RS Accountants

Almost a quarter of all HMRC investigations last a year!

by Russell Smith | Sep 18, 2015 | Tax

HMRC have said that they have made one million interventions last year collecting £26.6 billion from compliance work. Of all the tax investigations, 23% are still ongoing after a year. Some tax investigations last more than three years! There are many types of tax...

Should you pay HMRC early?

by Russell Smith | Sep 14, 2015 | Tax

Following my last blog post yesterday, somebody has asked me if it is possible to pay HMRC early. I believe this is coming from a place of worry that by hording all the cash for a tax payment in the distance of time may prove slightly too tempting and it could be...

A quick check to see if you are putting enough money aside for your tax

by Russell Smith | Sep 13, 2015 | Tax

Most of our personal expenditure is paid monthly. If you are / were employed you pay your tax monthly. There are some great tax benefits to being self employed or a limited company but a potential drawback is that you have a large tax bill in a one-off hit (or two-off...

Reclaiming VAT on fines and penalties

by Russell Smith | Sep 11, 2015 | Tax, VAT

You’ve probably had in the course of your business, a parking fine. Your accountant has probably told you that they are not tax deductible. Which they are correct – they are not. The good news though is that the VAT position is different, potentially, you...

New rule for PAYE/NI time to pay arrangements…

by Russell Smith | Sep 8, 2015 | Tax

Nobody likes paying the PAYE/NI bill but if you are unable to pay your PAYE tax and NI bill you can contact HMRC on 0300 200 3835 and ask for time to pay arrangement i.e. pay your bill over a period of time (if you are a client, we will do this for you). Since 1...

A strange thing I have just noticed about the new dividend tax…

by Russell Smith | Sep 5, 2015 | Tax

For many years now we have had a ‘notional tax credit’ on dividends. If you’ve never heard of it or don’t understand it, don’t worry – I’ve met accountants who don’t understand it. Essentially, if you take out £30,000 of...

How likely is it that I will get a tax investigation?

by Russell Smith | Sep 4, 2015 | Tax

When people start businesses they are keen to get everything right re their finances and paperwork. One of the reasons is that they are worried that HMRC will have a look at what they are doing and cause trouble or fine them. Some people I speak have the belief that...

Limited company tax – the second thing you need to know….

by Russell Smith | Sep 2, 2015 | Tax

So yesterday, I blogged about limited company tax but only spoke about the tax that the company tax. When you become a limited company, the company pays tax at 20% on the profits (incomes less expenses = profit). However, you may also be in line for some income tax...

If you make a loss in your self employed loss should you declare it?

by Russell Smith | Aug 31, 2015 | Tax

I’m often asked whether or not self employed earnings should be declared even when there is no tax due. You can earn up to £8,060 with no tax at all and up to £10,600 with no income tax (just 9% of Class 4 National Insurance on the difference). The correct...

Get your tax return in NOW!

by Russell Smith | Aug 30, 2015 | Tax

It is now less than 4 months until Christmas. Which means it is less than 5 months to get your tax return in. December is a tricky month to do your tax return. There are parties to attend, families to visit, presents to buy. Difficult to fit a fun job like your tax...