Articles tagged with: year end
Nobody wants their accounts to be late, and nobody wants to be fined as a result.
In that respect we are just the same as you, but there is one fundamental difference!
In law the responsibility remains with you, the taxpayer, to get things done. And unless you can show reasonable excuse, then if your accounts are late and you get a penalty notice, you are the one who is going to have to pay it. Saying that “my accountant didn’t remind me” is not a reasonable excuse, and in any case …
one offs »
Alignment of VAT quarters with the trading year
For reasons which are best known to the VAT office, they often seem to fix your quarterly VAT cycle according to some random and magical formula. If your business is anything like ours, then we think that the VAT quarters should coincide with the end of the trading year. If your VAT quarters are not yet aligned, a short simple letter should do the trick.
We have tried doing this on behalf of clients, but the VAT office seems to prefer to receive the …
How can I reduce my tax bill?
A few weeks before the end of your business trading year there are a number of measures which you may want to consider, to help minimise your tax liability.
Whilst these measure are intended to help reduce or postpone profits (and therefore taxes) you still need to bear in mind whether this is appropriate commercially. For example, if you are going to talk to the bank about a loan, then you may want to increase profits as opposed to reduce them! The point of this …