New web filing rules for VAT come online
Business registered for VAT turning over more than £100,000 a year and any other business that registers for VAT after April 1, 2010, has to submit VAT returns for the quarter ending June 30 online.
Taxman withdraws late filing concession
The tax man is withdrawing a concession to file company tax returns and payroll returns within a few days of the official filing date.
Extra Statutory Concession (ESC) B46 – automatic penalties for late company and employers’ and contractors’ end-of-year returns allows companies and employers to avoid late filing penalties for presenting Company Tax returns (CT600), Pay As You Earn (PAYE) end-of-year returns (forms P35 and P14).
or employers’ and contractors’ (Construction Industry Scheme) end-of-year returns, provided they are received by HMRC by the last working day within seven days of the filing date.
Countdown starts for filing tax and accounts online
Company CT600 tax returns must be filed online from April 01, 2011, for any accounting period ending after March 31, 2010.
As well as this, companies must file accounts and tax computations in a set format – Inline eXtensible Business Reporting Language (iXBRL).
Claiming VAT on business trips in the car
Freelances, contractors and the self-employed need to stay on the right road when reclaiming VAT on running a car for business.
Steering a way through complicated VAT motoring rules is complicated for many but the VAT man will put the brakes on claims if they are not correctly documented.
Free ride from the tax man for business bikers
It’s not often the tax man gives anyone a free ride but that’s exactly what freelances, contractors and the self-employed riding a bike or scooter for business get.
HM Revenue and Customs has put the brakes on treating a bike or scooter the same as a car and let’s freelances, contractors or the self employed count them in the same way as other business equipment.