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over 2 years ago
Dividend tax 7.5% adjusted in PAYE coding for 2016/17
I have just been forwarded a tax code notification from a client which shows an adjustment for dividend tax in the PAYE tax coding notice. Am I right to assume this is just HMRC's way of collecting tax...
Construction industry scheme (CIS) repayments: Are there delays?
In 2014 the professional body representatives worked with HMRC to develop a new process to improve the speed of obtaining CIS repayments. The process is set out at Construction Industry Scheme repayments...
VAT Registration Unit - delays in processing applications and HMRC closure of ongoing applications
We have noted some significant issues with VAT registrations over the last few months. We have had problems with both online and paper applications, although where possible we try to submit applications...
Transfer of a trade under common ownership.
I am the accountant for a sole trader , who has a farming trade and plant hire business. We would like to transfer the hire business to the farm and treat it as one trade. My queries are; 1. can this...
R&D tax relief
I have a client that is making a claim for R&D tax relief. They have hired lab equipment to enable them to undertake their R&D projects, this hasn't been capitalised. Can this expenditure be incorporated...
Construction Industry Scheme - penalties post 6 April 2015 for nil returns
over 2 years ago
From 6 April 2015 an amendment was introduced to the CIS system, so that the requirement for a contractor to make a return to HMRC even if the contractor has not made any payments in a tax month will be removed. However, contractors may still make a voluntary nil return, but are no longer obliged to do so.
One of our client's did not submit a return for the month ended 5 May 2015, as no payments to subcontractors had been made in that tax month.
A late Filing Penalty Charge has been issued.
Having now investigated the position on the the .GOV website this states:
"You'll get a penalty if you miss the deadline for filing returns, including "Nil Notifications"
The penalty will be cancelled if you let HMRC know that you didn't pay any subcontractors that month".
So the penalty has to be appealed, or if not technically appealed, correspondence has to be entered into.
I cannot see how this is a simplification or removing burden from businesses. If anything it is making matters more complicated and I cannot think that this was the intention of the measures introduced by the government.
It seems to me that it is going to be easier to continue to submit a nil return, rather than no return: which is exactly where we were before the change in the rules.
over 1 year ago
This happened to me for a late nil return for the month of May and then June + an extra £100.00 fine for not paying the first fine on time making it a grand total of £300.00 which i then appealed.I asked them to explain to me just what is the cut off point for the penalty-is it midnight on the 18th or the 19th of the month.I then received three different letters ,one for each fine saying that the fines had been amended and that nothing was due.I did not know of this new ruling and if i hadn`t gone into correspondece with them i would have been £300.00 out of pocket,i did pay the £100.00 late fine payment the day before i received the letters saying that nothing was due so i hope they will reimberse me with that.I wonder just how many people have paid these late payment fines without knowing about this ruling just as i did and did not enter into correspondence with them-seems like it is all a bit of a scam by the HMRC to me.