Happy New Year to you all!
January is traditionally a very busy month for those that work in tax. However please do not worry I will be posting my tax tips up for my dedicated readers every week this month.
1. Did you know HMRC are now accepting tax payments through the faster payment service? It is important to note however that they do charge interest for any late payments so make sure you pay on time
2. In light of HMRC's revised interpretation of the pension carry forward rules for the unused allowance in respect for the tax years 2008/09 to 2010/11 are you or your clients affected? It may be worth recalculating your tax based on the pension figures.
3. It is common for a property to be owned by the company director or shareholder and then rented to the limited company. If this applies to you then you really need to consider the tax implications sooner rather than later because there maybe a reduced or no entitlement to entrepreneurs relief.
4. The European Commission has approved for state aid purposes the increase in the small and medium sized enterprise research and development relief to 200% from 1 April 2011. Does your business activities/expenditure qualify for research and development? Take advantage of this generous relief.
5. HMRC has advised that correspondence goes missing because tax payers do not give their National Insurance or Unique Tax Reference Number as references. Make sure when writing to HMRC you always put at least one of these as a reference
I hope you have found these useful. I am now going to get back to my tax returns however if you have any questions please do not hesitate to contact me or alternatively if you know of anyone panicking about completing a tax return by the end of the month pass them on to me.
All the best
Mitch the Tax Man
mitch@ljd.uk.com
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