Monthly Archives: January 2014

Forward Planning with Chapel Street Bookkeeping

So a top body of accountants has called for the HMRC to delay the self assessment deadline as they feel that there have been too many changes to the tax system this year and there has been an increase in the number of self employed people. Read the full story here: http://www.theguardian.com/money/2014/jan/29/delay-self-assessment-tax-deadline. There is currently around 1.6 million returns outstanding.

With just over 24 hours left to complete your return, the HMRC are still running some webinars that take you through the different aspects of self assessment http://www.hmrc.gov.uk/webinars/self-employed.htm. Having listened to several of the live and pre-recorded webinars they are informative however personally I preferred the live ones as there are opportunities to ask questions.

If you have managed to pull all your hair out completing the 2012/2013 tax return, why not treat you and your hair to a bit of a pamper and contact me to help with your accounts in the future. My services start from as little as £12 per hour, much less than a price of a new haircut.

Submitting your tax return safely

There’s only 7 days left to submit your online tax return. It would appear that the fraudsters are out and about, please check out this article: http://www.theguardian.com/money/2014/jan/23/self-assessment-taxpayers-copycat-website-tax-return-gateway

To avoid falling into this trap make sure that you go direct to the HMRC website, www.hmrc.gov.uk . Click the Self Assessment in the Individuals and Employees box, then click File your tax return online and finally click Self assessment online. That should get you safely to where you need to be.

If you are struggling to get your books in order to meet the deadline of the 31st January then please do not hesitate to contact me.

Help from HMRC

Only 16 days left to submit your 2012-2013 tax return. If your accounts are all prepared and it’s just a case of submitting your return online then the HMRC have compiled a neat little video to show you the process:

http://www.youtube.com/watch?v=MlMnz0Omosk

It’s not too late to engage the services of a bookkeeper if your records are not yet up to date. The cost of hiring a bookkeeper far outweighs the cost of penalties which will be applied if you’re late submitting you return.

If you need any help preparing your accounts please do not hesitate to contact me.

Self Assessment Deadline

So with only 18 days left to submit and pay your 2012/2013 tax return HMRC has compiled a list of excuses for late submissions https://www.gov.uk/government/news/revenue-reveals-top-10-oddest-excuses-for-late-tax-returns. My personal favourite is ‘my business doesn’t really do anything’.

There are still approximately 4 million people yet to submit their return and submitting your first return can be daunting especially if you’ve put the bookkeeping on the back burner whilst you grow your business. Here are a few additional things to consider:

If you haven’t already signed up to the HMRC Online Services to submit your 2012 -2013 tax return then you really need to think about doing so as soon as possible as once you’re registered they send you an activation code which can take up to 7 days to arrive.

There are penalties if you miss the deadline. The current penalties can be found at: http://www.hmrc.gov.uk/sa/deadlines-penalties.htm. One thing to remember is that not only will you have to pay the daily penalty there will also be additional penalties on the amount of tax you owe.

If you are struggling to find time to prepare your accounts to complete your tax return by 31 January then you might want to consider hiring a bookkeeper. It can cost as little as £12 per hour to hire a bookkeeper to prepare your accounts ready for you to complete your return compared to the charges you will incur for late submission.

I understand that all this can be daunting and can take up a lot of your time but if you need any help or just have a query then don’t hesitate to contact me.

Bookkeeping 2014 Where to start.

So 2014 has finally arrived and it’s time to plan for the year ahead. I’d thought for my first blog of the year it would be best to to talk about the differences between a bookkeeper and accountant.

With the self assessment deadline looming those of you with books that are shall we say a little less than organised may be considering the using the services of a bookkeeper before visiting your accountant.

Here’s a neat little article outlining the differences:

http://www.entrepreneurhandbook.co.uk/bookkeeping-and-accountancy/#sthash.pnTLEIwb.gbpl

Using a bookkeeper to prepare your accounts ready for review by your accountant can save you time which you can be spending on growing your business and save you money on your final accountancy bill.

Ceri-Ann Lloyd AIAB

www.chapelstreetbookkeeping.co.uk