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| Please find below some recent articles by Bailey & Associates: |
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HMRC introduces new penalties for late tax returns
In April 2011 a new penalty regime was introduced for the late filing of individual, partnership and Trust tax returns. The new rules, which apply to tax returns for 2010/11 onwards, greatly increase the penalties payable. A tax return that is 6 months late now attracts an automatic penalty of £1,300, compared to a comparable fine of £200 or less under the previous system.
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£3,000 fines for poor record keeping
HMRC is introducing "Business Record Checks" for small businesses later this year. Under the new system HMRC will be able to arrive at a business unannounced to ensure it is keeping “accurate and adequate” business records, with fines of up to £3,000 for businesses that fall short of the required standards.
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Tax Breaks for Childcare - Don't Miss Out!
Freelancers or Contractors who run their own limited companies can receive a significant tax break towards the cost of childcare. By operating a simple Childcare Voucher Scheme, nearly £3,000 per year can be withdrawn from the company (or nearly £6,000 for a couple) tax free to pay towards eligible childcare.
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