Tax payers who failed to provide their self assessment returns in time might not welcome a visit from the postman over the next couple of weeks. HMRC has started sending out penalty notices to later filers for 2010/11. This year, some 900,000 people will receive them – fewer than in 2009/10, when 1.4million missed the deadline, [...]
Tag Archives | tax
HMRC drops unpopular spot-check system
Good news for businesses – HMRC has dropped its scheme of Business Record Checks, where inspectors carried out spot checks on companies’ paperwork. While HMRC promoted the scheme as providing a “helping hand”, in reality it proved unpopular among businesses and accountants alike, because it created extra work and was something of a hindrance. Following [...]
Can my employees benefit from the government’s cycle to work initiative?
Under the Government’s Green Transport Plan, there’s a tax exemption which allows employers to provide cycles and safety equipment to employees as a tax-free benefit. Employees hire the bikes from their employer, eventually buying them for a Fair Market Value payment. Employers buy the bikes and safety accessories at full retail price, including VAT which is reclaimed in the normal way.
Warning – Late Tax Return Penalties!
New self assessment penalties for late returns come into effect this Autumn for returns relating to 2010/11 onwards. An initial late filing penalty of £100 will apply for late submission of the forms regardless of whether the tax has been paid on time or not. It will apply even if there is no tax to pay or if a repayment is due.
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