Please click on the link below for our summary of items in yesterday’s budget that will affect you.
Please click on the link below for advice on saving tax in 2015/16
Many business owners have a loft/garage/spare bedroom full of business records.
Business records have to be keep for 6 years. HMRC can levy fines if the records cannot be produced. These records can also get lost, damaged, muddled and key information lost. The link between the figures on the tax return and these documents may then become unclear.
We have a simple, inexpensive solution to for you.
When we receive your records, we scan them for you. Then, using advanced software and our skills, we produce your accounts together with schedules of items making up the figures and an image of the documents themselves. This will satisfy even the most demanding HMRC Inspector.
We will send you a copy of the file (which will be in PDF format) and show you how to store it in a free Dropbox or GoogleDrive account.
Price for this additional service depends on the volume of records. Prices start at £30 plus VAT.
Please click on the link below to see a summary of yesterday’s budget.
Please do not hesitate to contact us if you have any questions.
HMRC has boosted returns from its investment into tax investigations carried out by local compliance teams, which focus on individual taxpayers and small businesses (a new report from The 2020 Group has found). For every £1 spent by local compliance teams in 2013/14, £18 was collected in additional tax. This is up from £16 per £1 invested during the previous year.
In total, £8.9 billion in extra tax was collected via local compliance investigations in 2013/14, up from £7.8 billion in 2012/13.
This high return on investment means that HMRC is likely to continue to pour resources into tax investigations undertaken by these teams. A growing number of ‘everyday’ taxpayers, including more SMEs, are likely to find themselves under scrutiny as a result.
This increased efficiency serves as a reminder that HMRC is broadening its range of targets. HMRC is no longer focusing solely on high net worth individuals with money held offshore or traditional cash businesses. The attempt to increase revenue has led to a greater focus on ordinary taxpayers.
HMRC has launched a range of campaigns in recent years targeting everyday taxpayers. The ‘Second Incomes Campaign’, for instance, means that private tutors and even online traders are amongst those under more intense scrutiny. Voluntary disclosure schemes have also been launched to target specific job sectors, with solicitors being one of the most recent targets.
The 31st January filing deadline typically triggers a wave of new tax investigations. HMRC’s increased efficiency means that taxpayers should be ever more diligent when completing self-assessment tax returns.
The new aggressive approach adopted by HMRC means it is much more likely that tax-payers may end up on the receiving end of a tax investigation.
Here at TaxAssist Accountants we give peace of mind to clients by offering an insurance policy to pay our fees if a client is selected for enquiry.
Here in Shrewsbury, my team and I are often asked about income tax payments are calculated and, particularly, payments on account.
The link below will take you to our guide on this subject.
I hope you find this useful. Please feel free to share it with your friends (if they are interested in tax !)
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.
*Subject to paying a minimum annual accountancy fee.