Law firm McGrigors have issued a warning to taxpayers to carefully check their annual tax returns. The legal firm had identified a number of cases where taxpayers had been fined incorrectly by HM Revenue & Customs for making incorrect or late payments. According to the law firm, many people won’t query the fines, as the guidance issued by HMRC is unclear, leading taxpayers to believe that an appeal won’t be successful. However, the law states that HMRC can’t issue a fine to any taxpayer who has a ‘reasonable excuse’ for late filing or payment. (more…)
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Here at Taylor Roberts, all our accountants are exceptionally knowledgeable when it comes to dealing with your imperative accounts.
Delay of Self Assessment demands causes extra burden for business
July 28, 2011
Self Assessment demands which are issued every six months have been delayed by HM Revenue & Customs, causing additional administrative burden for small businesses. An apology has been issued by HMRC for the failure to issue the statements informing taxpayers of the amounts due to be paid by 31st July each year. A payslip is attached to the statement which provides an opportunity, as well as a timely reminder, for payment of the sums due. (more…)
NAO challenges HMRC claims of efficiency
July 26, 2011
According to HM Revenue & Customs, a five year initiative has resulted in saving £400 million in resources and brought in £860 million in tax. The National Audit Office has challenged the claims made by HMRC.
A report by the NAO pointed (more…)
Helpline to be introduced for small business
July 24, 2011
A new telephone helpline is to be introduced as part of the government’s plans to provide support for small businesses. The helpline will be available in addition to the Business Link website, operating fully from 25th November 2011. Support and guidance will be offered to (more…)
Fast food tax dodgers targeted by HMRC
July 22, 2011
A new initiative has been launched by HM Revenue & Customs to crack down on the fast food traders who are deliberately keeping false records and not declaring accurate sales figures. The fast food traders in London will be in the spotlight as HMRC have been alerted to suspected fraudulent behaviour. (more…)
Survey shows personal savings being used to bail out business
July 19, 2011
According to a survey from Investec, a bank and asset management company the average small business has used £91,000 of its own personal savings in the last six months. In total, small businesses in the United Kingdom have spent £2.8 billion of their own personal reserves, as a result of not (more…)
Approval given for initial stage of tax and National Insurance merger
July 18, 2011
The Chartered Institute of Taxation has applauded the first stage of plans to merge income tax and National Insurance. The government has undertaken intensive research into the administrative burden for businesses managing two separate systems for tax and National Insurance. A report published by (more…)
Survey of small business reveals inadequate service from HMRC
July 17, 2011
A survey carried out by the Institute of Chartered Accountants of Scotland has revealed that 65 percent of small businesses rate the service given by local compliance offices as poor and inadequate. Small businesses feel that they receive a poor service from HM Revenue & Customs while (more…)
Double dip prediction for UK economy
July 16, 2011
Finance directors which were surveyed by Deloitte believe that a double-dip is likely for the economy of United Kingdom. Deloitte surveyed FTSE 100 and 250 companies, with a third of the 131 finance directors polled believing that the UK economy is heading for downfall. (more…)
Unemployed given chance to start a business
July 15, 2011
A pilot for the New Enterprise Scheme has been launched in Merseyside to help people on benefits get back to work. Anyone who has been unemployed and claiming Jobseekers Allowance is eligible to apply as long as they have a viable business proposal. The scheme will be worth (more…)
