Oct 23 2017
Important Information about Changes to Paying HMRC
HMRC are making some changes to the ways customers can make payments.
The pay at the Post Office service will be withdrawn from 15th December 2017 and from 13th January 2018, HMRC will no longer accept payment by personal credit card. Debit cards and corporate credit cards will continue to be accepted.
There are still many ways to pay including:
• Direct Debit
• Online or telephone banking (including Faster Payments, Bacs and CHAPS)
• Debit/Corporate Credit card online or by telephone.
Just remember to pay your bill by 15th December 2017 if you want to go to the Post Office
and by 13th January 2018 if you want to use a personal credit card
Oct 23 2017
For whatever reason some people would like or need to pay their tax liability by credit card. It can help spread the payments or free up cash that is needed elsewhere in your business.
Up until now you have been able to do so. However from 13th January 2018 HMRC will no longer be accepting payments from personal credit cards. Corporate, Business and Commercial credit cards are not affected and you will still be able to make payments by debit card.
What's the reason for this? - You might have heard on the news that there has been a change in EU law regarding merchants passing on the cost of credit card fees to the consumer, from 13th January 2018 they are no longer allowed to. And it is good news really for all consumers.. but not if you wanted to pay your tax bill by personal credit card...
Within the change in EU law HMRC are also included as 'merchants' so they are not allowed to pass on the credit card charges to the consumer. Currently HMRC is only allwed to accept credit card payments on the basis that there is 'no cost to the public purse' so this new law will mean that HMRC cannot accept credit card payments from the date the law changes.
So if you are intending to pay your tax bill by credit card you have until 13th January 2018 to do so. This ultimately means that you cannot leave your self assessment until the last minute. You will need to do your self assessment in good time so that you know what you owe and can pay what you owe by 13th January 2018. Don't be caught out unexpectedly and wait until 31st January 2018 to make your payment as you will not be able to make it by personal credit card.
Jan 27 2017
How do they help me?
What do they do anyway?
Here’s my answers to those questions:
Keeping you Legal. We help you do your financial administration so you file everything you need to, on time, every time.
Saving Tax. We help you save tax by making sure you do things in a way that incurs as little tax as possible.
Understanding your taxes. Helping you understand how you are taxed, so you can plan for it.
Knowing your numbers. Helping you understand your business by interpreting the numbers for you, so you can make decisions based on fact not just intuition.
Making you rich. Helping you put a plan together so you can get your personal finances in order and meet your financial goals.
Budgeting and forecasting. Planning for the future, so you can arrange your finances effectively.
Support. Your accountant is probably one of the few people you can talk to with complete honesty about your business. He knows the facts, so there is no need to show off or for false modesty.
If you need any help with these, you know where we are.
Jan 27 2017
The Pareto principle or the 80–20 rule says that, for many events, roughly 80% of the effects come from 20% of the causes. So how might this affect you in your business? I’d suggest that it can be profound. If you can identify which of your clients or customers are:
- The 20% who produce 80% of your profits.
- The 20% who produce 80% of your complaints and hassle.
- The 20% of your products that produce 80% of your profit.
- The 20% of your sales staff that produce 80% of the sales.
- The 20% of your marketing that produces 80% of the results.
Then you can make decisions that will drive your profits to super success. Of course it can be hard work analysing who are the
best and worst customers, staff or suppliers. Having identified them you can exit the troublesome ones and get to work replicating your best areas.
Jan 27 2017
As the adverts say ‘tax doesn’t have to be taxing’.
In fact if your affairs aren’t that complex it could take as little as 30 minutes to complete the online form BUT you need to be registered for online filing AND you need to have all the necessary paperwork in front of you.
And deciding which information you need is one of the parts our clients have most difficulty with.
We are always happy to answer quick questions, even if you're not a client. So if you're feeling stressed then pick up the phone.
Jan 27 2017
Last year around 870,000 people missed the 31st January 2016 deadline and were issued with a £100 fine.
That amounts to a whopping £87 million pounds for HMRC overnight on 31st January.
And don’t forget it doesn’t stop there you will receive further penalties for being 3 months, 6 months and 9 months late
In fact if you leave it until 1st August 2017 to submit your tax return your penalties will add up to a minimum of £1300! OUCH!
Don't forget we are happy to answer quick questions even if you're not a client so if you are struggling to submit your return please pick up the phone.
Jan 27 2017
If you are submitting your return online for the first time then you need to register online with HMRC and that takes time.
You will need your 10 digit unique taxpayer reference number (UTR) which you will find on most letters from HMRC.
Once you’ve enrolled you will be sent an activation code in the post which SHOULD arrive within 7 days.
You can then use the code to activate the service and then finally submit your return.
If you have left it too late then we can submit on your behalf without you having to register.