HMRC vs Royal Mail

HM Revenue & Customs has advised us that they are experiencing problems with their new post code and Royal Mail.

If you are submitting your VAT return by post, until the issue is resolved, you should use the following post code: BD98 1YY

The rest of the address remains the same.

Why not fill in the simple form below to see how you can file your VAT return electronically with Davenports and give yourself up to a further 10 days to make payment.

Accountancy Request

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5. I Need...
6. Help!
   A Change of Accountant
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   Help with Tax, CIS or VAT
   Help with getting money from my clients
7. Any other comments
8. To receive your FREE key fob, tick this box
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Davenports Cater for International Customers

Take a tour of our three areas of expertise

• Accountancy
• Web
• Print & Design

Davenports welcome customers from around the world!

If you want to pay in UK pounds, US dollars or Euros, then go ahead and purchase in the usual way.

Why not contact us to see how Davenports can help!

HMRC Changes Their Interest Rates

New rates of interest on direct and indirect taxes and national insurance contributions paid late and overpaid are announced today. These new rates of interest, which take effect from 6 November 2008, are set out below and are as a result of the recent movement in market rates.

Income tax, national insurance contributions, capital gains tax, stamp duties etc.

The rate of interest charged on income tax, national insurance contributions, capital gains tax, stamp duty, stamp duty land tax and stamp duty reserve tax paid late, tax credits overpayments in cases of fraud, neglect and on penalties charged, and on tax charged by an assessment for the purpose of making good to the Crown a loss of tax wholly or partly attributable to failure or error by the taxpayer changes from 7.5 per cent to 6.5 per cent.

The rate of interest on overpaid income tax, national insurance contributions, capital gains tax, stamp duty, stamp duty land tax and stamp duty reserve tax (repayment supplement) changes from 3.00 per cent to 2.25 per cent.

Petroleum revenue tax, advance corporation tax etc.

The rate of interest for development land tax, petroleum revenue tax (including supplementary petroleum duty and advance petroleum revenue tax), and on advance corporation tax and income tax on company payments which became due on or before 13 October 1999 paid late or overpaid changes from 5.75 per cent to 5.0 per cent.

Income tax on company payments that became due on or after 14 October 1999

The rate of interest on late payment of income tax on company payments which became due on or after 14 October 1999 changes from 7.5 per cent to 6.5 per cent.

Inheritance tax etc.

The rate of interest for late payments or repayments of inheritance tax, capital transfer tax and estate duty changes from 4.0 per cent to 3.0 per cent.

Corporation tax

The rate of interest for either late payments or repayment of corporation tax for accounting periods ended on or before 30 September 1993 (pre CT [pay and file]), changes from 5.75 per cent to 5.0 per cent.

The rate of interest charged on unpaid corporation tax for accounting periods ending on or after 1 October 1993 (under CT [pay and file]) changes from 6.0 per cent to 5.0 per cent.

The rate of interest paid on overpaid corporation tax for accounting periods ending on or after 1 October 1993 (under CT [pay and file]) changes from 2.75 per cent to 2.0 per cent.

The rate of interest on unpaid corporation tax for accounting periods ending on or after 1 July 1999 (other than underpaid CT instalments) changes from 7.5 per cent to 6.5 per cent.

The rate of interest on overpaid corporation tax for accounting periods ending after 1 July 1999, in respect of periods after the normal due date, changes from 4.0 per cent to 3.0 per cent.

Customs duty, environmental levies and tax, excise duties, insurance premium tax and VAT

The rate of default interest charged on:

• underdeclared VAT, air passenger duty, insurance premium tax, landfill tax, climate change levy, aggregates levy;
• excessive repayments of VAT, insurance premium tax, land fill tax, climate change levy, aggregates levy and customs duties recovered by assessment ; and
• late payment of customs duty;

changes from 7.5 per cent to 6.5 per cent.

The rate of statutory interest paid:

• where an official error has caused an overpayment, a failure to claim credit, or a delay in certain repayments of VAT, insurance premium tax, land fill tax, climate change levy, aggregates levy and excise duties; or
• where there has been undue delay in processing a claim for repayment of excise duty and customs duty;

changes from 4.0 per cent to 3.0 per cent.

