Here is where I post general Tax and Accounting tips and dates worthy of checking.
Also posting general helpful points and topics relevant to the current News Headlines.
I will also post as many dates as possible to keep you up to date with general HMRC dates and deadlines.
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 or calculating the potential capital gain please get in touch.
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 prosecution.
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 £300.
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 late.
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.