HMRC tough on late payment penalties

With this being the last day before self assessment 2011-2012 tax return submission and payments are due, HMRC have warned small businesses of the tough approach to late payments.

The Daily Telegraph reported this week that the department presented more petitions to wind up late-paying firms (5,302) in the year to March 2012 than it did in the 12 months before this (3,367).  While HMRC says it does not aim to wind up any firm and does not take such action lightly, it will look to recoup any tax owed to the Exchequer.

Many small businesses take advantage of theHMRC’s Time to Pay payment plans, but you must not already be late with payment – foresight is essential.  Small businesses should do more to avoid having a last minute panic when they procrastinate and leave doing things close to the deadline.  Being prepared and having up to date records not only assists cash flow but can also help you grow your business.

This is where TI Payroll and Accounting can help, we offer a unique service helping growing businesses keep on top of their finances and understand their business numbers which we believe is the lifeblood to your success.  We can give added value by showing you ways to save money and manage your profit and loss accounts more efficiently.  Nothing makes us happier than seeing one of our client businesses flourish and grow.

If you do not know, at least on a monthly basis, what your profit is, then how do you know you’re business is heading in the right direction??  If you don’t know what each of your clients is worth to you, then how do you know how much you can spend on marketing to get more clients in?  If you do not know how much you, your staff, your overheads are per hour then how can you quote effectively for new contracts?

TI Payroll & Accounting offer 3 packages designed with you in mind to help you grow your business, we are that confident that you will see the benefits of the reports if you reply to this email before Saturday 16thFebruary 2013 we will do the first month free so you can see for yourself the power this knowledge gives you.

Call Tracy 01229 490231 
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Email: tracy@tipayroll.co.uk

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