Have you received an email recently that looks like this: From: HM Revenue & Customs Date: 6 February 2011 08:04:29 GMT Subject: Tax Refund Notification Tax Refund Notification After the last annual calculations of your fiscal activity, we have determined that you are eligible to receive a tax refund of 468.50 GBP. Please submit the [...]
Ever wondered how HMRC check whether you have paid the right amount of tax? We all know HMRC has vast powers, and we all know there is a push from HMRC to target small business, this coupled with the new penalties regime that came into force on 1 April 2010 it is all very worrying [...]
If you haven’t done your 2010 Self Assessment Tax Return don’t leave it any longer, there is still time to beat the 31 January 2011 deadline and avoid any unnecessary fines or penalties. If you haven’t got an accountant and are going to submit your own Self Assessment Tax Return there is an alternative to [...]
Rising taxation seems to be the new mantra for the 2011-2012 financial year. For most people it will be the rising cost of VAT from 17.5% to 20% in January 2011 on goods and services. For others who fall outside of the remit of PAYE scheme and earn in excess of £150,000 there will be [...]
The current economic downturn may have affected the profitability of your business. That is, you may be trading at a loss. If this is the case then you will need to make some astute decisions in regards to your taxes. Ideally you should be aiming to achieve the very best tax result that is possible [...]
As everyone knows by now, HMRC have been allowing businesses to defer paying tax by entering into an arrangement to pay in instalments, we first reported this in November 2008. What a difference a year makes, because even though the arrangements are still provided for we have something different to report, we have now found [...]
If you talk to a small business owner about tax it will not be uncommon for them to come up with numerous justifications as to why they feel they do not require professional tax advice. Frequently their beliefs about not requiring taxation advice revolves around four pillars of thought. The first being:- 1. I do [...]
A quick guide to saving for retirement Even though retirement may seem like a long way off for many people it still merits thinking about in advance. Essentially planning ahead will help you to be more tax efficient. Entering into retirement does not automatically mean that many people will cease to pay taxes. Paying taxes [...]
Cutbacks, cutbacks, cutbacks seem to be the words on everyone’s lips nowadays. It does look as though nothing will be sacred when the present government decides to ‘tighten its belt’. If the government are doing it then there is no reason why everyone else should not be following suit and trying to save money. A [...]
Did you know that any income gained from the rental of property should be declared to HMRC as a taxable income? It does not matter whether or not you are already paying income on your salary you will still need to declare any income acquired from the rental of a property. Whether you rent a [...]
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