David Moore - Posts

 

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+1 1 vote

Late Filing Penalties

20 September 2011, 16:24 Posted in Home | 0 comments , 161 views
Categories: Tax Matters
keyword tags: late filing, liability, deterrent
In the past the penalties for the late filing of a personal Tax Return were no real deterrent. The maximum automatic penalty of £200 or the lesser of the tax outstanding or a very late Return does not appear to have been too much of a deterrent.

It has now all changed. Even when there is no liability, if a Tax Return is filed more than 12 months late, there are provisions for penalties of up £1,600. Should a there be liability the penalties ...

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+3 3 votes

Problems for SMEs

01 September 2011, 12:59 Posted in Home | 0 comments , 212 views
Categories: Tax Matters
keyword tags: time to pay, smes, expense checks, business record checks

Times are difficult for the SME.  Below are three examples of HMRC making it unnecessarily so.

 

Expense Checks

 

There are reports of tax inspectors asking to see personal diaries to verify directors expenses.  This is clearly going well beyond a normal business check and such demands should be resisted.  Keeping proper records of expenses and making contemporary claims supported by documentation and vouchers should be more than ...

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0 0 votes

Will Tax Rates Fall?

24 August 2011, 10:56 Posted in Home | 0 comments , 203 views
keyword tags: tax rates fall, income deferral, chancellor

Upon the announcement that taxes were to rise to 50% there was a great flurry of activity within the profession.  There were some fairly sophisticated ideas but one very straightforward approach was to bring forward the payment of bonuses and dividends before the rate applied.  There is now speculation that the Chancellor will abolish the 50% rate and, whilst there is such speculation, deferral of bonuses and dividends should at least be ...

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+2 2 votes

HMRC Gets Tough (2)

17 June 2011, 13:58 Posted in Home | 0 comments , 171 views
Categories: Tax Matters
keyword tags: vat, online traders, private tutors, ebay

HMRC are turning to technology and seeking online for those who "have failed to pay the right tax".  The targets?

  • Those that have taxable turnover above £73,000 and yet have failed to register for VAT.
  • Online traders (e.g. eBay) who fail to declare their earnings (we are assured low volume buyers and sellers will not be affected)
  • Private tutors and coaches (ranging from national curriculum ...
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+2 2 votes

HMRC Get Tough

16 June 2011, 17:32 Posted in Home | 0 comments , 165 views
Categories: Tax Matters
keyword tags: hmrc, restaurants

I was reminded, as if I needed to be, last week of how serious HMRC are getting with regard to tax avoidance and evasion.  The client has inadvertently become caught up in the behaviour of others and yet may still be penalised.  With a beefed up penalty regime and inspection powers HMRC have formidable weapons against avoidance and evasion.

In my view only the bravest soul would now enter into a discloseable tax scheme.  ...
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+4 4 votes

Tax fees - What no relief!

22 July 2008, 02:44 Posted in Home | 0 comments , 185 views
Categories: Tax Matters
keyword tags: professional tax fees

A colleague telephoned complaining bitterly about a Tax Inspector who was challenging the right to deduct his fees from the trading profits of a business.  My colleague is a Partner in a specialist firm dealing with capital allowances; if a taxpayer is to stand any chance whatsoever of getting such calculations correct, a specialist is essential.  To the lay person, the deduction of fees calculating trading profits for the purposes of ...

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