Tax Advice Network delivers recession strategy for accountants

With news that the UK is now teetering on the brink of recession, The Tax Advice Network is hosting a unique seminar designed to help equip accountants with a ‘recession strategy’, which will enable their business to survive current economic conditions as well as successfully advise clients who are being adversely affected by the continuing credit crunch.

The half-day seminar entitled ‘Mastering the credit crunch – your practice, your advice, your future’ will be delivered by Tax Advice Network founder and former ICAEW Tax Faculty Chairman Mark Lee and will cover a range of practical topics including tax advice for clients suffering the crunch, credit control tips, techniques and traps, protecting your firm when a client goes into liquidation, avoiding tax traps on redundancies and negotiating fees when times are tough.

Lee will also explore strategic business development issues such as maximising outsourcing opportunities, marketing messages in the current climate, how to find your niche and sources of capital for accountancy firms.

“Many accountants will be acutely aware of the increased risks posed not only to the survival of their own business, but that of their clients too.  As a result, most accountants have probably already started to make changes in the way they conduct business but may be struggling to turn ad-hoc reactions to market changes into a more concise business development strategy”, suggests Lee, who has presented hundreds of seminars over the last 25 years and is renowned for his dynamic and engaging seminars tailored specifically for accountants.

“If you remember what life was like in practice during the last slow-down you’ll want to avoid making the same mistakes again. And to grow and prosper in the current economic climate, you need to take time out to consider the key issues impacting your business, your staff and your clients and plan how you are going to make the most out of the situation”, explains Lee.

The seminar is being supported by Killik Asset Management and will take place on Wednesday 19^th November from 9am-12.30 at their prestigious offices in Grosvenor St W1. Tickets are priced at £197 + VAT and places are limited so early booking is advised. For more information on how to book your place visit www.TaxAdviceNetwork.co.uk/sem  or call Clare Gillbanks on 0845 003 8780.

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Tax Advice Network reveals truth about 31st October tax deadline

Don’t Panic, is the message from the Tax Advice Network for non-partnership businesses struggling to meet the HMRC’s 31^st October deadline for paper tax returns. The independent specialist tax advice network has revealed that as long as you settle any tax payable by 31^st January 2009, you are unlikely to incur a late penalty charge.

According to the Tax Advice Network chairman and former ICAEW Tax Faculty Chairman Mark Lee, many people still aren’t absolutely clear at what point HRMC’s computer systems will start issuing £100 penalty notices for paper based tax returns filed late (e.g. in November, December and January). In theory, HRMC would need to process rebates on all £100 penalty charges issued during this three month period if the full tax was paid by 31^st January 2009.

“Despite contradictory messages given out in recent weeks HMRC have now confirmed that no penalty for the late filing of a paper return will be generated by HMRC systems until after 31^st January 2009.  Thus, whilst people shouldn’t ignore the deadline simply because there is no effective penalty (as long as they pay all of the tax they owe by 31^st January 2009), if there is some reason why you cannot file your paper return as intended by 31^st October for whatever reason, you need not panic”, explains Lee. “HMRC’s recent messages have focused on whether taxpayers will have a ‘reasonable excuse’ for late filed returns. In practice this will be academic as long as all outstanding tax is paid by 31 January”.

However, Lee warns that this does not apply to partnerships, who DO need to ensure their returns are submitted by the 31^st October deadline.

“The £100 penalty has always applied to the partnership and to each of the partners if the partnership return is filed late. And it’s not rebated to nil, highlighting the importance of the 31^st October deadline for professional firms that do not file their own partnership returns online”, warns Lee.

“It’s also worth remembering that the enquiry window now closes 12 months after a tax return is filed so ‘late’ filed paper based tax returns simply extends the time period during which HMRC can open an enquiry into that return”, adds Lee.

 

The Tax Advice Network is the UK’s first independent specialist tax advice network. For more information or advice on tax related issues visit www.TaxAdviceNetwork.co.uk

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Notes to Editor

The Tax Advice Network contains a free to use (currently) online search facility that helps you find the specialist tax adviser that you need. Much more than a simple directory it is a 21st century approach to business services and a trailblazer in the accountancy and tax world.

The UK’s first independent network of tax advisers was the brainchild of Mark Lee, a former Chairman of the ICAEW Tax Faculty. He has ambitious plans for the network drawing on his many years of experience in the profession and his involvement in both offline and online membership communities.

The Network provides accountants and other regulated advisers with the ability to choose who provides them and their clients with specialist tax support.

Tax specialist members expect to enhance their businesses through the benefits they gain within the network. These include the additional exposure they get to their target audience and from being part of a supportive community of tax advisers.

Membership of the Network is limited to tax specialists who are able to satisfy our membership criteria and are willing to make a commitment to the Network and the members thereof.

For more information visit http://www.taxadvicenetwork.co.uk.

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