HMRC targets 2nd home sales
Have you sold a rental property, holiday home or one that was inherited that was not your main residence, did you declare and pay any capital gain tax? If not then you have an opportunity to declare it to HMRC by the 9th August 2013 and pay tax by the 6th September 2013, voluntary disclosure will result in lower penalties and the potential to agree payment instalments. After the 6th September HMRC will be checking the information they have on property sales, those who are identified could face higher penalties and potential criminal prosecution. If you require assistance with disclosure...
Read More31 Dec deadline PAYE code
Remember to submit your tax return by 31 December if you wish HMRC to collect any tax owing (max limit of £3k) through your PAYE code.
Read MoreHMRC targetting private tutors and coaches…
HMRC have launched a new campaign targetting private tutors and coaches e.g. academics, fitness instructors, dance teachers, life coaches, music teachers. They have until 6/1/12 to register with HMRC of their intention to make a voluntary tax disclosure of any tax not declared for the years up to 5.4.10. They then have until 31/3/12 to calculate and pay any tax outstanding, plus interest and penalties. The benefit of voluntary disclosure will be lower penalties, whereas non disclosure if caught can result in 100% penalties and potential...
Read MoreSelf assessment 2010/11 late filing penalty
HMRC have introduced new late filing and payment penalties for self assessment 2010/11 tax returns so ensure you file on time – 31/10/11 for paper returns and 31/01/12 for online returns. If you are one day late filing your return HMRC will impose the £100 penalty irrespective of whether any tax is due. 3 months late and you will be charged an automatic daily penalty of £10 per day (to a max of £900). 6 months late and you will be charged the greater of 5% of tax due or...
Read MoreTurning over more than £73k and not VAT registered?
HMRC have launched a campaign targetting businesses who are not VAT registered but are trading above the £73k VAT threshold. Letters will be sent out and the deadline for those who want to make full disclosure is 30th September. The benefit will be a reduced penalty rate of 10% on the VAT paid...
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