HMRC

New Year, New Tax Return

 

Happy New Year one and all! I hope everyone enjoyed their holiday break and is looking forward to what’s in store for 2017!

I remember reading an article years ago claiming that January was the most depressing month of the year; post-Christmas blues, back to work and the holiday bills and debts coming in are all factors in this statement. Another factor could also be that for those of us in charge of our own businesses, January 31st marks the deadline for your Self Assessment!

While last year’s HMRC Press Release shows a record breaking number of assessments being completed – 89% alone completed online – there are still a number of people that miss the deadline and begin to rack up fines and penalties. Even if you are 1 day late, you’re looking at a £100 penalty just to start off with!

I recently helped one of my clients with their very first Self Assessment and they were thrilled with how easy the process was and how much time and money they ended up saving. Obviously it helps to be organised with your record keeping or, if you prefer focusing on your business and want someone else to deal with the numbers, get yourself a bookkeeper!

Whether you’re a seasoned SA veteran or in need of a bookkeeper and guidance for your tax return, please get in touch here!

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End of Term

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So it’s coming to the end of the Easter term and for some this means kiddies go back to school! And with some it also means they’re adding the finishing touches to some Home DIY (or mourning over the fact they have lost the time to do so).

Those of us in the UK Business world might also be preparing end of year accounts or starting the prep work ready for for when the letters come from HMRC. It’s always good practise to keep on top of your books throughout the year and larger businesses tend to have no problems with this. However, smaller businesses are usually run by family people that may have other commitments and worries, and then when it comes to the end of their tax year or doing their self-assessments, it’s normally a rush and very stressful.

If I was running a non-accountancy business I would most definitely have someone separate to keep my books and sort that side of things out – it would allow me to focus purely on my business and my family.

Did you know I offer free first-time consultations? Drop me a message or email for further information and advice!

Month End

For most, the end of June can be quite a busy month; monthly reports are being completed and for the larger businesses, the half-year chaos is already setting in. 

If you need a helping hand with paperwork and reports, and you’d like to be enjoying this (rare) summer weather, drop me a PM or email!

I’d also like to mention that HMRC are doing a Q&A via twitter for Tax Credits so if you have any queries, send them a tweet @HMRCgovuk