Private tutors (31 October 2011)

The latest clamp down by HMRC will see private tutors come under the spotlight.

If you provide private tuition of any type for a fee you have until 6th January 2012 to contact HMRC and notify your intention to make a voluntary disclosure. You must then confirm details of what you owe by 31st March 2012.

After a recent similar scheme for plumbers closed there has been a very hard line taken with those that did not come forward under the "Amnesty" so if you have something to declare you are well advised to "come clean" now.

Contact us now to see how we can assist you

Keep a diary? (10 October 2011)

Are you one of the many small business owners that rely on a diary to keep track of your appointments?

The use of a diary is still common for taxi drivers, hairdressers and other traders that make appointments in the course of their business.

Please remember that if you're one of these your diary should be considered an integral part of your accounting records and should be kept for at least six years after the end of the year to which it relates. If you have moved on to an electronic diary such as Outlook you should check with your IT provider to make sure that the diary is being backed up on a regular basis.

National Minimum Wage (03 October 2011)

Have you updated your employee records for the new National Minimum Wage rates that came into force from 1st October?

The new main rate for a worker aged 21 and over is £6.08 per hour.  Staff aged 16-17 are now entitled to £3.68 per hour with 18-20 year old staff now entitled to £4.98 per hour.

Don't fall foul of the new rates - check that your lower paid staff are receiving their legal entitlement

Late Self Assessment statement? (09 September 2011)

HM Revenue were late sending out thousands of Self Assessment statements to taxpayers in time for them to pay the 2nd instalment of tax due on 31st July.

If you received your statement late you have been granted extra time to pay but will be charged interest on any amount not paid by 27th September 2011.

Tax Credits (22 July 2011)

Revenue using the Web! (13 July 2011)

HM Revenue are turning to the internet and using IT to catch those not paying tax.  With more and more information about individuals online the Revenue are using web robots to search for unexplained income and anomalies such as higher standards of living than reported income suggests.

The likelihood is that traders offering services online will be the next big target for HM Revenue and with increased use of technology all will eventually be caught.

Remember that if you have un-reported income your position with HM Revenue will always be better if you approach them before they catch you!  If you have income that needs to be reported to the Revenue get in touch with us to see how we can help you to best manage the disclosure and payment of any back taxes due.

PAYE late payments (30 May 2011)

Over the last couple of years many small firms have fallen into the habit of making PAYE payments late as cash flow has become difficult and are probably thinking it will just mean a little interest is added at the year end. WRONG!

The new PAYE penalty regime means that late payments will now attract penalties partially determined by the number of late payments over the tax year. The danger is that the penalties may be accruing unseen and you will be in for a nasty surprise later when the P35 has been processed. Worse still is the possibility that this will only be uncovered when you have your next compliance visit and will end up covering several years!

Check your payment schedule now and take action to make future payments on time. Call us to see how we can help you with your PAYE and payroll headaches.

Changing penalty regime (12 May 2011)

It seems the £100 fine for late filing of a Self Assessment Tax Return has been around for so long that it has ceased to be effective!

From January next year the regime changes and there is no longer a "flat rate" £100 fine for late filing. Under the new system the penalty will increase depending on how late the Return is filed. Once the Return is 3 months late the fine is £10 per day up to a maximum of £900 and after 6 months the fine becomes tax geared and so the fine is only limited by your earnings in that tax year!

In other words it's time to get your affairs in order and your tax up to date before the new regime comes into force.

Plumbers Tax Safe Plan (04 April 2011)

HMRC announced the Plumbers Tax Safe Plan on 1st March. Effectively this is an invitation to the Plumbing and Heating industries to contact the Revenue and give details of income previously not declared. Provided that certain conditions are met with regard to the date of disclosure etc, HMRC may waive all penalties that would otherwise be applicable for unpaid taxes. This is a temporary amnesty offer to come clean and pay up!

There is every likelihood that once this window of opportunity closes HMRC will look to levy higher penalty charges for any subsequent discovery of unpaid tax!

Whilst aimed at the plumbing & heating sector it is likely that anyone approaching HMRC in this period will obtain the same treatment. If you have undeclared income now might be the best time to come forward.

Contact us now to see how we can assist you to make a full disclosure and take advantage of the amnesty period.

Inland Revenue mistakes (12 September 2010)

There has been much talk in the media over the last week regarding large numbers of letters being sent out by HM Revenue. These letters are to advise that tax codes have been wrongly applied and as a result you may have a refund, or face an un- planned bill.

