Undeclared Income – It’s On The Cards!

Did you know that HMRC can track your income by obtaining information about the use of credit and debit cards? Any individual or business accepting credit or debit card payments for goods or services must be registered with HMRC, who have the power to gather information from the card processing companies.   Although no data is … Continue reading Undeclared Income – It’s On The Cards!

Daily Penalties For 2014/15 Tax Returns Still Not Submitted

For those whose 2014/15 self-assessment tax return was due at HMRC by 31 January 2016 but has still not been submitted, it’s now time to confront that pile of paperwork hidden away in the folder marked “To Do”. For the majority of those in self-assessment the deadline was 31 January 2016, and if your tax … Continue reading Daily Penalties For 2014/15 Tax Returns Still Not Submitted

Penalty For Accidental Late Submissions A Thing Of The Past?

The initial £100 penalty for late submission of self-assessment tax returns could be abolished under new Government plans. Under the current system, which has been in place for the last 20 years, someone who files their return 24 hours later than the midnight deadline, will pay as much of a penalty as someone who is … Continue reading Penalty For Accidental Late Submissions A Thing Of The Past?

The Future of Farm Support – the CAP Deal

A deal on Europe's farm support system was agreed in Brussels on 26 June, the new Basic Payment Scheme (BPS) will replace the Single Payment Scheme in 2015. In many ways it will be very similar, with entitlements having to be matched against eligible land which then generates a yearly payment as long as certain … Continue reading The Future of Farm Support – the CAP Deal

Penalties For Incorrect VAT Returns

The new penalty regime charges penalties determined by culpability. You are expected to take reasonable care by keeping reliable records and checking what you need to do when you don’t understand something. For example, if you are unsure as to whether a supply is zero rated, it is worth ringing the vat helpline for advice.  … Continue reading Penalties For Incorrect VAT Returns