A Month Less to File Your Accounts

As part of the Companies Act 2006 implementations, the filing dates for accounts will be reduced from 10 months to 9 months for private companies and from 7 months to 6 months for PLCs.  This will come into effect if you have your accounting period beginning on or after 6th April 2008.

Companyaccounting periodstart date	Companyaccountingreference date	Deadline for delivery of AnnualAccounts to Companies House
Example for accounting period starting before 6 April 2008
1 April 2008	31 March 2009	31 January 2010	31 October 2009
Example for accounting period starting on or after 6 April 2008
6 April 2008	5 April 2009	5 January 2010	5 October 2009
1 May 2008	30 April 2009	31 January 2010	31 October 2009
1 March 2009	28 February 2010	30 November 2010	31 August 2010

 

It’s well worth remembering, because you will face a penalty if you don’t file your annual accounts by the due date.

The penalties are increasing too. From 1st February 2009 new late filing penalties will be applied

Length of delay in filing	Penalty -Private Company/LLP	Penalty -PLC
Not more than one month	£150	£750
More than one month but not more than three months	£375	£1500
More than three months but not more than six months	£750	£3000
More than six months	£1500	£7500

 

Where a company filed their accounts late the previous year, then the penalty will be doubled.

14 Day Concession

Section 706 of the Companies Act 1985 required companies to deliver documents in a legible form and allowed 14 days from the date of any rejection letter to re-file them. There is no replacement in the Companies Act 2006 for this section and so it will cease to exist from 1st October 2009. A company will therefore no longer have 14 days from the date of the rejection letter in which to amend and return accounts in an acceptable format.

For help with your accounts or filing them online simply complete the form below, and one of the Davenports team will get back in touch with you.

Accountancy Request

1. Your Name(required)
2. Post Code
3. Contact Number(required)
4. Email(valid email required)
5. I Need...
6. Help!
   A Change of Accountant
   Assistance starting up
   Help with the Payroll
   Help with Tax, CIS or VAT
   Help with getting money from my clients
7. Any other comments
8. To receive your FREE key fob, tick this box
9. Verification

 

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Tax Information Exchange: Guernsey

A new tax information exchange agreement between the governments of the United Kingdom and Guernsey was signed in London on 20 January 2009 by Lord Bach, Parliamentary Under Secretary of State for Justice, and Lyndon Trott, Chief Minister of Guernsey. The governments have also agreed to amend the provisions of the 1952 arrangement between the two governments for the avoidance of double taxation with respect to taxes on income, notably to add provisions on the taxation of income from pensions and a mutual agreement procedure.

The text of the agreement can be accessed on the HMRC website by following the link below:
http://www.hmrc.gov.uk/international/guernsey-eol.pdf
and will in due course be laid as Schedules to a draft Order in Council for consideration by the House of Commons. It will then also be available from the Stationery Office.

Welcoming signature, the Financial Secretary to the Treasury, the Rt. Hon Stephen Timms MP said:

“This new tax information exchange agreement represents a significant step in our efforts to counter and prevent tax evasion and avoidance. I welcome the willingness of the States of Guernsey to implement these high standards of transparency and exchange of information.”

Lord Bach, Crown Dependencies Minister said:

“The signing of this agreement shows the collaborative nature of the relationship between the UK and Guernsey, and Guernsey’s commitment to meeting high international standards.”

The agreement will enter into force as soon as both governments have completed the legislative procedures needed to give it effect.

For further information on other tax issues contact us to see how Davenports can help.

Accountancy Request

1. Your Name(required)
2. Post Code
3. Contact Number(required)
4. Email(valid email required)
5. I Need...
6. Help!
   A Change of Accountant
   Assistance starting up
   Help with the Payroll
   Help with Tax, CIS or VAT
   Help with getting money from my clients
7. Any other comments
8. To receive your FREE key fob, tick this box
9. Verification

 

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Final Tax Return Reminder for London, Oxfordshire, Buckinghamshire and Berkshire

The 31 January tax return deadline is just around the corner, so if you haven’t sent your return to HMRC yet, you need to act quickly to avoid a £100 penalty.

Nine million people across the country have to file a tax return - including around

• 58,000 with a Croydon postcode
• 68,000 with a Slough postcode
• 81,000 with a Twickenham postcode
• 46,000 with a Watford postcode.
• 107,000 with an Oxford postcode.
• 76,000 with a Milton Keynes postcode (Bucks)
• 139,000 with a Reading postcode (Berks).

If you haven’t yet filed your 2007/08 tax return, you must send it online to HMRC by the 31 January deadline - file on paper and you could receive a £100 penalty, as the new 31 October paper-filing deadline has now passed.

The number of online returns received by HMRC hit 3 million this week - a 39 per cent increase on this time last year - and they now outnumber paper returns for the first time ever. This includes 620 people who filed their tax return online on Christmas Day.

Davenports file all their tax returns online, so there’s still time to avoid a penalty.

Don’t forget, 31 January is also the deadline for paying any tax you owe for the 2007/08 tax year.

If you need help with your tax return contact us now.

Pregnant Mums Urged - Apply Now for £190 Cash Boost

Mums-to-be, with babies due on or after 6 April 2009, are being urged to apply now for the new £190 Health in Pregnancy Grant.

The one-off payment is intended to help pregnant mums stay fit and healthy in the run up to the birth, and help meet some of the costs as the big day approaches.

