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Welcome… To February’s Tax Tips & MYOB News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman. If you need further assistance just let us know or you can send us a question for our Question and Answer Section. Please contact us for advice in your own specific circumstances. We’re here to help!   February 2012 · Closing Down Your Company · Penalties for Late Payment of PAYE · Confessing to Tax Fraud · Buy Mamut AccountEdge – without the service charge! · February Question & Answer Section · February Key Tax Dates Closing Down Your Company top If you are in the process of closing down your company, or are thinking of doing so, you need to know about the change in the tax law from 1 March 2012. If your company contains significant value, you will want to extract the cash and assets in the most tax efficient manner. Until now you could ask the Taxman to apply concession C16 to the payments made during an informal winding-up up of the company. Concession C16 allows the payments made to shareholders (known as distributions) to be taxed as capital gains. Shareholders who were also officers or employees of the company may be able to claim entrepreneurs’ relief on those gains, which means the gain is taxed at just 10%. Read More   Penalties for Late Payment of PAYE top   Confessing to Tax Fraud top PAYE and other payroll deductions need to clear Taxman’s bank account by 19th of the month, if paid by cheque. Electronic payments can arrive by 22nd of the month, or the last banking day before that date. If you use the faster payments service (FPS) to make your PAYE payment, the amount transferred will clear the Taxman’s bank account on a Saturday, Sunday and on most bank holidays (not Christmas day or New Years day). However, there are limits on the amounts that can be transferred per day and per transaction using FPS, which vary from bank to bank. So check what limit your bank applies. Read More The Taxman is currently writing to taxpayers who are suspected of tax fraud, asking them to make a full disclosure of their wrong-doing under the contractual disclosure facility (CDF). If you receive a letter offering the CDF, it is a very serious matter. The Taxman has taken a view that he could launch a criminal investigation into your tax affairs, but has decided that a criminal case is not cost-effective. Instead he is offering you a binding agreement to come clean, with the promise of low penalties. Read More   Buy Mamut AccountEdge – without the Service Charge! top   February Question & Answer Section top We are offering a few Mamut AccountEdge programs (single user) at a discounted price of £195 per box including VAT and postage. Mamut AccountEdge is suitable for Macs – it is the upgraded version of MYOB AccountEdge. They are from an installation where a slightly higher grade of program will be required.They are new and fully functional. Unlike buying through Mamut there is no compulsory service charge. Twelve months’ support is included. Continued Support after twelve months is optional. If support is not taken after the initial twelve months the software will continue to work, but you will not be entitled to technical support or product upgrades. This means that the payroll will cease to work. Unfortunately there are no additional seat licenses available for this option. Email us if you would like to buy a copy . If instead you buy Mamut AccountEdge through Mamut you have to pay the cost of the software as well as the compulsory service charge. You can see the prices here.  Q. What records do I need to keep to claim travelling expenses? Do I also need to keep receipts for petrol? Answer Q. I’ve always calculated my business income for a full year to 30 April. On my tax return for 2010/11 I’ve recorded my business profits, income and expenses for the year to 30 April 2010. But when I rang the Tax Office with a query the adviser told me that my accounts should always be drawn up to 5 April. Have I been doing it wrong for 20 years? Answer Q. A friend told me I’d pay less tax if I held my let properties through a company. Is that true? Answer   February Key Tax Dates top 19/22 – PAYE/NIC and CIS deductions due for month to 5/2/2012 29 – Talk to us about year end and pre-budget planning First 5% penalty surcharge on any 2010/11 outstanding tax due on 31 January 2012 still unpaid   Need Help? top   New Clients Welcome top Please contact us if we can help you with these or any other tax or accounts matters. In addition, if there’s anyone else who you think would benefit from the newsletter, please forward the email to them or ask them to contact us to be added to the newsletter list. If you are not already a client and are interested in becoming one, we would love to discuss how we can help and provide you with a competitive quote for our services. See details of our Business Companion Service.   About Us top Simple Accounting Limited offers a cost effective Business Companion service to business owners who use MYOB, Mamut, Acclivity, Solar Accounts, Quickbooks or Clearbooks. We offer a range of accountancy services despite being specialists. ‘All clients using these software packages can benefit from our support. Visit our website http://www.simpleaccounting.co.uk for a look at the resource on offer.’   If the images do not show. If the images contained within this email do not show correctly please add this email to your safe senders list.

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