1 June 2012 – Due date for Corporation Tax due for the year ended 31 August 2011. 19 June 2012 – PAYE and NIC deductions due for month ended 5 June 2012. (If you pay your tax electronically the due date is 22 June 2012.) 19 June 2012 – Filing deadline for the CIS300 monthly […]
More bogus emails to ignore.
HMRC has issued a press release warning taxpayers about possible fake or “phishing” emails sent out by fraudsters. Apparently there is usually a significant increase in this activity in the lead up to the 31 July tax credits renewal deadline. HMRC do not contact taxpayers by email about their tax affairs. They have requested that […]
Equitable Life tax bonus
If you are due, or have already received, compensation in respect of the Government’s maladministration of Equitable Life pensions and policies you may be interested in the tax position of these payments. 1. There is no need to declare receipts to HMRC as they are not subject to Income Tax, Capital Gains Tax or Corporation […]
Furnished Holiday Lets
Does your holiday home qualify as a Furnished Holiday Let (FHL) property? And if it does, what are the tax advantages? Does your property qualify? From April 2012 the following conditions apply: 1. The property must be situated in the UK or EEA.2. The property must be available for commercial letting as holiday accommodation for […]
VAT Flat Rate scheme
The VAT Flat Rate scheme provides smaller businesses with a number of options that can often create real cash savings. Benefits include: * Simplified administration, quicker to produce returns* Depending on the market sector your business operates within, you may be able to reduce your overall VAT payments. To qualify, your annual turnover must not […]
State pensions subject to PAYE?
Apparently, 60% of pensioners are unaware that their State Pension is taxable income. Historically this assumption is probably based on the way in which their pension is paid – without deduction of tax. This may be about to change! The Office of Tax Simplification has come up with an idea to streamline the taxation of […]
10% reduction in IHT rates…
If you leave at least 10% of your net estate to a recognised charity this may reduce the amount of Inheritance tax paid by your estate to 36% instead of 40%. The following notes explain some of the factors that need to be taken into account. 1. The net value of your estate is the value […]
HMRC flexes new muscles!
From 6 April 2012 HMRC can exercise new powers that will allow them to require a cash deposit or a bond, which can be cashed on demand, from certain employers where it is considered there is a real risk that they will not pay their PAYE and NIC liabilities. HMRC have said that this will […]
Potential tax refunds for smart phone users
HMRC have at last woken up to technological advances in recent years, and in particular, to the so-called smart phones. Until recently HMRC decreed that smart phones were not mobile phones and therefore subject to tax as a benefit in kind. Users of iPhones, Blackberries and other “Android” devices, who have suffered a benefit in […]