Anger At Companies House Late Filing Penalties

According to some reports, Companies House have received just over 1,700 complaints and appeals from limited companies hit by late filing penalties. Due to the recent heavy snowfall and problems with Royal Mail deliveries, company accounts and annual returns failed to reach Companies House by the December 31st deadline. As a result many companies found …

The Advantages Of Voluntary VAT Registration For Small Business

Value Added Tax (VAT) is the sales tax levied against goods and services within the UK. Businesses with a turnover in excess of the VAT Registration Threshold (currently £70,000 P.A. 2010-2011) are required by law to complete a VAT Registration with HM Revenue & Customs. Businesses that fail to do so within 30 days of …

Accounting Compliance – Fulfilling Your Duties With The Tax Man

There are around 50 important accounting dates to be aware of. Filing a late corporation tax return, means you pay interest on what you owe. Late VAT payments can mean surcharges of 5% or more on what you owe. Important Accounting Dates Below is a list of examples of some of the important accounting dates …

Company Compliance – Avoiding Government fines

Every company and limited liability partnership, big or small, old or new, trading or dormant, is required by Section 441 of the Companies Act 2006 to submit company accounts and reports every year to Companies House. Whether you’re about to start a new company or a business that has already been operating for a while, …

Accounting Requirements – Legal Obligations and Criminal Offences

Running a growing business can involve a lot of hard work. Not least of which is the maintenance of the company accounts. Not everyone is great with figures, similarly not everyone realises their legal obligations. Section 386 of the Companies Act 2006 lays down the duty of every company to keep proper accounts, stating: “(1) …

VAT Rise Causing Hike in Inflation?

According to the BBC (Inflation expected to exceed 3%), the return to 17.5% VAT has had an effect on inflation. Inflation has apparently risen over recent months and analysts think that it might well increase further to 3.5%. It’s not all bad news though as the experts predict a drop back to more appropriate levels …

VAT Registration Problems and Issues

There are quite often a number of problems that occur both before and after VAT registration which present issues for both the business concerned and the tax man. Firstly, a large number of VAT registration applications are rejected by HM Revenue & Customs due to incorrect or missing information on the relevant forms. If not …

How to get a VAT Number.

If you are selling goods or services in the UK you will be expected to charge your customers Value Added Tax (VAT). This then has to be paid to the government via HM Revenue & Customs. In order to do this you must register with HMRC and be assigned a VAT registration number. At The …