Small businesses urged to get ahead with self-assessments

(2 minutes to read)

Informi: ‘As well as having the advantage of doing so during a typically quieter period at HMRC, they’re also more likely to have all the necessary information on hand and will allow themselves more time to deal with any problems – and avoiding potentially crippling fines’.

Smaller sized businesses are being encouraged to sort out their self-assessment tax returns earlier rather than later, in order to get a head start.

Informi – a website offering free practical advice and support for SMEs – acquired data from HMRC showing that almost five million people didn’t complete their last tax returns until January – the month of the deadline date.

As many as 177,745 were fined after submitting theirs in February.

Steven Drew, spokesperson for Informi, said, “We know that many people required to submit their tax returns will be battling to keep financially afloat during the ongoing coronavirus (Covid-19) pandemic. Obviously, the priority should be for them to ensure they manage their finances as well as possible at this time.

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Steven Drew added, “However, as we have seen with the use of the past three years’ tax returns to help determine the size of support grants for those who are self-employed during the crisis, returns are of critical importance to the Treasury. Therefore, we would encourage those who can do so to submit their 2019/20 tax return as early as possible. As well as having the advantage of doing so during a typically quieter period at HMRC, potentially speeding up the process, they’re also more likely to have all the necessary information on hand and will allow themselves more time to deal with any problems – and avoiding potentially crippling fines.”

To find out more about contracting please contact Jaime on 01442 795 100 or email jaime.thorpe@dolanaccountancy.com.

Why Dolan Accountancy?

Dolan Accountancy was set up by Simon J Dolan, the man behind the well-known brand SJD Accountancy. With over 25 years experience in the contracting marketing, Dolan Accountancy has the heritage, reputation and credibility you can trust. Working closely with our sister company, Contractor Umbrella, it means we can offer one low cost, fixed fee package at £95 + VAT per month. This gives you the flexibility of using both our Limited Company Accountancy Services and our award winning Umbrella Service, for one inclusive cost. We don’t believe in tiered packages or hidden extra fees, instead we aim to give you everything you need, including:

  • Free Company Formation – This is where it all begins. Once you have decided on an available name, we will form your company free of charge (if using our accountancy services) and it will be ready for you to use in as little as three hours.
  • Free use of Contractor Umbrella – With changes in Public Sector IR35 Legislation we understand that sometimes you are required to contract via an umbrella company. We will keep your limited company ticking over, while you work margin free via our sister company, Contractor Umbrella.
  • A Dedicated Accountant – Your accountant will be there for any company or personal tax advice that you require. We will never outsource work, even to internal teams.
  • Free Access to FreeAgent – The founder behind the multi award winning FreeAgent platform was one of Simon’s first clients, therefore it only seems fitting that we offer all of our clients access to FreeAgent, free of charge.
  • Free Business Banking – We have decided to waive our commission so our clients can use Tide free of charge for the first year.
  • Unlimited IR35 Status Reviews – We will review all of your contracts for IR35 purposes and provide you with our professional opinion as to its status.
  • Free Registered and Director’s Service Office Address – Sometimes you just don’t want your home address on display at Companies House. When you sign up to our accountancy services, we will offer the use of our address as an alternative.
  • Your Business and Personal Taxation Needs – This includes Company Accounts, Director’s Personal Tax Return, VAT Returns, Payroll, Corporation Tax and Dividend advice, to name just a few.
  • Same day payments- We offer same day payments as standard providing funds are received into our account by 9am, for no additional fee.

If you’d like to find out more about how Dolan Accountancy can help you and your business, please give us a call on 01442 795100 or email sophie.lewis@dolanaccountancy.com or jaime.thorpe@dolanaccountancy.com.

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