Owning a small business means tackling new and challenging problems every day. You wake up to tricky situations and scenarios, one of the biggest fears for any small business owner is taxes. When profits are slim, and you have big dreams of better tomorrow, taxes can appear to be a significant deterrent factor. The best way to cover this is to stay two steps ahead and employ effective and efficient Tax Saving Strategies for Small Businesses. With the right tax planning strategies, you can ease your tax burden while maximising […]
VAT: Are you trading above the VAT threshold but not registered? HMRC has recently been writing to businesses which it believes are trading above the VAT threshold, but who are not currently VAT registered. If you have received such a letter, this is what to do: Inform your accountant or contact an accountant In a number of cases, HMRC has not sent a copy of the letter to your designated accountant. It is important to advise your accountant and copy the letter to them so that they can advise you […]
Citi Accounts | Accountants for Landlords With a jointly-owned property, the way in which the rental income can be split between the joint owners for tax purposes depends on whether the joint owners are married or in a civil partnership or not. Married couples and civil partners Where a property is jointly owned by a married couple or civil partners, the basic rule is that the rental income is split equally, regardless of the actual underlying ownership. Example John and Lisa are married. They jointly own a flat in which […]
Bogus HMRC calls, beware of emails, SMS’s proposing tax rebates, refunds or asking for personal or payment information A number of our clients have reported bogus calls, emails and text messages purporting to be from HMRC and calling for some form of action primarily focused on extracting client’s bank details. As such, we are providing this extract from the HMRC and the Which website in order to maximise coverage for both client’s and all individuals. The site addresses are: https://www.which.co.uk/consumer-rights/advice/how-to-spot-the-hmrc-tax-phone-scam https://www.gov.uk/government/publications/phishing-and-bogus-emails-hm-revenue-and-customs-examples/phishing-emails-and-bogus-contact-hm-revenue-and-customs-examples#bogus-phone-calls If in any doubt about bogus HMRC calls, please […]
Well you probably wouldn’t know whether you are paying too much tax or not. Self-assessment is what it says. HMRC do not as a matter of course check what has been filed with them. Just because HMRC haven’t investigated doesn’t mean what’s been submitted is correct. It could be that you are paying too much or too little tax, you wouldn’t know. It may be years later when HMRC do a routine check that you may find things haven’t been done properly and you are looking at fines & penalties […]