With profits reducing for many of our clients, it may be that your tax bill for the current year is likely to be less than it was last year. We are only a few weeks away from the tax deadline for individuals and many of you will have payments on account to make for the 2008/09 tax year. 

In case you are not aware, the payments on account system effectively assumes that your tax bill will be at least as much as last year. Therefore, the amount you are asked for is half of last year’s bill. One way of looking at it is that you are paying an estimate of your tax bill for the period April 2008 to September 2008.  But if your tax bill is down because dividends from your company or self-employed profits are less, then paying the amount demanded will represent an overpayment on your behalf.

And if this is the case you can reduce those payments on account in order that you do not pay too much by filling in a SA303 form.

For more details email debbie@a4gsolutions.co.uk but please remember that if reduced too much the Revenue will ask you for interest and if they think that the reduction has been simply done to avoid payment they may even hit you for some penalties!

Why no-one should start trading through a limited company anymore

Many of our clients have their tax deadline approaching and would have been starting to write the cheque to pay their tax bill. Like every other owner of their own company, I’m sure you feel that you pay more than your fair share each year, especially when you add up all of your self-assessment bills and PAYE liabilities as well.

If so, then we would be delighted to welcome you to one of our forums to tell you about “Why no one should start trading through a limited company anymore”.

This seminar will explain to you the savings that can be made by restructuring your business and other investments away from the traditional limited company or self-employed formats. All forums are carefully structured and will be able to answer all questions you may have.

The next available session is on 19th February.  It will take place in our boardroom starting at 7.45 am for 8am sharp with tea / coffee and bacon rolls provided, with an aim to finish by 10am. This is also an ideal way of meeting other businesses.

Places are limited so if you are interested please email jenny@a4gsolutions.co.uk to book a place today.