Walsh Accountancy Services
Telephone: 01424 430814 Mobile: 0743 2127290 Fax: 0872 1107001
e-mail: denise@walshaccountancy.com
accountancy - book keeping - accounts - payroll - VAT - personal tax - self assessment
hastings - bexhill - st leonards - sussex - east sussex - rye - winchelsea
Self Assessment deadline and penalties
HMRC have announced that they will not impose late filing penalties on taxpayers who file their Self Assessment returns on 1 and 2 February 2012. The announcement has been made amongst fears that taxpayers would not be able to get through to HMRC's call centres on 31 January 2012 where strike action by some employees is anticipated.
HMRC have also advised that:
"The SA deadline remains midnight on 31 January. But HMRC will treat all returns that come in by midnight on 2 February as though they were submitted by 31 January. No customer will have to pay interest on payments due on 31 January that are paid on 1 or 2 February."
Online VAT returns and electronic payments
Since April 2010 most VAT registered businesses have been required to submit their VAT Returns online and pay any VAT due electronically. From 1 April 2012 all VAT registered businesses will be required to meet these requirements, apart from a very small number who will be exempt.
Exemptions from doing your VAT online
Businesses may not have to comply with the requirement if:
- they are subject to an insolvency procedure - but if the business is subject to an approved Voluntary Arrangement, administration or trust deed, an online submission may be made
- HMRC is satisfied that the business is run by practising members of a religious society, whose beliefs prevent them from using computers.
HMRC now able to accept faster payments
HMRC have announced that they are now able to accept payments made using the Faster Payments Service. This will allow you to make faster electronic payments, typically via internet or telephone banking, enabling them to be processed on the same or next day.
PAYE tax codes
HMRC are issuing PAYE tax codes for 2012/13. These new coding notices, which are due to be issued between January and March 2012, will be used against employees pay from April 2012 onwards. It is important that these coding notices are checked carefully as an incorrect code will result in too little or too much tax being deducted from pay or pension payments.
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