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Self Assessment Deadline 2012

January 2012

 

This is a reminder that the Self Assessment filing and payment deadline is 31st January 2012.

 

Returns filed after this date will face a minimum £100 penalty and paying you tax late will lead to an inital penalty of 5% if the tax due.

 

If you still to complete your return please ensure records are delivered to the office no later than Wednesday 11th January 2012 to guarnatee completition of the return by the deadline. 

 

 

HMRC extends record checks for small businesses              

December 2011

 

HM Revenue & Customs has announced an extension of its Business Records Checks programme. Business Records Checks were piloted earlier this year and involve checks on the adequacy of small and medium-sized enterprises’ business records.

 

The pilots found that around 44 per cent of those businesses visited had issues with their record-keeping, with 12 per cent of those visited having seriously inadequate records.

 

HMRC will be now be extending this activity from mid-September with plans to complete up to 12,000 Business Records Checks by the end of the current financial year and 20,000 provisionally planned for 2012/13.

 

Initially, HMRC will only levy a record-keeping penalty in the most extreme cases of poor record-keeping. However, in the future, it is intended that penalties of up to £3,000 will be issued for serious inadequacies in record-keeping.

 

A guide to setting up a basic record-keeping system is available at www.businesslink.gov.uk/startrecordkeeping/