Marshall Smalley Accountants Blog
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06 February 2012 01:40
HMRC will be sending out PAYE coding notices during the months of January, February or March. The new tax code applies from 6th April 2012 to ensure you pay the correct amount of tax. Not everyone will get a notice so don’t panic if you don’t receive one. HMRC will send a copy of your new code to your employer or pension provider. If you have an agent acting for you, make sure they are aware that you have a new code as they won’t receive a copy direct from HMRC.
18 January 2012 10:42
Over the last few years, the buy-to-let market has grown substantially and with it, many landlords have been able to profit from the ever-increasing rental income and record low interest rates. However, landlords are often tempted to file their own tax returns to cut down on costs. The cost of filing inaccurate returns can be far greater. Seeking professional advice can reduce the amount of tax you pay.
09 January 2012 03:51
Despite being widely criticised for unfairly targeting 12,000 smaller businesses HMRC
have announced that they will continue with their controversial business records checks.
Whilst HMRC initially emphasised the educational aspect of their business records checks
the reality is that they are compliance checks that can result in the collection of additional taxes.
Marshall Smalley Accountants advise all clients that it is essential to take advice from the outset
to ensure businesses are properly prepared before a business records check takes place and manage the whole process as far as possible.
So if you receive a letter from saying they would like to arrange a visit make sure you
take advice before acting.
06 January 2012 09:24
HMRC has announced that electricians will be the next group targeted as part of its crackdown on tax evasion.
The Electrician's Tax Safe Plan will be launched in February 2012 and will offer favourable terms
for electricians to come forward and declare their unpaid tax.
Following this, HM Revenue & Customs will target those in the trade who have not come
forward.
If you any undeclared income then seek advice from Marshall Smalley Accountants and take action whilst
you can.
06 January 2012 09:21
Letters have been issued by HMRC to a number of Fashion Houses and designer labels warning against non-payment of the national minimum wage.
Letters are expected to go out again in line with London’s Fashion week in February.
Put things right now to avoid penalties later or even prosecution for non compliance.
Contact Marshall Smalley specialist Tax advisor for help.
18 November 2011 09:53
Businesses that invest in Plant and Machinery, under the current capital allowances rules can claim an Annual Investment Allowance that enables 100% tax relief against profits for the first £100,000 spent in a year.
From April 2012 the amount of 100% relief is being reduced to £25,000. Therefore the time available for maximum tax relief from investment is closing fast. Contact Nottingham Accountants Marshall Smalley to discuss the timing of a new purchase and the effect this could have on your business cashflow.
21 September 2011 04:27
When you enrol for VAT online services you can opt to receive free email reminders. It is strongly recomendaded by HMRC that you sign up to this service. It allows you to provide an email address which HMRC will use to remind you that your return is due. HMRC will email you about six weeks before the return due date.
To receive email reminders, log in to the VAT online service and go to the 'At a glance' page. In the 'Maintain email address' section, select 'Add email address'. Then select 'Add email address' again from the 'VAT messages' section. You'll then be prompted to add your email address. HMRC will send you a confirmation code by email and you should input that code online by selecting 'Confirm email address' from the 'Maintain email address' section.
11 August 2011 09:28
HMRC have written to self assessment taxpayers apologising for not issueing statements in July and as such interest will not chrged on the late payment of the second payment on account so long as it is paid before 27th September 2011. This removing of interest charge only applies to the second payment on account.
06 July 2011 04:45
The 31 July 2010 renewal deadline for tax credits is fast approaching. Most claimants who haven’t renewed yet will need to do something by the deadline, because missing it could result in tax credits payments being stopped.
20 April 2011 03:47
Late filing penalties are getting tougher.
From April 2011 if you do not file your Self Assessment Tax Return or pay your tax liability on time, the penalties you have to pay are changing. The more you delay, the greater the penalty.
Even if you have no tax to pay or if you have already paid the tax you owe, if your return is only one day late you will be charged an initial penalty of £100.00. If you fail to file your tax return more than three months late you will be charged an automatic daily penalty. For full details on the new penalties for filing a late return or for paying your tax late, please refer to the insert sent to you individually by HMRC with your Notice to complete a tax return for the period ended 5th April 2011.
