2012 Budget facts and figures Newsletter
We have today published a round up of the relevant facts and figures from yesterdays budget for you to take a look at.
The newsletter lays out the changes that will happen over the next twelve months that will basically effect everyone who is liable to pay tax.
We have shown a comparison for some of the changes to the figures for the current year (2012/13) so that you can see how the budgetary changes may affect you.
Take a look at the newsletter; and if you have any questions or queries about any of the topics covered then you can contact us at anytime, we would be pleased to answer your question(s) and help you in any way we can.
March 2012 Newsletter published
We have now published our March 2012 newsletter to keep you up to date with how to save money and tax. This months features include how to get the most from Tax Efficient investments, Capital expenditure gains and losses are explained and you can read about claims against your tax on working from home. Tou can read our newsletter by clicking here.
Also featured this month’s newsletter is a link to our updated “meet the team” page introducing Chloe and Marie.
If you have any questions about any of the items or any business or tax queries please do not hesitate to contact us
CBS February Newsletter Published
This months Newsletter features Clare and Anna in the “meet the team” section, and we have articles considering the processes you need to think about and follow when closing your business, including the submission of the C16 form.
Also included are tips on how to avoid costly PAYE fines by understanding deadlines and using the HMRC new faster payment facility.
HMRC are keen to track down instances of fraud and are offering business owners the opportunity to come forward and confess using their contractual disclosure facility (CDF). However there (as always) is small print and so if you think you may be affected or are thinking of making a disclosure; read the article and come and speak to us first, we may be able to help!
To access February Newsletter click here.
If you want to subscribe to the free monthly edition you can do so from here
January 2012 Newsletter Published
We have just published this months tax tips and business advisory newsletter, which, this month details the deadlines for registering for online filing for VAT returns, which is fast approaching. Also featured this month is details of what employers will need to implement in order to be compliant when the new scheme ”real time filing” comes into effect by September 2013.
We have also featured our first “meet the team” section introducing two of the team members, so you know who you will be dealing with at Central Business Services.
If you would like to read about these and many other ideas and advice to keep you ahead of the tax man then click here
Tax Return Deadline Looms
John
John
If you need to submit a tax return for 2010/11 you should get a move on. The deadline for submission is midnight on 31 January 2012.
This year it is even more important that you submit your return on time because HMRC have changed the way they charge penalties for non submission of a tax return. Previously, any penalties charged would be cancelled if, when a return was eventually submitted, no tax was actually due. From this year, penalties will be charged even if no tax is due. You could therefore find yourself owing the taxman, even if you have paid your tax in full or he owes you a refund. The penalties are cumulative, starting at £100 – but can quickly reach much higher amounts. This is the table of Late Filing Penalties from HMRC’s website:
These penalties are in addition to any penalties which might be incurred for non payment of tax.
If you fit one of the following categories, you are likely to have to complete a tax return:
Self Employed - This includes subcontractors in the building trade who may be having tax deducted via the CIS Scheme but will still need to complete a tax return.
Landlords – Anyone who rents a property, even if you don’t make a profit, is required to complete a tax return.
Anyone on PAYE with a company car or other benefits – Where you receive benefits of any kind such as a company car, medical insurance you are likely to have to complete a tax return.
Company Directors – Most company directors should be completing and submitting tax returns.
If you have been asked to complete a tax return but haven’t done anything about it, our advice is to get a move on. We have a little bit of capacity but cannot guarantee completion of returns by the deadline unless the information is received pretty quickly. Don’t delay – Act today.
Why not subscribe to our regular newsletter for lots more interesting and informative information?
December 2011 Newsletter
This months Newsletter has recently been published and this month contains articles covering several interesting subjects.
In Decembers issue the main points from the Chancellors Autumn statement are covered along with how the announcements may affect you.
You can read the December newsletter by clicking here.
Also featured are articles on the low value consignment charge is changing on some imports, and, details of how using a VAT group may be of benefit to you if you have more than one company in operation, plus many other articles which may be of interest to you and your business.
You can send a question to our question and answer service by following the link on the Newsletter or if you would like to talk to someone face to face then you can contact us at anytime for a free initial chat and to meet the team.
November 2011 Newsletter
Self employment status is a hot topic at HMRC and this months focus in our November 2011 newsletter, which has now been published. You can read about that and other tax saving tips and ideas by clicking on the link.
