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Deferral Schemes not being supported by H M R CJanuary 22, 2011H M R C is forcing some businesses to pay upto 20% interest in a bid to deter them from using government backed tyax deferral schemes, as reported in the Daily Telegraph Newspaper. HMR C is pushing taxapyers who are applying for deferment of tax to explore all other credit alternatives in the first instance. They are demanding to see credit card bills which carry up to 20% interest in unpaid debt. Some firms have been told to pay the tax using their credit card! Posted in Other News | 1 CommentOnline Filing of Corporation Tax ReturnsOctober 12, 2010As of 1st April 2011 mandatory online filing comes into force for the CT600 Corporation Tax return, Accounts and Computations. The problem is that the accounts that go in with the return must be in the format of iXBRL which will bring its own problems! You can use the H M R C’s own software to file them but I understand that it takes quite a while to fill in the forma and it doesn’t carry any information to the following year so comparatives have to be reinput. You can by commericially available software but that also has limitations. Posted in Corporation Tax | 1 CommentUnderPaid PAYE ESC A19September 7, 2010A19: Extra-Statutory Concession, the law states that HMRC may have to write off the money. There is no limit to the amount of money which can be written off under this concession. The A19 concession states HMRC will back down if the victim ‘could reasonably have believed that his or her tax affairs were in order’. A 12-month rule also usually applies, which means the tax can be written off if the victim was told of the discrepancy by HMRC more than a year after the end of the tax year that the taxpayer’s information was provided. VAT SurchargesSeptember 7, 2010The rules say that a VAT surcharge can’t be scaled down just because it seems too high for the seriousness of the mistake, e.g. you might be just one day late with a VAT return. But the decision in the recent case of Enersys Holdings means that you can make an appeal to have it cancelled completely if it’s disproportionate. Posted in VAT | Leave a commentCompany CarsSeptember 7, 2010If you want the most tax efficient company cars, buy those with CO2 emmissions below 111g/km. You can claim the full cost of the tax deduction in the year of purchase, the benefit-in-kind on which tax and NI is based will also be low. There’s now a range of upmarket cars in this bracket, e.g. the Audi A3 and BMW 320d Posted in Income Tax, PAYE | 13 CommentsWelcomeAugust 13, 2010Welcome to our blog pages. Jackie and I will be posting current affairs and changes in the Tax and Accountancy world for you to read. We will be publishing anything that we feel would benefit both our clients and prospective clients. Please browse the different categories for more information. Feedback and questions would be welcome Gary & Jackie Posted in Uncategorized | 20 CommentsHello world!June 16, 2010Welcome to WordPress. This is your first post. Edit or delete it, then start blogging! Posted in Uncategorized | 2 Comments |
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