Have you got undeclared Credit Card sales?

The Credit Card Sales Campaign is an opportunity to bring your tax affairs up to date if you’re an individual or business that accepts credit or debit card payments.

Who can do this

This opportunity is for you if:

you accept card payments for goods or service
you haven’t declared all your UK tax liabilities

Get the best terms

You need to tell HM Revenue and Customs (HMRC) if you either:

haven’t registered with them
have failed to declare all your income

This is called a ‘voluntary disclosure’.

What happens if you should disclose but don’t

HMRC has details of all credit and debit card payments to UK businesses. This information is used to identify individuals and businesses that might not have paid what they owe.

Credit Card Sales Campaign Helpline
Telephone: 0300 123 9272
From outside the UK: +44 300 123 9272
Monday to Friday, 9am to 5pm

steve@bicknells.net

Do you have a Second Income? own up now!

On the 9th April 2014 HMRC launched the Second Income Campaign….

A second income could come from:

consultancy fees, eg for providing training
organising parties and events
providing services like taxi driving, hairdressing or fitness training
making and selling craft items
buying and selling goods, eg at market stalls or car boot sales

You need to tell HM Revenue and Customs (HMRC) if your additional income hasn’t been taxed through either:

your main job
another Pay As You Earn (PAYE) scheme
Self Assessment

This is called a ‘voluntary disclosure’. To get the best possible terms you need to tell HMRC that you want to take part in the campaign.

You’ll have 4 months to calculate and pay what you owe.

You can find out about the campaign and how to make a disclosure here

The criteria used to assess if an activity is a hobby or a business are:

The size and commerciality of the activity.
The frequency of the activity and transactions
The application of business principles.
Whether there is a genuine profit motive.
The amount of time devoted to the activities.
The existence of arm’s-length customers (as opposed to just selling your wares to family and friends).

If you have a Second Income its better to disclose it now rather than wait till HMRC find you.

steve@bicknells.net

Business Disclosure – do it right or risk a penalty

Displaying the right information on the right documents is important, so here is a quick reminder…
The rules for companies are set out in The Companies (Trading Disclosures) Regulations 2008

The key sections is…

6. (1) Every company shall disclose its registered name on—

(a)its business letters, notices and other official publications;

(b)its bills of exchange, promissory notes, endorsements and order forms;

(c)cheques purporting to be signed by or on behalf of the company;

(d)orders for money, goods or services purporting to be signed by or on behalf of the company;

(e)its bills of parcels, invoices and other demands for payment, receipts and letters of credit;

(f)its applications for licences to carry on a trade or activity; and

(g)all other forms of its business correspondence and documentation.

(2) Every company shall disclose its registered name on its websites.

Companies House enforce the regulations and can levy penalties of £1000 for non compliance.

Sole Traders can trade under their own name or a “trading as” name provided its not offensive, contains sensitive or resticted words, includes PLC, Limited Company, LLP or is similar to another business (check the internet for potential conflicts).

Partnerships should show all the partners names or if there are more than 20 partners it may keep a list of names at its principle place of business.

steve@bicknells.net

include the terms public limited company (plc), limited (ltd), limited liability partnership (LLP) – See more at: http://www.nibusinessinfo.co.uk/content/names-sole-traders-partnerships-and-limited-partnerships#sthash.7qxBYEey.dpuf