Tax Diary December 2012/January 2013

1 December 2012 – Due date for Corporation Tax due for the year ended 29 February 2012. 19 December 2012 – PAYE and NIC deductions due for month ended 5 December 2012. (If you pay your tax electronically the due date is 22 December 2012.) 19 December 2012 – Filing Read more…

Swiss bank account holders beware.

UK residents with Swiss bank accounts should be aware that new taxation arrangements are scheduled to come into force on 1 January 2013. The new tax agreement between the UK and Switzerland means that account holders must either provide full details to HM Revenue & Customs (HMRC) or pay over Read more…

Business Records Checks

When the program was first unveiled in January 2011 HMRC intended to visit 50,000 small businesses across the UK. A year later the whole process was reviewed and subsequently suspended following concerns raised by professional bodies and accountants. According to HMRC:“Up until 17 February 2012, 3,431 BRC had been carried Read more…

Merry Christmas…

The cost of a staff party or other annual entertainment is allowed as a deduction for tax purposes. However, the cost is only deductible if it relates to employees and their guests, which would include directors in the case of a company, but not sole traders and business partners in Read more…