New rules on the late payment of PAYE come into force in May to cover the tax years 2010-2011 and beyond.
HMRC has issued a new set of FAQs (Frequently Asked Questions) to help businesses understand what they can and cannot do, and highlight what the penalties for late payments will be. Fundamentally they will not accept many excuses for late payment because they see it is an anti-competitive act.
Penalties will start to accrue as a percentage of the amount owed on a sliding scale if you are late with more than one payment in a tax year. There are additional penalties if payments are late by more than 6 months and further penalties if payments are late by more than 12 months. After that HMRC will probably resort to court action.
If you are finding the management of PAYE or other taxes an issue in your business: we can help.
Back in October Dudley accountants Lewis Smith & Co announced that it had been awarded gold level status as an Approved Training Practice by the ACCA (Association of Chartered Certified Accountants).
The company also stated that it was dedicated to creating a strong training environment to ensure that the business could nurture talent and expertise to help it grow.
It seems now that those efforts have already started to pay off with the news that Stuart Gregory has passed his ACCA qualification and is now a chartered certified accountant.
We are delighted that Stuart has achieved this accolade. The ACCA qualification is internationally recognised and covers a wide variety of business management topics as well as accountancy ones. His hard work and determination have paid off.
Well done Stuart!
For more information on how Lewis Smith & Co. can help support your business call us to today on 01384 235549 to arrange an appointment or email us at email@example.com.
If you have set up in business as a sole trader then there is something that is very important to do. What is it?
Tell the taxman…now!
If you don’t tell the HMRC that you are trading within a 3 month period of starting in business then you could be liable to a £100 penalty and more attention from the inspectors than you really want. Lewis Smith & Co. have had quite a few instances of people coming to us who have forgotten to register and even if we write a nice letter on your behalf we can’t guarantee to get you off the hook.
Lewis Smith & Co. specialise in helping people to start up in business whether as sole traders or by setting up limited companies. Just give us a call on 01384 235549 to set up a free, confidential meeting to discuss your business ideas.
2010 saw Lewis Smith & Co. beat all previous records for the number of tax returns filed by the January 31st deadline.
“Because of our success in attracting new clients during 2009 we had more tax returns to complete and file than ever before”, said Lewis Smith & Co. Director Andrew Smith. “It is a testament to the expertise and and effort of the whole team that we were able to get all of our clients’ returns posted before the deadline and ensure that everybody received the right treatment from HMRC”.
The Lewis Smith & Co. team gave itself the best possible start through the company’s move to larger premises in Grange Road, Dudley back in August. The new offices have much improved facilities for managing the throughput of client documentation and the allocation of work through to the appropriate experts in the team. It took a great deal of planning as well, of course, to make sure that a vastly increased amount of paperwork could be processed quickly and accurately.
“We started thinking about how we would manage the challenge of all of that new business back in the Autumn”, commented Andrew Smith. “Part of our approach was to encourage clients to provide information well in advance whilst at the same time preparing our business processes to cope with the last minute activity that is always required. Having a lot of business is one of those nice problems to have.”
For more information on how Lewis Smith & Co. can look after your accounts call us to today on 01384 235549 to arrange an appointment or email us at firstname.lastname@example.org.
As you can imagine personal referrals are very important to a service business like accountancy.
We are delighted to say the much of our recent success has been based on our ability to look after our clients so well that they are prepared to recommend us to other people. You could say that it keeps us on our toes!
If you would like to see some of the kind words that people have said about Lewis Smith & Co. then take a look at our clients page to see a small selection of our testimonials.
Lewis Smith & Co., one of the Black Country’s fastest growing accountancy practices, have an excellent track record in helping people to get new businesses off the ground and keep them going.
Andrew Smith, one of the company’s directors, puts it down to personal experience.
“Craig Beale and I have experience both in working in small businesses and growing Lewis Smith & Co. itself.
We understand what the issues are when you are trying to get things off the ground. And we don’t talk in “accountants’ speak” – it is plain English all the way even when we are discussing cash flow or capital gains tax.
Lewis Smith & Co. can help in all aspects of setting up a new business from company registration to cash flow forecasting. As you grow our advice can get more sophisticated and we can help you establish a PAYE scheme to deal with those new employees or even help you obtain finance.
If you are thinking about setting up your own business then we offer a free, no obligation consultation to help you move forward. Call us to today on 01384 235549 to arrange an appointment or email us at email@example.com.
Not many people would suggest that 2009 will go down as a great year. However there have been some good things going on for both Lewis Smith & Co. and our clients.
Lewis Smith & Co. has continued to expand and as you know we have made the move into new offices this year. The reason we have been able to grow is because new businesses continue to start-up and many of our existing clients have worked hard to find new opportunities and new markets and have been able to resume growth themselves.
What’s interesting to us is that our role in the success of our clients is changing. Of course we continue to provide expert accountancy services but increasingly people are calling on our capabilities in business planning and our knowledge of alternative sources of finance.
We are proud that we are seen by many clients as a trusted advisor across all aspects of their business and delighted that we have been able to help so many of them ride the recession and begin to take advantage of the recovery.
From everybody at Lewis Smith & Co. we hope you have a Happy Christmas and let’s all look forward to a prosperous New Year.
If you have heard people talking about Social Media but weren’t sure what it was all about then perhaps Lewis Smith & Co. can help.
We have just started experimenting with some of the new technology and we would be pleased to help you learn about it along with us.
We have set up a Twitter profile where we have started to put out posts about what we have been up to. You can also see what our “followers” have to say too. Visit http://twitter.com/lewissmithandco to find out more.
Several member of the Lewis Smith & Co. team also have profiles on LinkedIn, which is a business-oriented social networking site. It is a good place to connect up with old friends and new business contacts, and there are various ways for you to talk about you and your business.