http://beaumont-seymour.co.uk/news_room Clients at Beaumont Seymour can relax in the knowledge that we are always anticipating and reacting to change. en Mark@thekaboomstudios.com Copyright 2012 2012-01-04T09:48:56+00:00 http://beaumont-seymour.co.uk/news_room/article/self_assessment_deadline_fast_approaching/ http://beaumont-seymour.co.uk/news_room/article/self_assessment_deadline_fast_approaching/#When:09:48:56Z HMRC are reminding taxpayers that the deadline for filing self assessment tax returns is fast approaching. According to their website: ‘You must send your online tax return by midnight on Tuesday 31 January 2012. The deadline is only later than this if you received your tax return, or the letter telling you to complete a tax return, after 31 October 2011. In this case you’ll have three months from the date you received that letter. If your online tax return is late, you’ll have to pay a penalty. This applies even if you have no tax to pay or if you pay all the tax you owe on time.’ The following illustrates that missing the deadline and failing to submit the return online may result in significant penalties. ‘What happens if you miss the deadline? If you miss the 31 January deadline for online tax returns, you will have to pay a penalty. The penalty is £100. You’ll still have to pay this even if   -  your return is just a day late   -  you have no tax to pay   -  you pay all the tax you owe before 31 January 2012. The longer you delay, the more you’ll have to pay. If your tax return is three months late, you’ll have to pay a penalty for each additional day it is late. If it’s six months late, you’ll have to pay a further penalty and another final penalty if it’s 12 months late. Together these could add up to a penalty of £1,600 or more. Don’t send a paper tax return now - the deadline was 31 October 2011. You’ll have to pay a £100 penalty straight away if you do and the daily penalties above will start even earlier. Send it online instead.’ If you require any help with your tax return please do get in touch. default 2012-01-04T09:48:56+00:00 http://beaumont-seymour.co.uk/news_room/article/hmrc_to_accept_faster_payments/ http://beaumont-seymour.co.uk/news_room/article/hmrc_to_accept_faster_payments/#When:09:51:39Z HMRC have announced that they will now accept payments made using the Faster Payments Service. This will allow taxpayers to make faster electronic payments, typically via internet or telephone banking, enabling them to be processed on the same or next day. HMRC advise that if you want make payments using this method you should contact your bank or building society to confirm the following:   -  the services available to you   -  whether there are any single transaction or daily limits on the amount you can pay   -  their latest cut off times for making a payment. They are also stressing that when making a payment to HMRC it is important to ensure that you are using the correct bank account details and reference number. default 2011-12-30T09:51:39+00:00 http://beaumont-seymour.co.uk/news_room/article/pensions_auto_enrolment/ http://beaumont-seymour.co.uk/news_room/article/pensions_auto_enrolment/#When:09:37:25Z The Government has confirmed that pensions auto enrolment will commence in Autumn 2012 and all employers will remain within the scope of the rules.However small businesses, those with less than 50 employees, will be given additional time to prepare for the implementation. The government have confirmed that no small employers are affected by the reforms before the end of this Parliament. Minister for Pensions Steve Webb said: ‘Our society and economy needs to be based on a foundation of saving, not debt. Automatic enrolment will help millions save, and to not act will leave people poorer in retirement. That is why I am confirming today that automatic enrolment will start on time and all employers will be part of it. We recognise that small businesses are operating in tough economic times so we are softening the timetable for implementation to give them some additional breathing space. This is a sensible step that ensures long term pension issues are addressed while meeting the short and medium term needs of small business. We are committed to ensuring the employees of these small businesses get the chance to save and that is why no one will miss out. Under the revised timeline, small business would begin automatically enrolling their staff in May 2015, instead of the current timing of April 2014. Half of all workers will still be automatically enrolled before the end of this Parliament.’ It is expected that further details will be announced in January 2012 and we will keep you informed of developments. default 2011-12-30T09:37:25+00:00 http://beaumont-seymour.co.uk/news_room/article/capital_allowances_in_enterprise_zones/ http://beaumont-seymour.co.uk/news_room/article/capital_allowances_in_enterprise_zones/#When:09:43:42Z Following the Autumn Statement at the end of November 2011, more information is now available in respect of the proposal to give 100% first year allowances on plant and machinery expenditure for use in some Enterprise Zone areas.  -  The relief will only be available to trading companies.   -  The plant must be new and represent an investment not a replacement of existing plant.   -  The plant must be used primarily in designated assisted areas within Enterprise Zones.   -  The allowance will apply for purchases made from 1 April 2012 up to 31 March 2017.   -  Some businesses and some types of expenditure are specifically excluded from the provisions. default 2011-12-08T09:43:42+00:00 http://beaumont-seymour.co.uk/news_room/article/hmrc_update_advice_on_delayed_statements/ http://beaumont-seymour.co.uk/news_room/article/hmrc_update_advice_on_delayed_statements/#When:13:50:58Z HMRC have updated their guidance to those taxpayers who did not receive their Self Assessment statements on time. HMRC have had more Self Assessment statements than usual to issue this year. Normally these are all issued in July, but this year some are being issued in August. However, many taxpayers wait for the statement to confirm what they need to pay. More importantly, if HMRC have asked taxpayers to make a second payment on account in July, they normally have to pay this by 31 July. However, due to the delays in issuing some statements HMRC have advised: ‘You don’t need to worry about this. If HMRC have asked you to make a second payment on account, you normally should have paid this by 31 July.’ ‘You usually have to pay interest if you don’t pay on time. If you receive your statement in August, you should still pay the tax due as soon as you can. However you’ll only be asked to pay interest on the tax due on the second payment on account if you still haven’t paid it by 27 September.’ HMRC are also reminding taxpayers that if they use their online service, they can check their statement online. If you have any concerns regarding payment please do get in touch. default 2011-08-30T13:50:58+00:00 http://beaumont-seymour.co.uk/news_room/article/pension_online_interactive_tools/ http://beaumont-seymour.co.uk/news_room/article/pension_online_interactive_tools/#When:13:45:44Z The Pensions Regulator has launched an online tool designed to help smaller businesses get to grips with their employer duties under the new laws, which start in 2012. The tools cover issues such as:   -  Find out your staging date (this is the date from which these rules will apply to your business)   -  Your employer duties   -  How to automatically enrol your staff   -  Your minimum employer contributions default 2011-08-30T13:45:44+00:00 http://beaumont-seymour.co.uk/news_room/article/closure_of_hmrcs_old_bank_accounts/ http://beaumont-seymour.co.uk/news_room/article/closure_of_hmrcs_old_bank_accounts/#When:13:47:11Z Business Link is reminding businesses that HMRC Bank of England accounts closed with effect from 9 August 2011. They are also warning that where businesses use these account details the payments will no longer be accepted. This may result in interest charges if the payment is not received by HMRC by the agreed payment date. Businesses should use the correct HMRC bank account details, to make electronic payments by BACS Direct Credit, internet/telephone banking or CHAPS. Where paying HMRC by Bank Giro please ensure that the payslip shows the correct NatWest account details. Payslips containing HMRC’s old Bank of England account details should no longer be used as the payment will be rejected. default 2011-08-08T13:47:11+00:00 http://beaumont-seymour.co.uk/news_room/article/hmrc_target_businesses_not_registered_for_vat/ http://beaumont-seymour.co.uk/news_room/article/hmrc_target_businesses_not_registered_for_vat/#When:13:39:37Z HMRC have launched a campaign aimed at VAT rule-breakers. As part of this campaign they have confirmed that they will be sending letters informing certain businesses how to register to pay what they owe. The campaign is focusing on individuals and businesses trading above the VAT turnover threshold of £73,000 but who have not registered for VAT.HMRC have advised that they will be sending in excess of 40,000 letters over the next few weeks. Those who come forward that have not registered to pay VAT have up until 30 September 2011 to let HMRC that they want to take part. If they make a full disclosure, most face a low penalty rate of 10% on VAT that has been paid late. They will also be invited to disclose any other tax arrears. Where they have to pay a penalty on undeclared tax other than VAT, this will be lower than the customary penalty of up to 100% charged to those who fall outside the opportunity. HMRC are warning that after 30 September 2011, using information pulled together from different sources, they will investigate those who have failed to come forward. Substantial penalties or even criminal prosecution could follow. Mike Wells, HMRC’s Director of Risk and Intelligence, said: ‘This is our third campaign, raising more than £500m from voluntary disclosures and a further £100m so far from follow-up activity. Our campaigns are designed to ensure tax is paid so that the money is available to spend on public services used by everyone.’ ‘The aim is to make it easy for individuals and businesses to contact us, make a full disclosure of their income and face a reduced penalty on any tax owed. I urge people who have not registered their businesses for VAT to get in touch with HMRC and get their tax affairs in order simply and on the best available terms.’ default 2011-07-29T13:39:37+00:00 http://beaumont-seymour.co.uk/news_room/article/payments_council_to_keep_cheques/ http://beaumont-seymour.co.uk/news_room/article/payments_council_to_keep_cheques/#When:13:36:14Z The Payments Council has announced that cheques will continue for as long as customers need them and the target for possible closure of cheque clearing in 2018 has been cancelled. This change is as a result of public concern about the proposed phasing out of cheques by 2018. The issue has been of concern to many small businesses who continue to make payments by cheque and charities which receive substantial amounts of donations from the public by cheque. According to the press release the:  ‘The Payments Council Board will continue to focus on security, efficiency and encouraging innovation in all types of payments to ensure customers have options best suited to the 21st century.’ Richard North, the Chairman of the Payments Council said: ‘It’s in the DNA of the Payments Council to consult and listen to all those people who actually make payments and use cheques. Listening to over 600 stakeholder groups, working with the banks and following our appearance before the Treasury Select Committee, we have concluded we should reassure customers that the cheque is staying.’ ‘Over the last two years we have learnt a great deal about what is important to our many stakeholders and we are really grateful to all of those groups and individuals who took the time to talk to us and help us reach this decision. We will use what we’ve learnt to keep improving existing systems, as well as introducing innovation, so that customers benefit from 21st century ways to pay.  Innovation must be at the heart of what we do.’ default 2011-07-29T13:36:14+00:00 http://beaumont-seymour.co.uk/news_room/article/real_time_information1/ http://beaumont-seymour.co.uk/news_room/article/real_time_information1/#When:13:42:22Z HMRC have issued some further guidance on Real Time Information (RTI) which may be useful to employers with regard to the introduction of RTI. RTI is a system of monthly/weekly PAYE returns which will replace the annual end of year forms. The new web page entitled ‘Improving the operation of PAYE: Real Time Information (RTI)’ can be reached using the link below and the link includes access to some new Frequently Asked Questions which, HMRC advise may be added to from time to time. HMRC have confirmed that employers who are not part of the pilot will have to join RTI in the period from April 2013 to October 2013. All employers will be using the RTI service by October 2013. HMRC will pilot the RTI service with volunteer software developers and employers for a year, starting in April 2012 as part of a trial to ensure that the software is fully tested. default 2011-07-27T13:42:22+00:00