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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.

How to register your new PAYE scheme

Keith — Thu, 29 Oct 2009 11:00:00 +0000

This article and video gives easy to follow, step by step instructions on registering a new PAYE scheme with HMRC. A new scheme can be registered either online at www.hmrc.gov.uk , by telephone ( 0845 60 70 143) or in writing. Once your scheme is registered you will receive notification of your new scheme in writing and it will be given two reference numbers.

Save Tax and National Insurance with your limited company

Keith — Fri, 11 Jul 2008 11:42:37 +0000

It is possible to reduce your (UK) personal tax and national insurance by running your business via a limited company. The amount you can save will depend upon several factors including the company's profitability, your personal circumstances and the amount of funds you wish to withdraw from the business.

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 [...]

A quick guide for your new limited company

Keith — Wed, 04 Jul 2007 23:00:45 +0000

Getting at your profits Profit extraction can be a mix of wage (ie under PAYE) and dividend. In order to pay a dividend the company must have sufficient after tax profits. ie for a £10k dividend to be paid the company must have approx £12.7k pre tax profits (corp tax rate of 21%). Do not be tempted to withdraw more than this as dividend, as it would be "illegal" and HMRC may class it as a salary or a loan to the director (taxable benefit in kind if over £5k) and charge tax & NIC.