New Penalty Regime Starts To Bite – Hard!

Ray Stewart General, Tax Matters 0 Comments

HM Revenue & Customs have introduced their new penalty structure for tax payers who, for whatever reason, fail to file their Self Assessment forms in line with the rules. The new late filing penalties are upsetting a lot of people who had become used to the old system where the fine was reduced to £nil once the outstanding forms were eventually filed if it were shown there was no tax liability, or that all the tax had been paid by the 31st January

HMRC change RTI goalposts

What If You Can’t Pay Your VAT?

Ray Stewart Business, Tax Matters 0 Comments

This is a question that has come up several times recently. Now the 20% rate has been with us for a while, small businesses are finding it harder and harder to meet their quarterly obligations. The trouble is that cash flow is hard work now and many small businesses are finding the VAT is getting swallowed up in day to day trading.

Government image

Stamp Duty Land Tax Changes

Ray Stewart General, Tax Matters 0 Comments

Here is a cheery Easter message about more changes introduced by our caring/sharing government…

HMRC are digging themselves deeper into our lives with the changes to the Stamp Duty Land Tax provisions. Every property transaction since April 2011 has to be accompanied by a unique identifier of the lead purchaser…

HMRC change RTI goalposts

What Is The Plumber Tax Safe Plan?

Ray Stewart Business, Tax Matters 0 Comments

HM Revenue & Customs have decided to offer a “disclosure opportunity” to those engaged in the plumbing and heating business. I have been asked recently why the government would do this! I could think of a few unprintable answers to this but a number of amnesties have been offered in the past few years to different areas of business and relating to specific areas of income.

The problem HMRC have is that the whole system of Self Assessment is based on the notion that people tell HMRC the truth about their income and work out their own tax liabilities based on that income

Company Car Issues

New Mileage Allowances From HMRC for 2011 Onwards

Ray Stewart Business, Tax Matters 0 Comments

Our ever generous government, following hot on the heels of the magnanimous 1p per litre cut in the fuel duty on Budget day last month, have finally increased the mileage allowance that employees are allowed to be paid tax free by their employers.

Don’t get too excited. The change only relates to the first 10,000 miles and from 6th April 2011 the rate has increased from 40p/mile to a staggering 45p/mile. The rates for more than 10,000 miles in a tax year remains at 25p/mile.

I am being a bit scarcastic because a 12.5% increase after so many years only takes us back to the pre 2002 Authorised Mileage Rate of, yes you guessed it, 45p per mile.

HMRC change RTI goalposts

Tax Resource Center Updated For 2011-12

Ray Stewart Business, Tax Matters 0 Comments

You will be pleased to see that the much acclaimed Tax Resource Center on the website that is for the benefit of the registered members is now fully updated with the changes made in the budget last week.

This resource center is provided free of charge and is full of information and tax calulators. So, if you want to know what level of car benefit your new vehicle will attract – check it out…

Self Assessment Returns – Sorted Once Again!

Ray Stewart Business, Tax Matters 0 Comments

I am sitting here with my feet up having just filed the last of our 2010 Self Assessment Forms for clients. It is always a slightly satisfying time although marred each year despite my best attempts by clients who just will not co-operate. I chase, text, telephone, email, visit and even harrang offenders in the streets trying to get information out of them. This year I have just one..