Tax Challenge

Ray Stewart Business, Tax Matters Leave a Comment

Do you really want to give the taxman £521,700? It’s a lot of money, isn’t it?  But, even before the current economic crisis, that’s how much someone earning £30,000 a year would have paid in taxes over their lifetime. While if you are lucky enough to earn more than £30,000, your lifetime tax bills will probably have been even higher. …

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

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..

Bookkeepers Can Be Bad For Your Business Health!

Ray Stewart Bookkeeping, Business Leave a Comment

I spend a lot of my time telling people they need a good bookkeeper to help them look after their business. But recently I have seen really vivid examples of how a bad bookkeeper can seriously damage a business. From bad work, incomplete work, unjustified work and unnecessary work all mixed in with no support and no accountability. The problem facing business people is how to know a good bookkeeper from a bad bookkeeper?

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?

When Voting In May – Remember Labour’s Highest Rate Of Tax Is 60%!

Ray Stewart General, Tax Matters Leave a Comment

Having discussed tax with a high earning client earlier today, I was suprised they hadn’t realized there is a current highest rate for some earners of 60%. So I thought if one person didn’t know then there are probably a few more out there that ought to be informed before they cast a vote on May 6th.

OK. It isn’t a universal tax rate. It only applies to some people whose income falls into a certain range…

Offshore Bank Accounts – Anything To Declare?

Ray Stewart Business, Tax Matters Leave a Comment

Are you aware that the last chance to minimize penalties on monies squirrelled away in offshore bank accounts is upon us?

You have until 30th November 2009 to make a New Disclosure Offer. After that, HMRC gets nasty. They already know who you are as the offshore banks have now coughed names and details to HMRC of UK citizens who are customers. So it isn’t a matter of if – just a matter of when.

There are many reasons why you may be reluctant to come forward and talk to your accountant about this…

Self Assessment – The Last 7 Days

Ray Stewart Bookkeeping, Business, General, Tax Matters Leave a Comment

Yup.. Just a week until the filing deadline for your 2008 Self Assessment Returns – if you haven’t done it already. Just a few things to bear in mind for you:- 1. Using the on-line filing system is no guarantee that your SA form will be accepted first time. There could be errors, boxes ticked or not ticked, student loan …

Do You Really Want A State Pension When You Retire??

Ray Stewart Bookkeeping, Business, General Leave a Comment

Watching breakfast tv this morning, my ears pricked when they heard a story about women “officially” now being able to top up their pensions if they have too many years contributions missing, by making payments of £400 per year for each year missed.  These missing years usually occur when time is taken for having and bringing up a family.  But …