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Self Assessment Tax Returns filing deadline comes around again

The deadline for the submission of your personal 2011 Tax Returns is 31st January 2012. Please note that the penalty system for late tax returns has changed this year and the £100 penalty applies to all late returns even if there is no tax to pay, and daily penalties start to accrue if the return is three months late. For further information please contact Jayne Byrne, Head of Tax.

  1. P11D and Benefits in Kind

HM Revenue & Customs require employers to disclose any benefits in kind which are provided to directors (all) and employees (only those earning over £8,500) during the tax year. 

Benefits in kind can range from company cars and private medical insurance through to the payment of personal bills such as the home telephone bill and the use or transfer of company assets.   If required, we are able to provide a leaflet with further details. 

If you provide any benefits to directors and employees and would like us to prepare and submit the relevant forms, please give Jayne Byrne a call to discuss in more detail. 

If we already prepare your P11D’s on an annual basis no action is required and you will hear from us shortly.

There is also a requirement to report expenses reimbursed by the company to directors/employees on the annual P11D Returns, even if they are for business purposes, unless a HMRC dispensation and proper expenses claim forms are in place. This is also something we can assist you with.

The key dates are 6 July 2011, which is the deadline for submission of the returns and 19 July 2011, which is the payment date for class 1A National Insurance Contributions.

  1. End of January approaching...

  2. Remember that the 2010 Tax returns need to be submitted by the end of the month and any tax due has to be at HMRC by 31 January.  If you haven’t had payslip from HMRC you still need to pay the tax even if they haven’t asked you for it as this is self assessment – you have to calculate what you owe and pay it over on time.  Ways to pay can be found on HMRC website.  

If you have any queries regarding your personal tax please do not hesitate to contact Jayne Byrne, Head of Tax

  1. Business Payment Support Line Update

We are finding that that the Business Payment Support Line is being less flexible in providing payment plans in respect of tax liabilities which clients are having difficulties in paying.  They will expect confirmation that all other options have been exhausted first including credit cards, overdraft and loan facilities.  They will also expect to be prioritised over existing creditors and will want to know who your debtors are and if you are expecting monies in.  They will not give payments plans to owner managed businesses where dividends or non-contractual bonuses have been paid in preference to tax.  Finally it is no longer possible to simply ask for a plan where the liability is divided equally over a given number of months – they will expect you to have looked at your cashflow forecasts so that a proper plan of repayments can be agreed.  As a result of this it is necessary to do some preparation work in advance of ringing the Business Payment Support line. 

If you would like to discuss this please do not hesitate to contact Jayne Byrne, Head of Tax.   

  1. Our next big step!

  2. Hatch is delighted to announce that it is now a member of the Clifton Cowley Group, who specialise in assisting the growth of unique businesses.

  3. The group comprises of technology experts, patent agents, engineers, designers, chartered accountants and marketing specialists who work to develop and grow innovative ventures.

    We are able to offer specialist services for technology businesses including intangible valuations, detailed projection modelling for debt finance as well as R&D tax credit claims.

    For more information please visit www.cliftoncowley.com or contact Nick Warden at Hatch.

 

  1. Hatch Bristol now open!

Hatch is very pleased to announce the opening of our new office in Berkley Square in the centre of Clifton, Bristol.

Our Bristol office has an expert, fully qualified accountancy team specialising in business advice. We acknowledge that whilst business advice and compliance accountancy go hand-in-hand, the skills needed to perform each service effectively are very different. After all, not all great accountants make great consultants!

The compliance work for our Bristol clients will therefore be fulfilled at our Stratford offices by our experienced compliance team and all clients will be introduced to our unique transparent pricing structure. This will enable the Bristol based consultants to focus solely on providing high value business advice to our clients.

We believe that this offering will appeal to those businesses owners who, whilst needing to fulfil compliance requirements, need to focus their attention on the success of future goals.

 

  1. Working with other forward-thinkers to give YOU the best

  2. 22.06.2010
  3. (Event at the Ardencote Manor – 10th and 11th June)

    Earlier this month Hatch took part in an intriguing work shop with three related companies keen to combine their expertise for the benefits of their clients, especially those with technology-backed expansion plans.  Adding a firm of accountants to a mix already comprising patent attorneys, inventors and an advertising agency creates an exciting opportunity to address business challenges faced by all innovative entrepreneurs with products they are looking to take to market.

    With financial modeling and valuation expertise Hatch adds to the skills of the patent experts and technologists to turn brilliant ideas into commercially successful projects.  With the help of the other network partners, Hatch is developing a niche service valuing intangibles – the least understood section of many businesses and one of particular interest to other professionals such as bankers, solicitors and insolvency practitioners.

  4. So through its partners Hatch can:

  5. - Improve your design
    - Protect any unique elements
    - Market your product and brand, and
    - Create the financial plan to raise funds and make the project happen.

The two day event, held at the Ardencote Manor, was an opportunity for the business development heads of each company to better understand each others’ services and discuss ways in which to maximize business opportunities as a group.

“We forced 21 delegates to converge into one place, turn off their mobile phones and swap blue-sky ideas for a day.  Not all of the outcomes were predictable but we certainly developed some momentum for executing a program to leverage our knowledge across the businesses to existing clients and new prospects.”

Here at Hatch we are very excited by the discussions that took place and driving the future benefits we can achieve by working together.

 

  1. Hatch launches new website

Welcome to the new Hatch website!

We set out to create something that would reflect the main focus of Hatch; fantastic relationships with our clients.

The new site consolidates the successful re-branding of the company and the growth we have experienced since that time despite adverse economic conditions. Much of this growth we are happy to report has originated by existing client referrals and personal recommendations, something we are very proud of.

 We hope that the new site meets with universal approval and would welcome any feedback you may have.

 

New Hatch structure

As of 1st May 2010 Nick Warden and Steve Walsh have converted their interests in the partnership to a new Limited Liability Partnership, and as such all contracts and obligations have been transferred to Hatch Partnership LLP.

 

Hatch welcomes a new partner

Nick and Steve are delighted to welcome Rupert Symons who will be joining them as a partner in the new LLP. We anticipate that this new partnership will lead to some exciting opportunities in the services Hatch are able to offer. Watch this space for further news….