Self Assessment Penalty Avoidance
Filing online by 31 January 2009 is not as simple as advertised.
Christmas is over, the New Year has rolled in and it seems that every other advert is one of those kind featuring Moira Stuart hiding in a cupboard advising all self assessment customers to “simply go to www.hmrc.gov.uk and file their return online” by 31 January.
If you are one of the anticipate 300,000 people expected to file in the last 24 hours, there is going to be a nasty surprise in store if you have not done your homework and taking Moira on her word, attempt to “simply go to hmrc.gov.uk……” and expect to be able to complete a tax return and five minutes later put your feet up, satisfied that you beat the deadline and avoided the £100 penalty.
As is frequently the case, the whole Self Assessment filing process is not as simple as advertised. Pearson Laws LLP would like to take this opportunity to advise those who need to file by 31 January that they have to do a number of things before they can rest assured that they won’t get that dreaded penalty.
· Go to www.hmrc.gov.uk and register as an individual and tick self assessment
· You will need to provide your Unique Taxpayer Reference (UTR) number and either your National Insurance Number or Postcode.
· You will then have to wait up to seven days for an authorisation code.
· Once this authorization code has been entered, then you are able to use the service.
If it is the case that you do not know what your UTR is, you will be able to find it on your last statement of account sent to you by HM Revenue & Customs, if you still have it! If you do not have your UTR you will need to phone your local tax office and they will send it to you upon request. Bear in mind that it can take up to seven days for this information to arrive as well.
As the above has demonstrated, there is more to filing online than meets the eye. Ensure you register for the service well in advance of the deadline, something that the HM Revenue & Customs advertising campaign has so far neglected to point out.
01/01/2009
Happy New Year from all at Pearson Laws LLP
18/12/2008
17/12/2008
We would like to wish everyone a Merry Christmas & Happy New Year 2009. Pearson Laws LLP will be breaking up for Christmas on 24/12/2008 and returning to normal duties on 29/12/2008. Thank you for a great year & we look forward to saving you more money in 2009.
24/11/2008
Pre-Budget Report
To view the PBR in full, follow the link below;
http://prebudget.treasury.gov.uk/prebudget2008/
Effective from 1 December (next monday) the standard rate of VAT will be reduced by 2.5% to 15% for 13 months ending 31 December 2009.
21/11/2008
Isle of Thanet Gazette - Business Section
17/11/2008
PRESS RELEASE – NOVEMBER 2008
Time for small to medium businesses to steer away from the credit crunch
Swiftly change lanes from despair to success with a simple yet comprehensive review of your business activities.
We are fast approaching the end of what has been a difficult year for us all, but there is no need to carry all that doom and gloom into 2009. Even with consumer spending likely to take a further dip after the Christmas and New Year wallet emptying festivities, there is still much to be done to unlock unrealized profits. “Unrealised profits?” I hear you say, “Not in this trade, what can I do that’s different from anyone else in the same boat as me”. The answer – nothing. Just continue what you are doing – but more efficiently.
Please do not think for one second that this means sweeping job cuts or similar removal of vital business organs. Doing more good than harm would involve tasks such as;
· Review your suppliers prices and terms (hands up those who have used the same stationery supplier for the last five years!), perhaps order less frequently during the year to save on delivery costs and gain discounts for bigger orders.
· Restructure your credit control policies, reduce the amount of time it takes you to get paid and improve cashflow.
· Visit your bankers, approaching them before they approach you could win you a financial review and allow you to pay a lower rate of interest. Tell them what you can “responsibly” afford and broker a fresh “responsible” agreement. Banks are very keen to act responsible these days.
· Go Green – we are all going to have to get round to it one day, so switch all the old style bulbs for new and shed light on reduced energy costs!
For your business, the above is just the tip of the constructive iceberg that you can use to sink the gloom of the credit crunch once and for all!
Pearson Laws LLP can assist you with business reviews, financial restructuring and on taxation matters. If we can’t save you at least £250, you won’t have to pay us a penny either!
17/11/2008
Website launch
Welcome to our brand new website, please feel free to take a look around and please contact us with any queries you may have.
