This however is not always recommended, as this can be a false economy. It is usually more beneficial for your business to hire a skilled professional to carry out the services they are experts in.

Well established businesses will take much interest in providing efficient services for you.  This is where long- term partnerships with professionals may often pay dividends.

Key points to remember:

• Do they have a good track record
• Look for businesses who have been in practice for a while
• Check out their online portfolio if they have one
• Have excellent and frequent communication
• Be clear about the results you want.
• Ensure systems are in place to manage your team

From April 2013, the 50p tax rate will be reduced to 45p. This is because the current tax rate has damaged the economy and has raised very little.

Income Tax

The new personal allowance of £8105 begins in April 2012, with a further increase to £9205, which will take effect from April  2013.

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The main rate of Corporation tax has reduced by 2% from 28% to 26% in April 2011.It will reduce by 1% per annum until it becomes 23% in April 2013.

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Currently HMRC can demand security for insurance premiums, environmental taxes and VAT, which is proving to be effective, as a high percentage of traders are complying after the first warning letter.

If you feel you may be affected and have genuine problems, take a look at the page on HMRC website ‘ Problems paying HMRC’, offering guidance and advice.

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As from March 2013, there will no longer be a charge for incurring an unarranged overdraft by a small amount and consumers will be sent annual statements highlighting how much they are being charged.

From September 2013, a new switching service will be introduced to minimise the hassle of switching bank accounts within a guaranteed seven days.

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Last day to pay any balance of 2010/11 tax and Class 4 NICs to avoid an automatic 5% late payment penalty.

31st March 2012

End of Corporation Tax financial year.

Filing date for Corporation Tax Return Form CT600 for period ended 31st March  2011.

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This is set to change by 2015, as the government plan to make changes by allowing any employee the right to request flexible working hours.

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If an employer decides to give a reference, they should make sure it paints a realistic view of the indvidual and does not include any discriminatory comments. Abscence may be included, but permission  must be given by the individual before doing so.

Employers should not be worried about giving references, but it is wise to set out policies and guidelines for this as to the type of reference given and who can give a reference from within the company. It would also be wise to include a disclaimer of liability on any reference to guard against negligence.

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Many people think that by doing their own bookkeeping, they will be saving themselves money. In fact, if you are under-qualified and unsure of the bookkeeping, you will be costing yourself more time and money in the long run, as your accountant will have to pick up the pieces in order to produce your year-end accounts. Therefore, it is advisable to appoint a qualified bookkeeper to make sense of your finances, so you can improve your cashflow.

These rates can be very expensive, so it is worth finding out whether the car can be owned by you personally, instead of the company.  If this is the case, then you are able to claim back the business mileage at the prescribed rates.

Please feel free to contact CJS if you require any further information.

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