Owner: Shauns Tax Tips URL:http://shaunstaxtips.blogspot.com/ Join Date: Sat, 06 Sep 2008 11:18:19 -0500 Rating:0 Site Description: MY BLOG ABOUT HOW TO SAVE TAX AND OTHER THOUGHTS WHICH MAY HELP YOU IN BUSINESS AND LIFE IN GENERAL Site statistics:Click here
Leaving on a jet plane 2008-09-06 02:44:00 Well I'm packing my bags for another trip to England next week to visit some clients and (hopefully!) sign up some new ones too. I haven't been to England since my last trip back in May so this remote working is really beginning to work for me. For the first few years I was going back every three weeks but have cut it down to over three months! But that was mainly because I hate airports during th Read more:jet plane
, Leaving
How to be approachable and look confident to others 2008-09-03 07:10:00 I discovered some great short videos on how to look more confident and how to look more apprachable. As business owners we are all sales people so it's really important we don't let ourselves down with the basics.Click here to watch them://www.tax-sorted.biz
No title 2008-09-01 09:09:00 Many people pay too much tax and most of it can easily be avoided. Take this example of a family man with a van. Let’s assume his van is a little tired looking and he thinks it’s time to get a new one for his image. If he’s making £30k profit a year and the van costs £15k then planning to buy this now can save him £6k. Here’s how: -There are different ways to buy the van such as lea
The dangers of a Tax Investigation 2008-08-13 02:39:00 Why this report has been writtenThis report has been written as a warning! There have been a number of worrying developments over recent years and when combined with established Revenue practices means that investigations can no longer be ignored.Important – your systems need to be very good.Revenue inspectors use a practice called “breaking the records” – in plain English the taxman scrut
August tax tips 2008-08-05 00:22:00 Welcome...To August
's Tax Tips & News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman.If you need further assistance just let us know or you can send us a question for our Question and Answer Corner.We are committed to ensuring all our clients don't pay a penny more in tax than is necessary.Please contact us for advice in your own specific circu
The 20 Golden Rules of Investment 2008-08-01 10:25:00 1) Buy low; sell high.2) Don’t chase performance. If you like a stock or fund, buy on the dips.3) Run your winners. In other words let your profts roll up and don't be in too much of a hurry to kiss goodbye to your best-performing investments.4) Cut your losses before they become excessive.5) Never get too attached to a share or a fund. As the late Sir John Harvey Jones once said: “You sometim Read more:Golden
, Rules
H M Revenue and Customs - Spam E-mails 2008-08-01 01:23:00 HMRC have recently updated their website to provide details of known e-mail scams or 'phishing' scams as they are otherwise known.The following phishing activity is the most frequently reported fraud attempt to HMRC at the present time and the following is an extract from their website.Tax RebatesWe are aware of a high number of emails being sent out offering a tax rebate. HMRC would not inform cu Read more:Customs
, Revenue
Inheritance tax – transfer of unused nil rate band 2008-07-29 02:53:00 Guidance is now available on how the rules will work governing the transfer
of unused nil rate inheritance tax band. This measure was announced in the 2007 Pre-Budget Report and applies from 9 October 2007. The essence of the proposal is that proportion of the nil rate band that was not used on the death of one member of a couple will be available when the second member of the couple dies. (A coup Read more:Inheritance
Employed or Self-employed? New fact sheet 2008-07-22 08:39:00 There is a new fact sheet
for workers on the issue of employment and self-employment. The guidance highlights key issues and special circumstances. Workers are reminded that employment status is a question of fact rather than choice.The leaflet can be found at -fs1.pdfThere are specific issues for certain groups of individuals. For example, you can be an employee if you work for a relative in thei
Have you renewed your tax credits claim? 2008-07-17 00:52:00 Renewing claim
sIf you have been claiming tax credits you should now be familiar with the need to renew claims by 31 July. Failure to renew claims on time is a reason for many substantial overpayments. The overpayment arises because payments between 5 April 2008 and 31 July 2008 are ‘on account’. There is no valid claim until the renewal pack information is given to HMRC. If a claim lapses, a n
Why don't they answer the phones? 2008-07-15 02:02:00 My sympathies with the employee of HMRC who posted this comment, about call centre problems, 3 days ago on Audio Talk."What fucking next. I work for H Em Arse Sea.'This is our busiest year so far......................' , 'The calls continue to increase.....................'The corporate brain cell hasn't been able to figure the fucker out. If you put so much pressure on people to reduce call Read more:answer
For this week a sales tip 2008-07-09 01:59:00 People Prefer Talking To ListeningThe number one rule in communication is: People prefer talking to listening.Think about the people you enjoy being with. Aren't they people who listen to you? Think about the people you avoid. Aren't they people who talk incessantly, and never let you get a word in edgewise? Now think about this:Have you ever heard anyone complain about someone who listens too
Do you want to claim some FREE cash? Millions of pounds are owed to UK parents and families. 2008-07-04 03:40:00 The year before the current tax credits were introduced there was a different allowance available which was never advertised by the Inland Revenue. You can still claim
this £520 - £1,040 allowance provided the claim is made before 31 January 2009.You are eligible to claim the £520 allowance if: -You have a child born between 6 April 1986 and 5 April 2003 andThe child lived with you for all or p
July Tax Tips 2008-07-01 08:41:00 Welcome...To July's Tax Tips & News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman.If you need further assistance just let us know or you can send us a question for our Question and Answer Corner.We are committed to ensuring all our clients don't pay a penny more in tax than is necessary.Please contact us for advice in your own specific circums
Drive to help women boost their state pension 2008-06-30 10:21:00 Women pensioners could boost their state pension or even be in line for a windfall payment under special terms. But they need to act quickly as the arrangement, which allows people to pay for missed National Insurance contributions, will be unavailable in less than two years.Women who have gaps in their National Insurance record for years between April 1996 and April 2002 are entitled to buy back
