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Self Assessment Tax Return Checklist 2009-10

Keith — Sun, 02 May 2010 13:14:38 +0000

To help you collate the information you need to prepare your self assessment tax return for 2009/10 we have prepared a useful checklist for you to download.

HM Revenue & Customs must receive your tax return by 31 January 2011 to avoid a penalty.

The earlier you prepare your accounts and tax return the better. You can claim any refunds promptly to help your cashflow and where tax is due; you will have plenty of time to plan your tax payments.

Cut red tape … get a P11d dispensation

Keith — Fri, 31 Aug 2007 23:00:29 +0000

For those of you who are one-person limited companies and/or have employees, you may be aware that reimbursements of expenses (excluding mileage within approved rates) should be reported to the Inland Revenue on P9d or P11d and included within the claimant’s tax return. This can add quite a burden onto the company’s administration and also [...]

Loans to directors – form p11d

Keith — Thu, 31 May 2007 23:00:15 +0000

It is illegal under current company law for companies to make loans to its directors unless it is an advance to pay company expenses. The loan must also be approved by the shareholders and repaid within 6 months. HMRC consider loans to directors as benefits in kind and the interest chargeable at the HMRC standard rate is taxable and must be reported on form P11d by 6th July. Fines are chargeable by HMRC if the forms are not recived by 19th July. However, if the loan is below £5000, then under current HMRC rules, no benefit in kind applies.