All tax returns must be filed online by 31st January following the end of the financial year.

If you missed the tax return deadline, you’ll be charged an automatic £100 penalty.

If you fail to pay any tax owed, you will pay further penalties:

• Thirty days late - 5% of the tax you owe at that date
• Six months late – an additional 5% of the tax you owe at that date.
• Twelve months late – an additional 5% of the tax unpaid at that date.

You will have to pay interest on anything you owe at a rate determined by HMRC.

Don’t delay…

If you would like more information on … Continue Reading

With the economy in a very fragile state – still reeling from the recession, under pressure due to Governments cuts and feeling the strain as countries in the Euro, such as Ireland, are becoming unstuck – news that it has actually grown has got to be good.

Thanks to the weak pound, the export market has boomed, with official figures showing the economy increased by 0.8 per cent between July and September.

Unfortunately this ray of positivity is marred somewhat as the negative effects of the spending cuts start to be felt. Consumers are acting with caution – household spending is in … Continue Reading

According to the BBC, David Cameron will today announce a new entrepreneurial visa designed to encourage international businesses to invest in the UK.

This announcement comes in conjunction with the Prime Ministers plans for London’s East End to become a centre of technological innovation to rival Silicon Valley. Global businesses Google, Facebook, Intel, BT, Barclays and consultants McKinsey & Co have already committed to invest in the long-term future of the area, currently growing out of Old Street and Shoreditch. In conjunction with reports that the Olympic Park will become a technology centre after the 2012 games, this part of the … Continue Reading

Businesses have been called upon to be a significant driver in biodiversity conservation by the World Business Council for Sustainable Development (WBCDS). The message was delivered last week during the Convention of Biological Diversity (CBD) in Nagoya.

As the world’s resources are being used, savvy businesses know that to be successful they need to consider cutting carbon and putting less strain on natural resources. Under the current CBD framework business does not have a clearly defined role in the process of discussing and creating international policy solutions – regional and national involvement is extremely variable.

The plan put forward, entitled Effective … Continue Reading

According to the head of the International Accounting Standards Board, the world is facing the last chance to introduce a global system of accounting.

Sir David Tweedie made the remarks while speaking in New York to a gathering of analysts. He stated that this was “The last chance”, adding: “The next year is critical, this is it. We can’t kick this tin down the road much longer.” The US is due to make a decision next year on whether to commit itself to full convergence with international standards.

The US still uses US GAAP. Its own national standard setter, FASB, remains without … Continue Reading

According to new research, from Barclays and Kingston University, the UK’s small businesses are pivotal to the economic growth of many regions in the UK.

The Barclays Business Regional Impact Index has revealed that:

• Yorkshire and Humber had the highest proportion of firms making profit
• Enterprises in London, the south-west and Wales make the biggest contribution overall to their regions
• Companies in central England are growing at the fastest rate and creating more jobs at the quickest pace.

Professor Robert Blackburn of the Small Business Research Centre said that the results show how important small firms are to the UK as a whole, he said: … Continue Reading

Yesterday’s cuts will undoubtedly affect all of us in some way or another. As the dust settles, how will these attempts to reduce the deficit affect UK businesses?

It seems public sector employment has been particularly hard hit, with thousands of people potentially losing their jobs. For the private sector, the picture is not quite so bleak. The Government pledged to invest £200m by 2014, to support manufacturing and business development with a focus on ‘high-growth’ businesses.

Other positive news:
• An extra £2bn a year on capital spending
• Focus on education, science and a low carbon economy
• Developments on export and the inward investment … Continue Reading

It seems that the banks are finally waking up to the value of customer relations, with more offering loyalty discounts to borrowers of loans or mortgages who extend banking relationships.

Last week Barclays launched a range of mortgage tracker deals, offering discounts of up to 0.2 percent off standard rates for current account customers, a trend which is also seen at Santander, HSBC, Halifax and the Co-operative Bank.

For the banks this makes perfect sense, if these borrowers also have a current account, lenders are privy to more information about their financial situation – particularly important in difficult economic times.

Those who may … Continue Reading

The Treasury announced yesterday that it will reduce the annual allowance of tax relief for pensions, from £225,000 to £50,000.

In addition, the lifetime allowance for total tax-free pension savings has reduced from £1.8m to £1.5m.

At the moment, the government estimates that 100,000 will be affected – this could potentially double as more people get caught if the annual and lifetime allowances remain frozen and inflation takes off.

Marc Hommel, pensions partner at PwC, said: “While the new tax limits are towards the less onerous end of the ranges previously suggested, substantial numbers of people could still be affected, particularly those … Continue Reading

According to research by BDO, the UK economy is heading back into recession and these plummeting growth forecasts risk derailing the government’s planned spending cuts.

The BDO Optimism Index is an indicator of how UK businesses expect trading to develop over the next two quarters. This has continued to fall from 93.1 in August to 91.6 in September. The scale of the index is such that below 95 represents recessionary conditions – current levels are the lowest since the deepest part of the recession in May 2009.

In addition, the firm’s Business Trends report suggests the UK could be heading for no … Continue Reading