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Budget 2012 Keypoints Posted: 2012-03-21
George Osbourne 'sets the cat amongst the pigeons' introducing the following changes from April 2013
Corporation tax cut to 24% (22% by 2014) from April 2012
Top Rate tax cut from 50p to 45p (income £150K+) from April 2013
Personal income tax allowance raised to £9,205 from April 2013
No Child Benefit where parent earns £60K+ (tapered scale on £50K+)
Pensioners higher tax-free allowances ended (if born after 5/4/1948). Frozen at £10,500 (6/4/1938 - 5/4/1948) and £10,660 (before 6/4/1938).
VAT exemption ended for sports nutrition drinks, hot takeaway products in supermarkets, self-storage, static caravans and hairdressers' chairs.
Budget Report 2012 - HMRC
'Budget - Lost in Translation' Article by Andrew Cressy in the Redhill and Reigate Guide - Issue No. 70 Easter 2012
Check current rates from HMRC Posted: 2012-03-14
Please visit our links page for the latest information
Our handy links page, features up-to-date links for all common taxation rates, national insurance contributions, earnings thresholds, pensions calculations and minimum wage etc.
Real Time PAYE Posted: 2012-03-07
Preparing for changes to Pay As You Earn
HMRC is introducing a new way of reporting PAYE, known as Real TIme Information, or RTI.
Under RTI, PAYE payment information will be submitted throughout the year as part of the payroll process rather than at the end of the year. Every time you process payroll your software will collect the necessary information and send it to HMRC online.
Most employers will be legally required to use RTI from April 2013 and all by October 2013.
Deadline for 2010-11 Tax Returns Jan 31 Posted: 2011-09-30
We need your records by 30 November 2011 or it may cost you more
Our deadline for accepting applications for Tax Returns which we promise to submit on time by January 31st without additional fee is the last day of the preceding November.
All Tax Returns are dealt with in the order we receive them, but if you have not presented all items required by this date, then your application will still be considered to be late. Late applications will incur an additional £50 charge, and whilst we will try our best, we cannot promise to meet the submission deadline.
Please note that during the month of January, the partners of Cressy associates are unavailable to personally receive general telephone calls made to the office. This is because all available working hours are required to ensure the completion of our clients' tax returns on time, thus avoiding penalties being charged to them.
Unfortunately, matters which we do not consider to be a priority, will be responded to after January, when we are in a position to give them the attention they deserve. We thank you for your understanding at this busy time.
WORRIED ABOUT THE PROGRESS OF YOUR TAX RETURN?
New Minimum Wage Posted: 2011-09-15
With effect from October 2011
£6.08 - the main rate for workers aged 21 and over
£4.98 - the 18-20 rate
£3.68 - the 16-17 rate for workers above school leaving age but under 18
£2.60 - the apprentice rate, for apprentices under 19 or 19 or over and in the first year of their apprenticeship
New HMRC Powers Posted: 2011-06-01
No more shoeboxes full of receipts
The new HMRC requirements for small business really is likely to have a major impact on business, as HMRC have stated they intend to investigate the accounting records of up to 50,000 businesses per year. They will have the power to look at the previous 6 years of accounting records to decide whether the records are accurate and adequate.
The maximum penalty for non compliance will be £3,000. However, it is fairly unlikely that this level of penalty will be imposed in all but the worst cases. The level of penalty will depend on which of three categories, discrepancies etc. are deemed to fall within: Careless, Deliberate or Deliberate and Concealed.
The reviews won’t generally involve tax inspectors turning up on your doorstep unannounced. Initially they will contact you in writing to give notice that they intend to make an inspection and ask you to arrange an appointment with them. In all probability this date will be within one month of the date of the contact. The review visits are likely to take about half a day according to the taxman, during which time the inspector may look at any accounting record and supporting document for the 6 years.
If you disagree with HMRC findings you may appeal within 30 days. At which time you should submit new information or arguments to the officer you have been dealing with. You may also ask to have your case reviewed by a different HMRC office, or lastly ask for your case to be heard by an independent tribunal.
Of course, the best approach is to make sure you keep good records in the first place and don’t throw them away after your tax return is submitted. We recommend all clients keep seven years of records. If you think you need help getting to grips with these requirements, why not give us a call.
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