As thousands of tax office members take part in a one day strike on 31st January 2012, self-assessment taxpayers are given a reprieve, with an extension to the online filing deadline. Taxpayers, including small businesses, will be given until midnight on 2nd February to submit their tax return without being charged an instant £100 penalty.
This year, HM Revenue & Customs introduced a new penalty system which would result in a £100 penalty being issued for anyone who filed their tax return after the relevant deadline, whether tax was owed or not. As a number of taxpayers may experience difficulty getting through to contact (more…)
According to recently released data from Simply Business, a broker for business insurance, females are responsible for 37 percent of new start-ups in the UK. In 2011 43,000 women became sole traders against the (more…)
HM Revenue & Customs is believed to have increased its income from self assessment fines fourfold, since the new rules for penalties against self assessment taxpayers, according to a report in the Daily Mail earlier this month.
Previously, anyone who filed their (more…)
Everywoman has joined forces with the Federation of Small Businesses to campaign for more ‘real life’ entrepreneurs. Everywoman is the largest female business community in the UK, and has joined FSB to encourage (more…)
Advice from accountants and tax advisers to the self employed is to keep all records relating to tax matters up to date for at least six years. With the tax gap of £42 billion as well as huge cuts to be made in spending, HM Revenue & Customs will be looking to collect any tax which is owing from companies and the self employed to reduce this deficit. HMRC have been particularly vocal regarding their view on tax evasion and avoidance, which will prompt numerous investigations into finances.
HMRC can investigate records going back as far as (more…)