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Businesses warned of changes to tax payment rules
Chartered accountancy firm Watson Buckle are reminding businesses of changes to the rules for paying some of the most common taxes.
As of 1 April 2011, all company tax returns must be submitted online, using the iXBRL system, while all corporation tax and related payments must also be made electronically.
John Kinsella, tax and corporate finance partner at Watson Buckle, said: “Any payments made by cheque after March 2011 will be treated by HM Revenue and Customs (HMRC) as having been received on the date when cleared funds reach HMRC’s bank account, rather than the date it received the cheque.
“Class 2 National Insurance contributions will from April 2011 become due on 31 July and 31 January, in line with self-assessment income tax”.
Employers who have paid their PAYE late for the 2010/11 tax year will start to receive late payment penalty notices from HMRC.
Penalties will be charged if a business that was required to file on line from April 2010, fails to submit its VAT return online and sends it in by post instead. The penalties will apply to returns for VAT accounting periods ending on or after 31 March 2011.
For more information, contact Watson Buckle on 01274 516700 or visit www.watsonbuckle.co.uk
