Accountants in Cannock who help you keep more of what you earn.
Following up a letter we have sent to HMRC requesting CIS refunds be repaid clients, we spoke to HMRC earlier today to find out how long this would take. We have been shocked to find out that these refunds will take 60 days to be processed. Unfortunately, Her Majesty's finest are dealing with a severe back log of post and they estimate that it will take around two months to clear! So to all those clients waiting for tax to be refunded, we have done all we can, it is quite simply and unfortunately in the capable hands of HMRC.
Monthly annual PAYE & CIS deductions sheets up to the month ending 5th July 2010 are now due to HMRC. This is a breakdown of how much gross you have paid and how much tax & NI you have deducted from your employees or subcontractors. The date this return must be received by The Revenue is 19th July, however payments made electronically must be received by the 22nd July. For free assistance or on advice running your CIS or PAYE scheme, please contact us.
A client recently asked;
"Would the fact that I'm the only director of an IT consultancy company taking high dividends and a low salary flag up any concerns to HMRC?"Ken, our accountant, replied informing the client that in his experience this has never flagged up any concerns to HMRC with any of his clients. This is because although the pay taken is low, there will be dividends as well, presuming there is money in the company. HMRC will look at the whole situation, not just the fact that the salary is low. If you would like to ask a question and have a free initial consultation where we see how can help you and your business with tax planning, contact us.