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
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
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..
I have just scheduled my November 2010 Tax Tips & News email to go out at 9am on the 1st November. Make sute you get your copy by registering your interest in the signup boxes around the site. You can see a short summary of what the November issue contains on the newsletter page here along with all the previous issues.
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…..
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?
The government have introduced a budget plan to help people to pay their self assessment taxes over a period of time by direct debit. The plan only applies to those people whose tax affairs (and payments) are right up to date though. If you are one of those lucky people, you probably don’t need the opportunity to pay by instalments via direct debit, but you can also use the scheme to arrange your payment due on the 31st January 2010 to be paid in full by direct debit as well.
If you are behind with your tax payments…
The end of November is upon us, which means there are only 2 months left to file your 2009 Self Assessment Return by the deadline of 31st January 2010.
Two months sounds quite a long time doesn’t it? I can remember when I was at school a summer holiday of 6 weeks seemed like a lifetime. These days though, 2 months is the blink of an eye – or even less.
It has happened again. I have been introduced to a lovely couple, similar in age to myself, and asked to help them out of a mess.
These trusting people had been clients of another local firm of accountants for several years and firmly believed they were being given a full professional service. However…
The government are at it again. Tinkering with deadlines for no real reason other than trying to trip people up and rake in some penalties – which have also gone up as well.
The Companies Act 2006 is now in force.
The deadline for filing Limited Company accounts has been reduced from…
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