If your taxable income has reduced this current tax year 2010/2011, compared to 2009/2010, you may be able to make a claim to reduce your payments on account due 31 January and 31 July 2011. Please call and we will advise.
- File your Self-Assessment return on time. Don’t forget, fines are payable if you file your 2009/2010 return after 31 January 2011 (Electronic filing), 31 October 2010 (Paper filing).
- Pay your Self-Assessment tax on time and save yourself automatic penalties and interest. If you are one month late the Inland Revenue will increase the tax due by 5%, a late payment penalty. Interest will run from the due date, 31 January or 31 July.
- Plan your business profits for tax purposes. Call and see us at least one or two months before your accounting year-end, with draft accounts, and we may save you many times the professional cost of the visit in reduced tax. Make sure that the agenda incudes a discussion about the timing of equipment purchases.
- File your corporation tax returns on time, Filing date is 12 months after the accounting year-end. Make sure that we have all the necessary information to file your return in good time.
- File your tax return quickly if you have tax to pay. You will know well in advance how much to put by and when the payment is due.
- Elect to pay your PAYE and NIC quarterly rather than monthly if the monthly cheque is under £1,500. This applies to periods beginning after 5 April 2000. Don’t forget to allow for the quarterly payment in your cash flow, otherwise the short term cash flow advantage may turn into a quarterly headache!