Legal Updates

Commercial Law – Amendments to Form CWF1 – Sole Traders – Partners

HM Revenues and Customs have made amendments to Form CWF1. Form CWF1 has to be submitted by individuals who have started a business as either a sole trader or as a partner in a partnership.

Form CWF1 notifies of liability for Class 2 National Insurance Contributions, which currently stands at £2.40 a week.

Revised behaviour-based penalties became applicable in April 2009 which means that any individual becoming or ceasing to be liable to pay Class 2 National Insurance Contributions must ensure that they provide HM Revenues and Customs with notifications as soon as possible.

In the event that liability is not notified by the 31st of January following the end of the tax year in which they became liable, penalties may be imposed.

 Commercial Law – Tax –  HM Revenue and Customs New Disclosure Opportunity – Penalties


 HM Revenue and Customs recently confirmed details pertaining to a new disclosure initiative. The new disclosure initiative allows individuals with unpaid taxes that relate to offshore accounts or offshore assets to settle any relevant tax liabilities at a lesser penalty rate.

The New Disclosure Opportunity allows individuals who submit a full and accurate disclosure between the 1st of September 2009 and the 12th of March 2010 to take advantage of a 10% penalty.

In the event an individual does not elect to take advantage of this opportunity, and are then subsequently reviewed and found to have any undeclared tax liabilities, they would typically be expected to face a 30% (or higher) penalty. Further more, such individuals would also face an increased risk of being prosecuted in the criminal courts.

Please contact us for more information at enquiries@rtcooperssolicitors.com

Visit http://www.rtcoopers.com/practice_corporatecommercial.php

© RT COOPERS, 2009. This Briefing Note does not provide a comprehensive or complete statement of the law relating to the issues discussed nor does it constitute legal advice. It is intended only to highlight general issues. Specialist legal advice should always be sought in relation to particular circumstances

 

 

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