The deadline for filing your 2010/2011 tax return online is January 31st 2012 – are you prepared?

If you’ve never filed online before, you will need to register with HMRC’s self-assessment online service, at www.hmrc.gov.uk/sa.

Click ‘Register for Self Assessment Online’ in the top right hand corner, fill in your details and you’ll be sent an activation code which will be issued in the post. This can take a week or more, so if you haven’t already, now is the time to act! Anyone who fails to meet the 31 January deadline will be fined £100, regardless of whether or not any tax is … Continue Reading

When taking on a new employee, depending on their position or seniority, you may wish to provide them with a company car. You could do this full-time, so only that employee gets to use the car or you could give them casual usage, which means they can use it during business hours e.g. to go to a meeting.

Sometimes employers choose to give an employee a company car to commute to work instead of giving them a pay rise, travel costs or other employee benefits. Company cars are typically given to sales managers, who need to travel long distances or management … Continue Reading

It doesn’t happen very often, but last month the Chairman of HMRC apologised to taxpayers for the way they have been treated over the last year or so. The apology came after Mike Clasper, HMRC Chairman faced criticism from a committee of MPs.

The inquiry found that HMRC’s service to UK taxpayers had dropped to unacceptable levels during the last tax year (April 2010 – March 2011). MPs said the inquiry’s findings were “disturbing”. The Treasury Select Committee stated that the public had lost confidence in the tax system.

When examining HMRC’s performance, the committee stated that “poor service standards have been … Continue Reading

Following the tax code debacle, The Sun has revealed that nearly two million people, who have underpaid income tax, are now having the amount they owe written off.

HMRC is cancelling tax debts for 1.9 million people who paid the wrong amount of tax during 2006/07 because of PAYE issues. Potentially this cancelled debt could equate to as much £500 million, although is reality it is likely to be much lower, partly because anyone owing less than £50 automatically has their debt cancelled.

According to a spokesperson from the HMRC, if they pursued the outstanding sums they would recoup around £30 million. … Continue Reading

Welcome to December’s tax tips & news, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman.

If you need further assistance just let us know or you can send us a question for our Question and Answer Corner.

We are committed to ensuring all our clients don’t pay a penny more in tax than is necessary.

Please contact us for advice in your own specific circumstances. We’re here to help!
Tax Deductions for Franchise Fees
One of the easiest ways to step into the world of business is to acquire the right to operate a … Continue Reading

Welcome to June’s tax tips & news, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman.

If you need further assistance just let us know or you can send us a question for our Question and Answer Corner.

We are committed to ensuring all our clients don’t pay a penny more in tax than is necessary.

Please contact us for advice on your own specific circumstances.

We’re here to help!
Car Scrappage Scheme Tax Implications
The car scrappage scheme, which was launched on 18 May 2009, also applies to small vans that weigh up to 3,500kg. … Continue Reading

Welcome to May’s tax tips & news, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman.

If you need further assistance just let us know or you can send us a question for our Question and Answer Corner .We are committed to ensuring all our clients don’t pay a penny more in tax than is necessary.

Please contact us for advice in your own specific circumstances. We’re here to help!
How to Avoid the New 60% & 50% Tax Rates
The 60% tax rate will apply to the portion of taxable income falling between … Continue Reading

Welcome…The Budget included some tax increases that were almost inevitable with a 50% rate of income tax for those earning over £150,000, higher rate tax relief for pension contributions reduced and the favourable tax regime for furnished holiday lettings withdrawn from April 2010.

Some businesses will benefit from an extension of loss relief and a limited increase in capital allowances, whilst individuals will be able to put more into ISA’s but otherwise tax breaks are thin on the ground.

As with any Budget further details are likely to emerge in the next few days so please contact us if you have … Continue Reading

Welcome to April’s tax tips & news, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman.

If you need further assistance just let us know or you can send us a question for our Question and Answer Corner. We are committed to ensuring all our clients don’t pay a penny more in tax than is necessary.

Please contact us for advice in your own specific circumstances. We’re here to help!
Traps in the VAT Flat Rate Scheme
The Taxman likes to encourage small businesses to join the flat rate VAT scheme. This scheme simplifies … Continue Reading

Welcome to March’s tax tips & news, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman.

If you need further assistance just let us know or you can send us a question for our Question and Answer Corner. We are committed to ensuring all our clients don’t pay a penny more in tax than is necessary.

Please contact us for advice in your own specific circumstances. We’re here to help!
Top 10 Year End Tax Planning Tips
Sunday 5 April 2009 is the last day of the current tax year, and many small businesses … Continue Reading