We keep you updated

We provide our clients with regular updates on changes in taxation regulation, news from the world of accounting and, of course, information about the latest developments at A A Accountancy.

Budget 2012

We have put together a short summary of the 2012 budget that we believe may be of interest to clients. If you wish to receive a paper or pdf copy of this document please contact us and we will forward a copy to you free of charge.

...................................................................................................

National Minimum Wage increase

From 1 October 2011 the new rates are:

• 21 and over £6.08 per hour
• 18 to 20 £4.98 per hour
• 16 to 17 £3.68
• Apprentices under 19 (or over 19 in first year of apprenticeship) £2.60 per hour

 ..................................................................................................................................................

HMRC increase in late filing penalties

A new penalty regime for late filing and late payment of self assessment tax returns and income tax has now come into effect.

From 2011 the new penalties for late filing of returns are as follows:

Day one: £100 penalty even if no tax is owed

Over three months late: Automatic daily penalty of £10 per day up to a maximum of £900

Over six months late: further penalties which are the greater of 5% of the tax due or £300

Over twelve months late: More penalties, which are the greater of 5% of the tax due or £300.  In serious cases could face a penalty of up to 100%

Late payment of tax penalties are:

30 days late: Initial late payment penalty of 5% of the unpaid tax at that date

Six months late: Further penalty of 5% of the tax still unpaid

12 months late: Further penalty of 5% of the tax still unpaid

...................................................................................................................

H M Revenue & Customs Plumbers Tax Safe Plan (PTSP) 

This is an extract from the below HMRC web page:  The Plumbers Tax Safe Plan (PTSP) is designed for people working within the plumbing industry who have not told HM Revenue & Customs about all their income in the past and who now want to get back on track. It is intended to cover people who work (or worked) in the plumbing, heating or gas installation trades and this includes anyone who installs and repairs pipes and fixtures for water, drainage or gas systems in a building.

If you are not aware of H M Revenue & Customs Plumbers Tax Safe Plan (PTSP) you be interested in looking at the following web address

http://www.hmrc.gov.uk/trades-disclosure/index.htm

.......................................................................................................................................

New online access

Consult our online tips and newsletters, including information about recent changes in taxation regulations.

Sign up to receive our free client newsletter