Deadline tax event for new sources of income or gains should be advised by 5 October 2011 where no tax return issued for year  April 2011

 

Late Tax Payment - no interest

We have now received some further details from HMRC, including the news that if statements arrive late, taxpayers will not be charged interest provided they pay within 30 days of receipt of the statement.

Help Paying your Tax

HMRC Debt management are being extremely helpful at this difficult time and will help with time to pay arrangements Contact us to see if you qualify and you want to know more...

 

Tax Return Deadline

Less than 4 weeks to complete tax returns for the year to 5 April 2010. If your tax returns haven’t yet been submitted it is essential to contact your accountant to avoid penalties and interest being levied.

Increase in the standard rate of VAT to 20 per cent

The standard rate of VAT increased from 17.5 per cent to 20 per cent on 4 January 2011.

For any sales of standard-rated goods or services that you make on or after 4 January 2011 you must charge VAT at the 20 per cent rate. If you have a cash business and calculate your VAT using the VAT fraction you must use the VAT fraction of 1/6 on your standard-rated VAT inclusive sales from 4 January 2011.

The change only applies to the standard VAT rate. There are no changes to sales that are zero-rated or reduced-rated for VAT. Similarly, there are no changes to the VAT exemptions. Any sales you make at these rates are unaffected by this change.

More information can be found on the HMRC website here

Flat Rate Scheme

Sage 50 2011 will show you the cost/benefit of being within the Flat rate option following changes in rates.

Manningtons updated website

We are embracing new technologies to facilitate the exchange of information between you and us, and to provide you with useful business information.

The first of these is Factsheets. You can browse a selection of information from the factsheets available on the website: just visit www.manningtons.net and click on the "Factsheets" button on the left. The first time you select a  factsheet you will be prompted to register. Whilst doing this you can tick the box to join the mailing list for our monthly e-news update.

Also available is clientZONE. This is a new facility for uploading documents to us and receiving documents from us. Click here to register or follow through from the clientZONE button on www.manningtons.net