Archive for March, 2012

Are you an Electrician? HMRC may be after you!

HMRC have recently issued a press release in order to make electricians up and down the country aware of their focus chasing any unpaid taxes by this sector.

Have you declared the correct amount of tax to the taxman? Has your current tax return been filed?

HMRC have started the “Electrician Tax Safe” plan which will enable electricians to pay the tax they owe with lower penalties as a consequence. This is part of an ongoing campaign which saw plumbers the subject of the previous and on going campaign to bring their affairs up to date too.

If you are an electrician you can expect to receive one of the 50,000 letters they will be sending out and we urge you to act quickly and bring your affairs up to date before the opportunity expires. You have until the 15th May 2012 to notify HMRC.

To read the full article on the HMRC website please click here.

If you are unsure on either of the above, then get in contact with one of our team today so that we are able to liaise with HMRC on your behalf.

Source: HMRC

Please follow us on twitter @NortonBridges
Please like us on our new facebook page!

Read More Posted in Blog

The Importance of Keeping your Payslips / Monthly Statements / Year End Summary

As a self employed individual you may or may not be aware of your responsibilities to keep up to date and accurate records. It is your responsibility to keep all the payslips and certificates from different contactors for whom you may have worked during the year.

At the year end (05 April) it is your responsibility to file a self assessment tax return either manually or electronically (manual returns can only be submitted up until the 31st October). Keeping your payslips / statements / certificates makes the process a lot easier.

Despite what others say, obtaining captured data from HMRC is not as easy as it sounds. They are under no obligation to issue out the data despite a written request. There argument being that it is the responsibility of all self employed people to keep their own records.

In a recent reply from HMRC Newry; “…as you are aware your client has a legal obligation to keep adequate records to enable the completion of the SA Return and whilst we want to help subcontractors who have a genuine need for information ultimately it is the subcontractor’s responsibility to ensure records are kept to enable the completion of the SA Return.”

We urge all subcontractors to keep hold of their payslips / statements / certificates so that they can complete their self assessment tax return correctly, ensuring they declare the correct gross and tax amounts.

By keeping hold of your payslips / statements this enables you to complete your self assessment tax return whenever you require before the deadline for each year.

If you require further information on this then please contact us on 020 8424 8464.

Please follow us on twitter @NortonBridges
Please like us on our new facebook page!

Read More Posted in Blog