We now have a new website with up-to-date tax tips.
Visit www.phoenixaccountsonline.co.uk
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Tax Tips for October 2014
Record keeping for small businesses
HMRC want small businesses, which often keep very inadequate records, to improve their record keeping. They have introduced some webinars to tell businesses what records to keep and for how long. You should speak to your accountant. Get your records in order soon because, in due course, HMRC are likely to start investigating those with poor records.
Have you submitted your self-assessment tax return?
HMRC have reported that 500,000 people have not sent in their 2013/14 tax returns. Remember that you have until 31 October 2014 to submit a paper return and until 31 January 2015 to submit an online return. If you miss the paper return deadline, register at once to submit online.
Gov.uk
HMRC are gradually moving their public guidance over to the gov.uk site. This is the site that you should use when seeking guidance on a tax issue. It is a better-managed and indexed site than the HMRC site, which is intended to take only the technical matters that HMRC want to make available to accountants and solicitors.
Real Time Information (RTI): Late filing penalties
Great news for small employers (up to 49 employees) - you will not be charged late filing penalties under PAYE RTI reporting until 5 March 2015. This change follows a recent relaxation for micro employers (1 to 9 employees), which delays penalties for them until 5 April 2016.
Tax Tips for October 2012
Webinars - what are they?
HMRC offer a series of free online presentations or ‘webinars’ to give tax help to businesses and the self-employed. Webinars cover many different topics including business expenses and capital allowances, first steps as an employer, the Construction Industry Scheme, Self Assessment Online, an overview of limited companies, and how VAT works. Visit www.hmrc.gov.uk/webinars
Has your business become a company or a partnership?
If you trade as a one man band and then take a partner or become a company you have to become a new legal entity for tax purposes and must notify HMRC immediately. Failure to do this may incur penalties based on the tax due from the date of change of identity to the date of notification. 5% of tax due for the first nine months, 10% up to 18 months late and 15% thereafter.
Have you ever wanted to know whether anyone is entitled to benefits?
The website www.turn2us.entitleto.co.uk is free, does not require a name and NIC details, and is a good guide to whether there is any entitlement to benefit for most people.
