Monday’s Free tax and business success tip for you 09/07/12
Monday’s Free tax and business success tip for you 09/07/12
How To Avoid Hefty TAX,VAT,PAYE AND COMPANIES HOUSE Penalties
Most tax and VAT returns now have to be submitted electronically. If the return is late, even by a minute, the computer sends out a fine.This also applies to filing accounts and annual returns for companies or LLPs at Companies House or personal tax returns.
Filing a tax return or submitting accounts online can be quicker and safer. You are given a longer period to file online, - an extra 7 days for VAT returns and an extra 3 months for personal tax returns. However, you do need software to file online. The HMRC and Companies versions often do not work or may create problems.
Partnerships
For example, partnerships must submit a partnership tax return in addition to the personal tax returns for each partner. The partners' tax returns can be submitted online using the HMRC software, but the partnership tax return cannot.
VAT
All VAT returns for periods starting on or after 1 April 2012 must be filed online, and any VAT due must be paid electronically, not by a cheque. Are you ready for this change?
Limited Company Returns
Accounts and reports need to be attached to your company returns. These have to be in IXBRL format or they get rejected.
Private company accounts must be submitted to Companies House within 9 months of the company's year end.
Companies House provides free software to submit company accounts online through its website, but this does not always work. If you leave filing your accounts to the last day, and the software, or your internet connection fails, you will get a fine of £150. If they are just over a month late the penalty is a whacking £375.
PAYE
If the PAYE return is late HMRC wait for 4 months then impose a hefty £400 fine.
We can file all returns and accounts online for you o time and show you how to make payments to the correct office. Payments to wrong offices or using wrong periods tax reference numbers can cause big problems.
Business Success Tip
How many times you have tried to purchase some goods and services and have been appalled at the service? Does that make you realise the importance of treating your own customers/clients extremely well?