Friday November 18, 2011

Dear Reader

'Tis The Season To Be Registering

So, we're getting close to the calendar year end, which means the tax season is well and truly upon us. One things we come across a lot is the issue of people setting up new limited companies and not realising the there is a requirement on the director(s) to register for self assessment and therefore complete a tax return. This obligation exists even if no income was taken from the business during the tax year and HMRC is not going to write to the director to advise them of the requirement in the way they would write to a sole trader. We added a section on self assessment to our website in January 2011, the basics can be found here.

You may also be required to register for self assessment and complete a tax return of you have property income or are a higher rate tax payer and in receipt of dividend income from shares owned or savings from bank accounts. The guide provides the specifics.

Please remember that the tax return needs to be completed and filed by 31st January 2012 and that in many circumstances this is also the date for paying tax owed.

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Anyone For A Party?

It's getting to the time of the year for the staff Christmas Party. Now in a lot of cases, it is often more important to seek advise from an HR Consultant as a result of some of the activities undertaken. However, setting that aside, is it possible to obtain tax relief on the costs of running the annual Christmas Party? Click here to learn more.

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