Year End Tax Review 2009/2010 Contents Lead articles The year ahead... This year, next year Pension hit Employees Too much NIC NIC and pensions Company cars Tax-free benefits Business - General Time to incorporate? His and hers Family bonus Profit and loss Show me the money Can't pay, won't pay? Turning back the clock Business - VAT Standard VAT or flat VAT? VAT goes down - must come up? European revolution A good start for VAT Happy returns? Investments Top-up savings Rainy day money Capital Gains Gains favoured Splitting gains A place in the country Holiday lets end Families Family fortunes Where there's a Will Credits and debits Piggy banks Still trustworthy? Administration Penalty shoot-out Paperwork, paperwork Pay tax later Opportunity knocks again Charity Give and save Non-Domiciled People Home and away Interest Interesting times

Penalty shoot-out The taxman can fine you if your returns are late or wrong. The rules on errors changed in 2009, and everyone is getting used to a new system where experience won't always tell us how big a penalty is likely. It's still the case that any penalty can be reduced if the taxpayer deals with it promptly - as soon as it comes to light it is disclosed to HMRC, the reasons are identified and explained, and the correct tax is paid without delay. If the error was just a careless mistake, dealing with it in this way can avoid a penalty altogether. Failing to deal with an error is likely to increase the level of penalty if HMRC find out about it later. So it's important not to brush things under the carpet - if you think something may have gone wrong, it's best to face up to it and take advice on how to put things right. We can only help if we have all the available information, so it's important to put us in the picture. Action Point! Are you satisfied that your returns are accurate?