Tax Administration

July Tax Instalments - are you paying too much? If your taxable income has reduced this last tax year 2008/2009, compared to 2007/2008, you may be able to make a claim to reduce your payments on account due 31 January and 31 July 2008. Please call and we will advise.

File your Self-Assessment return on time. Don't forget, fines are payable if you file your 2007/2008 return after 31 January 2009 (Electronic filing), 31 October 2008 (Paper filing).

Pay your Self-Assessment tax on time and save yourself automatic penalties and interest. If you are one month late the Inland Revenue will increase the tax due by 5%, a late payment penalty. Interest will run from the due date, 31 January or 31 July.

Plan your business profits for tax purposes. Call and see us at least one or two months before your accounting year-end, with draft accounts, and we may save you many times the professional cost of the visit in reduced tax. Make sure that the agenda incudes a discussion about the timing of equipment purchases.

File your corporation tax returns on time, Filing date is 12 months after the accounting year-end. Make sure that we have all the necessary information to file your return in good time.

File your tax return quickly if you have tax to pay. You will know well in advance how much to put by and when the payment is due.

Elect to pay your PAYE and NIC quarterly rather than monthly if the monthly cheque is under £1,500. This applies to periods beginning after 5 April 2000. Don't forget to allow for the quarterly payment in your cash flow, otherwise the short term cash flow advantage may turn into a quarterly headache!