The rise in popularity of smartphones has meant HMRC changing its definition of ‘mobile phones’. Although most people would consider a smartphone to be just another type of mobile phone, this wasn’t the case according to HMRC – a fact which has implications for annual P11D tax employer benefit forms. Until recently, many employers (and[...] Read more »

As the director and shareholder of your own company you can decide how much salary to pay yourself each month, in order to use your personal allowance in the most tax efficient way. As a director of your personal company you do not have to pay yourself the national minimum wage unless you have an[...] Read more »

HMRC has issued what it calls a “May Day call for tax returns” warning that new penalties of £10 per day will be applied from Monday week to tardy taxpayers who have yet to file. About 850,000 people missed the January 31 deadline to file online returns and pay tax due for the fiscal year[...] Read more »

I’m sure that this ‘call’ from the Office of Tax Simplification (OTS) will resonate with many small businesses across the country. In a publication put forward to Chancellor George Osborne, the OTS, which was launched in July 2010 to provide the Government with independent advice on simplifying the UK tax system, recommended that both technical[...] Read more »

If something brown and unpleasant plops through your letter box this week or next then you are probably one of the 850,000 people getting a letter from HMRC demanding a £100 fine.   Around 850,000 people will receive a letter from HMRC demanding a £100 fine The penalty is for missing the February 2 deadline[...] Read more »

The taxman is using “a variety of intelligence sources” to target electricians who have not declared their full income. HM Revenue & Customs (HMRC) is writing to 50,000 electricians warning them that they could face criminal charges if they do not get their tax affairs in order. Electricians who take advantage of this “disclosure opportunity”[...] Read more »

With this year’s unusual circumstances now behind us (i.e. HMRC industrial action resulting in a 2 day extension for tax returns and payments) … its time to focus on the Key Dates for the  year ahead ….   Starting with … 21/02: Innovate or Stagnate! Your plan for Business Success in 2012 ay Farnham Castle[...] Read more »

Up to 4 million tax payers are warned to complete and submit their tax returns soonest – or face automatic fines from HMRC. The warning comes as Revenue staff are due to strike on January 31st, the last day taxpayers can fill in their returns online, when 650,000 are expected to do so. There are[...] Read more »

HM Revenue & Customs (HMRC) has scaled down its programme of small-business record checks (BRCs) and promised to review its approach to spot checks after criticism from business groups. In a statement sent to accountancy bodies last week, HMRC admitted that it had not properly consulted with tax professionals about BRCs or addressed concerns about[...] Read more »

Businesses have to keep records of everything they do in some form or another. One area that is easy to lose track of is your employees’ business expenses but it’s vital that you keep an accurate record as you will need to detail them when completing returns for HMRC. If you pay any kind of[...] Read more »