HM revenue & customs

Register with HMRC to do your tax online

The Self Assessment online deadline is fast approaching – if you still need to do your Tax Return you must do it online by 31st January. If you’re using HMRC Online Services for the first time, you will have to register for an online account. You will then be sent an Activation Code within 7 days to activate your account. Doing it online has many benefits: it’s safe and secure, helps reduce errors, provides automatic calculations and an on-screen confirmation message when your return is received safely. What’s more, it’s available 24 hours a day, 7 days a week so it’s there at a time that suits you. Registration is quick and easy so do it now, visit For further help, including a ‘Step by Step’ guide to Self Assessment onlin... »

Calls for leeway on VAT cut

The Forum of Private Business (FPB) has called on the Government to give small firms some leeway on implementing the recent cut in VAT. Following the Government’s decision to cut the rate of VAT from 17.5% to 15% from 1 December until January 2010, the FPB has warned that small firms will face an increased administrative burden when they calculate the amount of VAT to charge on their goods and services. The FPB said that firms will have to re–price their goods and services to account for the new VAT rate, and will need time to complete the complex tax return calculations that will result from the VAT rate changes. FPB spokesman Phil McCabe said: “The difference between small firms and big business is that larger companies have the resources to bring these changes in quick... »

Self Assessment

Tips for Self-assessment Tax Return

The paper self assessment tax return deadline is just around the corner. Anita Monteith, Technical Manager of the ICAEW Tax Faculty, has the following advice for the more than nine million people who are required to file a tax return. “With very little time now left before the new deadline for filing your self assessment on paper (31 October), it’s important to get all the relevant papers, forms and information together to make completion of the tax return as smooth a task as possible. “The tax return also looks different this year so it’s important that those required to file a self assessment don’t leave it until the last minute, as getting familiar with the new forms might take a bit of extra time, although in general they are simpler,” TOP TIPS Do yo... »

Tax Returns

Owners face £100 fine for missing deadline

HM Revenue & Customs (HMRC) has warned business owners who intend to file paper self-assessment tax returns that they must do so before the new deadline of 31st October or face an automatic penalty of £100. Self–employed entrepreneurs filing paper returns could previously file up to 31st January, but the extra three months are now only given to people filing their self–assessment online. The new deadline is part of a drive by HMRC to encourage business owners to switch to online filing. Last year, 3.8 million people filed an online return – an increase of almost a million over 2006. HMRC has also called on business owners who stick to the old paper filing system to start collecting the documents they need in good time, including their P60s, self–employed a... »

Equifax PDF

Email Tax Scam Targets Small Firms

Small businesses have been warned not to be taken in by a fake email purporting to be from HM Revenue & Customs (HMRC) promising a tax refund in exchange for bank details. The Institute of Chartered Accountants in England and Wales (ICAEW) has issued the caution after a number of businesses were taken in by the ‘phishing’ attack and gave out credit card or bank details. The head of the ICAEW’s tax faculty, Frank Haskew said: “Alarm bells should ring when you are asked to submit your credit card details – this is information you should not give out to anybody. HMRC never asks for this information but fraudsters are becoming increasingly savvy and the ‘tax refund’ document looks very convincing at first glance. “As people are getting ready ... »