Any payment made to a director as part of their remuneration package is generally subject to tax that is usually collected via the PAYE system. The payments made by the employer are allowable expenditure and reduce the employer’s taxable profits. However, many smaller limited companies pay personal expenses on behalf of directors. These personal expenses […]
Tax Diary July/Aug 2012
1 July 2012 – Due date for corporation tax due for the year ended 30 September 2011. 6 July 2012 – Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A NICs. 6 July 2012 – Deadline for submitting form 42 (reporting of transactions in employment related securities). 19 […]
VAT refund for self build
It is possible to register a self-build application for VAT purposes and reclaim any VAT charged on certain materials and services paid out. In a recent tax case an individual and his partner decided to build a new home for themselves and two children from a previous relationship. The building was actually two separate buildings […]
July 2012 – busy month…
Although we have summarised the various filing and tax payment deadlines for July in the tax diary it is worth looking at the detail – July is a busy month. 6 July 2012 Filing deadline forms P11D, P9D and P11D(b) 2011-12. As this newsletter is being published on 5 July we sincerely hope that readers […]
Tax dodgers beware
At the end of May 2012 HMRC announced that six new taskforces had been created to target tax evasion in a number of specific locations: • Indoor and outdoor markets in London• Taxi firms in Yorkshire and East Midlands• Property rentals in East Anglia, London, Yorkshire and the North East• Restaurants in the Midlands These specialist teams are trained […]