Avanti take on January – the tax return season

Another year has passed, and as 2019 begins, Avanti MD, Victoria Sharp and the team would like to wish you all a very happy new year.  Here, Avanti review a busy December and look ahead to January, which brings the height of the tax return season with it!

Avanti also share news about their exciting networking launch in Felixstowe, and ask “is it time to trim the financial fat”?

Tax Return Season

Starting the new year by getting into trouble with HMRC for late submissions is not high on anyone’s list, but if you do submit late, the penalties (as listed on gov.uk) for late tax returns are:

• an initial £100 fixed penalty, which applies even if there is no tax to pay, or if the tax due is paid on time
• after 3 months, additional daily penalties of £10 per day, up to a maximum of £900
• after 6 months, a further penalty of 5% of the tax due or £300, whichever is greater
• after 12 months, another 5% or £300 charge, whichever is greater

There are also additional penalties for paying late of 5% of the tax unpaid at 30 days, 6 months and 12 months.

5 good reasons for asking Avanti to file your tax return online, on time, no fine.

HMRC reminders sent in error

In December, we had clients who received reminders form HMRC when their returns had already been submitted. If you receive a reminder from the revenue;

• don’t ignore it
• treat it with caution as there are some very good scam letters doing the rounds.
• call us, we’ll check, confirm and back it up with applicable references for your records – giving you peace of mind.

HMRC confirm that these letters have been issued in error to some self-assessment taxpayers – this will not be a convenient excuse to be late submitting your return though, late submission will still attract penalties.

Time to trim the financial fat?

Throughout December, Avanti brought you their series of financial health check tips to assist you with getting finances in order for the new year.

It’s a well-known fact that your credit score will affect your ability to obtain credit, from mortgages to loans – the acceptance will be based on your credit score, so take a moment to check it, get familiar with it, improve it!

How to improve your credit score

It’s easier than you may think, firstly sign up to a free credit score service such as Noddle to track your credit score. One easy step you can take to improve your credit score is to obtain a credit card, and set up a Direct Debit to take the minimum payment each month. Regular payment of a credit card will lead to your credit score improving, and with Noddle, you’ll be able to see the improvement happening.

Why tighten belts for January, when you can get cashback for spending?

Every day we purchase something, whether it’s fuel for your car, food for your stomach or your office stationery order, but are you a savvy shopper?

Cashback sites are common place now, so why aren’t you using them? Generally once signed up, all you have to do is go to the partners website via the cashback site to get a healthy percentage of your spending back – and did you know that if you use utility warehouse for your utilities, you can get your cashback straight of your bills?

Draining direct debits

Have you checked direct debits and standing orders recently? You may be paying subscription fees for services that you are no longer using. You can often sign up and cancel the same day but still get your free period, so take a moment to check the terms and if this is available, do it. You wouldn’t throw money down the drain so don’t do it by allowing companies to take your money for a service you don’t use.

Considering any purchase for the business this year? Avanti’s handy guides to expenses for limited companies or partnerships and sole traders will help you navigate what is a legitimate business expense.

In case you missed our blog on the ‘death of the high street’, you can read it here here’s hoping that Christmas shoppers took to their local high street to find some unique gifts!

Business Networking for success in 2019

Are you looking to grow your business in 2019 through referrals? Look no further than Avanti Networking for professional, friendly networking with a difference. Avanti Networking launches in Felixstowe January 17^th 12-2pm and the meetings promise to be one of their fastest growing with great demand already. Book your visitor place by contacting Sharon Baker.

If you still need help with your tax return for the last tax year or you have received a reminder that concerns you, give Avanti a call (08000) 388 799 for proactive friendly advice.