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What is Income Tax Avoidance Anyway? – Business Advice

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Tax avoidance is the legal utilisation of the tax regime to one’s own advantage, to reduce the amount of tax that is payable by means that are within the law. By contrast, tax evasion is the general term for efforts not to pay taxes by illegal means. The term tax mitigation is a synonym for tax avoidance. Its original use was by tax advisors as an alternative to the pejorative term …

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Tax Evasion Costs Treasury 15 Times More Than Benefit Fraud – Business Advice

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At £30 billion per year, fraud in the UK is more than twice as high as thought, with tax evasion costing over £15 billion per year and benefit fraud just over £1 billion. Based predominantly on 2008 data, the National Fraud Authority’s first ever Annual Fraud Indicator found fraud against the public sector accounts for 58% of the total fraud in the UK per year. Tax evasion is around 3% of total tax …

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Proposed HMRC Powers Could Criminalise Tax Advice – Business Advice

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Criminalise Tax Advice Draft legislation from HM Revenue & Customs (HMRC) could potentially criminalise anyone giving advice on tax, such as accountants, advisers or members of the public, according to the Association of Chartered Certified Accountants (ACCA). The draft legislation sets out proposals to class the provision of tax planning or advice on tax avoidance as deliberate wrongdoing’ under the law. This would mean a penalty of up to £5,000 for anyone dispensing tax advice.

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HMRC Attack on Private Use of Company Vans – Business Advice

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One of those areas we are seeing increasing activity from HMRC is around the use of company provided vans by employees, where a nil benefit has previously been reported on end of year forms P11D. From April 2005 the tax rules changed to allow employers to report nil benefits where employees used their vans for the use of travel from home to work (i.e. for ordinary commuting). Prior to …

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Tax Havens are good things… – Business Advice

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TAX HAVENS are nothing to do with tax evasion and crooked business activities generally. It’s no good political pundits making a big fuss and begging to people’s feelings of self-poverty with a plea of “everyone must pay tax”. The fact is, no country controls the world, and no country should be allowed to control the world. There is fair competition, and that means that you should be allowed to escape …

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Don’t Pee Off the Tax Man!

In Business, Jokes, TAX by StevenLeave a Comment

A Little Bit Of Light Humour HMRC decides to have a look at Grandpas accounts, and summons him to the Tax office. The tax inspector was not surprised when Grandpa showed up with his accountant. The tax inspector said, ‘ Well, sir, you have an extravagant lifestyle and no full-time employment, which you explain by saying that you win money gambling. I’m not sure HMRC finds that believable. I’m …

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HMRC to Target Plumbers

In Business, TAX by StevenLeave a Comment

So… the latest tax enquiry focus is taking a hard look at plumbers. Why is this do we think? Certainly the plumbing Industry is prone to ‘cash in hand’ jobs but probably no more than any other of the building trades, taxi drivers, restaurants or any other ‘usual suspects that HMRC traditionally lines up for enquiry. In fact the answer is rather darker – Welcome to the beginnings of …

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Four Million Couples Are Eligible!

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This financial year sees the start of the new marriage allowance. More than four million couples are eligible for a tax allowance of up to £212, but you have to formally claim it. Referred to by the Government as the Marriage Allowance, it is estimated that more than four million married couples and 15,000 civil partnerships are eligible for the tax break. …

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Catch up – Bookkeeping, Tax Returns, Company House Returns, VAT Returns, Payroll Returns | You Should Know This!

In Business, TAX, VAT by StevenLeave a Comment

Having late or outstanding accounts, vat, tax, paye returns is never a good idea, besides from the obvious breaking the law issue, penalties, interest charges, likelihood of high assessments and of cause the threaded tax inspection, having no or out of date accounts means that you do not have proper information on which to make management decisions and therefore run …

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The Business Review

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Revisiting your markets A business review offers you the opportunity to stand back from the activity outlined in your plan and look again at factors such as: Changes in your market New and emerging services Changes in your customers’ needs External factors such as the economy, imports and new technology Changes in competitive activity Asking your customers for feedback on …

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You need to be aware of the late filing regime!

In Business, TAX by StevenLeave a Comment

I really don’t like mentioning penalties but if you trade under a ltd company you need to be aware of the late filing regime Penalties will apply should a Corporation Tax Return not be filed on or before the due date for the return (normally 12 months from the end of the CT accounting period). A range of penalties apply …

Watch out for this ‘invoice’ email scam

In Business, TAX, VAT by StevenLeave a Comment

Watch out for this ‘invoice’ email scam Criminals are sending emails with attachments claiming to be invoices containing malware. This can then be used to access information stored on your computer – you need to be very wary of emails that claim to contain invoices, even if they appear to be from trusted sources Financial Fraud Action UK  warned that crooks …

Stay On Top Of Your Tax

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New Tax Year – get sweeping!…What areas should you actually be looking at that will help your business run more effectively? Stay on top of your tax As a small business owner, it’s highly likely that you’re going to have to pay tax on your earnings. But unless you’re well organised, it’s easy to lose track of what tax you …

New Tax Year

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New Tax Year – get sweeping!…What areas should you actually be looking at that will help your business run more effectively? Review your bookkeeping system If you haven’t yet started to re-evaluate your bookkeeping, just ask yourself how much time you currently spend on managing your business finances, or how much you spend on invoicing clients, forecasting your tax bills …

New Tax Year – get sweeping!…What areas should you actually be looking at that will help your business run more effectively?

In Business, TAX by StevenLeave a Comment

New Tax Year – get sweeping!…What areas should you actually be looking at that will help your business run more effectively? Open your business to wider markets With the new tax year about to begin, it’s a great time to consider taking your business down a new avenue. Could you start making a new product – or even offer a …

New Tax Year | What areas should you be looking

In Business, TAX by StevenLeave a Comment

New Tax Year – get sweeping!…What areas should you actually be looking at that will help your business run more effectively?   Review your customer list   Although it’s a good idea to keep your customers happy, it’s important to remember that not every customer will necessarily be beneficial for your business. For example, you may have someone on your …