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Please find below some recent articles by Bailey & Associates:
HMRC introduces new penalties for late tax returns
In April 2011 a new penalty regime was introduced for the late filing of individual, partnership and Trust tax returns. The new rules, which apply to tax returns for 2010/11 onwards, greatly increase the penalties payable. A tax return that is 6 months late now attracts an automatic penalty of £1,300, compared to a comparable fine of £200 or less under the previous system. Read more...
In April 2011 a new penalty regime was introduced for the late filing of individual, partnership and Trust tax returns. The new rules, which apply to tax returns for 2010/11 onwards, greatly increase the penalties payable. A tax return that is 6 months late now attracts an automatic penalty of £1,300, compared to a comparable fine of £200 or less under the previous system. Read more...
£3,000 fines for poor record keeping
HMRC is introducing "Business Record Checks" for small businesses later this year. Under the new system HMRC will be able to arrive at a business unannounced to ensure it is keeping “accurate and adequate” business records, with fines of up to £3,000 for businesses that fall short of the required standards. Read more...
HMRC is introducing "Business Record Checks" for small businesses later this year. Under the new system HMRC will be able to arrive at a business unannounced to ensure it is keeping “accurate and adequate” business records, with fines of up to £3,000 for businesses that fall short of the required standards. Read more...
Tax Breaks for Childcare - Don't Miss Out!
Freelancers or Contractors who run their own limited companies can receive a significant tax break towards the cost of childcare. By operating a simple Childcare Voucher Scheme, nearly £3,000 per year can be withdrawn from the company (or nearly £6,000 for a couple) tax free to pay towards eligible childcare. Read more...
Freelancers or Contractors who run their own limited companies can receive a significant tax break towards the cost of childcare. By operating a simple Childcare Voucher Scheme, nearly £3,000 per year can be withdrawn from the company (or nearly £6,000 for a couple) tax free to pay towards eligible childcare. Read more...