News and Views

Two of the VAT special schemes can provide particular advantages for smaller businesses. The Flat Rate Scheme (reviewed in our June 2012 newsletter) can reduce overall VAT payable, especially for traders that are subject to the lower Flat Rate percentages.  Cash Accounting allows you to defer payment of VAT added to your sales until the […]

The case in question involved a couple who inherited a second home from a deceased parent. They complied with the usual filing deadlines and sent an election to have the second property considered as their principal private residence for the week before it was sold on 19 October 2007. If successful, the election would have […]

Any payment made to a director as part of their remuneration package is generally subject to tax that is usually collected via the PAYE system. The payments made by the employer are allowable expenditure and reduce the employer’s taxable profits. However, many smaller limited companies pay personal expenses on behalf of directors. These personal expenses […]

1 July 2012 – Due date for corporation tax due for the year ended 30 September 2011. 6 July 2012 – Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A NICs. 6 July 2012 – Deadline for submitting form 42 (reporting of transactions in employment related securities). 19 […]

It is possible to register a self-build application for VAT purposes and reclaim any VAT charged on certain materials and services paid out. In a recent tax case an individual and his partner decided to build a new home for themselves and two children from a previous relationship. The building was actually two separate buildings […]

Although we have summarised the various filing and tax payment deadlines for July in the tax diary it is worth looking at the detail – July is a busy month. 6 July 2012 Filing deadline forms P11D, P9D and P11D(b) 2011-12. As this newsletter is being published on 5 July we sincerely hope that readers […]

At the end of May 2012 HMRC announced that six new taskforces had been created to target tax evasion in a number of specific locations: • Indoor and outdoor markets in London• Taxi firms in Yorkshire and East Midlands• Property rentals in East Anglia, London, Yorkshire and the North East• Restaurants in the Midlands These specialist teams are trained […]

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 […]

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 […]