In the News

All Employers must now file forms P45 and P46 online or will receive a penalty for not doing so. Before 5th April this only applied to those employing 50 or more employees but the rules have been extended to cover all employers.

Self Employed National Insurance contributions are now payable on 31st January and 31st July each year, with effect from 6th April. Consequently you should find that payment by monthly direct debit has ceased.

Offshore - Tax Evaders who conceal funds in overseas accounts are subject to a penalty tariff that depends on the level of tax transparency of the territory in which the offshore income or capital gains arise. There are three categories of territory. For category 3 territories the penalty is up to 200% of the tax due; for category 2 territories up to 150%, and for category 1 territories up to 100%. Penalties can be mitigated by voluntary disclosure and by co-operating with the Revenue to quantify the amounts involved.

New Self Assessment penalties. The Revenue say that a lot of staff time is spent chasing late Tax Returns. As a result they have decided to get tougher and a new regime of penalties has been brought in. Any late Return will now be subject to a penalty of at least £100 whether or not there is any tax owing. But the penalty could be increased to £900 if the Return becomes 6 months overdue - see our insight "Self Assessment" for further information.

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