End of Period of Grace
An HMRC concession, ESC B46, was introduced in 1995 and means that HMRC will not issue penalties for late filing of company tax returns or employers’/contractors’ end-of-year returns, provided that they are received by the last working day within seven days of the filing date.
The concession ensures that penalties will not be charged where all reasonable steps to file the returns on time have been taken.
However, all forms P35 and P14 must already be filed online by the majority of businesses and contractors are no longer required to file end-of-year construction industry returns. In addition, from 1 April 2011 company tax returns for accounting periods ending after 31 March 2010 must be filed online.
Therefore, ESC B46 has become redundant and so will come to an end on 31 March 2011. Any businesses filing a return late will have to show that they had a reasonable excuse for the delay in filing to avoid a penalty.
Link: HMRC statement
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We can help with the preparation of accounts for all types of business. Whether you are a Sole Trader, Partnership, Limited Company, Limited Liability Partnership or a Charity, AGP has the expertise to deal with you. We help you fulfil all your obligations with HMRC, Companies House and any other regulatory body that you are required to report to.
An audit provides a high level of independent assurance of the financial position and results of an organisation. This gives shareholders confidence that the reported performance of the business is accurate as well as providing external users with certainty that the accounts show a true and fair view. An audit lends credence to the company accounts in a number of ways.
It is important to ensure your tax planning reflects any changes to your circumstances which is why we work very closely with all our personal clients. AGP are trusted to manage tax efficiently. Sometimes just a simple review of your personal tax circumstances can reveal significant tax saving opportunities which can be realised quickly and at minimal cost..
AGP can become your own part-time Payroll Manager. An expert who knows the complexity of the relevant legislation inside out and for a fraction of the cost of an internal manager. Why not outsource this obligation and spend the time saved doing what you do best, running your business?
Corporation tax can be a huge outgoing for your company if it is not managed correctly and planned appropriately. You can trust AGP to employ a holistic approach to your tax planning whether you are a medium sized SME, an international organisation or a small owner-operator.
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We have a wealth of experience in the contractor market and as a result there are not many firms of Chartered Accountants that can claim they know the contractor industry as well as AGP. This leads to a number of benefits.