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Andy Clark, Temptations  - Business Owner - High Wycombe

“We have been working with Davenports since April08. We are impressed by their service attention, experience and attitude in delivering an accurate and professional service to the needs of our small business.”

Moira Stuart in New Tax Adverts

Moira Stuart has been officially unveiled as the new face of HM Revenue & Customs’ (HMRC) Self Assessment advertising campaign.

The well-known newsreader and presenter will star in ads publicising the new 31 October deadline for paper tax returns, as well as the 31 January deadline for online tax returns.

The new TV ads, feature Moira popping up in unexpected places to remind people of the deadline dates - the first will run in October, with the second following in January. Moira will also be appearing on billboards and posters, and in press and online ads, encouraging people to beat the deadlines and file on time.

A new video podcast, launched by HMRC, features Moira talking about her new role, the October TV ad, and help and advice on filling in your tax return. It’s available free from HMRC’s podcast pages at http://www.hmrc.gov.uk/podcasts or the campaign website at http://www.businesslink.gov.uk/selfassessment or from YouTube at http://uk.youtube.com.

Launching the campaign, HMRC’s Head of Marketing, Simon Vessey, said:

“It’s great news that Moira’s fronting our Self Assessment campaign. She’s a household name that people naturally tune into and trust, and that’s essential when you’re communicating a major change like the 31 October paper filing deadline.”

If advice or assistance in completing your tax return or any personal tax matter, why not contact us and see how Davenports can help.

Corporation Tax Reorganisation

In order to provide a more efficient service to their customers, the taxpayers, HM Revenue & Customs is reorganising the way they handle corporation tax work.

Over the next 12 to 18 months, some companies will have their records moved to a new office.  HM Revenue & Customs will notify you if you are affected.

During their period of restructuring, your records may be moved temporarily.  If you are contacted by HMRC during this time, in relation to corporation tax, they will advise you if you need to reply to a different address.

If you need assistance with your corporation tax returns, why not contact us and see how Davenports can help.

New October deadline looms for tax returns

HM Revenue & Customs (HMRC) is issuing an alert to anyone filing a Self Assessment tax return on paper - submit your return by the end of October, or risk a £100 penalty.

From this year, there are now two different deadlines for paper and online tax returns - 31 October for paper and 31 January for online.

If you file a paper tax return, and haven’t filed yet, you need to get all the relevant information together now, such as your P60, self employment accounts, savings and investments records, and details of any untaxed income. Then make sure you get your paper return to HMRC by Friday 31 October.

Davenports file all there returns electronically/online giving their clients more time to get things ready, if required. If you require assistance with your self-assessment or personal tax why not contact us

It’s important to get your tax right

Most people take reasonable care to get their tax right, but it’s even more important now as you may incur a penalty for errors made during 2008/09 and later years
HM Revenue & Customs (HMRC) is introducing one of the first pieces of cross-cutting tax legislation to make the tax system simpler and more consistent.

It establishes new penalties, which aim to help people who try to get it right, and come down hard on those who don’t.

Previously HMRC had a confusing variety of penalty charging powers. The changes follow from consultation with customers during the Powers Review.

Under the new penalties:

• if people take reasonable care when completing their returns they will not be penalised, even if they do make a mistake
• if people do not take reasonable care, errors will be penalised, and the penalties will be higher if the error is deliberate
• disclosing errors to HMRC early will substantially reduce any penalty due

The new penalties are initially for errors on returns and documents for VAT, PAYE (Pay As You Earn), National Insurance, Capital Gains Tax, Income Tax, Corporation Tax and the Construction Industry Scheme. Self Assessment taxpayers are affected.

For these taxes, the penalties apply to returns or other documents for return periods starting on or after 1 April 2008 that are due to be filed on or after 1 April 2009.

If you need assistance with your tax affairs Davenports have a wide range of taxation services to suite you, why not contact us.

Agricultural Wages

The new Agricultural Wages rates came into force on 1 October 2008.

The Department for Environment, Food and Rural Affairs (DEFRA), who is responsible for the Agricultural Wages rates has promised to review the current Agricultural Wages Order for England and Wales in an attempt to reduce the number of calls it’s helpline receives.

It is currently hoped that this will take effect next year on 1 October, unfortunately until then employers will have to continue to use the current 64 page document.

If you need any assistance with your agricultural payroll please contact us.

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