Issue 22 - July 2012 (PDF) - Chipping Norton Times

Not Willing
To Take 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
Here we are in July & we’re still talking penalties!! No, not football - we’re
talking about the huge number of penalty notices that have been issued. The
bulk have been issued simply because a number of reminders have been
ignored but a fair few are simply wrong. For instance, I was recently contacted
by a new company who set-up a payroll in the last week of March this year.
Both they & I were surprised when they received an interim penalty warning
swiftly followed by a P35 payroll end of year form – in June! There has been
much publicity about the huge amount HMRC is receiving from issuing these
notices but I am surprised that careful checks are not being made before some
notices are issued.
Don’t be caught out – inspectors from HMRC are on the prowl & they could be
heading in your direction so make sure you deal with any paperwork or your Tax
Return in good time or pass this onto your accountant to deal with. It makes
sense – if you file your Returns early you’ll know well in advance how much you
need to pay. A lot of people are leaving it later & later each year, a few even
bring in their paperwork during the last week of January; this not only puts huge
pressure on accountants but it means that some have to find a hefty amount of
tax in a short space of time. If you do have to complete a self-assessment Tax
Return the sooner this is filed the better.
Last year at this time I mentioned that a number of long-established local
businesses were on the verge of shutting up shop. Well, as we know, many
have & there are many more to come. It is sad to see shops boarded up & to
see familiar faces disappear but it’s an inevitable result of huge changes
brought about by the worldwide recession. In my article last year I suggested
that supporting local business could help. Much has been said about this but
it’s only when a handy business has gone that you realise just how handy it
was. Yes, shopping on the internet is cheaper but is it creating local jobs? Yes,
petrol is cheaper at the supermarkets but how far will you have to drive to fillup
in an emergency if all our local filling stations closed? There is no doubt that
the business model is changing rapidly & that certain business need to shake
themselves into the modern world but it is up to all of us to ensure that our
local economy is vibrant so that there are jobs for local people & that businesses
have an incentive to locate to this area.
Should you require help with your accounts, payroll, Vat or any other aspect of
taxation you should either contact your accountant or give me a ring for free
telephone advice.
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Robb Eden is based in Moreton-in-Marsh. He can be contacted via email
at robbeden@aol.com or by telephone 01608 651802.
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