It is that time of the year again for those whose Year-end accounts are 31st March 2011. All accounts need to be completed before being passed over to your accountants. Please ensure that all work up to 31st March 2011 is passed to us at Just Simply Organised along with any queries you may have. This will ensure that Year-ends are submitted accurately and without delay. If there any concerns or queries please contact the office and we will be happy to help!
As you may well be aware ‘phishing’ by fraudsters has once again been circulating due to tax rebates being issued. There has been a surge in fake ‘phishing’ emails being sent since April with more than 46,000 false emails being reported. These emails typically include a link to a cloned replica of the HMRC website whereby it asks for debit or credit cards details. By providing card details it then allows criminal to access your accounts and wipe them clean. Please be aware that HMRC do not send emails or phone. They will only contact you in writing by post. If you do receive any of these emails the HMRC website provides details of what to do.
Please follow the link below for more details from HMRC:
Please note that HMRC do NOT accept faster payments so when you make your payments for VAT & PAYE please make sure you allow enough time for the money to reach them ie: 3 working days.
The HMRC have just released details on the Plumbers Tax Safe Plan (PTSP) devised to ensure plumbers are and have been paying the correct tax. It is for anyone who works in this trade or has worked in this or any of the below sectors:
- Pipe Repairs
- Fixtures for Water
- Gas Systems
The HMRC want to give plumbers the chance to come forward with all income in the past that may not have been correctly declared at the time in order to ensure the correct taxes are being paid. By coming forward you will face lower penalties and may have the option to spread payments.
By not coming forward there is a very strong chance of incurring heavy penalties. These checks will being going back as many as 6 tax years therefore it’s a good idea to get your books in order and, if you are aware you may have underpaid your tax, apply for the above scheme.
Notification to HMRC if intending to take part in PTSP needs to be done by 31st May 2011 and full disclosure of taxes and payment must be made by 31st August 2011.
If you are not a plumber but you have worked in hot water heater repair, you may still be able to come forward with undeclared earnings and benefit from reduce penalties if you contact HMRC.
If you do not contact HMRC higher penalties maybe incurred or a criminal investigation.
If you need more information please get in touch or alternatively follow the link below for HMRC’s website:
In December 2010 it was announced that during the second half of 2011 Record checks conducted by the HMRC would come into play, allowing HMRC staff to visit the business premises and ask to view all business records. The Business Records Checks are likely to consist of a visit to the business premises by at least one officer and may last for a period up to four hours.
HMRC believes that up to 40% of the current five million SME’s maintain inadequate records and, as a consequence of this, an estimated amount of up to £600m will be collected over the next four years in tax and penalties.
Business record checks will be targeting all small to medium businesses (250 employees or less) with a turnover of £40m or less. There may be as many as 50,000 businesses targeted annually and, if record keeping is deemed to be poor, may result in penalties and future checks not only from this department but other HMRC departments such as: VAT, NIC and PAYE. The level of penalty could be up to £3000.
There is most likely going to be a period of adjustment given from when the final details are announced to when penalties will be implemented. It is therefore important all areas of business records are up-to-date and accurate.
This information can be viewed in detail on the HMRC website under Business record checks: Consultation document
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