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…

New Penalty Regime Starts To Bite – Hard!

Ray Stewart General, Tax Matters Leave a Comment

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

Government image

Stamp Duty Land Tax Changes

Ray Stewart General, Tax Matters Leave a Comment

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 Leave a Comment

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 Leave a Comment

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.

Santander – New Mortgage Rules Suck

Ray Stewart Business, General Leave a Comment

It seems everything has changed with this huge Bank – that own a few of our banks here – Alliance & Leicester being the one in question today – since the budget last month.

A client of mine recently applied for a mortgage with them. His income was well over their minimum requirements, he has a perfect credit history and has had significant savings with the bank for more than 10 years.

You would think they’d jump at the chance to give him a mortgage…..

Tax Investigations – The New Regime

Ray Stewart Business, Tax Matters Leave a Comment

I need to make you aware of the new HMRC investigation regime that came into being in April 2010. This is partly due to the old Labour government’s need for cash – but there is no sign yet that the new Coalition will change anything.

HM Revenue and Customs have been charged by the government with two main aims. One, to cut costs and Two, to extract much more money from us tax payers. So as staff are cut, how can they achieve their other aim of increasing revenue?

New VAT Fuel Scale Charges – Use From 1st May 2010

Ray Stewart General, Tax Matters, VAT Leave a Comment

Here is some more “good” news in the run up to the general election next week…

Are you a business that provides private fuel for your employees? If so, you must apply the new VAT Fuel Scale Charges detailed below from the 1st May 2010.

This means any VAT period that starts on or after 1st May 2010.

These scale charges are a reduction of the input tax claimed on the fuel used for private motoring and work hand in hand with the P11D taxable benefit for private fuel provided to employees.

The new quarterly charges are (figures are inclusive of VAT)…