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taxhelp.uk.com February 2013 newsletter
Now that the 31st January tax deadline has passed, it is a good time for planning.
There is no video this month, due to last week’s tax deadline, these will return next month.
With a couple of months before the end of the tax year, there is time to look at both tax and business planning.
Who do you know who missed the tax deadline?
If there is anyone you know, time is running out to avoid further penalties.
They will have already received a £100 fine for a late return form, however HMRC will add 5% to their tax bill at the end of February – without a return they won’t know if they have paid all their tax to avoid this surcharge.
After that, HMRC can impose a daily £10 fine for not submitting the return – this is due to legislation brought in last year, and we have already seen them applying these fines.
Please do refer anyone who may have missed the deadline, as the penalties can amount to £1600 or more.
Tax planning
The end of the tax year is a good time to review whether now is a good time to purchase new equipment, whether that is computers, vehicles or other assets that you will use in the business.
It can also be a good time to look at tax efficient investments, as both of these may reduce your tax liability for the year ended 5th April 2013.
Please do contact me if you would like to review any purchases you are thinking of making, there is time for planning before the end of the tax year.
Business planning
It is also a good time of year to look at potential growth opportunities for the year.
If there are any topics you would like me to cover in future text or video blogs, or if you have any queries please do contact me.
James
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