The money can be claimed from the 25th week of pregnancy, after receiving health advice from a midwife or other health professional. You’ll be given a claim form to sign and send off, which you must do within 31 days. When your claim is approved, the money is paid directly into your bank or building society account. Women who apply in the first three months of the year will get the cash in April.

Mum-to-be Gemma Hargreaves and midwife Juliet Albert put their questions about the new grant to an HMRC expert in a new podcast, launched today, which you can listen to or download for free by visiting http://www.hmrc.gov.uk/podcasts .

Stephen Timms, Financial Secretary to the Treasury, said:

“We understand that the run up to a birth is an expensive time for families. The new Health in Pregnancy Grant will help expectant mums meet these extra costs and give their child the best possible start in life.

“It’s very easy to make a claim and pregnant women can spend the cash on whatever they like, including fresh fruit and vegetables, nappies or even a pram or baby bath. It’s their choice.”

Where to get the claim form

Your midwife or doctor will give you a Health in Pregnancy Grant claim form. This will usually be at your next ante-natal appointment after your 25th week of pregnancy. They will need to complete their parts of the form and sign and date their part of the claim form before giving it to you.

You can register for a reminder that you’ve reached the 25th week of your pregnancy on the direct.gov website or by clicking this link

Virtual Star Solutions Testimonial

Jacqueline Holt - Business Owner -  Wednesbury, West Midlands.

I would highly recommend Davenports as their Customer Service is excellent and the turnaround time for reproducing my logo was fantastic. I was given some brilliant advice - as a new business this was very, very useful. I found that the information and advice that I have been given was uplifting and motivating. I will look forward to working with Davenports in the future. Thank you.

HM Revenue and Customs Interest Rate Reduction

HM Revenue & Customs (HMRC) announce a cut in the interest rates charged on late payments and paid on overpayments.

The reduced rates cover quarterly instalment payments and early payments of corporation tax not due by instalments. The new rates take effect from 19 January 2009.

Reduced rates covering late payments and overpayments of all other direct taxes, indirect taxes and national insurance contributions take effect from 27 January 2009.

Legislation effective from January 2009 now enables HMRC to act following Bank of England interest rate announcements much more quickly.

HMRC continues to look at ways to simplify and harmonise the rules for interest charged and paid across all taxes and duties. In June 2008 a consultation document was published ‘Interest - working towards a harmonised regime’. This was followed in November 2008 by a further consultation document. Both documents are available to view on the HMRC website.

Details of HM Revenue and Customs Interest Rates can be found here.

The End of Paper VAT returns

HM Revenue and Customs plan to phase out paper VAT Returns with effect from 1 April 2010, when it is expected that all VAT registered businesses with an annual VAT exclusive turnover of £100,000 or more, and all newly registering businesses, whatever their turnover, will be required to submit their VAT Returns online and make payments electronically. This follows Lord Carter’s recommendation that HMRC should aim for universal online submission of the main business tax returns by 2012.

Paper returns will still be an option for the remaining VAT registered businesses, but this will be reviewed in the run up to 2012.

If you need help with your VAT Returns or setting up VAT online get in touch with Davenports now to see how we can help.

Yogi & Yogini Testimonial

Jose Barrientos - Business Owner - London

The Davenports team worked hard to meet all my requirements and I’ve ended up with a fantastic web site.  I’m very pleased with their work and impressed by the long working hours - they’re pretty much always available. Quick, reliable and hardworking - that’s what the Davenports represent to me. I look forward to continue doing business with them.

Visit our client’s website on link below

Yogi & Yogini

Davenports Offers Mortgages Through Mortgage Masters UK Ltd

Davenports is now pleased to be working in association with Mortgage Masters UK Ltd. Our main philosophies are identical: Putting the clients’ interests first and saving them money at every opportunity. Mortgage Masters can arrange all aspects of personal and commercial mortgages, and like Davenports we will explain everything in simple and plain English or technical talk if required!

As completely independent mortgage brokers regulated by the FSA their aim is to provide a quality service. We know that a mortgage is likely to be the largest financial commitment most people will undertake and therefore we want to make sure you get the mortgage that is most suitable for your circumstances and gives you the best possible value.

When a client is introduced to Mortgage Masters UK they become a long term acquaintance of the company. However, their service doesn’t stop there. They review all mortgages annually to ensure that the client is paying the lowest premium and getting the most suitable benefits for their circumstances. Above all, we want client satisfaction as we are in this for the long run, together.

Navigating your way through the mortgage market may seem an overwhelming and intimidating process, especially given the abundance of available mortgages and mortgage providers. The right mortgage for you, means a mortgage tailored to meet your needs, taking into consideration your lifestyle, age and financial situation. Even after taking these factors into account, you will almost certainly be faced with an enormous variety of mortgages and differing interest rates. It is our job to help you.

Mortgage Masters UK’s only regulatory disclaimer you must be aware of is that as their client you can choose for them to receive fully disclosed commission from the mortgage provider or for them to charge you a fee. You, the client, get to decide this on an individual basis but most importantly it’s your choice.

For more information view our mortgages page to complete a simple form and a representative from Mortgage Masters UK will contact you shortly.

Bank of England Reduces Bank rate

The Bank of England’s Monetary Policy Committee today voted to reduce the official bank rate paid on commercial bank reserves by 0.5 percentage points to 1.5%