Chipping Norton Times - Issue 26 - November 2012 (PDF)

16
Want To
Avoid
A Penalty?
Contact
Robb Eden
for:
Accounts Preparation & Analysis
PAYE & Book-keeping • Vat Returns
Personal Tax • Sage Training
Business Tax
More than just accounts - a personal service
tailored to your needs. We will work with you
to get the best from your business.
01608 651802
robbeden@aol.com
The October deadline for filing a paper Tax Return is now past & it’s time for those of you who
have yet to submit a Return to do so as time is getting short. You may have read that HMRC
have reaped a huge amount in penalties this year & that figure is set to go higher as the
Revenue are increasingly issuing penalties for even the slightest oversight. Remember, if you
are late in filing there will be an automatic £100 penalty even if you have no tax to pay or
even if you’ve paid the tax by the January 31st deadline. It is most important that your Return
is filed before the deadline otherwise the clock will keep ticking. If you have still not filed after
three months, daily penalties of £10 will start accruing, up to a maximum of £900. After six
months there will be a further penalty of 5% of the tax due or £300, whichever is greater.
After a full year’s delay there will be another 5% or £300 charge & so it goes on. In addition,
interest is levied on the penalties. So be warned!!
Whether you’re in business, or solely submitting a Return because you receive a pension or
other income, is most important to spend a bit of time organising your paperwork. I suggest
reviewing your paperwork at least once a month or when relevant statements or certificates
are received. If you are able to, it helps keeping a spreadsheet as you can tick off the items as
they come in. It also makes sense to keep your bank statements in order, checking statement
numbers to ensure that none are missing. You can then match the amounts & dates received
to ensure that nothing is missing.
More often than not paperwork is filed and is never seen again. However, in my experience, a
clear and concise filing system helps when deadlines loom. Many businesses operating good
systems sometimes get better results; many even seeing increased turnover and profits, many
who do not are constantly under pressure, missing deadlines and paying the price. Which
would you prefer?
Robb Eden is based in Moreton-in-Marsh. He can be contacted via e-mail at
robbeden@aol.com or by telephone 01608 651802.
New audio podcasts help
charity trustees develop
knowledge and skills
The Charity Commission, the
regulator of charities in England and Wales, has launched the first in a
new series of audio podcasts, designed to help charity trustees develop
their understanding of their duties under charity law.
The first episode is available to download from the Commission's
website www.charitycommission.gov.uk, explains what trustees need
to do to protect their charity against fraud. The 10-minute programme,
presented by the Commission's Head of Investigations and
Enforcement, Michelle Russell and Jamie Johnson, Head of Action
Fraud, also explains what trustees should do if their charity does fall
victim to fraud. The podcasts will complement the Commission’s
existing communication channels and also be available via You Tube.
“We hope our podcasts will help trustees familiarize themselves with
the basic principles of charity law as set out in our guidance. They are
designed not to replace the guidance and information available on our
website, but to serve as easy, more informal introductions to trustees'
roles and duties in different circumstances. We are deliberately keeping
them short to allow busy trustees to listen in whenever they have a few
minutes to spare".
More information is online or contact 0845 300 0218.