Newsletter - Spring 2012

Welcome to our spring newsletter

In April 2010 HMRC introduced new style penalties for late payments of PAYE and CIS payments, whereby the penalties increase each time you default. Our article ‘PAYE pain’ highlights the need to have a reasonable excuse if you are late paying! On the flip side, HMRC continue to offer ‘Time to Pay Arrangements’ for individuals and businesses which meet the conditions and our summary will tell you more.

HMRC are in the spotlight in this edition of our newsletter as we also include articles on P11D pitfalls and the common areas that HMRC will focus on, and also their collaboration with the Swiss authorities. Swiss bank account holders beware!

Companies which have associates may have to pay higher rates of corporation tax due to the limits being split between the companies. If you or your family members have an interest in more than one company, our article will help to clarify the rules to determine if the companies are associated.

‘A game of location’ looks at Enterprise Zones, the latest Government initiative to drive growth and create jobs. Whilst there are conditions that need to be met, it may be of interest to know more, regardless of where you are based. It is important that business owners also understand the tax rules surrounding sponsorship so we have included a review that looks at the tax position.

Planned changes to tax credits continue to be a hot topic. To help you understand the latest position and to see if you or your family will be affected, we have written a summary on the planned changes.

Please contact us if you have any questions regarding any of the articles or tax planning tips we have included in our newsletter or if you would like further information on a topic we haven’t covered. Your views are always important to us and we would welcome any feedback you could give us.

PAYE pain

HMRC review Business Records Checks

An enlightening journey

Swiss rolled-over

P11D pitfalls

Associated companies?

Giving taxpayers time to pay

Tax credits: challenge and change

Sponsorship – tax deductible or not?

A game of location?