30 March 2011 02:08
The Budget delivered on 23 March 2011 announced tax breaks for business with the aim of raising the level of growth in our economy. For example, tax rates for companies of all sizes are reduced, Enterprise Zones are being reintroduced and Enterprise Investment Scheme and Entrepreneurs reliefs were enhanced. Meanwhile, with higher personal taxes from 6 April 2011 and families tightening their belts as far as possible the fuel duty reduction is a token help with prices rising generally. We hope this is a useful summary of some of the main changes BUSINESS TAXES Corporation Tax: from 1 April 2011, the main rate of corporation tax will be reduced to 26% and then to 25% from 1 April 2012, 24% from 1 April 2013 and 23% from 1 April 2014. Small companies’ rate: as previously announced, this will be reduced to 20% from 1 April 2011. The effective rate of tax for profits between £300,000 and £1,500,000 is 27.5%. Capital allowances: as previously announced, writing-down allowances will be reduced to 18% from April 2012 and the Annual Investment Allowance (AIA) reduced to £25,000. Mileage allowance payments: from 6 April 2011, 45p per mile (up from 40p) can be claimed
11 January 2011 08:42
If you do not file your tax return on line by midnight on Monday 31 January you may receive a late filing penalty from HMRC.
Please do speak to us if you need assistance to beat the deadline or calculate how much tax you should pay.
10 January 2011 04:07
The standard rate of VAT is currently 17.5 per cent but increases to 20 per cent on 4 January 2011.
For any sales of standard-rated goods or services that you make on or after 4 January 2011 you must charge VAT at the 20 per cent rate. If you have a cash business and calculate your VAT using the VAT fraction you must use the VAT fraction of 1/6 on your standard-rated VAT inclusive sales from 4 January 2011.
The change only applies to the standard VAT rate. There are no changes to sales that are zero-rated or reduced-rated for VAT. Similarly, there are no changes to the VAT exemptions. Any sales you make at these rates are unaffected by this change.
If you use the Cash Accounting Scheme you will need to be able to identify payments received on or after 4 January 2011 that relate to supplies made before that date. VAT at a rate of 17.5 per cent will be due on these payments.
The flat rate percentages have been re-calculated to reflect a standard rate of VAT of 20 per cent. The new flat rates therefore also apply from 4 January 2011.
08 October 2010 04:14
Marshall Smalley Accountants specialise in resolving any tax investigation or Inland Revenue investigation in the most efficient and cost effective way.
We have over 30 years of experience of negotiating with the Inland Revenue with exceptional results.
We can help if you have committed tax evasion or tax fraud and need help making these disclosures to the Inland Revenue to help minimise your liabilities as far as is possible.
We are based in Nottingham and offer Tax Investigation services for the East Midlands and Nationally.
08 October 2010 04:13
Most taxpayers pay their tax through the Pay As You Earn (PAYE) system. Whilst the principle of PAYE is simple the reality can be problematical!
In our experience the most common and best avoided problem with PAYE is operation of Incorrect Tax Codes.
Tax codes are the keystone of the PAYE system. Your tax code ultimately determines how much tax you will pay. The accuracy of your tax code depends on HMRC being supplied with correct information on a timely basis and the tax office processing it correctly.
Best advice is to check your tax code and review it if you have a change of circumstances.
For example, if you turn 65 or 75 and therefore qualify for age-related relief – then your tax code will need to be changed. The tax office may or may not do so automatically.
24 September 2010 02:33
If valuable assets are being or have been sold, there may be a Capital Gains Tax (CGT) liability and you should remember this when completing your self assessment tax return.
CGT is a tax on capital which affects comparatively few so most people have no cause to consider CGT. In addition to CGT being unfamiliar to many there are also a number of reliefs that can make CGT complex.
Broadly, CGT is payable on the difference between what you paid for an asset and what it’s worth when you dispose of it. This might be through a sale, exchange or gift. If you were given the item in the first place, CGT may be payable on the entire disposal value!
After an annual tax-free allowance of £10,100 for the 2009-10 tax year if you have a CGT liability you will normally have to pay it through your self assessment tax return.
For help and advice with capital gains and self assessment contact Nottingham Business Advisors Marshall Smalley Accountants on www.marshallsmalley.com
16 September 2010 07:58
From 1 October 2010 the national minimum wage rates will increase. They are summarised below:
Adult Rate (workers aged 21 & over) from £5.80 to £5.93 per hour
Development Rate for 18-20 year old, from £4.83 to £4.92 per hour
Development Rate for 16-17 year old, from £3.57 to £3.64 per hour
Please note that the adult minimum wage rate has been extended to include 21-year-olds from October 2010 so in effect the pay rate for employees who are 21 will increase from £4.83 to £5.93 per hour from this date.
Also a new minimum wage rate for apprentices of £2.50 per hour is being introduced from October 2010. The new rate will apply to:
• Apprentices under 19
• Apprentices aged 19 or over, but in the first year of their apprenticeship.
You will need to apply the new rates to all payments for work commenced on or after 1 October 2010 so please make sure that you are complying fully with the new rates.
Please refer to www.bis.gov.uk/policies/employment-matters/rights/nmw for further information.
