Monthly Archives for December, 2012

Festive Holidays…

December 20, 2012
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Curle & Co will close for the Christmas period from Friday 21st December 2012 and will re-open on Thursday 3rd January 2013.Gareth and all the staff at Curle & Co would like to thank our clients for their continued support and business throughout 2012 and wish them all a –

Merry Christmas

and a prosperous

New Year

Key Dates…

December 20, 2012
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Key Up Coming Financial Dates 19 January 2013
  • PAYE and NIC due for the month ended 5th January 2013.
  • CIS return must be submitted for the month ended 5th January 2013
31 January 2013
  • 2012 Self Assessment Tax Returns due to be submitted.
  • Balancing payment of 2012 Tax Return due together with the 1st Payment on Account for the 2013 tax liability.
19 February 2013
  • PAYE and NIC due for the month ended 5th February 2013.
  • CIS return must be submitted for the month ended 5th February 2013
Electronic payment of PAYE & NIC extends the due date to the 22nd of the month.

Tax Return Information…

December 20, 2012
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Completing a Tax Return requires more information than simply the profit from your trade or employment income. Below is a list of the additional information that has to be included in your Tax Return, (please note that it is not an exhaustive list)
  • Interest, excluding that earned on an ISA
  • Dividend income
  • Pension Income
  • Employment Benefits, such as a company car, health insurance etc
  • Government Benefits, such as incapacity allowance, carers allowance, jobseekers allowance etc
  • Property Income
  • The sale of any assets (property, shares etc) which may give rise to Capital Gains Tax
It is also important that you tell us of any Gift Aid donations and personal Pension Contributions that you make in the year, this is particularly important if you are a higher rate tax payer.
Although every effort is made to ensure that all information is included, we would ask that you inform us of any additional income sources which you may have.

2012 Self Assessment…

December 20, 2012
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We would remind you that the deadline for submitting 2011 - 2012 Self Assessment Tax Returns is fast approaching.

All tax returns have to be submitted electronically by 31st January 2013. We would remind you that ALL sources of income should be included on your tax return, i.e. dividend income, rental income, and not just the profit from a sole trade/partnership or employment income.

If your return is late, you will be issued with an automatic £100 penalty, even if you have no tax to pay or if you pay all the tax you owe on time.

Interest and penalties are charged if you don't pay the tax you owe for the previous tax year on time; the penalties charged are as follows:

Length of Delay Penalty to pay
30 days late 5% of the tax you owe at that date
6 months late 5% of the tax you owe at that date, as well as the 5% above
12 months late 5% of the tax you owe at that date, as well as the two 5% penalties above

We would advise that Directors are legally required to submit a Tax Return. If you are a company Director and currently do not submit a tax return either personally, or through Curle & Co, and wish to do so, please contact us as soon as possible.