For VAT periods starting on or after 1 April 2012, all VAT-registered businesses are now required to submit their VAT returns online and to pay any VAT due to HMRC electronically.
To submit VAT returns online, businesses will now need to register and enrol for HMRC's VAT Online Service.So if you haven't done so already, you need to take action now in advance of the first due filing date.
If you need assistance, we can help!Existing Liquid users can submit their VAT electronically straight from the app.
Once registered for HMRC's VAT Online Service, all you need to do is enter your Gateway ID and Password into the E-File Credentials function found in the... More
Keeping track of your VAT and submitting your return in easy (and free) with Liquid Accounts HMRC's latest tax amnesty, the VAT Initiative Campaign, comes to an end on 30th September. If you think you should have been registered for VAT before now, this gives you a chance to come clean, and get things straight without receiving a huge penalty. The current VAT threshold for this financial year is a turnover of £73,000, and you must register within 30 days of expecting to exceed that figure. As part of the campaign you must register for VAT (by 30th December), tell HMRC about the VAT you think you owe and any other income and tax that you haven't told them about (by 30th ...More
The government has asked experts to help it integrate national insurance contributions (NICs) and income tax. In a speech earlier this week, David Gauke Exchequer Secretary to the Treasury, said that the government was issuing a 'call for evidence' on combining NICs and income tax before beginning a consultation in the autumn. 'Greater integration of the operation of the two systems has the potential to reduce burdens, remove distortions and improve fairness,' Gauke told an audience at the Centre for Business Taxation. Integrating two taxes won't be straightforward. Not only are the two tax regimes administered by separate computer systems within HMRC, they also rely on different timescales, tax bands and rates. And early moves to integrate NI and income tax will coincide with ...More
As you will know, it's now obligatory to file your Employer Annual Return (P35 and P14s) online with HMRC- which you can do direct from Liquid Accounts using our End of Year Process. (See our blog for further details of filing requirements and deadlines) However, the good news is that if for any reason you've made a mistake on your P35 ours is the only accounting software that lets you go back and amend your P35 and resubmit it! The next filing deadline is July 6th for filing expenses and benefits annual returns (P11D, P9D and P11D(b)) and giving a copy to your employees If you're using Liquid Payroll your accountant should be able to login to their Client Manager account ...More
Following our HMRC crackdown on tradespeople story the HM Revenue and Customs has launched 16 criminal investigations as a result of the closure of its recent tax amnesties. The taxman is thought to have clawed back nearly £500m in unpaid tax as a result of over 50,000 voluntary disclosures from professionals including doctors and plumbers. It is investigating a further 3,000 leads on top of the criminal investigations. Read more on this story from the Telegraph.More
Plumbers, gas fitters and heating engineers are the latest to be targeted by a campaign from HM Revenue and Customs (HMRC). Tradespeople are now being told to declare their earnings by the end of May or risk being clampdown upon by the taxman. If tradespeople have tax to pay which has not yet been disclosed to the HMRC they are being encouraged to tell the HMRC department by the end of May and make a full disclosure of what they owe. If they make a confession of their past unpaid tax then most will face a lower penalty charge which is to be 10% and a maximum 20% of the money unpaid. Those that want to take advantage of the offer must get ...More
It is that time of year again when the employer annual returns are due to HM Revenue & Customs (HMRC). The table below which outlines some of the key tasks and deadlines. Task Deadline Outstanding PAYE tax and Class 1 NICs - postal payments must reach your HMRC Accounts Office 19 April Outstanding PAYE tax and Class 1 NIC - cleared electronic payments reach HMRC bank accountAs the 22 April 2011 falls on a bank holiday, your cleared payment must reach our bank account no later than the last bank working day before that date 22 April File your employer annual return (P35 and P14s)If you are exempt from the requirement to file your employer annual return online your paper return must reach your HMRC office by 19 ...More
The Government has announced that the national minimum wage is to be increased by 15p an hour to £6.08 from 1st October 2011, benefiting almost a million workers. Ministers have said that they have accepted the 2.5% increase recommendations from the Low Pay Commission, the complete changes are shown below: National Minimum Wage CURRENT RATE With effect from 1st Oct 10 NEW RATE With effect from 1st Oct 11 Aged 21 and above:- £5.93 per hour £6.08 per hour Aged 18 to 20 (inc.):- £4.92 per hour £4.98 per hour Training Rate*:- £4.92 per hour £4.98 per hour Aged 16 and 17:- £3.64 per hour £3.68 per hour Apprenticeship Rate** £2.50 per hour £2.60 per hour *Paid for the first 6 months of employment to those aged 22 and over and for whom you are providing accredited training. **Apprentices under the ...More
The HM Revenue & Customs (HMRC) has published an urgent alert about important alterations to corporation tax coming in this April. The changes will require all company tax returns sent in from April 2011 to be filed online, for accounting periods ending after 31 March 2010, in a specified data format (known as Inline XBRL or iXBRL). Corporation tax payments must also be paid electronically from April - a move that will affect all limited companies, including clubs, societies, cooperatives, associations and charities. Companies will be able to file tax returns online either through specialist software packages that are commercially available. Alternatively, the HMRC offer their own filing software, which is aimed at smaller companies with less complex tax records. Jon Wright FCA, Liquid ...More
The HM Revenue & Customs (HMRC) have warned that they are planning to clamp down on around 50,000 small businesses over the course of 2011 for failing to maintain proper records and underpaying corporation tax. They say that 40% of all SMEs keep poor records and are likely to owe tax. HMRC said it will use its existing powers to deal with the worst cases each year from the second half of 2011 and penalties would be put in place 'for significant record keeping failures'. More than 2 million small firms that keep their financial records in poor order will be faced with investigation and fines in excess of £3,000. The HMRC claim that this will create benefits for SMEs (other than ...More