ALL YOU NEED TO RUN YOUR BUSINESS
At Fawcetts, we only recommend accounting software that’s right for our clients.
That’s why we’re happy to recommend Xero Online Accounting.
Our Xero Online Accounting clients are among the 200,000 users in 100 countries worldwide, who find this secure, online accounting system makes managing their business finances much easier.
Benefits of Xero Online Accounting include:
- it is cloud-based, with secure, easy access via the internet
- Xero Online Accounting is simple to use
- it directly feeds from online banking, reducing the amount of time you spend on data entry and reconciliations
- Xero Online Accounting provides a view of cash within the business that is always up-to-date
- we can log in whenever clients need us to check or review accounts, answer questions, give proactive advice and run reports, all in real time.
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A response to a freedom of information request has revealed that HM Revenue & Customs (HMRC) cancelled 270,000 late penalty notices in 2016.
However, this figure was dwarfed by the 610,000 cancellations in 2015 and the 400,000 cancellations in 2014.
The request was made by a partner in a ‘magic circle’ law firm, who was himself issued with a late penalty notice, despite having submitted his tax return in December, ahead of the 31 January deadline.
Despite having filed on time, when HMRC overturned the penalty in March this year, it nevertheless issued a letter, stating “if you file on time we won’t charge penalties”.
While HMRC revealed the number of late penalty notices that were cancelled over the three-year period, it did not disclose how many of these were the consequence of errors on the part of the Revenue, as opposed to the taxpayer having a reasonable excuse for late filing.
A spokesperson for HMRC said: “We don’t want penalties, we just want tax returns. Taxpayers with a reasonable excuse for filing late or who have been taken out of SA do not have to pay penalties. Taxpayers who file on time are not issued with penalties.”