The SmartStartup Way to Tax Back from the Taxman
Smartstartup Limited, a leading Chester firm advising start up businesses, is advising its clients and businesses to take advantage of a recently announced Government incentive to get money tax free from the Inland Revenue, which has recently launched an initiative to help businesses with their online tax returns. By 2010, employers must file their Employer Annual Returns (P14s and P35) online, either directly or through an intermediary. With the Inland Revenue’s new scheme, smaller businesses, with fewer than 50 employees, can get up to 825 pounds sterling tax-free over five years for taking up online filing before 2010. The first tax-free payment is 250 pounds sterling for filing the 2004-2005 returns online.
Doing business online has other benefits – the service is secure, convenient and quick. It is also now more efficient and reliable than using paper.
The Business Support Team at the Inland Revenue is hosting a free event to help smaller business employers register and activate the online service.
Noel Guilford a director of SmartStartup;
“It isn’t often that you can get money back from the taxman. As every business will have to file online in a few years, it makes sense to register now and take advantage of the financial incentive to do so.”
The Business Support Team will help employers register for the online service prior to the event by explaining the process over the phone. Attendees must, therefore, contact the Inland Revenue before 11 March 2005. To reserve a place at the event book online at www.inlandrevenue.gov.uk/bst/index.htm or telephone 0151 242 8380.
‘Activation’ of the online service will take place at the event for employers who have already registered over the phone and received their Activation PIN. Once you have activated the online service, the team will show you what it will allow you to do; for example, what forms can be sent online and how you can enter details of employees. The activation and online services demonstration will take approximately one hour.
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