Tax News - May Newsletter 2008

This month we are focused on topical issues that have just taken effect as of last month. As the new paper returns hit everyone's doormat in April, it should be noted that there is a new filing deadline for filing your tax return by paper of October 31st 2008. This is to encourage more people to use the online filing service which retains the deadline of January 31st 2009.

A new regime has also been put in place to penalise those who file tax returns incorrectly. We have produced an article below to make you aware of HMRC's intentions moving forward. Thankfully they are looking to penalise fraudulent returns rather than compliant businesses who file correctly and on time but make an innocent error.

HMRC urges employers to 'beat May deadline' 
HM Revenue and Customs has today urged employers to ensure that PAYE end-of-year returns are filed on time... read more

'Confusion' over P35 question six
HM Revenue and Customs (HMRC) has revised its guidance regarding question six on the employer's end-of-year P35 return form... read more

Tax compensation 'will take time' 
Compensating those affected by the abolition of the 10p tax band will take time, according to chancellor Alistair Darling... read more

Tax is 'number once concern for businesses' 
High tax is the number one concern of British business owners, a new survey has revealed... read more

New rules have been introduced to focus tax payers to file their tax returns correctly. Not only is the emphasis about filing on time but now HMRC are encouraging the filing of correct information requesting that taxpayers take reasonable care with the details they submit.

Those who don’t take reasonable care to get their taxes filed correctly may incur a penalty...read more