Chartered Accountants of Poynton, Cheshire |
|
Money launderingThere have been changes to the identification procedures (ID) that accountants have to legally carry out on their clients. Until December 2007 this was only required for new clients taken on after 2004. In December this changed, so now we may need to carry out a formal ID check on all our clients. While this is unlikely for long-established clients, we might have to carry out an additional ID check on some clients for whom we do not have sufficient ID details on our files, to satisfy the regulatory requirements. Company VansThere has been a big change to the taxable benefit due on vans. Where an employer provides a van for an employee, which they can use for private journeys, the taxable benefit from 6 April 2007 becomes £3000 per annum. This taxable benefit is not levied if the private use is merely incidental. HMRC have given some guidance on what is incidental but this is not exhaustive so we will be pleased to advise on the situation if you are providing vans that can also be used for private journeys. Filing onlineEvery year, employers are required to send details of the salaries, tax and National Insurance deducted from their employees. These year-end returns have to be submitted by 19 May 2007 to avoid a fine. These documents can be submitted on-line via the internet. Appletons can assist you in this process. If you are a small business - defined by HMRC as having fewer than 50 employees - and you file your P35 online, HMRC will pay you £100 tax-free for doing so. You usually claim this back by reducing your next monthly PAYE payment. |
Moving offices? - don't forget to tell HMRCWhen your business moves offices, you are legally obliged to tell HMRC. Failure to do so can lead to practical problems, such as if tax post is returned to HMRC or an HMRC Officer calls to find that you have left the premises. If this happens, HMRC may designate your business as a 'missing trader' and de-register you on 'revenue protection' grounds. In effect, this can prevent you from continuing to trade, particularly if your VAT number is withdrawn. Although it is possible to have your business reinstated, this can be a lengthy process. So, if you are moving premises, make sure that you notify HMRC; this includes the VAT, PAYE and Corporation Tax sections. You should also check a few weeks later to make sure that HMRC have updated your details. |
Whilst all due care and attention is taken in preparing the articles which appear on this website, no liability can be accepted for any of its contents. It is designed to be of a general nature, and no action should be taken without our specific help tailored to your unique circumstances. |