And About Time Too!

Ray Stewart Business, General 0 Comments

I know, I know…. It has been too long since I last posted here.  I can’t explain why – I simply don’t know why.  Maybe I lost my mojo… maybe I have been too busy… maybe I simply forgot. Anyway, over the past few months I have been tackling a new tax and accounts production suite, developing my long relationship …

E-Marketplace Disclosure Facility Closes Soon

Ray Stewart Business, Online Business, Tax Matters 0 Comments

The Tax Office “amnesty” of reduced penalties for e-marketplace and e-auction website traders, that started on the 14th March 2012, is drawing to a close. The intention to make a disclosure has to be lodged with HMRC by the 14th June 2012 and the completed disclosure form and payment should reach HMRC by the 14th September 2012.

HMRC claim that penalties levied under this scheme will be capped at a maximum of 10% of the tax due, and in some cases waived altogether.

This is the latest scheme to try and encourage unregistered tax payers to fall into line…

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…