Back to Blog

The pain of dealing with HMRC

@bdsmmia, The Professional Dominatrix from Bristol, understands what it's like dealing with HMRC. Perhaps we chartered accountants should stop complaining and just enjoy the pain?...

September 10, 2019

Telling HMRC you are self employed

If you started being self employed during the tax year ended 5 April 2019 and have not told HMRC that you are self employed you must do so on or before 6 October 2019.The HMRC website tells you what you have to do but why not ask an accountant to do it on your behalf. It's a lot easier.We include this service as part of our fee because it's so important to start off on the right track with HMRC....

September 8, 2019

HMRC - as much use as a chocolate poker

Successive governments, Conservative, Labour and for a short term the LibDems (in coalition with the Conservatives), have over the last 30 years cut HMRC so much that it's no longer fit for purpose....

September 7, 2019

Ethics isn't a county north-east of London

Ethics is defined as "moral principles that govern a person's behaviour or the conducting of an activity". It isn't, as far too many people believe, a county north east of London....

August 17, 2019

No paperwork - what can I do?

Too many accountants give bad advice.I have come across so many that I now believe that they just can't be bothered to give the right advice because it means they have to do some work to help their client,The commonest example is that "unless you have a receipt you can't claim it as an expense". I've always said this is utter rubbish but up until recently have never been able to quote someone who agrees with me.Thank goodness for TaxCafeTheir article, Top Ten Forgotten or Missed Deductions, stat...

August 11, 2019

2019 tax return deadlines

It's a wet weekend so I thought I'd write something interesting about tax. Never an easy task at the best of times.If HMRC have told you that you must submit a 2019 tax return you have until 31 January 2020 to submit it online or 31 October 2019 if you complete a paper return.My countdown timer tells me that's 173 days for the online return but only 81 days for the paper one.And don't forget that if you submit a paper return after 31 October 2019 and then try to correct the mistake by submitting...

August 10, 2019

You can't have it both ways

I thought I had the perfect title when I started writing but on second thoughts I think it would have been better to use "You can't have your cake and eat it" - less chance of confusion! :-)...

March 3, 2019

HMRC approved mileage rates from 2011/12 onwards

If you're self employed HMRC will allow you to claim for the cost of business journeys in two ways: 1) A percentage of all your car expenses based on the proportion of business miles you do. You may also be able to claim for the cost of your car as well. 2) An approved mileage rate, which includes the cost of buying your car. If you operate as a limited company you can still claim on the mileage basis but if you choose the other basis because the car expenses are paid for by the company you will...

November 20, 2018

HMRC penalties

HMRC have , without a doubt, over the last few years been less and less concerned about making sure taxpayers have done the right thing at the right time because if the taxpayer didn't bother there were ample opportunities for HMRC to charge penalties. In my opinion most of the penalties bear little relation to the "offence". Fining someone £1300 for not submitting a tax return on time seems excessive when the tax liability could well be far less than the penalty itself. I'm seeing more and mor...

November 17, 2018

How do I work out my turnover as a webcammer to decide if and when I register for VAT

Not the most exciting title and not the most exciting content but very important to avoid problems with HMRC....

November 17, 2018

The Budget and the Adult Entertainment Industry

I was amused that The Times in their Budget Review this morning had a separate section titled Sin Taxes! The good news is that it wasn’t referring to the Adult Entertainment Industry but alcohol and tobacco duties instead which will be frozen on beer, cider and spirits. Duty on wines will rise in line with RPI inflation. The tobacco duty escalator will continue to rise at inflation plus 2%. However, the best part of today’s Budget for the adult entertainment industry must be the announcement...

October 30, 2018

Mortgage and landlord references

Lenders and landlords are expecting more and more information from us when asking for references. This has changed what was once a simple process into an administrative headache. Quite often we receive a request without the client’s authority to disclose the information. Obviously, in that situation, we contact the client before doing anything else! Agents also have a habit of asking for salary details instead of details of profit which means a phone call to explain the difference. Worse still...

October 11, 2018

Do I have to tell HMRC I'm self employed even if I don't have to pay tax?

In very simple terms, during the current tax year, which will end on 5 April 2019, everyone can have an income of up to £11,500 without paying any tax (but see the notes below). Don’t forget that income is the total of what you have been paid by clients less your business expenses. The fact that you’re not liable to tax doesn’t mean that you don’t have to tell HMRC you’re self employed until you become liable to pay tax. Once you start to be self employed (in other words start to be i...

