Accountants in Cannock who help you keep more of what you earn.
HM Revenue & Customs are set to crack down and make it harder to run up large debts for businesses and indivduals. Already we have seen new letters threatening legal action far earlier than usual. Businesses who should be filing VAT returns online are going to be penalised based on their turnover (see our recent Time Is Running Out article), Time To Pay arrangements becoming more and more scarce, stricter penalties for failing to pay over PAYE Income Tax & NI, the list could go on but inparticular we want to look at personal tax.
The deadline for personal tax returns to be submitted is ever looming at the end of the month and as usual, if a return is not submitted a £100 penalty will be hanging over you. However if there is no tax due this penalty can be knocked. However to find that out we need to do your tax return. It is not too late to appoint us as your accountants and ensure that you are not paying anymore tax than you need to. It is also worth noting that next year there are going to be some significant changes to the way HM Revenue & Customs can conduct themselves which we will be detailing in the coming months.
As many of you are aware, VAT went up by 2.5% to 20%, the highest UK VAT has ever been on the 4th of January 2011. This means that for those in business who are VAT registered, you'll be charging an extra 2.5% to your customers. Don't get too excited though as you will be charged it as well and be paying the difference between suffered and charged over. However, there are special rules which allow you to charge VAT at 17.5%. For instance if the work has been incurred and completed before the 4th you can technically charge at 17.5%. If you need helping completing your VAT return or general advice on the benefits of registering for VAT, please contact us for a free no obligation interview.