HMRC targets electricians

HMRC has announced that electricians will be the next group targeted as part of its crackdown on tax evasion.

The Electrician’s Tax Safe Plan will be launched in February 2012 and will offer favourable terms for electricians to come forward and declare their unpaid tax. Following this, HM Revenue & Customs will target those in the trade who have not come forward.

This campaign follows the Plumber’s Tax Safe Plan launched in 2011. From this
campaign, over 600 voluntary disclosures during the campaign brought in £328,000 to the Exchequer. The second stage of the campaign, targeting those who had not come forward voluntarily – resulted in five arrests and investigations opened into a further 600 people.

It is widely believed that with this new plan we will see HMRC using more Section 16 notices over coming months to obtain further information prior to the plan going live in February next year. Following the resulting arrests and investigations opened in the second stage of the Plumber’s Tax Safe Plan, it would seem wise that Electricians come forward and use the opportunity of voluntary disclosure, if they have undeclared income, whilst favourable terms are offered.

Read more at Accountancy Age

Company cars – advisory fuel rates from 1 December 2011

These rates apply to all journeys on or after 1 December 2011 until further notice.

For one month from the date of change, employers may use either the previous or new current rates, as they choose. Employers may therefore make or require supplementary payments if they so wish, but are under no obligation to do either.

Click here to see the rates.

George Osborne will give his 2011 Autumn Statement tomorrow

George Osborne will give his 2011 Autumn Statement tomorrow at 12.30.

The chancellor uses his autumn statement to give an update on the state of the economy, as well as to respond to the latest analysis from the independent OBR (Office for Budget Responsibility) about the latest economic forecasts.

CST will be on hand to analyse the details and provide any advice you may require. Our Autumn Statement report will be available from the 30th November on our website and via email if requested.

Just contact us for more the report on tellmemore@clayshawthomas.com .

New Funding For Businesses Announced by the Welsh Government

The Welsh Government has today announced two new funds totaling £55m aimed at stimulating the economy and helping Welsh businesses create new jobs.

A £40m fund has been launched for SME’s which will provide repayable business finance to companies in all sectors across Wales.

In addition a £15m short term fund has been established to give grants to businesses trying to create and retain jobs. The grants will not be repayable and are not restricted to any specific sectors. Business will be able apply between 12 December 2011 and 31 January 2012.

The £15m Wales Economic Growth Fund is aimed at investments that will complete in 2012 and create and retain jobs.

Applications will be available from early December.

If you are interested in finding out more or need assistance with an application for funding please contact gwynw@clayshawthomas.com

George Osborne’s Autumn Statement

George Osborne will give his 2011 Autumn Statement in 3 weeks time on Tuesday 29th November.

The chancellor uses his autumn statement to give an update on the state of the economy, as well as to respond to the latest analysis from the independent OBR (Office for Budget Responsibility) about the latest economic forecasts.

CST will be on hand to analyse the details and provide any advice you may require. Our Autumn Statement report will be available from the 30th November on our website and via email if requested.

Just contact us for more information on tellmemore@clayshawthomas.com to request a copy in advance.

FTSE 100 on course to make largest monthly gain in two decades

Following the Eurozone rescue package annouced overnight on Wednesday, Investment Week have reported that the FTSE 100 has dipped back below 5,700 today but remains on course to post its largest monthly gain since 1990.

The FTSE was down 0.27% at 5,699 two hours before the close, but remains 11.2% higher than its 28 September closing level of 5,128. That puts the blue chip index on course for its largest one month rise since May 1990, when it rose by 11.5%.

This welcome news for investments and pensions and all our Financial Services clients.

Read more: http://www.investmentweek.co.uk/investment-week/news/2120905/ftse-course-largest-monthly-gain-decades#ixzz1c5SN581w

iXBRL Accounts filing

More and more accounts are being filed at Companies House by the use of the new technology iXBRL.

iXBRL (inline eXtensible Business Reporting Language) is a technology that highlights or tags financial information in tax returns and company accounts. Since the 1 April this year HM Revenue & Customs have required all corporate tax returns to be filed in this format.

CST has been using this method for some time for our corporation tax returns and accounts, and whilst we have had some teething problems, we are now up to speed and using the system regularly!

You can read more: http://www.accountancyage.com/aa/news/2119622/companies-house-receive-ixbrl-accounts#ixzz1bsMqhcmR

HMRC – Late Self Assessment filing penalties

HMRC are reminding individuals and businesses about new Self Assessment penalties for late returns and late payments, which come into effect this autumn.

The changes will apply to Self Assessment returns for 2010/11 which must be submitted by 31 January 2012.

The new penalties for late Self Assessment returns are:

an initial £100 fixed penalty, which will now apply even if there is no tax to pay, or if the tax due is paid on time
after 3 months, additional daily penalties of £10 per day, up to a maximum of £900
after 6 months, a further penalty of 5% of the tax due or £300, whichever is greater; and
after 12 months, another 5% or £300 charge, whichever is greater. In serious cases, the penalty after 12 months can be up to 100% of the tax due.
If you would like help or advice on your Self Assessment tax return please do contact us.

Full details can be found on HM Revenue & Customs Website http://www.hmrc.gov.uk/sa/deadlines-penalties.htm