It is commonly known that many small businesses fail in their first few years of operating. While it is easy to put it down to a number of factors – the timing wasn’t right; the product failed; marketing wasn’t strong enough; the bank wouldn’t invest; it rained all week – one of the biggest issues
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Tag Archive for Accounts & tax
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SMEs urged not to delay when registering self assessment
by Owen Gough • • 0 Comments
Freelancers and micro-business owners who have yet to register their business with HMRC are rapidly running out of time if they want to get their Self Assessment tax return submitted to HMRC, FreeAgent warns. The company – who provide award-winning cloud accounting software for freelancers, micro-businesses and their accountants – warns business owners that failing to register
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Act now to meet the tax return filing January deadline
by Owen Gough • • 0 Comments
The deadline for sending the 2015/16 tax return to HMRC and paying any tax owed is 31 January 2017. Last year, 10.39 million SA returns were filed on time, but 870,000 people missed the filing deadline leaving themselves facing a £100 penalty. With self-employment in the UK now at record levels, it is expected that
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Taking on the late payment culprits: Will 2017 finally be our year?
by Ben Lobel • • 0 Comments
Small businesses have long been hailed as the backbone of the UK economy – and rightly so. At the start of 2016 the combined annual turnover of SMEs was £1.8 trillion, so it’s no surprise Philip Hammond threw his weight behind them in this year’s Autumn Statement. Yet, as the Federation of Small Businesses has
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Everything you need to know about doing your tax return online
by Ben Lobel • • 0 Comments
With the self assessment deadline fast approaching, we take five minutes with GoSimple technical director Mike Parkes to learn more about completing your tax return online. When is the deadline for self-assessment tax returns? The deadline is midnight on January 31st. But the key thing is to ensure that you’ve got a Unique Tax Reference
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Sole traders spend 9.5 million hours doing their tax returns
by Owen Gough • • 0 Comments
With the self-assessment deadline looming, new research highlights the huge burden that the current tax returns system puts on sole traders. The research, carried out by YouGov for 1Tap Receipts, finds that 45 per cent of sole traders spend five hours or more completing their tax returns, and 22 per cent say they spend ten hours or more
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Why the Christmas holidays are a great time for your self-assessment
by Ben Lobel • • 0 Comments
For many small business owners, the festive period represents a chance to briefly down tools and get some respite from the rigours of self-employment. But in addition to being an opportunity for some well-deserved downtime, the Christmas holidays can also be a great chance to take advantage of a quiet period in your business and
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Why it may pay to play Scrooge with Christmas office gifts
by Owen Gough • • 0 Comments
When it comes to Christmas parties and office gifts, employers that play Scrooge and manage to keep a lid on the costs could enjoy considerable tax savings, according to Smith & Williamson, the accountancy, investment management and tax group. There is a specific tax exemption for annual parties or similar functions for employees. The exemption
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UK businesses prepare for busiest expense claims week of the year
by Owen Gough • • 0 Comments
Concur, a travel and expense management company, predicts that this week will be the busiest of 2016 for finance teams processing business expense claims, as businesses look to close the books prior to the Christmas break. Last year, a total of 3,957,137 claims were processed by Concur, including 123,120 in the last full week before Christmas
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Accountants admit to poor auto enrolment knowledge for SME advice
by Owen Gough • • 0 Comments
Almost half of accountants say they do not know enough about auto enrolment, despite being the primary source of advice sought by small businesses about the pension legislation, a report by employee benefits adviser Helm Godfrey finds. And with tens of thousands of small businesses, which make up more than 99.9 per cent of the UK’s
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