We need to make you aware of the new penalties and fines being introduced by HMRC:

• There are now penalties for late payments on PAYE throughout the year – up to 4% of the amount which is overdue can be charged.
• Personal tax returns which are late will no longer have the £100 fine written off if the return shows a refund once completed.
• If a personal tax return is more than 3 months late, the penalty is £10 per day and by 12 months late it could be as much as 100% of the tax due again as a penalty.

Changes to Corporation Tax administration.

There is a new system in place for filing company tax returns, and as part of the technical change, HMRC have said they will no longer accept cheques for payment of corporation tax!

Corporation tax will now need to be paid ‘electronically’ using;

• Internet banking
• Telephone banking
• Direct Debit
• Debit and Credit cards at www.billpayment.co.uk/hmrc
• BACS
• CHAPS