News / Blog

From 6 April 2012 HM Revenue & Customs (HMRC) will be able to ask employers to pay a security where there is serious risk that they won’t pay over their PAYE tax deductions or Class 1 National Insurance contributions (NICs).

From 1 April 2012, all VAT-registered businesses must send their VAT returns online and pay their VAT electronically. Currently, only newly-registered businesses and those with turnover of more than £100,000 have to file and pay their VAT online.


to read more click on the link above.

To pay Corporation tax by online banking choose your Revenue Accounts office, Either Cumbernauld or Shipley as shown on the front of your HMRC payslip. Then pay to the account sort code, number and name as shown below. Quote your 10 digit Unique Taxpayer Reference (UTR)

Accounts office: Cumbernauld
Sort code: 083210
Account number: 12001039
Account name: HMRC Cumbernauld

Accounts office: Shipley
Sort code: 083210
Account number: 12001020
Account name: HMRC Shipley

If you have not received a payment reminder and are unsure which Accounts Office details you should use please use the Cumbernauld details.

Citi
Citigroup Centre
Canada Square
Canary Wharf
London
E14 5LB

rom April 2012 HMRC will be able to collect debts of less than £3,000 by including them in the taxpayer’s PAYE code. This applies to both tax debts and tax credit overpayments.

Last year HMRC began writing to affected individuals so that they would have the opportunity to arrange to pay the outstanding amount by another method. HMRC will now start including outstanding debts in PAYE codes issued from January 2012. Such amounts will be included in the code issued at the start of the tax year but will not be added to the code in-year.

HMRC advises that if your client does not want their PAYE code to be reduced to collect the debt, contact HMRC immediately you receive the coding notice. This would also apply if the amount is wrong or if the taxpayer is in hardship and needs time to pay.

To pay your self assessment tax by online banking choose your Revenue Accounts office, Either Cumbernauld or Shipley as shown on the front of your HMRC payslip. Then pay to the account sort code, number and name as shown below. Quote your 10 digit Unique Taxpayer Reference (UTR)

Accounts office: Cumbernauld
Sort code: 083210
Account number: 12001039
Account name: HMRC Cumbernauld

Accounts office: Shipley
Sort code: 083210
Account number: 12001020
Account name: HMRC Shipley

If you have not received a payment reminder and are unsure which Accounts Office details you should use please use the Cumbernauld details.

Important 31 January 2012 deadline

Remember, claimants who renewed their tax credits at the first deadline, 31 July 2011, but who did so using an estimate of their 2010/11 income, have until 31 January 2012 to supply details of their actual income. For example, a claimant might have used an estimate of income if they were self-employed and did not yet have final 2010/11 accounts in time for 31 July 2011.

There are some good reasons for supplying actual figures rather than just leaving it based on estimates.

The latest scam purports to relate to tax obligations under EU law.

In this case, a newly incorporated company receives a fraudulent letter asking it to pay £320 by credit card to register on the ‘Intracom VAT Registry’. The form and style of the letter suggests to the recipient that it has the official backing of the UK or EU tax authorities and it would be easy for innocent businesses to be taken in by this scam.

Don't get caught!

A new advice service from HMRC to help small companies claim tax relief for spending on research is a good idea, but mistrust of the taxman and grey areas in the definition of R&D may limit its value for business, tax experts said.................

this covers a number of different topics both tax and general, to read more click on the title.

Business Records Checks involve checks on the adequacy of small and medium-sized enterprises’ records. A pilot found that around 44 per cent of businesses have problems with record keeping, while approximately 12 per cent have seriously inadequate records. HMRC will now extend this activity from mid-September 2012 to cover key areas across the UK.

The Institute of Chartered Accountants in England and Wales has launched a new "Business Advice Service" and this is one the member firms providing this service. For a free initial meeting to see how I can help call 01530 230360.


To visit the Business Advice Service website Click here