HMRC Tax Return Filing Deadline – A Possible Extension

Have you ever tried to file your tax return online using the HMRC website? If you have you will know that there can be a delay between registering and receiving your activation code allowing you file the return. HMRC have decided to extend the tax return filing deadline to the 15th February provided the tax payers meets the following criteria: The deadline extension applies to taxpayers who did the following between midnight on 21 January and midnight on 31 January 2014:  Enrolled for the Self Assessment online service, or  Requested a replacement user ID or password However, the deadline extension only applies to those who were already registered for Self Assessment and have a unique taxpayer reference (UTR). Therefore, this does not help those who are late in notifying their liability to charge. Since the extension only applies where the free HMRC software is used to file the 2012/13 Tax Return, partnerships and trustees cannot benefit as their is no facility to file these Returns using this software. It is also worth remembering that the extension only applies where the usual filing deadline for the 2012/13 Tax Return would be 31 January 2014. Therefore, if the Tax Return was issued after 31 October 2013, the taxpayer has three months from the date of issue to file the Return and make the payment. You should also note that the payment deadline remains the same (31 January 2014). You can find more information about this on the Tolley’s Website....

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Submit the tax refund request

Have you received an e-mail from HMRC entitled, “Submit the tax refund request”? These things always seem to be going around and it comes as no surprise that as the 31st January tax return filing deadline approaches, the scammers are up to their tricks again. If you receive an email purporting to be from HMRC, advising that you are due a refund, do NOT open it. You should delete it. HMRC will never email you to advise of a refund, all refunds are advised in writing and they will never email you asking to verify your card. Here is an example of a scam (phishing) email: HMRC didn’t send this email. It is just an attempt to get your financial details.    ...

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Should I Voluntarily Register for VAT?

  There are benefits to a voluntary VAT registration. You are able to charge VAT on your sales and claim back the VAT on your expenses. This is beneficial if you operate in a business to business environment and all your customers are VAT registered. They recover the VAT you charge (outputs) and you can recover the VAT (inputs) on your expenses. If you deal with consumers who are not VAT registered this can make you more expensive than your non-VAT registered competitor. If you sell zero-rated items and buy standard-rated items you would receive a VAT refund from HMRC if you have not yet sold anything or don’t sell anything during a VAT accounting period, you may still be able to claim VAT back on your purchases If you’re thinking about registering voluntarily, you might want to check the rules for reclaiming VAT on purchases made before registration since it is often possible to reclaim some of the VAT you are charged on goods or services that you use to set up your business.   Can I backdate my VAT registration? You can apply to backdate your voluntary VAT registration by up to four years. You will have to account for VAT on any VAT taxable supplies you’ve made after your chosen date, and you won’t be able to reclaim any VAT on your purchases unless you have the right evidence, and meet the other conditions for reclaiming VAT.   Responsibilities of voluntary registration If you decide to voluntarily register for VAT, you have exactly the same responsibilities as someone who must register. You must keep all required VAT records and issue VAT invoices. You also have to complete and submit a VAT Return at regular intervals, along with your payment if one is due.   Do you want to know more? If you think anything covered in this blog may be relevant to you please get in touch. We’d love to help you....

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When Should I Register For VAT?

 As a growing small business you should consider when you should register for VAT. If you’re in business, supplying goods or services within the UK and your turnover for the previous 12 months is more than the registration threshold (£79,000 at the time of writing), or if you expect it go over the threshold in the next 30 days alone then you must register for VAT. If you don’t want to register for VAT you may be able to apply for an exception if you have exceeded the limit temporarily. If you have taken over a VAT-registered business from someone else and your VAT taxable turnover over the last 12 months when added to the same for business you’re taking over exceeds the threshold, then you must register for VAT. The temporary exception mentioned above may also be available. If you are in the UK & have received goods from other European Union countries (known as acquisitions) with a total value of £79,000 or more in the current year since 1 January or you expect to acquire more than that value in the next 30 days alone then you must register for VAT. If you are supplying goods or services from the UK to other countries we suggest you give us a call or have a look at the HMRC website as this can be a complicated area. www.hmrc.gov.uk/vat/start/register/when-to-register.htm#4   If you have any queries regarding VAT registration please feel free to contact us and we’ll do our best to...

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