If you receive one of these letters and have tax to pay why not contact us to see how we can help?

Unfortunately this problem has lead to a surge in the number of scam emails that purport to be from HM Revenue being sent out. If you receive an email you should remember the following:

HM Revenue NEVER contact taxpayers by email. If you have reeived an email it is bogus and should not reply under any circumstances!

Cash flow problem? (07 August 2010)

Is your business suffering from cash flow problems? Many small business owners are now struggling with the effects of a two year downturn. Whilst there are signs that the economy is beginning to improve the road to recovery will take many months and cash flow will continue to be a driving factor in this difficult period.

If you're suffering in this way, perhaps the time has come to ask for a fresh pair of eyes to look at your business and offer some independent advice. We can visit your business on a NO CHARGE, NO OBLIGATION basis and discuss how we can assist you to move forward and be in the best position to benefit as the country recoversfrom recession.

Call us now to arrange an appointment. 

Budget Summary (23 June 2010)

We have this morning sent out a summary of yesterday's Budget to all our clients in pdf format.

If you would like to receive a free copy without any obligation please contact us now to request a copy.

Tax investigation costs (26 May 2010)

Are you aware that Inland Revenue enquiries/investigations are increasing in number? An enquiry into the accounts of a small business can be a traumatic event for the owner.

Don't add to the stress by not being protected against the professional costs that can arise dealing with the enquiry on your behalf. All our clients are invited to join the practice scheme that offers valuable cover against such costs without breaking the bank.

P11 D Forms (26 May 2010)

The Annual return of benefits in kind paid on behalf of employees (forms P11D) are due for filing not later than 5th July so make sure you get them completed in plenty of time.

Unsure about the rules?  Give us a call for a chat and to see how we can assit you with this, and other annual compliance matters.

Tax Year end (05 April 2010)

The Tax year ends today so you can start to think about pulling together all the information for your Tax Return.

Don't risk making an error or missing out on tax relief simply because you may not know all the rules!

Contact us now to see how we can assist you with your Tax Return

Late PAYE payments (26 March 2010)

From tax year 2010/11 penalties will be levied against any business making late payment of PAYE. The due date for monthly payment of PAYE deductions remains unchanged at 19th of the month but late payments will now attract an automatic penalty.

This means that penalties will apply from 20th May 2010 and so you should ensure payments are made on time to avoid problems with HMRC. If you struggle to deal with payroll administration why not consider outsourcing the payroll to a professional?

Give us a call for a no obligation quote.

VAT On line (20 March 2010)

If you are a business with an annual turnover of £100,000 or more you must register for VAT online from 1st April and future Returns and payments must be made electronically.

Make sure you are registered for the changes and that you are up to date with the changes to cross border VAT.

Struggling to pay? (03 March 2010)

The country has suffered its longest recession for many years and the signs are that there will be no quick recovery for the economy. Many small firms have eroded their cash reserves over the last year or so and now face another tough trading year.

If your business is struggling to keep up with payments to suppliers, Vat and PAYE then get advice as quickly as possible. Remember that the earlier you speak with an Accountant the better the chance you can sort the problems and plan a strategy for the future. The longer you wait before taking action, the less options might be available for you and your business.

Wolverhampton office move complete (05 January 2010)

We are delighted to announce that we have completed the move of our Wolverhampton office over the christmas break to our new home in the City Centre.

Our office is now situated at 15/16 Bond Street and you can check the contacts page of the website for full details including a multimap of how to find us.

Don't rely on the Taxman! (17 October 2009)

A recent legal case has been heard in the High Court with ramifications for anyone using the Revenue's helpline.

A director called the Revenue helpline to ask for advice on a VAT matter and duly followed the advice given. Some time later a very different view was taken and landed the company with a large bill. The company objected stating that the Revenue should be bound by the advice given but unfortunately the judge didn't agree!

The judge stated that the advice line was only a "source of general advice" and should not be relied upon as binding"

The lesson to be learned here is make sure any advice is obtained in writing from the Revenue - or better still ask your Accountant to sort it on your behalf.

Inland Revenue refund scam! (04 September 2009)

There is currently an email scam in which you receive an email from "Inland Revenue" informing you that a refund has been identified for you. You are invited to fill in personal information to enable HM Revenue to process your refund.

These can look quite plausible but HM Revenue & Customs WILL NEVER email and request information in this way. The simple rule is never give personal details in response to this type of request.

