Glover Stanbury & Co

Late tax return penalties

We would remind individuals and businesses about new Self-Assessment penalties for late returns and late payments which came into effect this autumn.The changes affect Self -Assessment returns for 2010/11, and all future financial years.

The new penalties for late filing of Self- Assessment returns are:

-an initial £100 fixed penalty, which will now apply 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. In serious cases, the penalty after 12 months can be up to 100% of the tax due.

New penalties for paying tax late are 5% of the tax unpaid at:

-30 days;

-6 months; and

-12 months.

Interest will also be charged on top of these penalties.

The deadline for paying any tax due also remains the same at 31 January.

IT Developments

Our internal IT systems have all migrated to a "hosted" desktop so we can now access ALL our systems (securely) wherever we are as long as there is internet access. If there is no internet connection available we have devices that allow us to connect in any event (as long as their is telephone reception available). Many clients will already have seen us accessing data whilst on their premises, so that we can instantly source information such as tax calculations, resolve accounts queries etc.

We no longer have "servers" in the office, and there are many other benefits. YOU may well benefit too with your own systems. Come and talk to us......

 

KNOW YOUR CUSTOMERS

It is impossible to build an effective marketing strategy without knowing your target audience. By finding out as much as you can about existing and potential customers you can work out how they make their buying decisions. You can then adapt your sales methods and techniques to fit your customers' needs.

That’s where market research comes in. Researching your market helps you to understand the buying habit and behaviour of customers. Since the customer behaviour and buying habits keep changing according to the trends in fashion and new innovations, your market research should be undertaken on a continuous basis.

There are many different ways to gather information about people. Whether you choose primary research methods (such as getting customers to fill in a feedback form or questionnaire) or secondary research methods (using existing resources such as data from the central statistics office) depends on what you need to know about your customers.

Once you have gathered your information you will need to process it into a format that you can use. Its often a good idea to try to categorize your target market into different segments.

Once you have done this you will be able to build a strategy which will target specific categories and enable you to reach your target audience. Now you have to ask yourself which groups of people you want to sell your product or service to.

No matter what size your company is, you can’t develop an effective “catch-all” marketing plan. Every business has limited resources.

Some firms have more money but they may not have resources such as time or manpower. Therefore every business no matter how big must choose specific target categories to market the product or service to.

See how accounting software could help you!

Accounting Software Open Day - 21 May 2010 - no obligation - FREE

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#Barnstaple #Bideford #NDevon

iPhone app

The Glover Stanbury iPhone app is now available. Business Sensitivity Analyst - what effect may pricing have on your profit? http://itunes.apple.com/gb/app/business-profitability-analyst/id370368580?mt=8

Trading through tough times

We made available a "tough times" checklist a little while ago. A "powerpoint" slide show is now available for download from the link below to present to your partners, directors, managers and/or staff.

We would be pleased to answer any queries you may have and if you do not have Powerpoint we can supply you with the slides in an alternative format e.g. PDF.

Click here  for file (This is in Powerpoint 2003 format)

Surviving the downturn in the economy

With businesses struggling and the country now officially in recession, the Institute of Chartered Accountants in England and Wales is providing resources.

Click here for a PDF file - "Eight ways to survive the downturn"

Our firm has also produced a 2 page "action checklist" which can be downloaded by clicking the link below.

Download Tough_Times_checklist