SB Business Support

Overdue Tax Returns – Amnesty until Oct 2nd 2012

Sally — Wed, 25 Jul 2012 12:08:40 +0000

UK and UK ex-pats who are higher rate tax payers and have tax returns outstanding for three years or more (back to 2009/10 or earlier) can make use of this special amnesty and benefit from reduced penalties.

Deadline October 2nd 2012.

Get in touch with Sally at SBBS and find out how much you owe, to register for you and to take away the worry.

New HMRC task forces

Sally — Mon, 09 Jul 2012 12:09:22 +0000

HMRC this week announced four more taskforces, bringing the total number of active targeted compliance teams to around 20.

A high cash element is a common theme among many of the industries under scrutiny and Scotland continues to be fruitful territory for the tax department, with one of the new teams dedicated to investigating the highest risk tax evaders among Scottish pubs and nightclubs. Other industries under scrutiny will be motor traders, restaurants and salons. Northern Ireland, South Wales and the West Country will have additional territory resources to increase the tax take.

Do you have a ‘wilfull’ employer?

Sally — Thu, 21 Jun 2012 14:01:59 +0000

When HMRC believe a payment of employment income has been made without deduction of PAYE – who is liable? The recipient employee is chargeable, but the employer is responsible for collection. In the first instance, HMRC will seek redress from the employer. However, case law exists showing that, where the employee is a director, they may look to recover the tax due from the individual.

Furthermore, if HMRC have raised assessments on the employer and these remain unpaid for more than 30 days, then under REG 81 they can issue demands fom the employee/office holder(s) if they believe that the employee/office holder(s) received the payments knowing that the employer had ‘wilfully’ failed to deduct the tax from those payments. Beware bonus payments and wilfullness!

Companies saved by successful HMRC negotiations

Sally — Thu, 17 May 2012 13:30:25 +0000

During the last few months SBBS has negotiated some extremely helpful time to pay arrangements with HMRC enabling companies to trade out of difficult times. What is needed is a strong cash flow forecast and evidence of strong financial controls. With help from IIB colleagues, this has been achieved and companies saved from statutory demands and seizure of assets. Businesses live to fight another day!

Olympic slogan sits on the bench

Sally — Tue, 01 May 2012 07:54:47 +0000

The London 2012 Olympic slogan “Inspire a generation” has been met with mild annoyance. But was it the slogan itself or the general distain for the coming games which has failed to inspire anyone?

There is an interesting article on The Economist website which dicusses the issue in more detail.

www.economist.com/whichmba/olympian-madmen

New website launched

Sally — Tue, 01 May 2012 07:36:02 +0000

SB Business Support is proud to present a new website.

This new website helps you keep up to date with the latest business and HMRC news as well as some of the latest business tips as we uncover them.

We hope you enjoy the site and welcome your comments.