News

HMRC OFFERS 'SECOND CHANCE' FOR OUTSTANDING TAX RETURNS July 25, 2013

HMRC have now introducted a new campain called ‘MY TAX RETURN CATCH UP’ for individuals who have failed to submit tax returns for any year up to 2011/2012. Under the scheme, the taxpayer can complete/submit the form online before 15th October 2013. more...

File your Employer Annual Return: P35 and P14s May 17, 2013

Your Employer Annual Return is due by 19 May 2013 following the end of the tax year. Filing your return online is quick, easy, convenient and secure – and it’s a requirement for almost all employers. This guide lists the different ways you can file your return online and sets out what you need to do to get started. It explains how to amend your return if you need to make a change after it has been filed. And it provides a link to separate guidance for employers who are exempt from the requirement to file online. more...

PENSION RATES 2013 - 2014 May 3, 2013

As announced in the Autumn Statement 2012, legislation will be introduced in Finance Bill 2013 to reduce the annual allowance to £40,000 and to reduce the standard lifetime allowance to £1.25 million for the 2014-15 tax year onwards. Following consultation, draft legislation for the restriction to the lifetime allowance has been revised to include various minor adjustments and several consequential changes in connection with previous protection regimes. more...

RTI May 3, 2013

I just want to clarify what the relaxation of the RTI rules recently announced by HMRC actually means for employers. Some of the press coverage of this is slightly misleading and this has left some employers believing they do not have to make any RTI submissions until October. This is not the case and RTI will still start as planned for most employers on 6 April 2013. The only relaxation relates to the timing of the RTI submissions for some employers under certain circumstances. Under RTI the Full Payments Submission (FPS) was due to be submitted to HMRC on or before the payment is made to the employee. It is the “on or before payment” rule that has been relaxed for those employers that process their payroll monthly but pay employees more frequently. RTI submissions are still required but are now only required monthly (by the 5th of the month) rather than each time an employee is paid. more...

HMRC TARGET THOSE WITH OUTSTANDING VAT RETURNS May 3, 2013

‘If HMRC has sent you a VAT return and you have not yet taken any action, this campaign is a reminder to bring your tax affairs up to date. But time is running out.’ ‘After 28 February, if they have not submitted their outstanding VAT returns and paid what they owe, HMRC will use its legal powers to pursue outstanding returns and any VAT that is unpaid. Penalties, or even criminal investigation, could follow. ‘ more...