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:
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.
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.
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:
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