August 17, 2018

This app makes bookkeeping fun

Nobody likes bookkeeping and in this day and age I think the only option is a phone app. Desktop and online software are fine for "office based businesses" but if you're a one person business using a mixture of cash and bank payments (including debit and credit card payments) I don't think you can beat 1taptax You don't even have to record the payment just take a photo of the receipt and the app does the rest. It doesn't matter how you paid it (cash, direct debit or one of your cards).  If ...

May 4, 2018

When do I have to tell HMRC I'm self employed?

It all depends when you started being self employed. If it was on or after 6 April 2017 but on or before 5 April 2018 you must notify HMRC that you're self employed by 5 October 2018. If it was on or after 6 April 2018 you have until 5 October 2019.Having said that, there's no harm in registering sooner rather than later....

May 2, 2018

Don't panic if HMRC send you a Notice to complete a tax return

Over the last few days HMRC have been sending letters to self employed taxpayers which look like this...

April 17, 2018

Happy St David's Day

...

March 1, 2018

How to enter business mileage in 1tap tax

Work out the mileage claim using HMRC approved rates Open the app Tap on EXPENSES Tap on + Add Expense Tap on Manual input Enter details as shown below...

February 23, 2018

How do I pay my self assessment tax?

The easiest way to pay your self assessment tax bill is by transferring the money online from your bank using Faster Payments. If you have a bill it will tell you which account to use. If you don’t have a bill, or you’re not sure, use HMRC Cumbernauld. Most banks have an option to choose Cumbernauld or Shipley. If not, the account details are shown below. You’ll need to use your 11-character payment reference when you pay. This is your 10-digit UTR (Unique Tax Reference) followed by the le...

January 13, 2018

If you think it's expensive to hire a professional to do the job, wait until you hire an amateur - Red Adair

It's my birthday today (New Year's Day) and the older I am the more I realise that what I think is common knowledge is far from it. Red Adair was an oil-well troubleshooter He was paid a great deal of money to extinguish oil-well fires. He charged oil companies a great deal of money to do this but the oil companies paid it because he delivered the goods. I've always liked his quote (it was on the front page of my website for years): If you think it's expensive to hire a professional to do the jo...

December 31, 2017

I feel like Father Christmas.

I feel like Father Christmas because a client has just said "We can't stop smiling how much of a difference you have helped me with my taxes. Best Christmas present I could ask for. Thank you so much. :-)" 0 replies 0 retweets 1 like...

December 21, 2017

If you're a Scottish taxpayer you may well have to pay more tax than the rest of us in the UK

When I started to write this post I may have been a little premature with the heading. At that time the BBC website was looking at an increased tax rate of 21% for those earning more than £24,000 a year. In actual fact it isn't quite as simple as that. The Scottish government has announced income tax changes that will see higher earners pay more than elsewhere in the UK - and lower earners pay less. The government has said that no one earning less than £33,000 in Scotland will pay more tax the...

December 14, 2017

Will 2018 be the year you buy your own property?

The Chancellor's announcement in this week's Budget that first time buyers will not pay any Stamp Duty Land Tax on properties costing less than £300,000 (in London the price limit is £500,000 but it's only the first £300,000 which will be free of Stamp Duty) may be the incentive you need to reach out for your own property. We work very closely with a firm of mortgage advisors who understand the uniqueness of the adult entertainment industry and who are often able to place mortgages on the bas...

November 26, 2017

How the Budget will affect you if you're in the adult entertainment industry

For most us my answer is "not a lot". "A Budget for the United Kingdom (hopefully) rather than for the individual" would be my summary of today's Budget. Admittedly, if you're a first time buyer you'll benefit from the abolition of Stamp Duty Land Tax on properties costing less than £300,000, in London the price limit is £500,000 but it's only the first £300,000 which will be free of Stamp Duty but for the rest of us there isn't much. Duty (tax) isn't being increased on beer, wine, and spirit...

November 22, 2017

Tax return deadlines - paper and online

Yesterday (October 31) was the deadline for submitting your paper tax return for the year ended 5 April 2017. Don't panic if you've missed the deadline, you have until 31 January 2018 to submit the return online - by the way you only have 92 days left to complete it at today's date. Click here if you're reading this at a later date to see how many days are remaining. Finally, don't whatever you do submit a paper return now. HMRC won't reject it they'll fine you £100 because it's late. Welcome...

November 1, 2017 Posts 1-25 of 44 | Page next
 

This product has been added to your cart

CHECKOUT