Posts tagged ‘Proportion’

HMRC reveals that 7.65 million Self Assessment Tax Returns were filed online in time this year, with an overall  total of 9.45 million returns  submitted in time.

Record Numbers

90.4% of  taxpayers met the deadline – an increase of 4% on last year – the highest on-time filing result since HMRC was created.

The busiest day for online returns was 31 January, when HMRC  received nearly 445,000. The SA rush hour occurred between  4pm and  5pm on 31st January, when 37,460 returns – more than one every 6  seconds – were received by HMRC.

Penalties delayed

Although the 31st January deadline was unchanged, HMRC announced that no penalties would be issued for online returns received by midnight on 2nd February, due to industrial action at HMRC contact  centres.

David Gauke, Exchequer Secretary to the Treasury, said:

“I am pleased that the extension to the filing deadline prevented people from being unfairly penalised if they were unable to speak to HMRC on the 31st.”   This statement is inaccurate as the deadline was not extended, simply HMRC promised not to fine anyone on 1st and 2nd February.  By filing late, the period known as the “enquiry window” is affected in favour of HMRC.

He also said “I’m delighted so many people filed their tax returns online this year. The record number proves that it’s quick, easy and secure to do.”  I wonder if he has ever used the HMRC portal?

Baubles *Merry Christmas*Festive filing

Many took advantage of the Christmas holidays to wrap up their  returns this year, with 1,100 people filing online on Christmas Day;  3,512 on Boxing Day; 11,648 on New Year’s Eve; and 8,935 on New  Year’s Day.

Perhaps this is an indication of multi-cultural Briton?

 

Missed the fun?

The filing deadline has now passed and  anyone who hasn’t yet  filed their 2010/11 tax return must send it to HMRC as soon as  possible, as well as pay any outstanding tax due for the 2010/11 tax  year.

professional, approachable, timely advice

A new penalty regime is in force, so if you need help getting your tax affairs up to date call our Tax Managers, Heather Irvine or Jenna Gaylor as soon as possible to set up a free, no obligation meeting to discuss how we can assist you.

 

data source : HMRC press release

The information provided in this blog illustrates my opinions and experiences, it does not constitute advice and I do not accept responsibility for any actions taken or refrained from as a result of reading this post.

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Clients often ask us “what is the best way to buy a vehicle?”  If they plan to use it in their business, should they own it personally? Should they buy it through the business? Should they lease it? The list of questions is endless and many of the answers will depend upon your particular situation and requirements but beware getting it wrong could prove costly in terms of time and money.

Your options

Martin Bessell from Midland Autolease Contracts says “The type and terms of your finance will be dictated by your circumstances, if you require a mid range car for business use this often lends itself to Lease purchase or Hire purchase.  An executive car which is mainly used for private use will often be better bought outside the business, so a personal contract purchase should be considered. If you simply need a reliable car for a short period leasing may be the answer, but talk to your accountant about each type they may have a better solution”

Taxation

1959 Porsche 356A Carrera GS CabrioletThe tax position regarding the purchase of your vehicle can be quite complex.

Firstly you will need to consider the VAT position. Generally you can not claim VAT on the purchase price but may be able to claim a proportion of the VAT on lease costs, this is providing it is a car you are purchasing. If the vehicle is a van different rules apply, and the debate as to what is a car and what is a van is not something I wish to discuss here!

You will also need to consider the costs that you can deduct in arriving at your taxable business profit. The rules on both Capital Allowances and Lease rental deductions changed significantly in the last budget and many clients are now taking a more serious look at leasing.

Finally don’t forget if a vehicle is provided as a company car there will be PAYE and National Insurance arising from the benefit.

Get advice

The important aspect is to seek advice when buying a vehicle don’t just be blinded by that shiny new car.  Make the right commercial decision for you and your business, search the market and then present the facts to your accountant who will crunch the numbers and tell you what the tax consequence will be.  HAPPY SHOPPING 😀

 

Disclaimer: This article is for general guidance only.  All taxation planning should only be undertaken after appropriate professional advice.  George Hay Chartered Accountants are registered to carry on audit work and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales.

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If you found this post interesting/useful please share it with your social network and/or bookmark it.  Also, your comments are always valued and will help me to write new posts that are relevant to readers of this blog.