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Two important news updates from HMRC:
Sectors to be benchmarked to set ‘expected’ trading levels
HMRC has just released news of plans to benchmark certain business sectors in order to support their own taskforces. The aim is to benchmark specific trade sectors so that HMRC can develop intelligence to enable them to take a view as to whether the results certain businesses are achieving are comparable to their competitors and fall within the ‘parameters’ expected by HMRC. There could be many reasons why a business might file a tax return which is outside the normal range; the benchmarks do not take this into account, therefore in such cases a comparison will lead to an HMRC enquiry, during the course of which the business owners will have an opportunity to explain why their business results differ from ‘expected’ figures. They will also however, need to provide the additional information which HMRC requests during the course of the enquiry.
New Disclosure facility launched for taxpayers with a second income
The Second Incomes Campaign is targeting taxpayers who have regular employment which is taxed through PAYE and also have an additional income, which they may not be declaring. For example, anyone who is involved in the following activities should consider making a voluntary disclosure:
· adhoc consultancy, public speaking or providing training services;
· catering, organising parties and events or providing entertainment;
· taxi driving, hairdressing, fitness training or landscape gardening;
· making and selling craft items;
· buying and selling goods using market stalls, boot sales, eBay.
If you think you might be affected by these new developments, please contact us to discuss your individual circumstances before approaching HMRC. For further information, contact Anne Eager by emailing ae@rjp.co.uk.
I wanted to write and express our gratitude for your help and hard work in getting Probate through and settling all the taxes. I am so pleased that we selected RJP, as your professional help and updates throughout this process have been invaluable. If at any time in the future Probate assessment may be needed, you will be our first port of call. Once again, many thanks to the whole team.
Dan Cook, Probate clientI just wanted to drop you a short note to say how grateful I am for the support that RJP has provided over the past 4 weeks while our Financial Controller was away. I struggle to comprehend how much work your staff get through during their weekly visits and they are always a pleasure to have around the office.
I Evans, CFO, MoblicitiJust a quick e-mail from me to thank you for achieving the target for producing the draft accounts – it is very much appreciated and gives a first class impression of your firm. Many thanks.
J Stanfield, Chairman, BBS Actuaries LtdI would like to take this opportunity to thank you very much for the amazing job you have done navigating us through this whole process. My family and I also really appreciate the care and compassion demonstrated by you and your team in every dealing. Our thanks to everyone.
M Goldsmith, Probate ClientRJP provide our company with a complete service which takes the stress and strain away from the day to day running of our accounts! Their understanding of our business and their patience and advice is invaluable.
Outsourcing Client
If you sell a property and incur capital gains tax on the transaction, you will need to file a tax return and also pay any tax that is due within 60 days of completion, or penalties will arise. Need help with your property taxes? Talk to us.