stephen-hill logo stephen-hill A4G - Helping to improve and grow your business and personal finances Kings Lodge, London Road, West Kingsdown, Nr Brands Hatch, Kent TN15 6AR Phone: 01474 853 856 Fax: 01474 852 Email: enquiries@a4g-accounting.co.uk 456
Tax Strategies, Accountancy Services, Profit Improvement, Strategic Planning
Exclusive Free Bulletin from A4G Solutions newsletter
Date: 03/02/2009 - Issue No: 152
Interest charges and penalties for late payment of income tax

Any income tax and capital gains tax you have to pay under the self assessment system should normally be paid in full by 31 January following the end of the tax year. Any amount not paid will attract interest for each day until payment is received.

 

If cash is really tight please be aware that in addition to the interest, a penalty surcharge of 5 per cent of the tax owing will be imposed on any balance remaining unpaid 28 days after the due date (28th February 2010).  A further 5 per cent will be added if the tax owing has not been paid within six months of the due date.

 
If you anticipate difficulty in meeting payments, contact HM Revenue & Customs (HMRC) on 0845 302 1435 as soon as possible to notify them of this as they may be able to set up a payment plan which suits your circumstances. 
Major crackdown on bogus VAT applications  

HM Revenue and Customs have said that due to a large number of bogus VAT registrations that have been applied for with the deliberate intent to commit fraud, they will now perform detailed checks on various businesses at the point of registrations.

 

HM Revenue and Customs advise that if your business gets randomly chosen to be investigated the process can take up to 12 weeks, and during this time you may have to provide a range of documentation to prove your VAT registration is valid.

 
If you have been contacted recently by HM Revenue and Customs requesting more information for your VAT registration and would like some more advice, please contact Charlotte our Companies House Specialist on charlotte@a4gsolutions.co.uk or alternatively contact your client manager.

 
Identifying your REAL break even point

Although the economy is now technically out of recession, it will be a long time for many businesses until their finances are back on solid foundations. This Thursday (4th February) we run our popular seminar “Identifying your REAL break even point” for those who have been profitable in the past or are still profitable now but want to consider what options are available to them if their sales fall. The contents of the seminar include:

How to calculate your REAL break-even point for the year

The impact of pricing on your break-even point

The impact of tax on your break-even point

The 5 minute cash flow

What to do if you identify a problem
The seminar takes place at our Kings Lodge office near Brands Hatch. Arrival is at 7.45 for an 8am start, with tea / coffee and breakfast rolls provided and aim to finish by 9am. If you would like to attend or require further information please email Jenny at jenny@a4gsolutions.co.uk. Information about other seminars can be found at www.a4gsolutions.co.uk/weekly-seminars.

 
Mums Rock

One of our clients Vanessa Gibson has recently created a new product ‘Mums Rock’, a gift package consisting of massage oils and a happiness candle.  This product has been specifically designed with the intention to help raise funds for Demelza House children’s hospice, with a percentage of the profits being donated to the charity.

 
With Mother’s Day coming up soon, if you would like to make a donation and find yourself the perfect gift at the same time please visit http://www.twentyskincarecharity.info/ or contact Vanessa at HappiNesscandles@googlemail.com

 

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A4G Business, Tax and Financial Solutions is a trading name of A4G Accounting LLP. Company number OC320365. Regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales. A list of members is available on request. Associate: stephen-hill Limited, Chartered Accountants and registered Auditors.

A4G Business, Tax and Financial Solutions