27 August 2010 08:21
As of this year, travellers are permitted to bring back VAT and duty free goods to the value of £390. This is a modest increase on the £340 limit in place but is a significant increase from the £145 limit that prevailed for many years prior to December 2008.
The new £390 limit applies to any travellers to countries outside the EU, such as the US, Japan and Australia, who wish to bring items, such as electronic goods, perfume, clothes and souvenirs back into the UK.
For any help and advice regarding taxation, tax planning or general accounting advice please contact us.
06 August 2010 10:28
The national minimum wage rates will increase for pay reference periods starting on or after 1st October 2010 onwards.
Main rate for workers 21 years old and above £5.93 per hour
Rate for workers aged 18-20 years inclusive £4.92 per hour
Rate for workers under 18 years and above
compulsory school age £3.64 per hour
A new apprentice rate of £2.50 per hour will be introduced for pay reference periods starting on or after 1st October 2010. This will apply to apprentices who are workers and
• Aged under 19
• Aged 19 and over and in first year of their apprenticeship.
Until October 2010, 21 year olds remain in the 18-21 year old rate band.
04 August 2010 09:54
Marshall Smalley Accountants are specialists in dealing with HMR&C tax investigations. We are based in Nottingham but work thoughout the East Midlands and Nationally. We will work with you and negotiate with HMR&C for the best possible outcome.
Contact the tax investigaion specialists on 0115 9565171
04 August 2010 09:38
The rules changed in April 2010, from now on you will have to submit your VAT returns online and pay any VAT due electronically if you have an annual turnover of £100,000 or more (exclusive of VAT).
If you have registered for vat on or after 1 April 2010 then you must file your vat returns online and pay any vat due electronically.
Even if your turnover drops below £100,000 (exclusive of vat) in the future you will still have to file your returns online.
For any help or questions regarding vat please contact Nottingham Accountants Marshall Smalley on 0115 9565171
28 July 2010 04:37
Taxpayers are not required to make payments on account for 2010 if the 2009 income tax and Class 4 National Insurance liability is less than £1,000. So getting your return in on time could reduce the payment due 31 January 2010 and mean there’s nothing to pay by 31 July 2010.
28 July 2010 04:32
The 2nd payment on account for personal tax is due by 31st July 2010. If you are having problems making payment, contact Nottingham Accountants Marshall Smalley to discuss your position. We maybe able to arrange for you to pay in installments. Give us a call to find out!
20 July 2010 05:31
Tax investigations by HMRC are worrying, stressful, even puzzling and will certainly raise a number of questions in your mind. Where can you get help quick so you can focus on taking care of your business?
We can provide the answers in a straightforward manner explaining HMRC’s investigation and their powers so you know what to expect, how long it will take and what it is likely to cost.
We have over 31 years experience and specialise in managing HMRC investigations and disputes. We will support you throughout to help you and your family survive the process whatever your tax problem involves, these can be:
•Corporation Tax or Income Tax Enquiries
•HMRC’s Offshore Disclosure Facility or the Tax Amnesty
•Civil Investigation of Fraud
•Notifying HMRC of tax evasion to protect you from prosecution
•HMRC Specialist Investigations
We are based in Nottingham and can work with you wherever you are, in the UK or overseas.
Contact Marshall Smalley Accounts for help and advice regarding your tax investigation from specialists tex investigation accountants.
20 July 2010 05:30
If you sell more on credit than you buy on credit, we should look at the VAT Cash Accounting Scheme. Normally you pay VAT on your sales according to when you invoice but using this scheme defers the payment of VAT as it is based on when the customer has paid you.
06 February 2012 01:40
HMRC will be sending out PAYE coding notices during the months of January, February or March. The new tax code applies from 6th April 2012 to ensure you pay the correct amount of tax. Not everyone will get a notice so don’t panic if you don’t receive
Read More
18 January 2012 10:42
Over the last few years, the buy-to-let market has grown substantially and with it, many landlords have been able to profit from the ever-increasing rental income and record low interest rates. However, landlords are often tempted to file their own tax returns to cut down on costs. The
Read More
09 January 2012 03:51
Despite being widely criticised for unfairly targeting 12,000 smaller businesses HMRChave announced that they will continue with their controversial business records checks.Whilst HMRC initially emphasised the educational aspect of their business records checksthe reality is that they are compliance checks that can result in the collection of
Read More
06 January 2012 09:24
HMRC has announced that electricians will be the next group targeted as part of its crackdown on tax evasion.The Electrician''s Tax Safe Plan will be launched in February 2012 and will offer favourable termsfor electricians to come forward and declare their unpaid tax.Following this, HM Revenue
Read More