tag:blogger.com,1999:blog-8616647890286502845Thu, 24 May 2012 22:22:03 +0000Companies House remindersCompanies House filingLoan schemestax refund scam. tax refundbook-keepingautumn statementchildminders taxbusiness recordsVAT registrationIHTtotal investorTax refund emailbusiness tipsprofitstax penaltiesHMRC youtubenumber 1transfer assets between spousescontractor supermarketVAT helptax cheatsVAT fraudreclaim tax on interestVATaccountants pontypriddHMRC videoAccountantsR40P38Snational minimum wageBusiness plantax questionsCommonwealth Judo Championshipsgrowthcash accountingauditors walesstudents taxTaxprofits withdrawelVAT flat rateemplyers pensionsCompanies Housetax tipsaccountants greytax codesdividendstax answerstax enquiryHMRC mileage ratestax reclaimself-assessmentPontypriddPCGPCG accredited Accountantsaccountants Swanseatax helpVAT spliting businessaccountants cardiffPAYE errorstax adviceplumbers taxWelsh Judo.CJC 2012Swiss Bank Account taxbudget 2011property developmentPAYE codesrental propertiescontractors accountantswillsmore profitBridgend Accountantscharitytax editorSwiss BankISAEBTchild benefittax paymentsBridgendvalue added taxSelf assessmentIncrease profittax returnsaccountants brdgendwalesHMRC record checktax creditsbudgetaccountants walesincome taxaccountantSwiss Bank Accountaccountants bridgendcompany formationsMileage Ratesemployees benefitsaccountants South WalesPAYEVAT penaltiesPensionProperty taxchild benefit changesa blog from Neil Harries of Bridgend and Pontypridd based accountants Harries Watkins Joneshttp://www.accountants-bridgend.com/noreply@blogger.com (Harries Watkins Jones)Blogger82125tag:blogger.com,1999:blog-8616647890286502845.post-6647605354118082374Thu, 19 Apr 2012 19:17:00 +00002012-04-19T20:17:26.308+01:00tax questionsrental propertiesISAQ. I am about to move abroad, for what I hope will be a permanent relocation. Can I continue to contribute to my tax-free ISAs in the UK? A. To open an ISA you must be resident and ordinarily resident in the UK for tax purposes. This broadly means that you normally live in the UK. There are exceptions for members of the military and government employees who are sent to work abroad. Once http://www.accountants-bridgend.com/2012/04/april-2012-tax-questions-answers.htmlnoreply@blogger.com (Harries Watkins Jones)0tag:blogger.com,1999:blog-8616647890286502845.post-284345117209947139Sun, 11 Dec 2011 17:21:00 +00002011-12-11T17:39:03.894Zchildminders taxautumn statementbudget  <!-- @page { margin: 2cm } P { margin-bottom: 0.21cm } --> George Osborne did not have great tidings to impart when he presented his Autumn Statement to the House of Commons on 29 November 2011. The best he could offer the ordinary taxpayer was a freeze in road fuel duty until 1 August 2012, when it will increase by 3.02p per litre. Train and tube fares were due to rise by a whopping http://www.accountants-bridgend.com/2011/12/autumn-statement-tax-summary.htmlnoreply@blogger.com (Harries Watkins Jones)0tag:blogger.com,1999:blog-8616647890286502845.post-830549237892831334Tue, 08 Nov 2011 13:49:00 +00002011-11-08T13:51:23.645Ztax questionstax answersQ. I left London on 5 May 2010 to work full time for a Danish company in Copenhagen. My own UK-based company ceased at that time, and I received a capital payment on 30 November 2010. As I received that money after I left the UK permanently, do I have to pay UK tax on the pay-out? A. Unfortunately yes. Although you may be regarded as not resident in the UK for income tax purposes from 5 May 2010http://www.accountants-bridgend.com/2011/11/november-2011-tax-questions-answers.htmlnoreply@blogger.com (Harries Watkins Jones)0tag:blogger.com,1999:blog-8616647890286502845.post-5398448355672992971Sat, 15 Oct 2011 16:30:00 +00002011-10-15T17:30:57.528+01:00book-keepingHMRC record checkbusiness recordsThe Taxman believes that a lot of businesses do not pay the right amount of tax because they don't accurately record their business income and expenditure. In other words their business records are not of a high enough standard to produce accurate accounts. We agree that many businesses do not keep perfect records but we work with business owners to help them retain the necessary documents,http://www.accountants-bridgend.com/2011/10/business-record-checks-update.htmlnoreply@blogger.com (Harries Watkins Jones)0tag:blogger.com,1999:blog-8616647890286502845.post-807454529953508120Sat, 08 Oct 2011 15:19:00 +00002011-10-15T17:34:30.867+01:00VATVAT spliting businessNow that the standard rate of VAT has been raised to 20%, some business owners are increasingly tempted to split their businesses into different entities, so the part with non-business customers or both parts falls under the compulsory VAT registration threshold when split. This enables them not to register to have to charge VAT to those customers. The Taxman is watchful of this type of tax http://www.accountants-bridgend.com/2011/10/splitting-businesses-to-avoid-vat.htmlnoreply@blogger.com (Harries Watkins Jones)0tag:blogger.com,1999:blog-8616647890286502845.post-3515625311808720747Sun, 02 Oct 2011 17:41:00 +00002011-10-15T18:21:13.796+01:00tax questionsQ. My cafe was badly damaged in the recent riots, but my loyal customers have collected £3,000 to help me open the business as quickly as possible. How should I treat this sum for tax purposes? Is it a personal gift, or a contribution to be set against my repair