The current late filing system at HMRC has its faults. Many people who unknowingly miss the self-assessment deadline, are penalised instantly. HMRC has decided to change the rules, to ensure those who have inadvertently missed a deadline will not be punished for a simple mistake.
Recent pressure placed upon the government by various accountants, committees and business think-tanks has led the Treasury to make some significant changes to the planned roll-out of Making Tax Digital (MTD).
Each year HMRC send millions of people a notice to complete a tax return soon after the end of the tax year to remind them that they have until 31 January to file their Self-Assessment Tax Return (SATR).
Self-Assessment Tax Returns (SATRs) may feel like a drag, but its vital you get them right. As deadlines are fast approaching, now is the time to take action in order to get organised and avoid hefty financial penalties for late or missed submissions.
Management accounts provide timely financial and statistical information to business owners / managers so that they can make informed business decisions and take action to improve profits and cash flow, whilst at the same time reduce costs and risk.