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Latest News - Taxation
We are reminding individuals and partnerships about the new Self Assessment penalties for late returns and late payments, which come into effect this autumn.
HMRC have advised that there are apparently more Self Assessment statements than usual to issue this year. Normally these would be issued in July but this year some will be issued later.
HMRC have been warning employers for some time that they may have to pay a penalty if they do not pay their PAYE deductions on time. Although the penalties apply from April 2010 notices will not be issued until after the end of the tax year and are expected to be issued in April or May 2011.
We wish to draw to your attention changes being introduced by H M Revenue & Customs to the payment of corporation tax. This affects all payments made on or after 1 April 2011.
HMRC has announced that they will launch a new method of paying tax liabilities, known as Managed Payment Plans, in April 2011.
HMRC announce that dentists have been added to the list of those eligible for the THP announced on 11 January 2010. The THP offers an opportunity for medical professionals with undisclosed tax liabilities to come forward and settle their affairs.
The amnesty, which enabled taxpayers to disclose the fact that they held previously undisclosed off shore accounts to HMRC has now closed. Under the amnesty any fines were limited to 10% of the unpaid tax.