Posted on March 7th, 2010 by Aziz | No Comments »
From 1/4/2010 all VAT registered businesses with turnover that exceeds £100,000 (excluding VAT) and all new VAT registered business will need to submit their VAT return online and pay the VAT electronically.
The online VAT return is similar to the paper version and there are no changes in the VAT rules. Further you will not need to change your record keeping system regardless of whether you maintain electronic or manual recording system.
Signing up for online VAT returns is straight forward. All you need to do is register on HMRC website.
Additional benefits of online VAT return is that you will receive an email reminder letting you know when you next VAT return is due. Further you get extra seven days (in addition to the usual month) to submit the return and ensuring your payment received by HMRC.
If we can help you with any aspect of this requirement, please contact us.
Posted on February 24th, 2010 by Aziz | No Comments »
As a Director of a small limited company you have 9 months, from your accounting year end date to file your accounts with Companies House. However, if you are a new company you have 21 months to file your accounts from the date of incorporation of your company.
You will get a reminder from Companies House about 6 weeks before your accounts are due. This reminder will be sent to your registered office address.
If you miss the deadline of filing your company’s accounts you will incur an automatic penalty. Please be aware that late filing of accounts or not filing the accounts may mean you could be prosecuted and may end up with a criminal record and a fine that could be as high as £5,000. You may also be disqualified acting as a director.
Late filing penalties are as follows:
Missed Deadline by: Penalty
Less than 1 month £150
Over a Month but less than 3 months £375
Over three months but less than 6 months £750
Over 6 months £1,500
The above penalties will be doubled if you are late in filing the accounts again in the following year.