Tax Tips & News

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01/05/2012

May Tax Tips & News

Welcome to the Lawrence & Co Tax Tips & News monthly newsletter, bringing you the latest news to keep you one step ahead of the taxman.

If you need further assistance just let us know or send us a question for our Question and Answer Section.

We’re committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year.

Please contact us for advice on your own specific circumstances. We’re here to help!

May Question and Answer Section
Q. I'm thinking of starting a new company. Will it qualify for the NIC exemption? Read More...
 
May Key Tax DatesFiling Online Difficulties
2 - Last day for car change notifications in the quarter to 5 April - Use P46 Car..
Read More...
Most tax and VAT returns now have to be submitted electronically, so if the return is late, even by a minute, the computer spits out a fine. This also applies to filing accounts and annual returns for companies or LLPs at Companies House...
Read More...
How Gift Aid Works
There has been a lot of coverage in the press recently about tax relief for charitable donations...
Read More...
Employer or Personal Pension Funding?New Tax Dashboard

Newsletter issue - May 2012.

If you have recently logged-on to the HMRC online service for PAYE for employers, or corporation tax, you will have seen a request to sign-up for the tax dashboard. This is a new facility that will provide a single view of all your business tax liabilities arising from corporation tax or income tax (for company or individual), VAT and PAYE.

The tax dashboard will show the following for each tax:

  • Amount owed
  • Repayments due from HMRC
  • Payments already made
  • Interest due on any late payments
  • Penalties incurred, and
  • Direct debit payment plans

You will not be able to reallocate payments between taxes, or even between periods for the same tax. The dashboard is merely a viewing facility.

Before you can use the tax dashboard you must be registered with the HMRC online service for corporation tax or self-assessment. You may already be registered and have separate online logins for the PAYE, VAT and corporation tax or self-assessment online services. If this is the case you need to move all online services to one login, in order to see all taxes on your tax dashboard. There are instructions on the HMRC page for the tax dashboard on how to move online services to one login.

Tax agents cannot use the tax dashboard to view their clients' tax liabilities, which would be really useful. This facility may be provided in the future, but we are not holding our breath!

About Us

Lawrence & Co Accountants are based in Harrow, offering local business owners and individuals a wide range of services.

All clients are entitled to fixed fees, work delivered on time and unlimited phone support. Visit our website www.lawacc.co.uk for more information.

 
 

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