The date has been set for the 2012 Budget. Get your diaries ready…. Wednesday 21st March. As always we will of course produce a simple budget report as quickly as possible after the event.
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Archive for the ‘Personal tax’ Category
Simplifying the complexities of tax returns and self-assessment
Whether you’re a self-employed individual, a sole trader, a partnership or a limited company, you will need to inform HMRC of your income from these ventures. Penalties and charges are numerous for failing to stick to the guidelines set out by HMRC, so it’s advisable to attend to these requirements at all times. When you[...] Read more »
Directors’ Benefits: All about mobile phone freebies and taxes
Are you worried about that freebies are tax free or not? Well, this is a question in minds of many people. The funniest part is that while using companies’ phone or enjoying the incentives people are thinking about only one thing and that is about paying taxes. Let’s start with the basic, it is very[...] Read more »
New taskforces combat tax evasion
HMRC has announced the latest of their taskforce crackdowns targeting specific trades, this time focussing their attention on the fast food industry. Other taskforces so far this year have been clamping down on restaurants, plumbers and handymen with the intention of uncovering the tax evasion that is commonplace in many of these industries. These taskforces[...] Read more »
New Tax Penalties To Watch Out For
It is important for any small business owner to remember that new late filing penalties have been brought into effect by HMRC in April 2011. Anyone who does not file their self-assessment tax forms on time will be subject to these penalties, which increase in scale depending on how long you delay filing or paying[...] Read more »
Claiming Tax Relief on Overseas Properties
There are many savvy investors that decided to take advantage of cheaper properties during the time when the price of similar properties in the United Kingdom (UK). Increased harmonisation between the UK and the rest of Europe has now resulted in residents of the UK now being able to claim tax relief for furnished holiday[...] Read more »
Life After the 31st January – The Next Steps
There is doubt that there is many a business that is breathing a sigh of relief now that the 31st January has passed. The chances are that the businesses that struggled to meet the deadline are happy that it is over. However, in reality it is time to put their accounting systems in order not[...] Read more »
Financial Projections Made Easy
Financial projections are simply a matter of making a good estimate of what products or services you are going to sell, what it will cost and what your ongoing expenses are going to be. Often future planning is thwarted because of the failure to produce sound financial data. Fiscal Year Tax law allows businesses to[...] Read more »
A Guide to Tax Penalties
Not only have tax rules changed, but so have penalties since 1st April 2009. It is now possible for HMRC to impose penalties of up to 100% if it is proven that business owners have deliberately avoided paying the correct amount of tax. Reasonable care HMRC states, in its guide to the new regime; “We[...] Read more »
Completing your 2008/2009 Tax Return
Do’s and Don’ts of completing your October Tax Return Now that the summer is out of the way, it is a good time to start tackling your 2008/2009 tax return. Especially if you are submitting a paper based return as this is due by October 31st. Preparation is Key It is likely that completing your[...] Read more »