Jolly #Accountancy Services. Likes to help small #businesses and individuals. Love my kids ๐ฉโ๐งโ๐งmy calculator โจ๏ธand attempting to keep fit ๐
Joined March 2014
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HMRC's late payment interest rate is currently 7.75% per annum.
That's on top of any filing or payment penalties and it starts accruing from the day your payment was due.
jollyaccountancyservices.co.โฆ
#HMRCPenalties #TaxCompliance #SmallBusinessTax
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If I share a company car, how much will I be taxed?
You are only taxed on the proportion of the year you use the car
Tax due on fuel can also be worked out proportionately if you give up the โfreeโ fuel and so long as the fuel is not reinstated later.
#FAQ #LocalAccountant
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HMRC's VAT penalty system now works like driving licence points. Miss a VAT return and you earn a penalty point. Hit the threshold and you're charged ยฃ200.
Quarterly filers reach the threshold at just 4 points.
jollyaccountancyservices.co.โฆ
#HMRCPenalties #TaxCompliance
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Pension contributions have to be physically paid before the year end to be included in the accounts and to obtain a relief against Corporation Tax.
#TaxTips #HMRC #SmallBusiness #SelfAssessment #VAT #CorporationTax
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Time to Pay
Can't pay your tax bill in full? File your return on time anyway.
Filing and paying are treated separately by HMRC. You can then contact them to arrange a Time to Pay plan and avoid the late filing penalty altogether.
jollyaccountancyservices.co.โฆ
#HMRCPenalties
8
Are company cars taxed?
Company cars are taxed as a benefit in kind for most employees, and income tax is payable.
Employees pay tax at their top rate.
#FAQ #LocalAccountant #LancasterAccountant #JollyAccountancy #SmallBusinessUK
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The ยฃ100 filing penalty
Did you know HMRC charges a ยฃ100 penalty for a Self Assessment return filed just 1 day late, even if you don't owe any tax?
Filing on time costs nothing. Missing the deadline does.
jollyaccountancyservices.co.โฆ
#SelfAssessment #HMRC #TaxDeadlines
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Tax relief is available on charitable donations made by an individual who has paid income tax equivalent or more than the tax on the donation.
#TaxTip #LocalAccountant #LancasterAccountant #JollyAccountancy #PayrollChanges #SmallBusinessUK
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HMRC Penalties in 2026: From late Self Assessment returns to VAT payment charges, HMRC penalties can escalate quickly in some cases reaching 100% of the tax owed.
Read our latest guide:
๐ jollyaccountancyservices.co.โฆ
#TaxTips #HMRC #SmallBusiness #SelfAssessment #VAT #CorporationTax
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Are running costs of my car used for business, other than fuel taxable?
Yes, other employer contributions to the running costs of employeesโ cars are taxable.
But employees can claim a tax deduction, using AMAP.
#FAQ #LocalAccountant #LancasterAccountant #JollyAccountancy
2
Simple payroll mistakes can cause big headaches.
Things like incorrect payroll IDs or missing start dates can create duplicate records and HMRC issues.
Getting it right first time saves a lot of back and forth later.
jollyaccountancyservices.co.โฆ
#Blog #LocalAccountant
2
Tax relief is available on charitable donations made by an individual who has paid income tax equivalent or more than the tax on the donation.
#TaxTip #LocalAccountant #LancasterAccountant #JollyAccountancy #PayrollChanges #SmallBusinessUK
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If youโre in construction, take note ๐
Monthly CIS returns are now mandatory again โ even if youโve had no subcontractor payments.
Nil returns are back, and so are penalties for missing them.
jollyaccountancyservices.co.โฆ
#Blog #LocalAccountant #LancasterAccountant
10
If I share a company car, how much will I be taxed?
You are only taxed on the proportion of the year you use the car
Tax due on fuel can also be worked out proportionately if you give up the โfreeโ fuel and so long as the fuel is not reinstated later.
#FAQ #LocalAccountant
3
๐๐ฒ๐ป๐ฒ๐ณ๐ถ๐๐ ๐ถ๐ป ๐๐ถ๐ป๐ฑ ๐๐ฒ๐ฎ๐ฑ๐น๐ถ๐ป๐ฒ๐
Missed the deadline to payroll benefits?
Youโll need to continue submitting P11Ds and a P11D(b).
Donโt forget โ the deadline is 6 July. Late submissions can lead to penalties.
jollyaccountancyservices.co.โฆ
#Blog #LocalAccountant
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