The taxman has now deferred £3.17bn in tax under arrangements announced in April's Budget - around 177,000 separate deferral agreements- to ease the burden on business in the recession.
The latest statistics from HM Revenue and Customs show that while the sum deferred is still climbing it is not all outstanding - around £2bn has been paid back. That leaves a sum of £1.14bn still in the process of being repaid.
According to a statement from HMRC around 90% of what was expected to be repaid has been received.
Of the £3bn deferred £320m forms repeat deferrals. Around 60% of deferrals are for three months or less.
The payment service arranges deferrals of PAYE, VAT, national insurance and corporation tax.
Businesses are able to use the service if they are 'genuinely unable to pay' and if the tax they owe is on the previous year's profits or if a trading loss in the current year is a high probability.
www.ukba.co.uk
Showing posts with label paye. Show all posts
Showing posts with label paye. Show all posts
Saturday, 8 August 2009
Tuesday, 7 April 2009
Small employers urged - file online and get a £75 bonus
Small employers are being urged to file their 2008/09 Employer Annual Return online this year, and get a £75 tax-free payment in the process.
Employers with fewer than 50 employees can file on paper or online, but only those filing a valid online return will qualify for the £75 payment.
Those employers with 50 or more employees must file their 2008/09 return online, or face a penalty.
To file online, employers must first register with HMRC's "PAYE Online for Employers" service. It can take up to a week to get the Activation PIN after registering, so employers should not leave it until the last minute.
Agents, tax advisers or payroll bureaux can also file on behalf of employers. And small employers will still qualify for the £75 tax-free payment, even if an intermediary files online for them.
Employer Annual Returns are due by 19 May, or late-filing penalties will apply.
HMRC's Sue Williams said:
"We are accepting returns now, and would urge all employers to send them in as soon as they are ready, to avoid any last-minute rush."
Read more: http://nds.coi.gov.uk/content/detail.asp?NewsAreaID=2&ReleaseID=396367
www.ukba.co.uk
Employers with fewer than 50 employees can file on paper or online, but only those filing a valid online return will qualify for the £75 payment.
Those employers with 50 or more employees must file their 2008/09 return online, or face a penalty.
To file online, employers must first register with HMRC's "PAYE Online for Employers" service. It can take up to a week to get the Activation PIN after registering, so employers should not leave it until the last minute.
Agents, tax advisers or payroll bureaux can also file on behalf of employers. And small employers will still qualify for the £75 tax-free payment, even if an intermediary files online for them.
Employer Annual Returns are due by 19 May, or late-filing penalties will apply.
HMRC's Sue Williams said:
"We are accepting returns now, and would urge all employers to send them in as soon as they are ready, to avoid any last-minute rush."
Read more: http://nds.coi.gov.uk/content/detail.asp?NewsAreaID=2&ReleaseID=396367
www.ukba.co.uk
Friday, 6 March 2009
Tax doesn't have to be taxing
HMRC has released a series of online video guides to help small companies and start-ups with the complexities of the UK's tax system.
The guides, presented by Dan Snow, cover a variety of important tax topics - such as VAT, Corporation Tax, and PAYE.
The online guides also cover other areas such as the Construction Industry Scheme, importing and exporting, keeping accurate records, and things to consider when employing other people.
A new guide is also available alongside the videos - "Giving your business the best start with tax".
Dan Snow commented: "We've broken the information down into small video chunks, so that people can access exactly what they need to know. Hopefully this makes the new videos really useful for people and businesses."
Access them by clicking here.
The guides, presented by Dan Snow, cover a variety of important tax topics - such as VAT, Corporation Tax, and PAYE.
The online guides also cover other areas such as the Construction Industry Scheme, importing and exporting, keeping accurate records, and things to consider when employing other people.
A new guide is also available alongside the videos - "Giving your business the best start with tax".
Dan Snow commented: "We've broken the information down into small video chunks, so that people can access exactly what they need to know. Hopefully this makes the new videos really useful for people and businesses."
Access them by clicking here.
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