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Self Assessment Payment – Shipley or Cumbernauld
For all those struggling to work our whether to make a bank transfer to HMRC Shipley or Cumbernauld
Your payslip tells you which HMRC account to use. If you’re not sure, use HMRC Cumbernauld. You must use your UTR as the payment reference.
| Sort code | Account number | Account name |
|---|---|---|
| 083210 | 12001039 | HMRC Cumbernauld |
| 083210 | 12001020 | HMRC Shipley |
If you make a Faster Payment this will clear the same day if the amount is within your bank’s limits.
https://www.gov.uk/pay-self-assessment-tax-bill
steve@bicknells.net
Do you wish your accountant had an App?
According to a report by Distimo, an app market data and analytics company, there are now over 700,000 different applications available across both the Apple and Google platforms, and with the total market estimated to be worth around $22 billion we can safely assume that it’s a pretty huge market. It appears to be growing pretty quickly too, with the increasing adoption of tablets over traditional PCs, more and more users are getting their applications from app stores rather than traditional retailers.
http://www.androidauthority.com/apple-app-store-vs-google-play-distimo-141851/
SME’s everywhere are seeing the advantages……
But as with websites you need to give your clients a reason to keep coming back and using the App.
There are some pretty good Apps out there to help you with your record keeping and we blogged about them https://cimaaccountant.wordpress.com/2013/09/06/expenses-theres-an-app-for-that/
So does your accountant have an App?
Less than 2% of Accountants have one!!!!!
In a recent AccountingWEB survey on average survey respondents said more than 80% of their customers use a smartphones or a tablet and almost
all expect this number to increase over the next 12 months.
What does your accountants App do? is it just tax tables and contact details?
Should they have an App which contains services, directions, calculators, dates which you can download to your diary….
Are Apps a waste of time?
steve@bicknells.net
HMRC reveals ‘Top 10 oddest excuses’ for late tax returns
I found this on the Gov.uk website and thought is was well worth re-blogging
The following bizarre, exotic and flimsy excuses have all been used by tardy taxpayers:
- My pet goldfish died (self-employed builder)
- I had a run-in with a cow (Midlands farmer)
- After seeing a volcanic eruption on the news, I couldn’t concentrate on anything else (London woman)
- My wife won’t give me my mail (self-employed trader)
- My husband told me the deadline was 31 March, and I believed him (Leicester hairdresser)
- I’ve been far too busy touring the country with my one-man play (Coventry writer)
- My bad back means I can’t go upstairs. That’s where my tax return is (a working taxi driver)
- I’ve been cruising round the world in my yacht, and only picking up post when I’m on dry land (South East man)
- Our business doesn’t really do anything (Kent financial services firm)
- I’ve been too busy submitting my clients’ tax returns (London accountant)
All of these people and businesses received a £100 penalty from HM Revenue and Customs (HMRC) for filing late. They appealed against the decision using these excuses, but were unsuccessful.
HMRC’s Director General of Personal Tax, Ruth Owen, said:
There will always be unforeseen events that mean a taxpayer could not file their tax return on time. However, your pet goldfish passing away isn’t one of them.
If you haven’t yet sent your 2012 to 2013 tax return to HMRC, you need to do it online and pay the tax you owe by the end of January. With all the help and advice available, there’s no excuse not to.
To send an online tax return, you must be registered for HMRC Online Services. This involves HMRC sending you an Activation Code in the post, so allow a few days for this to arrive. To register for HMRC Online Services go to the HMRC website and follow the on-screen instructions.
Have you filed your Self Assessment Return?
Last year, while millions of people were exchanging presents, feasting on turkey, and nodding off in front of the television, 1,548 people decided to take time out from the yuletide festivities and do their tax return online – a 40 per cent increase on Christmas Day 2011, when 1,100 people filed online.
The penalties for late Self Assessment returns are:
- an initial £100 fixed penalty, which applies even if there is no tax to pay, or if the tax due is paid on time;
- after three months, additional daily penalties of £10 per day, up to a maximum of £900;
- after six months, a further penalty of 5 per cent of the tax due or £300, whichever is greater; and
- after 12 months, another 5 per cent or £300 charge, whichever is greater.
There are also additional penalties for paying late of 5 per cent of the tax unpaid at: 30 days; six months; and 12 months.
Make sure you get yours done before the end of January!
steve@bicknells.net
10 creative ways to cut your overheads
Making a profit and generating cash is vital to all businesses and a key way to improve profit is to reduce overheads, here are a few ideas:
- Re-think your office/premises requirements – Premises are big cost for most businesses, could you operate in a smaller space and sub-let part of your offices? could you work from home?
- Telecommute – Technology effectively reduces distance, so there is no need to require administrative people or specialists to be physically located together. Use VOIP, Skype and Video Conferencing.
- Cars – Company Cars can be expensive, time consuming to manage and emotive, why not consider car allowances
- Staff – Generally the biggest overhead is people, consider outsourcing rather than having the fixed overhead of in house staff
- Shop around – Are you getting the best deals on Stationery, Printing, Insurance, Light & Heat…..
- Students – Students, apprentices and interns are eager to learn and will be less expensive then experienced employees
- Refinance Debt – Could you reduce the cost of borrowing? could you borrow from your Self Invested Pension Plan?
- Paper – Sorting, filing, and finding files requires time and space. Purchase a scanner and scan all important papers and keep them in well organised electronic files to save space and administrative costs.
