Introduction
Lesser & Co was established in 1988. Over this period we have significantly increased our client base by offering a high level of expertise and experience to the privately owned business.
Our strength is in being committed and enthusiastic about the success of your business as well as giving a personal and friendly service at a competitive cost.
We believe in maintaining a close and regular contact with our clients by guiding them through the accounts and financial aspects of their business in a straightforward manner.
We offer more than an audit and accounting service. The common element shared by our range of services is their relevance to a particular client's requirements. Our philosophy is based on satisfying your overall business and financial needs.
HM Revenue & Customs (HMRC) had extended the BPSS for the term of next Parliament. BPSS potentially allows businesses to defer their Corporation Tax, Income Tax, PAYE, National Insurance and VAT liabilities for up to 12 months, in order to ease their cash-flow.
Interest will still be payable on the deferred amounts but without any penalties or surcharges.
For larger liabilities or where tax of £1 million or more is in arrears then a more rigorous process will apply, including an Independent Business Review, in order to secure extended payments terms.
Action – Urgent
HMRC has recently tightened the rules, and so businesses may need to produce management accounts and cash-flow forecasts to prove that they have the ability to pay back any deferred amounts. You need to apply for deferral before the liability becomes due.
It is therefore worthwhile seeking advice on the more complicated or larger claims in order to arrive at the best solution.
Where a business currently incurs expenditure on plant and machinery, the first £100,000 of the expenditure qualifies for 100% tax relief in the year of the expenditure. However from April 2012 the amount of expenditure on plant and machinery that qualifies for 100% immediate deduction will be reduced from £100,000 to £25,000. So you may wish to consider bringing forward significant expenditure as appropriate.