May 2012 Tax Tips Newsletter

Here is a breakdown of our May 2012 Tax Tips Newsletter:

New HMRC Tax Dashboard
If you have recently logged-on to the HMRC online service for PAYE for employers, or corporation tax you will have seen a request to sign-up for the tax dashboard…read more.

How Gift Aid Works?
There has been a lot of coverage in the press recently about tax relief for charitable donations. When you make a donation to a charity or to a community amateur sports club you can make a declaration that your donation is made under Gift Aid…read more.

Employer or Personal Pension Funding?
Who should pay contributions into your pension fund: you or your employer? If you control the company you work for, the most tax efficient solution is almost certainly for the company to pay as your employer…read more.

Filing Online Difficulties
Most tax and VAT returns now have to be submitted electronically, so if the return is late, even by a minute, the computer spits out a fine. This also applies to filing accounts and annual returns for companies or LLPs at Companies House…read more.

May Q & A Section

Q. I’m thinking of starting a new company. Will it qualify for the NIC exemption?

Q. My business is VAT registered but the sales have dropped back, so my turnover is less than £75,000 per year. Can I stop charging VAT on my sales?

Q. Last month the Tax Office wrote to me saying I would no longer receive tax credits, but I did nothing about it. Now my wife is expecting another baby so has reduced her working hours. Can I get my tax credits back?

Click here for the answers!

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