- Go Green – Reducing waste and saving energy will save money too
- Buy Second Hand – Second hand office furniture is plentiful and its cheaper than buying new
steve@bicknells.net
www.nonexecutivedirectors.com our new sponsor
20 businesses you can run from home
It’s nearly Christmas and that puts a strain on most peoples cash, so you might well be looking for ways to earn extra cash, here are my top 20 home based business ideas:
- Get a lodger – Under rent-a-room a taxpayer can be exempt from Income Tax on profits from furnished accommodation in their only or main home if the gross receipts they get (that is, before expenses) are £4,250 or less
- Ironing and Laundry Services – Always popular and you can start with friends and family
- E Bay Trading – as E Bay say… The first task is to sort through those bulging drawers and messy cupboards, finding stuff to flog. Get a big eBay box to stash your wares in, and systematically clear out wardrobes, DVD and CD piles, the loft and garage. Use the easy 12-month rule of thumb to help you decide what to offload: Haven’t used it for a year? Flog it.
- Blogging – Blogging has taken off and many businesses are looking for people to write blogs for them
- Candle Making – You can sell the candles on line and its easy to buy the wax and things you need to make the candles
- Car Boot Sale – As with E Bay but without going on line
- Cake Making – Make sure everything is labelled correctly and you comply with Health & Safety issues
- Data Entry – The internet makes it easy to enter data from where ever you are
- Social Media – Similar to blogging, businesses need help to manage Twitter, Facebook and Linked In
- Website Design – If you have the expertise, go for it
- Sales Parties – Cosmetics to Ann Summers, there is a long list of opportunities
- Sewing and Clothes Alterations – Perfect before and after Christmas
- Jewellery – Making and selling jewellery is always popular and great for Christmas presents
- Car Repairs – Assuming you have the skills needed and comply with legal requirements
- Pet Care – Walking dogs or grooming is popular
- Virtual Assistant – Also personal organiser or personal shopper
- Wedding Planner – You could start by creating a blog about your expertise
- Direct Sales – For example Utility Warehouse
- Computer Repair – Great provided you have the skills
- Marketing – Telesales to leaflet design and freelance writing
steve@bicknells.net
Grow Online, Expand Worldwide – initiative to help SME’s
The government wants to make the UK the best place to start and grow a business. In the autumn it will launch a public campaign to celebrate GREAT British business success stories. The government wants to inspire other small businesses and point them towards the support that can help them grow. It will also launch a new strategy for how the whole of government will back them. This will set out a range of measures to continue helping budding entrepreneurs and existing businesses succeed.
If you are a business interested in the ‘Grow Online, Expand Worldwide’ campaign, please call 02070344848 and speak to a member of the Click:Connect:Sell team.
Just 33% of small to medium-sized companies have a digital presence and only 14% sell their products online. But research suggests that if UK SMEs fully adopted online technologies, they could increase annual turnover by £18.8 billion. Here in the UK we’re twice as likely as the OECD average to buy goods online.
UKTI’s ‘Grow Online, Expand Worldwide’ campaign includes local support for:
- 4,000 aspiring web exporters through awareness raising sessions, a webinar campaign and international web workshops.
- 1,200 web export ready businesses through e-commerce masterclasses.
- 1,500 web exporters with bespoke one-to-one advice from experts, tailored website reviews and action planning to access web exporter vouchers – up to £3,000 matched funding.
- 600 companies from the UK retail sector to sell online by helping them to list their products on the world’s leading online sales sites including Alibaba in China and Tejuri in the Gulf.
steve@bicknells.net
Pension Liberation – Don’t do it
If you have a pension fund you could be targeted by companies offering you ways to access your pension fund before you are 55, this is known as ‘Pension Liberation’.
How pension liberation arrangements work
Typically, pension liberation arrangements involve transferring your pension savings from your existing pension scheme to another pension scheme to allow you to access funds early. The schemes are offered through companies, who make money by charging you a fee to do this or by taking money direct from your savings. Company representatives or advisers may be pushy and may say they can offer you a loan or advance or cashback from your pension. They may even offer to share their commission for doing this.
Sometimes representatives suggest that because of the excellent returns their new scheme supposedly offers, you’ll get an upfront reward or dividend. Whatever way it’s presented, if you end up getting cash you’re likely to be involved in pension liberation.
Converting a pension pot into cash can sound very attractive to people who urgently need money. However, don’t be tempted, as there are big tax consequences of accessing your pension early. If something sounds too good to be true, it usually is.
Very often the advisers say there is a legal loophole to get round the rules to give you money by transferring your pension pot to a different scheme. There is no legal loophole. Very few people can take money out of their pensions before they’re 55. If you can, it’s usually because you’re retiring on ill-health grounds such as a terminal illness and you must meet strict rules to do this.
If you liberate your Pension you personally will have to pay tax at a special fixed rate of 55% on the funds liberated. The 55% rate isn’t reduced if you are a lower rate tax payer or pay no tax at all.
In addition to the tax the Pension Advisory Service say that on average you will be asked to pay a fee of at least 20% by the company liberating your pension.
steve@bicknells.net
10 ways to maximise sales revenue
Before you can sell you need to master the sales process, the following is a link to a 9 step process to help improve your sales process – WikiHow
Or you might prefer the 1941 Chevrolet approach
Once you are selling, how can you maximise your sales revenue…….
- Understand your clients needs and wants, sell products that they want, or make them want what you have to sell
- Keep your promises and earn your clients trust
- Look for opportunities to sell additional services and products
- Offer good value and service
- Get testimonials, recommendations and referrals
- Use your contacts and social media and tell them your success stories
- Credit Check your clients, a clients isn’t a client if they don’t pay and you aren’t running a charity
- Bad Debt Insurance could help reduce your risk but its not appropriate for all businesses
- Set up a customer rewards program and offer incentives
- Follow up leads within 24 hours
steve@bicknells.net
Business Accountant 