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Tax News -
Business Tax
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Written by Sarah Laing
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Tuesday, 24 August 2010 00:00 |
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HM Revenue & Customs has warned that there is currently a delay of between six and eight weeks, when they are notified of an error in a VAT Return by a business, and have to correct the mistake. HM Revenue & Customs has pointed out that, in some cases, (generally for 'smaller' errors), the business is able itself to correct the errors on its next VAT return - i.e., make a corresponding adjustment in the next VAT return instead of asking HM Revenue & Customs to process the correction separately. Apparently, many of the cases notified to them for correction could instead have been dealt with directly by the business, in this way. However, it is important to be aware of the possible consequences of not notifying HM Revenue & Customs when a business corrects its own VAT returns, under the new penalty regime: penalties can be higher when you don't 'tell' HM Revenue & Customs about a mistake. So on balance it is likely that HM Revenue & Customs will still receive significant amounts of corrrespondence relating to errors, even when it doesn't need to make any corrections because they've already been adjusted through the VAT return. Links Correcting Mistakes Made on Earlier VAT Returns What to Do if You Made a Mistake on an Earlier VAT Return
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Tax News -
Business Tax
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Written by Sarah Laing
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Saturday, 12 June 2010 07:47 |
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HMRC have issued guidance on the new penalties that may be charged on late payments of tax for periods starting on or after 6 April 2010 relating to PAYE, student loan deductions, Construction Industry Scheme payments, Class 1 NICs, annual payments of employers' Class 1A NICs and annual PAYE Settlement Agreements payments. The guidance is available on the HMRC website at www.hmrc.gov.uk/paye/problems-inspections/late-payments.htm.
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Tax News -
Business Tax
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Written by Sarah Laing
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Saturday, 12 June 2010 07:47 |
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HMRC have introduced a new online facility for employers and agents enabling them to declare that they have no PAYE Employer Annual Return (P35 and P14s) to make for 2009–10. The facility can be accessed at www.hmrc.gov.uk/paye/payroll/year-end/annual-return.htm#4 and clicking on the relevant link under the heading ‘Notify online now ’.
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Tax News -
Business Tax
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Written by Sarah Laing
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Wednesday, 02 June 2010 15:22 |
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The Chancellor of the Exchequer, George Osborne, has confirmed that the date of the second 2010 Budget is 22 June at 3.30pm. TaxationWeb.co.uk will once again provide full commentary on the announcements as soon as possible after the Budget speech.
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Tax News -
Business Tax
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Written by Sarah Laing
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Saturday, 06 March 2010 09:05 |
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A survey carried out by the Federation of Small Businesses (FSB) of over 1600 firms has revealed that around 75 per cent of small businesses believe that they would be able to grow their business if the UK tax system was simplified. Over a third (34 per cent) of respondents cited income tax as the most difficult issue to deal with, while 52 per cent reported that taxable allowances are the most complex to manage. VAT was considered to be the simplest tax to deal with by 52 per cent of repsondents. A half of firms spend less than two hours a week fulfilling their tax responsibilities, but for 10 per cent of firms it occupies more than six hours of their time. John Wright, the FSB's national chairman, said: "The government must recognise how important small businesses are to strengthening economic recovery. "As our survey findings show, three in four would grow their business if the tax system was more simple to understand. The potential investment and jobs which could be created through such a move would provide the economy with the boost it needs to sustain recovery." With a general election looming, the FSB called on the incoming administration to "think small first and get conditions right for entrepreneurs and small businesses to thrive".
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