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HMRC Reminder for Online Tax ReturnsDecember 2011 HMRC is reminding taxpayers filing their 2010/2011 tax returns online for the first time to get registered in good time before January 31, 2012 filing deadline. The registration process, including getting an Activation Code takes up to ten days. The deadline for paper tax returns has passed on October 2011.There are penalties for late filing, even if there is no tax to pay, starting at GBP 100. U.K. V.A.T Tax AmnestyJuly 2011 The British revenue and custom, HMRC, announced on July 5 a new V.A.T. amnesty for businesses who are not been registered yet for V.A.T purposes and have passed, or will pass soon the annual 2011-2012 threshold of GBP 73,000. According to the proposed amnesty those who will come forward and register before September 30 with the HMRC will pay only additional 10% on their dues without additional penalties. U.K. New 20% V.A.T. RateJanuary 2011 Starting January 4, 2011 the new standard V.A.T. rate in the U.K. is 20%, an increase of 2.5 per cent compared to the previous 17.5% rate. British retailers worry that the V.A.T rise would fuel inflation. U.K. Increased Beer TaxDecember 2010 The U.K. plans to impose additional tax on beer having above 7.5% alcohol by volume strength , at the same time tax on beer with low alcohol strength of 2.8% or less will be reduced. The new tax which is expected to be in effect from autumn 2011 follows health researches regarding damages caused by high strength beer. U.K. GDP up 0.4%March 2010 The U.K. office for statistics announced on March 30, 2010 that the GDP in the fourth quarter of 2009 increases in 0.4%, revised from the 0.3% in the previous estimate. The credit agency Standard & Poors, S&P ,warned that the U.K. cherished AAA credit rating could be downgraded in case of failing to cut the public debt by the U.K. government. S&P would review the credit rating after the general elections expected in May. U.K. New 17.5% V.A.T. RateJanuary 2010 From 1.1.2010 the new standard V.A.T. rate in the U.K. is 17.5%, compared to the reduced rate of 15% since December 1, 2008. From 1.1.2010 the stamp duty thresholds revert to the previous level. U.K. 2009 Pre Budget ReportDecember 2009 The U.K. pre budget report published on December 9, 2009 includes some significant tax changes. Personal income tax ratesfor the year 2010/2011 will remain the same as the 2009/10 rates for income up to GBP 150,000. A new 50% tax rate will be imposed on income exceeding GBP 150,000. From 6.4..2010 dividend income will be taxed at 42.5%, compared to the current 32.5% rate. From 31.8.2010 a new 50% payroll tax will be imposed on bonuses exceeding GBP 25,000 paid by banks. From 1.1.2010 the standard V.A.T. rate will revert to 17.5%. U.K. Extended Disclosure OpportunityDecember 2009 The U.K. HMRC announced an extended deadline to the NDO, New Disclosure Opportunity, relating to taxpayers coming forward to make a full disclosure of undeclared offshore accounts and assets. Acccording to the new deadlines taxpayers willing to take advantage of the NDO must register an intention on disclosure by 4 January, 2010. The actual disclosure has to be made by 31 January for disclosure by paper, or by 12 March for electronic disclosure, facing a maximum 10% fine on unpaid taxes. Those who do not choose the voluntary disclosure can face criminal charges and taxes of 30% -100% on unpaid tax. HMRC Penalty RegimeApril 2009 HMRC published a new one penalty system for inaccurate tax docouments and returns. The new system replaces the previous wide variety of penalties. The new system relates to returns and documents for the period starting on or after 1.4.2008 that are due to be filed on or after 1.4.2009. The tax returns include capital gain tax, construction industry scheme, corporate tax, income tax , national insurance, PAYE and VAT. According to the new system if a taxpayer takes reasonable care to get his taxes right, he would not be penalised by HMRC. Reasonable care includes keeping accurate records, checking the current position in doubtful cases and telling HMRC promptly about any error discovered. You can find detailed info in HMRC site www.hmrc.gov.uk. U.K. Reduced HMRC Interest RatesFebruary 2009 HM Revenue & Customs, HMRC, confirmed on February 16, 2009 a cut in the interest rates relating to late payments and overpayments . The reduced interest rates are effective from 16.2.2009. The rate for unpaid payments of corporations tax is reduced from 2.5% to 2%. The rate for overpaid corporation tax is reduced from 1.25% to 0.75%. For more information please see www.hmrc.gov.uk U.K. New Reduced V.A.T Rate 2008December 2008 From 1.12.2008 the U.K. V.A.T rate has been reduced from the previous 17.5% rate to 15% |
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