All you need to do is sign 2 forms:

1. Form 64-8, this informs H M Revenue & Customs that you have authorised a new agent to act on your behalf when dealing with them in the future; and

2. A letter of engagement. The letter of engagement is a standard agreement explaining what we are responsible for and what you are responsible for.

Elpizo… Continue reading

New campaigns will focus on builders, direct selling and people who fail to do tax returns. Plus, campaigns aimed at electricians and e-marketplaces will be launched soon.
HMRC has announced its plans for campaigns in 2012. There will be three new campaigns, plus two which have already been announced will be launched before 31 March 2012.

Campaigns are designed to tackle tax evasion by encouraging people with undeclared tax… Continue reading

November ushers in late autumnal gloom and long dark nights. What better time to stay indoors and review your financial affairs, making sure you are not missing any tax deadlines or losing out on any entitlements.
Our tips to keep you occupied in reviewing your tax and tax credits are set out under the following headings:
When dealing with HMRC, always keep independent evidence of postage, copies of documents you… Continue reading

Key findings from the UK report
Download the UK Enterprise Survey Report 2011 (PDF 2MB/32 pages)
Growth
Since the UK emerged from recession the proportion of businesses reporting growth has recovered, although it has not yet returned to 2007 levels.

Other key findings:

Six in ten businesses expect to grow their turnover over the coming 12 months.
Roughly half of growth in the economy will come from the… Continue reading

Many become directors for one reason and one reason only – to save on their tax bill via the ‘salary/dividend’ method.
What many owner-directors might not appreciate is that the role requires them to undertake specific legal duties; the penalties for non-compliance can be severe to include possible criminal proceedings.
This checklist is intended to form the basis of a list that can be given to all directors for… Continue reading

IT contractor Elaine Richardson, trading as ECR Consulting, emerged victorious last week from an IR35 case that could have cost her £50,000.
In their ruling, the tribunal judges concluded, “It is clear to us that ECR is a genuine business and therefore not a target of the IR35 legislation.”
After it decided Richardson was a disguised employee through an engagement with Vertex Data Science, HMRC handed her a £50,000… Continue reading

All change from April 2011

The rules for paying some of the most common taxes are changing.

•Corporation Tax. From 1 April 2011, companies and organisations must submit their company tax returns online and pay all corporation tax and related payments electronically. This includes interest on overdue corporation tax and penalties for not filing company tax returns on time.
When, exceptionally, payment is made by cheque after March… Continue reading

Family businesses face very specific challenges in their quest for growth and success. Here Grant Gordon identifies the potential obstacles and advises on how to overcome them.
The strengths of family businesses have been highlighted by a number of recent studies and include their tendency towards long-term thinking, a restrained attitude to debt, a genuine commitment to customer service and an unceasing entrepreneurial approach.
In the UK, according to the… Continue reading

Income tax and CGT for 2011/12 and beyond

In advance of the Budget there was much media excitement about whether the Chancellor would increase the tax-free personal allowance for 2011/12 by an extra £600 on top of the £1,000 increase we already knew about.

In the event, there will be no changes to the rates and thresholds for 2011/12 for income tax, National Insurance contributions and tax credits… Continue reading

Against a background of rising inflation, considerable public debt and borrowing requirements, George Osborne has stepped up to the plate today to confirm his changes to the UK tax system. Prior to the event we were advised that he would be confirming significant increases to personal allowances, taking steps to help with rising petrol prices and perhaps simplifying the tax system, in particular a possible merger of National Insurance and… Continue reading