Malicious hotline calls disappoint HMRC 2008-06-27 01:37:00 The taxman’s new evasion hotline has been flooded with calls
making malicious and unfounded allegations, MPs have been told. Dave Hartnett, acting Chairman of HM Revenue & Customs, said he was “disappointed by the quality” of calls to the line aimed at catching tax cheats, but added that the call figures for the current year showed an improvement. One woman made 68 calls to report her hu Read more:Malicious
Watch out if you are investigated! 2008-06-23 09:55:00 The ordinary taxpayers, who can't afford high cost legal eagles to protect them from overzealous tax investigations, are going to face a tough time in the future with HMRC.That is the view of Nichola Ross Martin, Accounting Web's UK Tax Editor, who spoke at recent tax conference at the ICAEW in London about new HMRC powers.She is quoted as saying:"Unrepresented taxpayers will not stand a chance un
Tax Free Bicycles for employees 2008-06-17 07:59:00 You can provide your employees
with bicycles and associated safety equipment tax free to the business (and employee), provided that these remain the property of the employer, and that they are actually used to cycle to work. Contact us for more details Read more:Bicycles
Can you benefit from joining the VAT Flat Rate Scheme? 2008-06-17 07:48:00 The VAT Flat Rate Scheme
is a scheme introduced by HMRC to streamline their VAT checking procedures.If your business has a turnover less than £150,000, you are eligible to apply. How it works is fairly simple - for your given businesss sector, you are assigned a flat rate percentage (for example, most IT contractors work at 13%).Under this scheme, the VAT due on income is calculated as ( flat rat Read more:benefit
Animal Farm 2008-06-03 04:20:00 It would appear that HMRC are most definately fans of George Orwell - in particlar his work "Animal
Farm"In this book the animals take over the farm; the pigs then betray the other animals and impose a dictatorship, using the slogan "All animals are created equal but some animals are more equal than others" to justify their actions.It appears to be with HMRC's proposed new rules with time bars on Read more:Animal Farm
Is it time to update your Will? 2008-05-29 03:35:00 The Law Society has warned that thousands of Wills could need updating as a result of rising care and nursing fees which force the elderly to sell their assets, in many instances their homes, to pay for care. The home is generally the largest asset left to loved ones.Andrew Holroyd, Law Society President, said:"Many people get their solicitor to include their home in their Will but with more peopl
Why should you pay me - a professional tax adviser to complete your tax return? 2008-05-15 02:25:00 Rather an odd question for a tax adviser to ask you might think? I was asked recently by someone why they should instruct me specifically to do their tax return which set me thinking...There are many reasons of course but mainly clients tell me they want to be sure they are doing it right and have not missed anything they can claim ie for peace of mind. Others are just busy people and want to let Read more:complete
, professional
HMRC and HM Customs (VAT) merger 2008-05-13 08:32:00 Merging the Inland Revenue and HM Customs
- a disaster!According to its own staff, merging HM Customs and the Inland Revenue has been a disastrous move. The move was a change for the worse said four out of five HM Revenue and Customs staff in a recent survey. More than half said the department would get worse in the next year, with a third saying much worse. Less than one in five would recommend H
10 myths about self employment 2008-05-06 08:39:00 I seem to be moving away from tax tips in my last few posts but since I have been writing this blog I have been finding some other interesting articles written by other bloggers and want to share them with you.Since most of my clients are self employed I thought this was relevant so read on.............................1. Self-employed people have to work really long hours.Many self-employed people Read more:employment
Some words of wisdom from Dale Carnegie - not tax but worth reading about! 2008-04-29 01:00:00 How to Win Friends and Influence PeopleThis is Dale Carnegie's summary of his book, from 1936Table of ContentsFundamental Techniques in Handling People Six Ways to Make People Like You How to Win People to Your Way of Thinking Be a Leader: How to Change People Without Giving Offense or Arousing Resentment Part OneFundamental Techniques in Handling PeopleDon't criticize, condemn or complain. Give h
Tax planning for the Credit Crunch 2008-09-19 00:07:00 Like it or lump it, times are difficult at the moment and there’s no getting away from it – not unless you have a media blackout.So we came up with a few tips so you can start planning
now for the ongoing effects of the credit crunch.Falling profits inevitably result in lower tax payments. If you’re a sole trader or partnership you should start thinking about reducing your self assessment ta Read more:Credit Crunch
, Crunch
Not a tax tip but a good one anyway - Take a Break! 2008-10-10 03:13:00 Well you won't hear from me for another 10 days or so because I am doing what most self employed people don't do enough of - taking a break and going on holiday! Yes I know you think you are indespensible and the whole business will crumble without you but hey - why not give it a try? I'm sure your team will surprise you and function perfectly well without you. Of course, this will be easier if yo Read more:Break
Is the first £30,000 of your redundancy package really tax free? 2008-10-07 01:40:00 With the current credit crunch, some employers are considering reducing their work forces. If you are an employer in this unhappy position then professional employment advice should be taken at the outset. If some employees are to be made redundant then both legal and tax issues should not be overlooked.There is a common misconception that the first £30,000 of any payout to employees leaving the Read more:package
A classic quote from an ex tax inspector 2008-11-03 09:13:00 I was reading through the Property Tax Portal monthly tax tips (yes I DO subscribe to this sort of stuff to enhance my knowledge!) and there is a quote in the October newsletter from James Bailey who is an ex Inspector of Taxes. James talks about the new penalty regime and the importance of getting your tax return right first time and the options available. He says: -"One choice, of course, is to
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