If you suspect you might be entitled to a refund let us check on your behalf and we will deal with HM Revenue direct. Refunds are normally made by direct bank transfer in to a bank account you have nominated on your Tax Return. In other words the Revenue will already have the necessary information to process your refund.

End of the Tax year! (05 April 2009)

The Tax Year ends at midnight tonight and so the annual form filling for payroll and personal tax can start in ernest over the next few weeks.

If you need help with the compliance requirements of PAYE, VAT, Income Tax, Corporation Tax and Capital Gains Tax please contact us for a FREE initial consultation.

Wolverhampton office open! (01 February 2009)

We are pleased to announce the opening of our second office as part of our continued growth and development.

Our growing number of clients in the Wolverhampton/Birmingham area meant that an office close by was essential to improve the facilities and services we offer. Our Director, Paul Bird,  was born and raised in Walsall and now lives with his family in the Willenhall area so the location is an ideal complement to the long established offices in Evesham.

Our new office is situated at:

11 Planetary Business Centre, Planetary Road, Willenhall. Wolverhampton.  WV13 3SW

Tel: 01902 866500

Change in VAT Rate (01 December 2008)

From 1st December 2008 the standard rate of VAT has changed to 15% and this will apply for a thirteen month period.

If you are using software packages for accounts purposes you should contact the provider and ask for help to amend the VAT parameters.

If you are used to calculating the VAT included within a total figure using the 7/47 calculation that will no longer work. You should now apply 3/23rds to calculate the VAT included within a total.

If you are concerned about how the change might affect you please contact us for a chat. 

Looking after Mum's money? (08 September 2008)

People are generally living longer and we all expect to look after our parents or elderly relatives at some point in our lives. We are often confronted with taking over our elderly relatives financial affairs. Frequently we see Building Society accounts where the funds held are "on behalf" of a mother, Elderly Aunt etc and used to pay bills on their behalf.

This type of arrangement is that of a "Bare Trustee" but it is important that you have evidence the funds belong to someone else. Make sure the bank or building society understand the nature of the account and designate the account "as trustee for". Remember that HM Revenue & Customs check bank accounts to make sure interest earned is being declared and if it has your name on it they will expect you to declare it on your Tax Return!

We have seen enquiry cases started as a result so if you are in this position let us know - you might save yourself a lot of trouble!

Change to filing deadlines (07 September 2008)

For many years private limited companies have had 10 months from their balance sheet date to file accounts with Companies House but this is no longer the case.

For accounting periods which start on or after 6th April 2008 the deadline is nine months from the balance sheet date as a result of changes brought about by the Companies Act 2006.

Financial Difficulties? (01 July 2008)

The current economic climate is producing difficult trading conditions for many small business owners. The "credit crunch", high fuel costs, increased taxes and higher domestic bills are all having an effect on cashflow and profits.

If your business is suffering and cashflow/profits are being eroded you should act quickly. Don't wait until the bank start bouncing cheques or you have bailiffs at your door. Take advice and consider whether you could make some changes to the business to improve profits and/or cashflow.

The worst thing you can do if you're in trouble is nothing!

Contact us for a free, no obligation consultation to see how we can assist you and your business.

How long must you keep records? (31 May 2008)

If you are self employed or running your own business you are required by law to keep those records for six years after the end of the accounting period to which they relate.

Also remember that documents relating to Capital items such as Freehold Property can be important for far longer than six years. Ask your Accountant before destroying anything of this nature.

Finally remember that your Certificate of Employers/Public Liability Insurance should be kept for 40 years from the date of expiry - by law.

CIS Scheme warning! (29 April 2008)

Those of you involved with the Construction Industry Scheme may not be aware of the new regime which can alter your payment status overnight!

Let us assume a Limited company with four directors which currently enjoys gross payment status under the CIS Scheme. A failure of the company to submit monthly returns on time can lead to a withdrawal of the Gross payment status.

But did you know that the faiure of one of the directors to file his Self Assessment Tax Return and pay any due tax on time can also cause a loss of Gross payment status for the company?!

Be warned - all your tax affairs must be kept up to date at all times or risk severe consequences!

Tax Season has started! (06 April 2008)

As 5th April has passed we are now into "Tax Season."  Over the next month or so you will need to complete and file PAYE end of year Returns and P11D forms will need completing shortly afterwards.

Self Assessment Tax returns for 2008 must be filed by 31st October 2008 if you still complete and file your own paper Return. This gives you three months less time than in previous years' so make a start now to avoid problems later. Alternatively get in touch with us now and let us take this annual headache away from you for a modest fee.