Non-payment of PAYE

From 6th April 2012, HMRC will have the authority to demand security in the form of a bond from an approved financial institution, or a cash deposit from employers who avoid paying PAYE or class 1 NICs. This will not affect employers who pay their tax on time and will not be used against employers who are having [...]

Important Dates in March 2012

2nd March 2012 Last day to pay any balance of 2010/11 tax and Class 4 NICs to avoid an automatic 5% late payment penalty.   31st March 2012 End of Corporation Tax financial year. Filing date for Corporation Tax Return Form CT600 for period ended 31st March  2011. Image Copyright Dale Rockell Photography

Working Flexible Hours

Employees requesting flexible working hours are currently only eligible if they are a parent of a child under the age of 17, or 18 if the child is disabled, or have caring responsibilities for adults. This also only applies if the individual has at least 26 weeks continuous service with their company. This is set [...]

References

Employers don’t have to give references, but if they choose to do so, they must ensure that they are fair. Many employers choose to give only basic references, stating the job title, dates and reason for leaving. In this case, this will probably prompt a phone call being received from the individual’s new employer requiring [...]

Bookkeeping

With the strict emphasis by HM Revenue & Customs to keep all your financial records accurate, it is advisable to appoint a qualified bookkeeper thus avoid any penalties. Many people think that by doing their own bookkeeping, they will be saving themselves money. In fact, if you are under-qualified and unsure of the bookkeeping, you [...]

Emission Taxes

The benefits of a company car now come with emission taxes that apply to both directors and employees. These rates can be very expensive, so it is worth finding out whether the car can be owned by you personally, instead of the company.  If this is the case, then you are able to claim back [...]

TAX DEADLINE REMINDER

This is a final reminder for all those people who are self-employed  who are required to submit Self Assessment Personal Tax Returns. To avoid a penalty of £100, electronic submission of tax returns is required not later than 31st January 2012.  The penalty will apply even if there is no tax to pay, or if [...]

Hidden PAYE Penalties

Rumours are circulating that the Inland Revenue is about to issue penalties regarding PAYE payments on unsuspecting businesses. PAYE Return Forms (P35) The PAYE Return Forms for 2010/11 were due for submission by 19th May 2011, which means the Taxman should be processing them by now.  This year this might well prompt a review of [...]

13 FREE Tax & Money Saving Tips: Part 3

I am pleased to be able to give you now the final chapter in our tax and money saving tips; Claim your tax credits – £3.7 billion is not being claimed.  You don’t lose anything by ringing up and asking. Review your savings. Plan ahead regarding capital gains and inheritance taxes.  When you are old, [...]

13 FREE Tax & Money Saving Tips: Part 2

Following the first of our Top Tips below are the next batch of our Top Tips for Tax and Money Saving – Always check your tax code and query it with the Inland Revenue, if you believe it to be incorrect. Check to see if you are entitled to a tax rebate – the Government [...]