Are you a subcontractor in the construction industry?Have you ever considered applying for Gross Payment Status?Many who are subject to CIS love that they get a refund at the end of the year, it can help smooth out the tax payments and feels like a little bonus at the year end.At times though cash flow can get tight, would you benefit from acquiring gross payment status so your invoices are no-longer paid under deductions? Leaving you to budget and settle your tax bill in your own time? Even if cash flow is not tight, would you rather be more in control of your tax payments?

Each year thousands of individuals put off filing their tax returns until the last day (I am sure that more than one person reading this has just said ‘that’s me!’)...miss the deadline and penalties may be incurred. This begs the question, why put off filing a tax return and run the risk of incurring a late filing penalty, these start at £100! And begin to rise considerably. See my blog ‘A costly mistake’ for examples. I guess it’s a job not many look forward to, and as we all know, jobs like that get put off and off until the last possible minute when they become a frantic rush to get sorted.

No one likes to get a penalty charge, have you ever got back to your car to see that little yellow notice stuck to the windscreen. That feeling of spending money and feeling like you’re not getting anything in return for it can be very upsetting.For all those who have to file Tax Returns electronically the due date of January 31st is a very important day. Miss this deadline and the initial penalty is £100! (I can think of a lot of other things I would like to spend £100 on). You may have noticed a key word in the last sentence ...Initial....Believe it or not the penalty can be more!