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Call us now on 023 8083 6900 ABDS Home

News - 21 October 2011

Its Autumn 2011 what should we be thinking about?

As the air gets colder, and the days shorter and there are Christmas things appearing in the shops. As Tonmoy Kumar, Manager of the Accounts Department of ABDS says: Autumn and spring are great times to take stock and take action.

Here are a few of his ideas on what can and should be done.

2011 Tax Return
By now most sole-traders will have sent their 2010-11 business records and tax information to their accountant. If not, do it now. Your accountant doesn’t really want to spend all of Christmas in the office; as funny as the ‘candles and ledgers’ scene from A Christmas Carol may be. Also, the sooner received the sooner you know what you owe, or better still the size of any potential tax rebate.

Business Performance Review (BPR) or an ABDS Health Check
There’s never a wrong time for a BPR but autumn and spring are the ‘best of times’. You’re back from holiday, confidently tanned, great memories still fresh, the bubble bursts, the credit card is maxed out and you’re facing the cost of winter. Review your business. Look at what cash you are going to need, what sales you need to develop and what debts you can collect. If you need any information, call us now.

PAYE Tax Codes
HMRC will be issuing SA252 forms this autumn to taxpayers who they think may have an incorrect tax code to improve on last year’s PAYE Code debacle. Forms are designed to identify current year rather than prior year information and it’s best to ignore the issue that we are over six months through the year already, and adjustments are likely to take a further three! Don’t forget that you can notify the taxman at any time if you think your code is wrong

VAT on Benefits
In January 2012 the VAT rules on Benefits-in-kind are changing. Previously the salary-sacrifice by an employee for a benefit from the company was not considered to be a supply. From January that changes, but the good news is that you can recover the VAT paid on the cost of providing the benefits. Not all benefits are affected. VAT exempt benefits, e.g. pension contributions, remain unaffected. Call us for a list of what’s in and what’s out.

The 2012 Olympics or other sporting events.
It is likely that some of you will be thinking about what the tax position is if you give or receive tickets. As a rule, if your company provides you with tickets to the Olympics next year then it’s a taxable benefit; plain and simple. However if you receive tickets from a business contact and you comply with the legislation around ‘gifts-from-third-parties’ then you may not have to pay any tax or your company any National Insurance. If you’re not sure, give us a call.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net
 

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