Our concise summary of yesterday’s budget for business owners and taxpayers

Please click on the link below for our summary of items in yesterday’s budget that will affect you.

budget_summary_2016_17_March – Shrewsbury

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Important action for limited company owners to take before 6th April, 2016

Our guidance note explains the changes to taxation of dividends and how they will affect limited company owners

Changes to Dividend Taxation

Emergency Summer Budget

Here is a link to our summary of the Chancellor proposals. The changes to taxation of dividends is going to need to be carefully considered. There was also a major increase in the minimum wage (now living wage).

Emergency Budget 8 July 2015

Please subscribe to our newsletter for more information.

Please do not hesitate to contact us if you have any questions.

Latest information on HMRC enquiries

TaxWise, who provide us with our fee protection insurance, have shared with me their latest statistics on HMRC enquiries. It makes dramatic reading. In the last 5 years, HMRC enquiries have increased 5 fold. You can see the information by clicking on the link below:

Claims by Month to TaxWise (July 2014)

Our clients are protected by the TaxWise scheme, which means that we will not charge our clients for time spent on HMRC enquiries (subject to some conditions).

If you are not a client, I strongly recommend that you consider getting some protection.

The Shrewsbury Accountants, TaxAssist in Sundorne, give an insight into HMRC Tax Investigations

Most* TaxAssist Accountants’ clients in Shrewsbury have the assurance of knowing that if HMRC launch an investigation into their tax affairs, we will deal with HMRC on their behalf and that we will not charge them for our time. We promote this as TaxProtect and it is currently provided by Taxwise.

The article below is written by Taxwise and gives a very good explanation.

If you have any questions please contact us rather than the telephone number on the document.

TaxWise article on HMRC Investigations

*Subject to paying a minimum annual accountancy fee.

 

The Shrewsbury Accountant, Nigel from TaxAssist Accountants, gives his summary of the Budget

Please click on the link below to access our really comprehensive review of the Chancellor’s announcements yesterday.

There is lots of detail to follow and we will, of course research it all and identify any potential effects. Aside from the headline grabbers, it is disappointing to note the continued aggressive taxation of motor vehicles. If you have company vehicles, you need to consider some further tax planning.

The Shrewsbury Accountant’s review of March, 2012 budget

As always, if you need further advice, please do not hesitate to contact us.

News for local businesses from Nigel of TaxAssist Accountants in Shrewsbury

01743 366669

FREE
INITIAL CONSULTATION

 

Welcome
to the July edition of News for Small Business where this month our articles
highlight planned and recently implemented changes in tax legislation.

Small business owners looking to make every penny count can benefit from
being aware of the implications of red tape and the penalties in place –
check out our articles below to find out more.

In addition we have placed the latest HMRC ‘Grab for Cash’ campaign under the
spotlight to examine its potential significance to legitimate online
businesses and UK taxpayers alike…

HMRC launches
VAT consultation

The government has launched a consultation to examine how the EU VAT
cost-sharing exemption could work in the UK… read more

Limited
companies can now claim Class 1A NI refunds

Refunds of Class 1A National Insurance payments could be available to limited
companies following a recent move by the government… read more

PAYE penalties
set to be levied, expert warns

While launched in April 2010, HMRC’s new PAYE penalty system will soon see UK
businesses landed with late payment fines, one expert has warned… read more

Small businesses
miss tax return deadlines

Small firms in the UK are missing important tax return deadlines, it has been
reported… read more

HMRC Target Online Traders

 

HMRC
are continuing with their ‘Grab for Cash’ campaign, and have now turned
their attention to online traders.
HMRC will be using state-of-the-art technology such as “web robots” to
search the internet and find focused information about specific individuals
and businesses.This new software will accelerate and revolutionise HMRC’s identification
of tax evasion but what will this mean for small businesses and UK
taxpayers?……..read
more

 

July 2011

ABOUT US

TaxAssist Accountants are the largest network of accountants
who focus their accountancy skills specifically on small businesses and
taxpayers in the UK.

OUR SERVICES

WHO WE HELP

As a network we look after over 36,000 clients
including.

Sole Traders

Partnerships

Limited Companies

Start up Business

Over 200 TaxAssist Accountants are located
across the UK offering local accountancy services to small business owners.

NEWS

For more news affecting small businesses, please
click below:

Tax News

Tax Tips

Questions & Answers

CONTACT US

01743 366669

FREE INITIAL CONSULTATION

Nigel Lomax

TaxAssist Accountants

1 Sundorne Avenue

Shrewsbury

Shropshire

SY1 4JW

 

www.taxassist.co.uk/nigellomax/

 

 

 

 

DISCLAIMER:
Advice shared in this newsletter is intended to inform rather than advise.
Taxpayer’s circumstances do vary and if you feel that the information
provided is beneficial it is important that you contact us before
implementation. If you take, or do not take action as a result of reading
this newsletter, before receiving our written endorsement, we will accept
no responsibility for any financial loss incurred.

 

01743 366669

FREE
INITIAL CONSULTATION

©2011 TaxAssist Accountants. All Rights Reserved.