It’s very rare that our blogs are in any way trumpet blowing, but this is something we are all really pleased about and, we think, well worth a mention on Taxtalk.
As one of the Surrey area’s leading local accountants and business software specialists, Robert James Partnership has been selected as a Platinum Partner for the Sage 50 suite by business software and services provider Sage UK.
Leave a Comment February 15, 2012
Recent experience working with a selection of different clients has shown that Research and Development (R&D) tax credits are proving very valuable as a source of tax relief. Over the past few years, R&D tax credits seem to have earned a reputation for being difficult to qualify for, with a misconception that your line of business needs to include white coats and laboratories.
Taxtalk’s experience as Surrey tax accountants is to the contrary and a wide range of IT and technology companies are reaping the rewards. Applications for projects that are new and innovative, which cut operational time, help to achieve a competitive advantage, or even involve translating software into another language, are being approved successfully. (more…)
Leave a Comment January 30, 2012
Last week, the deputy Prime Minister Nick Clegg made some interesting comments concerning employee share schemes. This is something RJP has always supported because of their many tax benefits. Nick Clegg suggested more firms should operate what he described as the ‘John Lewis model’, whereby employees have a stake in the business and a direct share in profits. (more…)
Leave a Comment January 30, 2012
George Osborne has pretty much confirmed that the 50% tax rate will be here for the foreseeable future. With the deadline for self-assessment tax payments looming, now is the time most additional rate tax payers will feel the pain and start to wonder whether they might have been able to reduce their tax burden with some careful tax planning. Hindsight is a truly wonderful thing, but straight after the January 31st filing deadline is one of the best times to formally review your personal and business tax affairs. Virtually all of the changes for the 2012-2013 financial year have now been confirmed and the sooner you put measures in place to limit your tax liability, the better. (more…)
Leave a Comment January 29, 2012
Tax planning is an important issue to bear in mind when SMEs are considering their business strategy to ensure that the business operates in the most tax efficient way. This is why getting to grips with upcoming changes following the release at the beginning of December of draft legislation for Finance Bill 2012, is of the utmost importance. Taxtalk explains what has changed and what business owners should be aware of when making claims for capital allowances. (more…)
Leave a Comment January 23, 2012
There are just 7 days to go before the 31st January self-assessment tax returns deadline and Taxtalk’s Paul Webb outlines some very useful advice for those still needing to get organised. With trading conditions so tough at the moment for many small business owners, many people have had no option but to leave their Self-Assessment tax returns to the last minute and need to complete them in a rush.
Personal tax returns might be something of an administrative burden, but with HMRC out in force to collect as much revenue as possible, it is important to make sure yours is accurate and filed on time. Apart from resulting in an immediate £100 penalty (which will apply even if no tax is payable) and possible daily penalties of £10 per day, it’s never a good idea to fall under the tax officer’s spotlight. It could result in being targeted for an enquiry should HMRC’s officers start to wonder whether your business record keeping is being maintained diligently and whether there might be a tax shortfall to detect.
Taxtalk’s top tips for completing Self-Assessment tax returns (more…)
Leave a Comment January 23, 2012
It has come to Taxtalk’s attention that HMRC has a new taskforce (specialist team to undertake investigations into compliance activity) briefed to address non-filing of tax returns across the South East. This is because they believe there is an increasing problem with some taxpayers not submitting statutory returns across Corporation Tax, Income Tax, Self Assessment, PAYE and VAT.
The Government is spending £900m as part of a re-investment scheme designed to tackle tax evasion, avoidance and fraud from 2011/12. In return it hopes to generate an additional £7 billion each year by 2014/15.
You can be sure that taxpayers found breaking the rules will be penalised heavily. HMRC are going to be targeting taxpayers that they believe have made a conscious decision not to submit the necessary declarations. Honest businesses have absolutely nothing to worry about.
If you are unsure about your tax or think you may have underpaid, our advice is to speak to a tax expert to find out your best course of action. RJP’s Anne Eager specialises in tax enquiries to ask her a question email ae@rjp.co.uk.
Leave a Comment December 15, 2011
It’s almost Christmas and the end of another busy year. It’s one many of us will be glad has passed, with business conditions continuing to be difficult due to a lack of available finance and uncertainty over the Euro and Europe affecting demand.
So what have we got to look forward to in 2012 by way of tax breaks and opportunities. Here are our picks of what was announced in the November Autumn Statement. As is becoming customary with this government, the draft legislation has already been issued, which means the changes will go ahead as suggested. (more…)
Leave a Comment December 15, 2011
If you make deductions from employee wage packets did you know that in some instances VAT is payable on those deductions? Additionally, there are important changes to the VAT payable on salary-sacrifice schemes, which come into force on 1 January 2012.
Leave a Comment November 30, 2011
It has come to our attention that HMRC have started issuing letters to UK customers of HSBC Switzerland requesting that they sign certain forms in respect of their tax affairs. These letters originate from the new Criminal Intelligence Group which is based out of Birmingham.
Recipients are being asked to respond by signing the forms before the 21st December deadline. Although the letter isn’t explicit, it’s quite likely that if you get one of these and do nothing, HMRC will launch a full investigation into your tax affairs.
Our advice to any clients or colleagues who get one of these letters is DO NOT SIGN ANYTHING without taking expert advice. If you are unsure and want some immediate advice about this, please do not hesitate to get in touch for a confidential, no cost and no obligation discussion.
You can email any of RJP’s partners, Lesley, Simon or Paul.
Leave a Comment November 30, 2011
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