Evesham Office tel: 01386 40220 , Wolverhampton Office tel: 01902 428202

2014 News

Here you can read all of the news articles from 2014. Please select from the list below by clicking to read the article.

02.10.2014 - Limited company accounts - when to file?

Hopefully if you are a company director you are aware that accounts must be filed at Companies House within nine months of the Balance Sheet date and sometimes there are exceptional reasons why accounts are filed near to the deadline or even late! Where accounts are filed late there is an automatic fine of £150 up to one month late and then £375 for over one month but less than three months late rising to £750 for over three months late and ultimately £1,500 for more than six months late. Most importantly these fines are doubled if the previous year was also late.

Clearly it makes sense to file before the deadline but there are very valid reasons why early submission of accounts (say within three months of the year end) is the best option.

Prompt submission of accounts sends out a signal that the business is well managed and in control of it’s affairs. This can be a valuable message to lenders and creditors which is one of the reasons that late accounts will always affect your credit rating. Early completion of accounts also allows the maximum time possible to be aware of Corporation Tax liabilities and perhaps most important of all means they are still a relevant management tool for the directors.

The message is simple – early accounts preparation and submission is in the best interests of any business.

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31.08.2014 - The end of 0845 helpline

HMRC are finally ending the use of 0845 telephone lines with effect from the end of December 2014 and replacing with 03 numbers that are cheaper to call. The bad news is that it will probably still take 20 minutes for someone to answer the call!

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25.06.2014 - Class 1A NIC contributions deadline

Class 1A NI contributions are due on certain benefits and expenses declared on P11Ds and the liability is summarised on Form P11D(b) which, together with the P11Ds, need to be sent to HMRC by 6 July 2014. If you are paying electronically, Class 1A NIC for the tax year ended 5 April 2014 must be in HMRC’s bank account by 22 July 2014.

Please be aware that 22 July 2014 is a Sunday so it would be advisable for you to make the payment by Friday 20 July 2014 to avoid it being recorded as late.

You need to make sure that the payment for Class 1A NIC is allocated to the Class 1A NIC charge for 5 April 2014 rather than shown as a 2014/15 PAYE/NI payment or else you will be sent payment reminders by HMRC for Class 1A NIC.

To ensure the Class 1A NIC payment is allocated correctly by HMRC, in the reference field for the electronic payment, you should use your 13-digit accounts office reference followed by “1413″. The 14 lets HMRC know that it’s for the 2013/14 tax year and the 13 shows that the payment relates to Class 1A NIC.

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30.05.2014 - Trading Standards - New rules

From 13th June, new rules apply to business’ that are involved in distance selling and internet trading in particular. It’s important that you embrace the changes and make sure you are complying with the new requirements.

Take a look here

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15.02.2014 - Pension Auto-Enrolment- Are you ready?

We attended a breakfast seminar on the 11th February hosted by Prosperity Wealth and presented by Jeremy Leslie-Smith from the Pension Regulator. The largest employers are now already well into the scheme but it is clear that the industry is expecting problems moving forward as the next tier of employers entering the scheme are far less prepared and also less able to implement the new regulations. Small and medium sized business’ have less capacity to deal with the new requirements and worryingly many still seem oblivious to the deadlines with employers having between 50 and 249 employees falling into the new regime on or before March 2015. Most important to remember is that the number of employees is measured as at 1st April 2012 (not current level). A business we spoke with only yesterday has fallen foul of this and is now making swift moves to implement the necessary in the next few weeks ahead of a staging date in April!

There also seems to be a concern that as the number of business’ enrolling increases there may not be sufficient capacity in the pension industry to meet the demand. By April this year some 10,000 employers per month will be entering the system and by the end of 2015 that will increase to over 100,000 per month! When we first notified our clients about the Pension Reform Act back in 2011 we suggested it would be worth considering early advice to make sure everything is in place well before your own staging date as this will help you beat the inevitable rush at the last minute. We still think this is the best option as there will certainly be more options whilst there is still time to search the market for the best deals. Our advice is that you speak with your pension advisor NOW and start to plan before the rush starts. If you don’t have an advisor we would be happy to introduce you to someone who can help.

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19.01.2014 - Emerging from the downturn

Without a doubt the economy is now starting to pick up after four hard years although we may all need a few more months of 2014 to pass by before we start to feel the improvement. Most importantly small business is likely to feel some added cash flow pressure as activity increases so make sure you keep an eye on the cash as you may need a little more working capital to cover the expanding trade activities! Making sure you have up to date accounts, good monthly management information and a clear plan moving forward are vital and we can help you to put these in place so that you maximise profit in the future.

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