Year End Tax Review 2010/2011


Lead articles

Looking forward

This year, next year

Rate of change

Pension merry-go-round


Too much NIC

NIC and pensions

Company cars

Tax-free benefits

Childcare vouchers

Business - General

Time to incorporate?

Associated or not?

His and hers

Family bonus

Profit and loss

Show me the money

Can't pay, won't pay?

Turning back the clock

Business - VAT

Standard VAT or flat VAT?

VAT's up again

All Europeans now

A good start for VAT

Happy returns?


Top-up savings

Rainy day money

Capital Gains

Gains favoured

Splitting gains

A place in the country

Holiday lets reprieved


Family fortunes

Where there's a Will

Credits and debits

Benefit going

Piggy banks

Still trustworthy?


Penalty shoot-out

Going online

Paperwork, paperwork

Pay tax later

Opportunity knocks again


Give and save

Non-Domiciled People

Home and away


Interesting times

Penalty shoot-out

The taxman can fine you if your returns are late or wrong. The rules on errors changed in 2009, and everyone is getting used to a new system where experience won't always tell us how big a penalty is likely.

It's still the case that any penalty can be reduced if the taxpayer deals with it promptly - as soon as it comes to light it is disclosed to HMRC, the reasons are identified and explained, and the correct tax is paid without delay. If the error was just a careless mistake, dealing with it in this way can avoid a penalty altogether.

Failing to deal with an error is likely to increase the level of penalty if HMRC find out about it later. So it's important not to brush things under the carpet - if you think something may have gone wrong, it's best to face up to it and take advice on how to put things right. We can only help if we have all the available information, so it's important to put us in the picture.

Action Point!
Are you satisfied that your returns are accurate?