Points to Ponder!
Welcome to our 71st newsletter issued in February 2011, to keep you up to date with some of the changes in Income tax, National Insurance and VAT along with compliance regulations for businesses, plus other oddments that have caught our eye. If you would like a copy of any past newsletters, please call and we can either send or e-mail them to you or you can find them on our website. To save paper, we shall no longer be carrying forward general items from month to month.
Happy New Year!
Well, that was the message we all got from Angela on Tuesday morning – 1st February and another Self Assessment deadline over. Again, some clients selfishly delivered their records at the last minute and still expected them done – we do have a life and commitments outside the office and next year we really won’t be doing these late nights. Records that arrive late will be dealt with IF WE CAN, so if you can’t make the effort, be prepared to pay the fines.
Practice update – Major happenings – we’re on the move! – A Reminder
As we announced in previous newsletters, our move out of 220 Chessington Road should finalise on 31st March 2011. Lorraine will be moving back to 100 Gilders very soon now to oversee the logistics, or that’s what she says! We think it may have more to do with the central heating system. We’ll keep you updated on progress on our move via the newsletter and the website. Thank you for your continued support.
Submit your PAYE documents on line or face a fine! That’s the news from HMRC this week. All PAYE returns must be submitted electronically and if you continue to send P45’s, P46’s or other documents as paper copy, HMRC may impose fines! We do submit everything on line so if we run your payroll, don’t worry.
One useful service HMRC has introduced is an arrangement to pay your tax monthly – the downside is that this has to be in advance and by direct debit. Details of how to set up an arrangement are on the HMRC website under Self Employment – paying your tax. You must be up to date with everything before you can make this arrangement. One thing that has come to light is that on-line payments to HMRC, other than direct debits, take 4 days to clear. Penalties are being imposed when a payment is made on the last day it is due and although it may be received by HMRC by close of business on that day, it is not deemed cleared for four days. The website says that HMRC does not operate the Faster Payments Service (FPS) that is offered by some banks.
E-mail scams are getting more convincing every day – we received a Lloyds Bank one that carried the well-known logo and a Lloyds e-mail address to reply to. The give away was poor English and a number of e-mail recipients shown at the top. We have also seen a number purporting to come from Santander – please do not open these and certainly don’t give the details requested. Also, HMRC would not e-mail you to say you have a refund due.
Sue’s Ladies Speedway Day for Charity, sponsored by Sky Sports News, has been rained off twice – let’s hope the new date of 27th February will go ahead – riding a 500cc motorcycle with no brakes – madness!
Those of you in the Epsom and Ewell area can have a chance to meet your MP, Chris Grayling, at a lunch hosted by the FSB at Bourne Hall on Friday 25th February – details will be available soon. Places will be limited.
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Jackson-Scott Associates Limited
