Tax Challenge

Ray Stewart Business, Tax Matters Leave a Comment

Do you really want to give the taxman £521,700? It’s a lot of money, isn’t it?  But, even before the current economic crisis, that’s how much someone earning £30,000 a year would have paid in taxes over their lifetime. While if you are lucky enough to earn more than £30,000, your lifetime tax bills will probably have been even higher. …

HMRC change RTI goalposts

HMRC Delay RTI For Small Business

Ray Stewart Business, Tax Matters Leave a Comment

Yesterday HMRC announced they have “agreed” to delay the introduction of Real Time Information (RTI) for small business employers with less than 50 employees.

HMRC say they recognize that some small employers who pay weekly, or more frequently (?), but who only process their payroll monthly may need longer to adapt to RTI reporting.

So, employers with less than 50 employees will have until the 5th October 2013 before they are required to operate their payrolls in real time but are (generously) allowed to use RTI if they want to.

E-Marketplace Disclosure Facility Closes Soon

Ray Stewart Business, Online Business, Tax Matters Leave a Comment

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…