Published on
Tuesday, 20 September 2011 00:00
Excuse the pun. However, I am sure that the five plumbers who have found themselves in hot water (oh dear!) with HMRC did go pale when the summons arrived.
HMRC ran a well publicised amnesty for those in the plumbing trade to encourage the declaration of earnings and the payment of any overdue tax. A small number decided not to take advantage of the amnesty and have suffered the consequences, a potential prosecution for tax evasion.
Other trades are falling into the spotlight later this year and early in 2012 with amnesties again being offered to those who come clean and bring their accounts and tax returns up to date and in line with legislation.
Another HMRC team is focussing on companies who, despite their turnover exceeding the threshold for VAT registration, have not made application to become registered. The current threshold is £73,000. If you have exceeded this figure in turnover terms during the last 12 months or expect to do so in the next 30 days then please seek advice, we can then ensure that an accurate and appropriate application can be made to HMRC.
Increasingly HMRC are adopting a more robust approach, they realise that they can recover very significant sums of unpaid tax, thus swelling the country’s coffers with some well researched and focussed investigations. We are starting to see an increase in the number of investigations, you should be aware that anyone who has a liability to pay tax could be selected for an investigation. Even if you have done absolutely nothing wrong the investigation can be both time consuming and stressful.
Fee Protection Insurance can give peace of mind knowing that should HMRC select you or your business for investigation. Our fees in fully supporting you can be covered by insurance. If you would like to know more about how quickly and economically this can be provided please let us know. Premiums can start from as little as £1 per week for a Limited company!
Remember, the deadline for paper filing of self assessment tax returns is 31 October with an immediate penalty of £100 if it is received on or after 1 November. The same penalty will apply to those missing the online filing deadline of 31 January - £100 penalty if filed online on or after 1 February.
If you need help or advice with respect to your tax return, please talk to us as soon as possible. Do not leave it till the last minute as we may not be able to complete your return in time.
To find out more how we support all our clients and help them manage their tax affairs effectively give us a call on (01635) 884270 or email info@opusaccounting.co.uk and arrange a time to come in and meet the team. We think you will be impressed with our approach, looking forward rather than backwards at last years figures!
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WHY DID THE COLOUR DRAIN FROM THE PLUMBERS FACE?
Excuse the pun. However, I am sure that the five plumbers who have found themselves in hot water (oh dear!) with HMRC did go pale when the summons arrived.
HMRC ran a well publicised amnesty for those in the plumbing trade to encourage the declaration of earnings and the payment of any overdue tax. A small number decided not to take advantage of the amnesty and have suffered the consequences, a potential prosecution for tax evasion.
Other trades are falling into the spotlight later this year and early in 2012 with amnesties again being offered to those who come clean and bring their accounts and tax returns up to date and in line with legislation.
Another HMRC team is focussing on companies who, despite their turnover exceeding the threshold for VAT registration, have not made application to become registered. The current threshold is £73,000. If you have exceeded this figure in turnover terms during the last 12 months or expect to do so in the next 30 days then please seek advice, we can then ensure that an accurate and appropriate application can be made to HMRC.
Increasingly HMRC are adopting a more robust approach, they realise that they can recover very significant sums of unpaid tax, thus swelling the country’s coffers with some well researched and focussed investigations. We are starting to see an increase in the number of investigations, you should be aware that anyone who has a liability to pay tax could be selected for an investigation. Even if you have done absolutely nothing wrong the investigation can be both time consuming and stressful.
Fee Protection Insurance can give peace of mind knowing that should HMRC select you or your business for investigation. Our fees in fully supporting you can be covered by insurance. If you would like to know more about how quickly and economically this can be provided please let us know. Premiums can start from as little as £1 per week for a Limited company!
Remember, the deadline for paper filing of self assessment tax returns is 31 October with an immediate penalty of £100 if it is received on or after 1 November. The same penalty will apply to those missing the online filing deadline of 31 January - £100 penalty if filed online on or after 1 February.
If you need help or advice with respect to your tax return, please talk to us as soon as possible. Do not leave it till the last minute as we may not be able to complete your return in time.
To find out more how we support all our clients and help them manage their tax affairs effectively give us a call on (01635) 884270 or email info@opusaccounting.co.uk and arrange a time to come in and meet the team. We think you will be impressed with our approach, looking forward rather than backwards at last years figures!
