HMRC has announced that its business records checks scheme is on hold and will be relaunched with a “fresh approach” early in the next financial year, following a review.
The review, which included discussions of the pilot programme with trade and professional bodies’ representatives, recommended that the checks are more targeted in future, linking to available education and support.
Accountants and business groups had argued that business owners were being harassed by a pilot version of the scheme. HMRC was also accused of going after small businesses while turning a blind eye to huge unpaid tax bills from big businesses.
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HMRC records checks campaign halted
HMRC has announced that its business records checks scheme is on hold and will be relaunched with a “fresh approach” early in the next financial year, following a review.
The review, which included discussions of the pilot programme with trade and professional bodies’ representatives, recommended that the checks are more targeted in future, linking to available education and support.
Builders most likely to make mistakes on tax returns
Those in the construction industry are seen as the most likely to provide incorrect information on their tax returns, according to a survey of accountants.
In a poll by Bloomsbury Professional, a third of those questioned regarded builders as high risk due to frequent use of cash payments and poor bookkeeping.
More than one million will face tax fine, says HMRC
Just over one million taxpayers face a penalty of £100 for failing to submit their self-assessment tax returns on time. The figure of 1.1 million is the lowest since online filing first started, and compares with 1.4 million last year and 1.6 million the year before.
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HMRC Self Assessment returns – two more days to file and pay
HMRC has agreed that customers who can’t get through to HMRC's call centres on 31 January because of strike action will have a couple more days to submit their returns. Late penalties will not be imposed for people who file their Self Assessment returns on 1 and 2 February, the HMRC has said.
The SA deadline remains midnight on 31 January. However, HMRC will treat all returns that come in by midnight on 2 February as though they were submitted by 31 January. No one will have to pay interest on payments due on 31 January that are paid on 1 or 2 February.
A few key members of the Intuit team had a great day yesterday, attending the StartUp Britain Enterprise Calendar launch.
The StartUp Britain Enterprise Calendar is a new, interactive calendar of enterprise events, showcasing Britain’s vibrant and dynamic enterprise community. The calendar should be a great tool for entrepreneurs, signposting them to key events and growth opportunities. You can alsosubmit your own events to the enterprise calendar.
Following the launch of the new calendar, Mark Prisk, minister for business and enterprise, said: “We want 2012 to be the year of enterprise, where entrepreneurs can unlock their business potential. Enterprise events don’t just take place on one day, or during one week, but they appear throughout the year and across the country. We need to make sure people know that there is support and advice available, that it is easy to get, and it is often on their doorstep.”
He added: “The Enterprise Calendar is a great addition to our support for business in 2012 and beyond.”
(pssstt…don’t forget you can download our calendar too, which will also help you keep up to date with events as well as key financial dates.)
Expert advice
“I shifted to QuickBooks and I understood how the business ran. In some ways that was one of the most delightful periods of my life with King of Shaves because I understood everything financially.” Will King, founder of King of Shaves
There was also a panel discussion on the day, with some expert advice from Intuit UK's very own managing director, Pernille Bruun-Jensen, as well as Will King, founder of King of Shaves, Doug Richards, original Dragon, investor and serial entrepreneur and Bob Forsyth, head of UK SMEs at Ernst & Young.
Watch a snippet here:
You can see more short interviews with Pernille over at Business Zone.
StartUp Britain, which Intuit is a sponsor of, has also launched a range of new resources for small businesses. These were highlighted at the event and include:
We search out key small business news stories and articles each week so you don’t have to, leaving you more time to spend on running your business.
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UK may have slipped back into recession
An economic forecast from The Item Club has suggested that the UK has slipped back into recession. The think tank said GDP shrank in the final quarter of last year and would contract again in the current three-month period.It said that even if the eurozone problems are resolved, the UK economy would grow by just 0.2% in 2012.
The Item Club's chief economic adviser, Peter Spencer, told the BBC: "We are probably in technical recession.” However, the economic forecasting group said it did not envisage a full double dip recession.
Small business formations on the rise
The number of small business formations in the UK is increasing, new figures have shown.
According to Companies House data, 435,856 new businesses were registered in 2011, compared to 384,981 in 2010. In addition, registration volumes in the first two weeks of January 2012 are up by 12% compared to the same two weeks last year.
The majority of these startups are tech firms taking advantage of growing demand for software, apps and online tools.
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Late payment problems not letting up
New research out recently revealed that small businesses are facing a continued and growing problem with late payments. The research from Bacs found that late payments have reached an “all-time high” and the outstanding amount owed to small firms by larger companies now stands at £33.6 billion.
Small business owners would risk homes to stay afloat
According to a new study, over one in ten small business owners would risk losing their home by putting it up for loan collateral if they were unable to secure finance in the face of financial difficulties such as staff wages or cash flow issues.
It's not often the self-employed ask for help – after all, by our very nature we’re extremely self-reliant. But with an economic downturn that shows little sign pointing in the opposite direction, there's a few things that could benefit a significant number of us in the year ahead.
As someone who runs a small business myself, here's what I'd like to see take hold in the coming months…
Small businesses working together
Five years ago, banks were queuing up to give small business loans or extend their overdrafts, confident that they’d get their money back – and more – soon enough. Today the situation is very different, with loans increasingly difficult to obtain. In Coventry, a group of business meet once a month to talk with local banks about how they can get finance – and it’s the numbers of people joining forces that gets the banks to listen. Ask around your area and see if anyone else wants to do the same.
As part of Intuit’s commitment to supporting small businesses and helping them be successful, the Intuit UK office today hosted a question and answer session for SMEs with the Prime Minister, David Cameron.
The PM Direct event, at Intuit’s office in Maidenhead, provided a unique opportunity for small business owners and entrepreneurs to engage in dialogue about the Government's drive to support entrepreneurship and create the best possible climate in which to start up and grow a business in the UK.
The event was organised in association with StartUp Britain, a national campaign designed to celebrate, inspire and accelerate small business enterprise in the UK, which has the active support of the Government including the Prime Minister, the Deputy Prime Minister and the Chancellor. Intuit is a founding sponsor of StartUp Britain.
Intuit: Supporting small businesses
After being greeted, the Prime Minister was introduced to the entire Intuit UK team, joining them for a chat and coffee.
Small business news round-up (20/1/12)
Want to keep up with regular small business news, features and tips, why not subscribe to our blog by RSS or email?
UK may have slipped back into recession
An economic forecast from The Item Club has suggested that the UK has slipped back into recession. The think tank said GDP shrank in the final quarter of last year and would contract again in the current three-month period.It said that even if the eurozone problems are resolved, the UK economy would grow by just 0.2% in 2012.
The Item Club's chief economic adviser, Peter Spencer, told the BBC: "We are probably in technical recession.” However, the economic forecasting group said it did not envisage a full double dip recession.
Small business formations on the rise
The number of small business formations in the UK is increasing, new figures have shown.
According to Companies House data, 435,856 new businesses were registered in 2011, compared to 384,981 in 2010. In addition, registration volumes in the first two weeks of January 2012 are up by 12% compared to the same two weeks last year.
The majority of these startups are tech firms taking advantage of growing demand for software, apps and online tools.
Find out why self-employment is booming, even in uncertain times.
Continue reading "Small business news round-up (20/1/12)" »
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