Solace blog and news

Fail to prepare, prepare to fail

Your business is bound by HMRC’s delightful deadlines on a monthly, quarterly & annual basis for various elements of your bookkeeping, whether it’s VAT and CIS Returns, Payroll submissions, year end P11d’s or PAYE reconciliations.

Inevitably, and as you will know all to well running your own businesses, we can hit pinch points when it comes to preparing for these deadlines. But with your help we can keep these ‘pinch points’ to a minimum ensuring we not only meet the deadlines, but we can also maintain the regular work we carry out for you.

We are kindly asking, that you review the reports we send to you on a “weekly” basis and respond to us. Just a few moments of your time each week will not only keep any requests we have as bite size chunks for you to fit in and around the daily demands of your business, but it will also help us to be more efficient, and ensure that we meet all of these deadlines without you incurring any penalties.

We have had to take the tough decision to incur a financial penalty if we don’t get information by the deadlines shown in this timeline. This is not because we want to generate extra revenue, but rather we don’t want last minute submissions cutting into our team’s time off with their families. Just recently we were chasing for information for VAT returns which meant that one team member was having to work during her holiday; we really do value our team and their work life balance and we’re sure you do too.

Below is a timeline of a usual month in the life of Solace.
Deadlines are as follows;

  • By 10th -Previous months bank reconciliation completed and monthly reports finalised and sent to clients
  • By 20th – Vat returns prepared, submitted to clients, approved and submitted to HMRC
  • By Month End – Payrolls prepared, submitted for client approval and submitted to HMRC

Where our regular reports are submitted to clients but we are still awaiting information to be able to meet HMRC deadlines on your behalf a surcharge of a minimum of £50 +VAT will be incurred.

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