Many lenders are now asking to see copies of HMRC SA302 forms covering the past two or three years tax years. The SA302 is a response from HMRC which is only issued to those who file a paper tax return before 31 October following the end of the tax year. If you or your accountants have filed online you won’t have a SA302 form.Read More
Can I take on somebody to do work for me on a self-employed basis? My boss has asked me to become self-employed, is this legitimate?
These are questions that I have been asked frequently by clients in my time in practice…Read More
H.M.R.C. are cranking up their campaigns against tax defaulters by launching two new initiatives:
The Let Property Campaign
This campaign is aimed at getting people with undeclared rental income to come forward. It is targeting the residential property letting market. H.M.R.C. estimates that up to 1.5 million landlords in this sector may be…Read More
My heart sinks slightly when I hear the words:
“I was talking to a man in the pub (or customer or mate) and his accountant tells him that by doing X, Y and Z – I can achieve A,B or C….” Then my client will say “why can’t I do this”?Read More
As you can imagine, the H.M.R.C. have a big job each tax year-end in reviewing the tax liabilities of nearly 5.5 million people. They will receive their tax calculations (via form P800) before the end of October of the year in which the tax-year ends (so for Apr 2013 – that is 31st October 2013 and so on).
These calculations only affect those who have income taxed under PAYE and who have not been asked by H.M.R.C. to complete a self assessment tax return for year-end under review. If you don’t fall into either of these categories you don’t need to worry.Read More
From 1st October 2013 companies with fewer than 10 employees and a turnover less than £632,000 have been able to submit a simplified Balance Sheet and Profit and Loss Statement to Companies House for their annual accounts. This is the Government’s response to the European Council formally adopting into EU law a set of limited exemptions for micro-entities from the accounting requirements of the 4th and 7th Directives.Read More
The Finance Act 2013 affects the tax on loans from a company to its shareholder/directors. Some of the rules took effect on the 20th March 2013. This post gives you a bit of background to this Act and the differences that now affect Shareholders or Directors:Read More
A recent survey of 1400 adults by the insurers Aviva, has revealed widespread misunderstanding of the IHT exemption rules. I thought you may be interested in some of these common myths – because you may well hold one of them yourself!Read More
Our annual Clifford Towers Tax Investigations Service begins on 01/11/2013. We recommend to all of our clients that they join the scheme.
The scheme covers costs in the event that you are selected by HMRC for an investigation and will ensure that you do not have to simply concede to their outward demands without adequately defending yourself .Read More
I act for a number of elderly clients in preparing their tax returns and supporting them with tax advice as and when they need it. More often than not, I find that with my more elderly clients, our working relationship goes above and beyond the “norm” of what you would expect in accountant-client relationship.
Just recently I was contacted by one such client, an elderly widow of a farming client. She runs a small bed and breakfast business from the farmhouse and was calling because she had received a perplexing call from someone who said they were ringing from Google.Read More