being reached. Voluntary registration can also be done if taxable supplies are being made which are mainly zero rated, while input VAT is being suffered on costs borne. A repayment of VAT can then follow.
VAT rates:

• Different rates are applied to different supplies and the rules are strict. All supplies will fall under one of the following rates :-
• Standard rate: 20% All supplies not listed under the other categories.
• Reduced rate: 5% Supplies such as domestic heating, some building conversions etc.
• Zero rated 0% Supplies such as most foods, books etc.
• Exempt: Supplies do not attract VAT and there is a definitive list available of applicable items
• Outside the scope: Do not fall under any VAT rule such as dividends and salaries

What records should you keep?
VAT registered entities need to keep supporting documentation for all VAT returns submitted for at least six years, ready to satisfy any H M Revenue and Customs investigation visit which may occur. Records will include invoice/payments listings and invoices/credit notes which contain at least the minimum information as required by H M Revenue and Customs. A list of the minimum requirements of your invoices can be supplied if required.
The team at Clay Shaw Butler can be contacted on 01267 228500 or through the website at www.clayshawbutler.com