31 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...
Read MoreHMRC 2nd payment of account by 31 July
HMRC are late in issuing in some statements in time for the 2nd payment of account by 31 July. If you receive yours late then pay any tax due within 30 days of receipt to ensure that no interest will accrue for late payment.
Read MoreSelf Assessment 2nd Payment on account
Self Assessment 2nd Payment on account for tax year 2011/12 needs to be paid to HMRC by 31 July.
Read More
