Imbercal

Tax Credits – Request for Information

Rich — Fri, 03 Sep 2010 15:41:16 +0000

HMRC have powers to request information that underpin your claim for tax credits. If you fail to comply with their request you may find your tax credit payments will be suspended.

As there are no clear statutory rules about the type of records you should keep or how long they should be kept, It is likely . . . → Read More: Tax Credits – Request for Information

September 2010 Tax Diary

Rich — Wed, 25 Aug 2010 12:46:54 +0000

Just a quick reminder about tax deadlines that are due during September:

1 September 2010

- Due date for corporation tax due for the year ended 30 November 2009.

19 September 2010

- PAYE and NIC deductions due for month ended 5 September 2010. (If you pay your tax electronically the due date is . . . → Read More: September 2010 Tax Diary

7 day concession to be withdrawn!

Rich — Fri, 20 Aug 2010 10:04:06 +0000

Advance warning has been given that after 31 March 2011 HM Revenue & Customs are withdrawing a concession that allows you an extra 7 days to file certain returns.

The returns affected are:

1. Company tax returns. 2. Annual PAYE returns P35 and P14s.

The concession was granted to allow for postal delays that are no . . . → Read More: 7 day concession to be withdrawn!

Salary Sacrifice

Rich — Wed, 11 Aug 2010 12:41:44 +0000

Under certain circumstances it is possible to sacrifice part of your salary in exchange for a non-cash benefit.

Now that HMRC are increasing the income tax burden of the higher paid -a 50% income tax on income over £150,000 and progressive loss of personal allowance when your income exceeds £100,000 – the idea of . . . → Read More: Salary Sacrifice

Student Loan Deductions

Rich — Thu, 05 Aug 2010 10:24:53 +0000

If you make student loan repayments via your salary, the total repayments in a year need to be entered on your self-assessment tax return, if you are required to fill one in.

Your P60 from your employer at the end of the tax year will include deductions made by that employer only. If you . . . → Read More: Student Loan Deductions

Annual Investment Allowance (AIA)

Rich — Wed, 04 Aug 2010 11:01:05 +0000

Businesses can currently write off 100% of the cost of acquiring qualifying assets against their taxable profits, up to an annual limit of £100,000.

Assets that can be written off in this way include commercial vehicles, plant, computers and other equipment. However, cars do not qualify for AIA.

George Osborne’s Budget of 22 June 2010 . . . → Read More: Annual Investment Allowance (AIA)

The 31st July Deadline

Rich — Thu, 29 Jul 2010 12:54:56 +0000

31 July 2010 is an important deadline in the self assessment calendar and also the renewal deadline for tax credits.

Below are a list of items that need to be completed by this date.

2008/09 Self Assessment Tax Return

Outstanding returns for 2008/09 should be submitted or incur a £100 penalty. No penalty will . . . → Read More: The 31st July Deadline

Live Help

Tom — Thu, 29 Jul 2010 07:04:57 +0000

We’re happy to announce that you can now get live help from within the Imbercal program. If you’ve got a question, query or need to know how to do something then just click the ‘Live Help’ button that sits next to the settings menu button and one of our support staff will be happy . . . → Read More: Live Help

August 2010 Tax Diary

Rich — Tue, 27 Jul 2010 10:38:14 +0000

Just a reminder of some deadline that are approaching during August:

1 August 2010

- Due date for corporation tax due for the year ended 31 October 2009.

19 August 2010

- PAYE and NIC deductions due for month ended 5 August 2010. (If you pay your tax electronically the due date . . . → Read More: August 2010 Tax Diary

Would you like to give you tax repayment to charity?

Rich — Wed, 21 Jul 2010 12:46:12 +0000

If HMRC owe you tax, then you can give your repayment to a charity of your choice simply by filling in a form. It is an easy way to make a donation and you can use the Gift Aid to increase the value of the gift.

This is done through a scheme called SA . . . → Read More: Would you like to give you tax repayment to charity?