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July 2011

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To July’s Tax Tips & MYOB News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman.

Breaking news is that Mamut have just accepted an offer from the Norwegian software provider, Visma to take over their business. We will have more details about what this might mean to MYOB customers in our blog over the next few days.  

Just give us a ring if you want help and advice on finding the right alternative to MYOB for you. Our recommended options include MYOB version 11, Solar Accounts and Clearbooks. Don’t forget that our Business Companion Service includes free software from our recommended list.

July 2011
· Web Bots Are Out to Get You!
· What if You Don’t Pay Your Tax!
· Must You Register for VAT?
· P11ds due today
· July Question and Answer Section
· July Key Tax Dates
Web Bots Are Out to Get You! top
The Taxman has announced he is going to start targeting tax evasion by online traders, private tutors, personal trainers and life coaches.

In order to find out who is failing to pay tax on all their income the Taxman is to send out web bots (automatic search programmes), to trawl the internet for data on sales and services advertised by UK residents. This data will then be compared to sources the Tax Office holds such as bank interest and tax returns.

If you declare all of your profits and earnings on your tax return you have nothing to fear. But you may have friends or family members who earn a little bit on the side by selling stuff or advertising their services online, so please pass on this advance warning. Read More
What if You Don’t Pay Your Tax! top
Must You Register for VAT? top
July is one of those big tax-paying months…

– If you are self-employed you need to pay your income tax and class4 NIC on-account payment for 2010/11 by 31 July.
– A company with a 30 September 2010 year end must pay its corporation tax by 1 July 2011.
– Employers must pay class 1A NICs on benefits by 19 July.
– Quarterly payments of PAYE are due by the same date. Monthly payments of PAYE and CIS deductions are due by 19th of every month, or by 22nd if paying electronically.

If you or your company will not be able to pay the tax due on time you should contact the Tax Office business payment support line (0845 302 1435 begin_of_the_skype_highlighting              0845 302 1435 begin_of_the_skype_highlighting              0845 302 1435      end_of_the_skype_highlighting begin_of_the_skype_highlighting              0845 302 1435      end_of_the_skype_highlighting      end_of_the_skype_highlighting) without delay, or we can do this for you. Once the tax due is actually late, even by a day, it is much more difficult to negotiate a reasonable payment plan with the Taxman. Read More
There is a myth in certain quarters that every legitimate business is required to be VAT registered. This is not the case. Your business (as a sole-trader, partnership or company) does not have to become VAT registered until the total sales for 12 consecutive months exceeds £73,000. However, this total does apply to all the businesses you run as a sole trader. You can’t artificially divide your businesses to avoid registering for VAT.

Once your business is VAT registered you must charge VAT at the appropriate rate (normally 20%) on your sales. You also have to submit regular VAT returns, either quarterly or anually, which means you need to keep your records of sales and purchases up to date. If this all sounds a bit too much to cope with there are a number of schemes you can sign up to which are designed to make VAT reporting much easier for small businesses. Read More
P11ds due today! top
July Question and Answer Section top
P11ds due today!

If your return is not received by 6 July, penalties may be charged. Please note if you have already indicated on your form P35 that forms P11D and P11D(b) are not due, there is no need to send this return.  If you need to make a P11d declaration please call us TODAY!

Class 1A National Insurance contributions due to the accounts office.

Employers pay Class 1A NICs on fringe benefits given to employees.  Details on how to pay can be found on the penultimate page of your ‘Employer Payment Booklet’.  Send your payment to Sort code 08-32-10 Account 12001039 quoting accounts office ref 585PA00125690.  If you wish to pay by cheque send it to ‘HM Revenue and Customs’ via Accounts Office HM Revenue & Customs, Bradford BD98 1YY quoting the same reference above.

You have until the 19th July!
Q. I’ve always prepared the accounts for my own company and submitted them to Companies House and the Tax Office with no problems. However, this year the Taxman sent back my company’s accounts and tax return saying they were in the wrong format. I’m confused. What have I done wrong? Answer

Q. My company pays a business subscription to Linkedin, the business networking site. It allows me to make business contacts that generate work for me. Is the Linkedin subscription a tax allowable expense for my company? Answer

Q. My wife and I acquired a cottage in 2002 and let it as furnished holiday lettings from 2005. We ceased advertising the property this year and it is now on the market. Will we get the lower 10% rate of capital gains tax on any profit we make on the property sale? Answer
July Key Tax Dates top
5 – Deadline for PAYE settlement agreement for 2010/11

6 – Deadline for 2010/11 forms P11Db, P11D and P9D to be submitted and copies of P11D and P9D to be issued to relevant employees Deadline for employers to report share incentives for 2010/11 – form 42

14 – Return and Payment of CT61 tax due for quarter to 30 June 2011

19/22 – PAYE/NIC and CIS deductions due for month to 5/7/2011 or quarter 1 of 2011/12 for small employers

19 – Class 1A NIC due in respect of the tax year 2010/11

31 – Second self assessment payment on account due for 2010/11.
Second 5% penalty surcharge on any 2009/10 outstanding tax due on 31 January 2011 still unpaid.
Second £100 penalty if 2009/10 tax return due for filing on 31 January 2011 is still outstanding.
Deadline for Tax Credits to finalise claims for 2010/11 and renew claims for 2011/12
Class2 NIC payment due
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, Solar Accounts, Quickbooks, Clearbooks or Nano. We offer a range of accountancy services despite being specialists.

‘All clients using these software packages can benefit from our support. Visit our website for a look at the resource on offer.’

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