If you would like to sign up to our regular free monthly newsletter with new tax saving tips and ideas each month, then you can simply- subscribe here
HMRC investigators are on the look out for self employed contractors who they can assess as “employed” persons rather than subcontractors to enforce payments of PAYE that would have been incurred if they had been employed in the first instance. If you are unsure of your status as a bonefide subcontracor or you are a contractor who is unsure how assess your workfore, contact us and we will be happy to discuss your requirements further.
Cashflow – the lifeblood of a business
Poor cashflow is probably the biggest single cause of business failure. It doesn’t matter how much you are owed – if you haven’t got the money to pay your suppliers, staff, bank or HMRC, you won’t survive. Getting cashflow right is the key to operating a successful business.
There are steps you can take to avoid getting in the position of being a profitable company on paper – but having no money in the bank. Most are pretty obvious but are often neglected.
- Ask for payment in advance. If you’ve got the money before you do the work or supply the goods, your cashflow is going to be pretty positive. Just a word of advice on this – make sure you don’t assume it’s all profit and spend it. Put the right amount aside to pay your suppliers, VAT, staff, taxes etc.
- If you have to supply on credit, make sure your terms are clear on when payment is due and that you will start charging interest or penalties if payment isn’t received.
- Look at offering early settlement discounts. If you want £100 for a job/product, do your invoice at £105 with a £5 discount if paid within 7/14 days. If you don’t get the money quickly you should, at least, get the higher amount. Just make sure you deal with VAT correctly. If you’re not sure ask us.
- If the money doesn’t arrive on time, don’t be afraid to ring and ask. Be polite and just ask for confirmation of when payment was sent and, if it hasn’t been sent, ask for a reason and when it will be sent.
- Sometimes a business owner feels that asking for payment can upset a relationship with a customer. If this is how you feel, consider outsourcing your credit control function. This is something we can help with – so give us a call.
- We do have contacts with specialists who can pursue debts on your behalf, through the courts if necessary. Hopefully you won’t get to the position of having to do this – but, if you do, we can help.
- If you are not being paid on time and are struggling to pay your own debts, don’t just bury your head in the sand. You need to talk to your suppliers and your bank to tell them what is happening. Most businesses will be supportive if they feel you are keeping them informed – but they get really annoyed if you just keep quiet or, even worse, give them promises you won’t be able to keep. If this is the position you are in we may be able to help by negotiating with your creditors to get you time.
- Consider factoring as a means of improving your cashflow. With factoring you know that you will receive a high proportion of your money as soon as you issue your invoice. Factoring is an important part of many companies’ successful growth. We have specialists available who can talk you through the various factoring services and help you find the right one for you. They aren’t all the same. One word of caution here, we haven’t found that the factoring services offered by the major clearing banks are necessarily the best. Just because your bank offers you the facility, don’t be afraid to say “No” and look at alternatives.
- If you have equipment or other assets it may be possible to refinance these to help with cashflow. Again, ask us about this.
- Having a 50% share of £10 is better than having a 100% share of £1. Selling part of your business might give you the cash to eliminate cashflow problems – and to help your business gow. The best source of finance is often people you know but there are services which put investors in touch with businesses wanting finance. If this is a route you want to look at, we will help.
Cash is the lifeblood of a business. without it, a business fails. You need to ensure that your business has adequate cash flowing through it. If you want to discuss cashflow issues, don’t hesitate to call us on 01509 816150 or contact us via our website.
August 2011 Newsletter – Pension updates
Pension updates and a VAT registration drive by HMRC feature in this month’s newsletter.
New legislation regarding the pension requirements for all employers has been anounced recently. HMRC are rolling out the new system from 2012 for larger employers and extending that to all employers from 2014.
All employers will be required to offer staff, with some exclusions, an approved pension scheme. This can take some time to set up and implement so it is an important consideration for employers now.
We can offer support and advice and contacts for approved pension schemes.
To read more on the subject see our August newsletter
If you would like to receive our newsletter on a regular basis then sign up here
November 2009 Tax newsletter
Our November 2009 Newsletter was published a couple of weeks ago and I forgot to post a link to it.
You can sign up to have the newsletter delivered to you by email. It’s free and we won’t bombard you with loads of unwanted rubbish.
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