The list below details the information required in order to complete your Self Assessment Tax Return.
In all cases the period is the year ended 5th April 2010.
- Your full name
- Date of birth
- National Insurance number
- Tax reference (an example: 948/D456 )
- Self Assessment reference (10 digit number quoted on all HM Revenue & Customs correspondence)
- The same details are required for your spouse, even if they do not complete a tax return.
- Your 2009/2010 form P60, or else your last payslip for the tax year
On 1st April 2009 HM Revenue & Customs (HMRC) launched their new 'Compliance Checks' regime which marks a significant change from the way it has previously checked the accuracy of taxpayers affairs.
From 1st April 2009 HMRC have the power visit business premises, inspect the premises, business assets and the of course the business records themselves. HMRC do not have the right to enter a taxpayers home unless, this is where they operate their business from, in which case they have the right to only inspect the areas used for business purposes.
Planning to sell your business? If so then there is one particular relief that you should bear in mind....
Entrepreneurs relief reduces the amount of capital gains tax (CGT) that is payable on the sale of all or part of a business, the assets of the business after the business has ceased or the shares in the company. Gains that qualify for the relief are taxed at 10%, rather than the usual CGT rates of 18% and 28%. As most entrepreneurs will pay tax at the higher rate of CGT of 28%, this represents a saving of 18%.
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NIC Holiday for New Businesses!
Planning to start up a new business? Then be sure to find out whether you qualify for a National Insurance tax holiday and save your company up to £50,000.
To be eligible to join the scheme, a new business must start up in the period 22 June 2010 to 5th September 2013 and its principle business must be located outside an excluded area. Excluded areas are Greater London, the Eastern Region and the South Eastern Region.