New Penalty Regime Starts To Bite – Hard!

Ray Stewart General, Tax Matters Leave a Comment

HM Revenue & Customs have introduced their new penalty structure for tax payers who, for whatever reason, fail to file their Self Assessment forms in line with the rules. The new late filing penalties are upsetting a lot of people who had become used to the old system where the fine was reduced to £nil once the outstanding forms were eventually filed if it were shown there was no tax liability, or that all the tax had been paid by the 31st January

HMRC change RTI goalposts

What Is The Plumber Tax Safe Plan?

Ray Stewart Business, Tax Matters Leave a Comment

HM Revenue & Customs have decided to offer a “disclosure opportunity” to those engaged in the plumbing and heating business. I have been asked recently why the government would do this! I could think of a few unprintable answers to this but a number of amnesties have been offered in the past few years to different areas of business and relating to specific areas of income.

The problem HMRC have is that the whole system of Self Assessment is based on the notion that people tell HMRC the truth about their income and work out their own tax liabilities based on that income

Self Assessment Returns – Sorted Once Again!

Ray Stewart Business, Tax Matters Leave a Comment

I am sitting here with my feet up having just filed the last of our 2010 Self Assessment Forms for clients. It is always a slightly satisfying time although marred each year despite my best attempts by clients who just will not co-operate. I chase, text, telephone, email, visit and even harrang offenders in the streets trying to get information out of them. This year I have just one..

Santander – New Mortgage Rules Suck

Ray Stewart Business, General Leave a Comment

It seems everything has changed with this huge Bank – that own a few of our banks here – Alliance & Leicester being the one in question today – since the budget last month.

A client of mine recently applied for a mortgage with them. His income was well over their minimum requirements, he has a perfect credit history and has had significant savings with the bank for more than 10 years.

You would think they’d jump at the chance to give him a mortgage…..

Tax Investigations – The New Regime

Ray Stewart Business, Tax Matters Leave a Comment

I need to make you aware of the new HMRC investigation regime that came into being in April 2010. This is partly due to the old Labour government’s need for cash – but there is no sign yet that the new Coalition will change anything.

HM Revenue and Customs have been charged by the government with two main aims. One, to cut costs and Two, to extract much more money from us tax payers. So as staff are cut, how can they achieve their other aim of increasing revenue?

You Can Now Pay Your Self Assessment Tax By Budget Plan

Ray Stewart Business, General, Tax Matters Leave a Comment

The government have introduced a budget plan to help people to pay their self assessment taxes over a period of time by direct debit. The plan only applies to those people whose tax affairs (and payments) are right up to date though. If you are one of those lucky people, you probably don’t need the opportunity to pay by instalments via direct debit, but you can also use the scheme to arrange your payment due on the 31st January 2010 to be paid in full by direct debit as well.

If you are behind with your tax payments…