Owner managed businesses
Running an owner-managed business – whether you’re starting out on your own for the first time or are the latest in a long line of generations to take the reins – means that you are constantly juggling dozens of different demands.
That’s why you need advisers you can trust to help you run your business in the most cost-effective and efficient way, identify and make the most of new opportunities and to plan for the future, so that your business can continue to develop and grow in the longer-term.
At Fawcetts accountants in Salisbury, we can help to free up your time, so that you can concentrate on running and building your business, by dealing with day-to-day financial issues, including bookkeeping, payroll and VAT.
If your business needs are more complex, we offer expertise to assist with business strategy and planning and corporate tax planning.
We can use our experience in raising finance to help you if you’re planning investment and growth and support you every step of the way with mergers, acquisitions and sales.
When it comes to passing on your owner-managed business, whether it’s to the next generation or through an in-house takeover or external sale, we’ll also make sure your succession and retirement planning starts well in advance so everything is in place for a smooth transition.
For more information on Fawcetts accountants’ services for owner-managed businesses in Salisbury, please contact us.
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.”
Link: HMRC cancels 270,000 late penalty notices
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G Blamire - Salisbury
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Lou Whiting - Salisbury
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Miles Murray - Salisbury
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