Monthly Archives for March, 2011

Website Updates…

March 7, 2011
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Get your business premises fire safe with Alpha Fire Risk Consultants Limited...

o - ur >featured client section on the website has been updated to provide details of our client, ‘Alpha Fire Risk Consultants Limited’ and we would advise that you take a look to determine whether you could use their services.

A change in Fire Safety Legislation now places a heavy burden of responsibility on business owners and employers to ensure that your premises are compliant with fire safety regulations.

End of Financial Year…

March 7, 2011
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The end of the financial year is approaching, are your finances in order?

The end of the financial year is fast approaching (5 April 2011) and you may wish to review your personal tax affairs, in particular you may wish to review whether or not you have used your:-

o - Capital gains tax annual exemption for 2010/11
o Annual Inheritance Tax exemption for gifts
o Annual Individual Savings Account (ISA) investment limit.

You may also wish to make additional pension contributions by the above date.

Key Dates (March – April)…

March 6, 2011
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Some key dates for March and April...

o - 19 March 2011
o PAYE and NIC due for the month ended 5th March 2011.
o CIS return must be submitted for the month ended 5th March 2011
o - 5 April 2011
o End of financial year
o - 19 April2011
o PAYE and NIC due for the month ended 5th April 2011.
o CIS return must be submitted for the month ended 5thApril 2011

Electronic payment of PAYE & NIC extends the due date to the 22nd of the month.

Class 2 NIC Changes…

March 5, 2011
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Payment dates for Class 2 National Insurance Contribution are set ot change, affecting the self-employed...

As of April 2011, the payments date for Class 2 NIC will change affecting all self-employed individuals. Currently Class 2 NIC is paid either monthly via Direct Debit or quarterly, however, from April payments will become due on 31 January and 31 July in line with Self Assessment payments.

HMRC will send out two payment requests in the year in October and April showing payments due by 31 January and 31 July respectively. Payment can be made prior to the due date and can be made via Internet/Telephone banking; CHAPS; Bank Giro; at the Post Office or by Post.

Corporation Tax…

March 5, 2011
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As of the 1st April 2011 all limited companies are required to submit their Corporation Tax Returns online.

In addition, all Corporation Tax Payments MUST be paid ELECTRONICALLY. Payments can be made in a number of ways including:-

o - Direct Debit
o - Debit or Credit Card (a transaction fee of 1.25% will be applied if paying by credit card)
o - Internet or Telephone Banking
o - Chaps Transfer
o - Bacs Giro
o - At the Post Office

Business Record Check…

March 4, 2011
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With HMRC having announced the intention to carry out Business Record Checks in 2011, are your business records in order?

In December 2010 HMRC declared their intention to carry out significant Business Record Checks in the second half of 2011. If your business is selected, HMRC staff will visit your premises and ask for access to all your business records. If they feel that you failed to keep adequate records, penalties may be charged. In addition, it may give rise to additional inspections and/or investigations for example VAT or PAYE checks.

In general, all business related records should be kept for six years; this includes all bank statements, invoices, receipts etc. If you need additional information regarding this please contact us.

HMRC Time to Pay VAT Scheme…

March 4, 2011
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HMRC offer the opportunity to spread VAT payments over an agreed time scale to help clients with cashflow issues...

Due to cashflow difficulties HMRC has offered a Time to Pay Scheme where clients can spread their VAT payments over an agreed short time scale, however HMRC are increasingly rejecting applications for use of the scheme.

We would advise all clients to make arrangements to ensure that they have sufficient funds available to pay their VAT when it is due as there is no guarantee that you will be given time to pay, thus resulting in possible penalties and interest being applied to the outstanding amounts.