According to the Accountant’s I’ve spoken with, HMRC’s deadline for self-assessment gets the papers flying around quicker than a pile of leaves covering a hedgehog who’s spotted its first slug in 6 months, for those well-meaning businesses with a late-starter attitude in discovering the difference between paper shuffling and paper moving. It seems for some it’s the schedules, for others its spreadsheets and for others it’s general paperwork that’s their Achilles heel lurking amongst the well meaning ‘to do’ files and piles (that masks the stresses and compounds the disorganised). But ‘papers’ will be heard rustling beyond the busy season (31st January) deadline, as the VAT returns, tax liability payments, PAYE and capital gains tax continue for the micro and small business, alongside notifications to Companies House and preparation for RTI – the electronic PAYE returns to HMRC.
A large proportion of some businesses outgoings are business rates to which Small Business Rate Relief (Non-Domestic Rating Amendment Order 2013) comes into force on 11 February. There are no changes to eligibility criteria but the temporary increase in the level of rate relief is extended to 31 March 2014. Business occupying premises with a rateable value of not more than £6,000 are provided with 100% relief; with decreases between £6,001 and £12,000…. the benefit MUST be applied for. Properties that fall beyond the £12,000 limit (think about small businesses under stress and trying to keep a grip or businesses looking to expand) – the cap doesn’t apply.
Also 11 February, the first Business Planning Week, which could be ironically titled for existing businesses, weighted down with commitments but also available for start-ups wanting to look to business planning templates until 17 February.
Image and Article credit: Copyright SUF 2013