Monday, July 4, 2011

Some of the practical tax issues addressed recently...

The Tax Advice Network newsletters are a key benefit provided to those who register on the website. Every week we address 3 topical practical and commercial tax issues to help accountants help their clients. The following have all been addressed in recent weeks:

PAYE reconciliations
The PAYE reconciliation process for the tax year 2010/11 is due to start this month, which means some of your clients may soon receive tax calculations on forms P800.

VAT registration campaign starts
The proposed VAT registration 'amnesty' has been launched this week under the title ' VAT Initiative'. It amounts to a disclosure opportunity for businesses that have failed to register for VAT on time.

Accompanying papers with tax returns
A recent case represents a clear warning to anybody enclosing information with clients' tax returns.

Capital Allowances trap
You will be aware the Annual Investment Allowance (AIA) cap is being reduced from £100,000 to £25,000 on 1 April 2012 (6 April for unincorporated businesses), but have you warned your clients?

The HMRC toolkits are a bit like marmite - you either love them or hate them.

IHT guidance
Dealing with inheritance tax and trusts tends to be a specialist strand of tax practice, but occasionally you may have to address these issues on behalf of your client.

SDLT and other online issues
A new style Stamp Duty Land Tax return form (SDLT1) was introduced on 1 April 2011, which is due to become compulsory from 4 July 2011.

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