Why use the internet service (FBI)?

The advantages of both are that the paper form you sign is retained by you or on my file and an electronic copy is submitted direct to the Revenue computer system. This is quicker and will avoid "keying in" mistakes by Revenue staff. The Revenue’s acceptance time is reduced from up to two months to under 1 hour!

Is it necessary to send documents to the Revenue?

The original tax vouchers and certificates are not submitted with repayment claims as this has been relaxed since the introduction of Self Assessment, although these must be retained. Your business records are not sent to the Revenue with each tax Return, but these are called for if an enquiry is opened by the Inspector.

Should my payroll be computer based?

Electronic submission of PAYE end of year forms will qualify you for ‘cash’ incentives, the Revenue pay you! (2004/2005 to 2008/2009 tax years).

What is the current IHT exemption?

This stands at £312,000 (the estate nil-rate band from 06/04/2008)

Can I make gifts without incurring IHT?

Yes, up to £3,000 a year in total or of £250 to any number of individuals. Parents can each give £5,000 to a child on marriage.
 

If you find that your question is not answered on this page,
 please E-mail us: ceb@colinboon.co.uk
or telephone on 01983 246766 (out of hours answer machine).