costs? A. This gift from your customers should be treated as income for your business for income tax or corporation tax purposeshttp://www.accountants-bridgend.com/2011/10/october-2011-tax-questions-answers.htmlnoreply@blogger.com (Harries Watkins Jones)0tag:blogger.com,1999:blog-8616647890286502845.post-7423938221967660699Tue, 27 Sep 2011 16:28:00 +00002011-10-15T18:15:30.883+01:00HMRC mileage ratesMileage RatesWhere your employees use a company car or van, but pay for the fuel themselves, the company can pay a fuel-only mileage rate for business journeys. This fuel-only rate is guaranteed to be tax free when it is equal to or less than the advisory fuel rates set by HMRC. These advisory fuel rates are now revised every quarter. The latest rates applicable from 1 September 2011 are shown below for http://www.accountants-bridgend.com/2011/09/new-mileage-rates.htmlnoreply@blogger.com (Harries Watkins Jones)0tag:blogger.com,1999:blog-8616647890286502845.post-8909128179557524337Tue, 20 Sep 2011 16:59:00 +00002011-09-20T17:59:07.070+01:00Tax refund emailtax refund scam. tax refundToday I received an email telling me that I was entitled to a tax refund of £268.50!    Of course this would be very nice, but as I make my living giving professional tax advice, I instantly knew that sadly this was just a scam.  I have seen many of these before, but this is the first that I have been sent directly as the target of a tax refund scam!  A copy of the email is below: Many people http://www.accountants-bridgend.com/2011/09/tax-refund-scam-email.htmlnoreply@blogger.com (Harries Watkins Jones)0tag:blogger.com,1999:blog-8616647890286502845.post-6213925339103281712Wed, 07 Sep 2011 10:42:00 +00002011-09-07T11:42:26.841+01:00Welsh Judo.CJC 2012Commonwealth Judo ChampionshipsI am very pleased to announce that Harries Watkins Jones are the preferred adviser to CJC2012 LTD a company formed to arrange and deliver the Commonwealth Judo Championships 2012.  The event will take place in Cardiff, commencing on the 22nd January 2012.  An exciting high profile event for Cardiff and Wales.   To find out more about the event, visit the official website.  The Commonwealth Judohttp://www.accountants-bridgend.com/2011/09/preferred-advisers-for-commonwealth.htmlnoreply@blogger.com (Harries Watkins Jones)0tag:blogger.com,1999:blog-8616647890286502845.post-49670611308938744Tue, 06 Sep 2011 22:37:00 +00002011-09-06T23:37:55.007+01:00property developmenttransfer assets between spousesProperty taxWith the threshold for 40% tax reducing every year (£35,000 after deducting allowances for 2011/12), it makes sense to review who pays the higher rates of tax within a family. Can some assets be transferred to the partner who pays a lower tax rate to reduce tax? For example a let property could be transferred from one spouse into the joint ownership of the married couple or civil partners,http://www.accountants-bridgend.com/2011/09/jointly-held-property-tax-savings.htmlnoreply@blogger.com (Harries Watkins Jones)0tag:blogger.com,1999:blog-8616647890286502845.post-125762002174443779Mon, 05 Sep 2011 12:13:00 +00002011-09-05T13:13:46.431+01:00contractors accountantsnumber 1contractor supermarket The Contractor Supermarket website has a chart of what it rates as the top 100 contractor accountants.  Customers assess accountants in relation to quality, service and satisfaction.  We are pleased to announce that today we have reached the position of number 1 in the chart! You can see the chart here.  We would like to thank everybody that voted for us.  We however are not complacent and are http://www.accountants-bridgend.com/2011/09/harries-watkins-jones-hits-number-1.htmlnoreply@blogger.com (Harries Watkins Jones)0tag:blogger.com,1999:blog-8616647890286502845.post-6945778585176829350Sun, 04 Sep 2011 14:54:00 +00002011-09-04T15:54:21.750+01:00tax questionsVATSelf assessmentQ. I received my self-assessment statement and payslip on 17 August 2011, which shows tax due to be paid by 31 July 2011. I paid the tax due as soon as I could, but I am now worried that I will get charged interest and a penalty for late payment. A. The late issuing of these statements was due to a lack of paper at HMRC's printers! As the delay was essentially their fault HMRC has decided to http://www.accountants-bridgend.com/2011/09/septembers-2011-tax-questions-answers.htmlnoreply@blogger.com (Harries Watkins Jones)0tag:blogger.com,1999:blog-8616647890286502845.post-6724766704702306052Thu, 01 Sep 2011 17:47:00 +00002011-09-01T18:47:40.234+01:00Swiss BankSwiss Bank AccountSwiss Bank Account taxStashing money in a Swiss bank account is not against the law. As long as you declare all the income and gains from your overseas investments and bank accounts on your UK tax return, there is no problem at all. Unfortunately some individuals have taken advantage of the Swiss laws which permit banks to keep their customers' details completely confidential, even from tax authorities, and did not http://www.accountants-bridgend.com/2011/09/swiss-bank-account-tax-deal.htmlnoreply@blogger.com (Harries Watkins Jones)0tag:blogger.com,1999:blog-8616647890286502845.post-1353645207714953114Tue, 23 Aug 2011 16:59:00 +00002011-08-23T17:59:06.007+01:00Companies HouseCompanies House filingCompanies House remindersYou can now set up an email reminder service for your company or LLP at Companies House. Once you have registered you will receive timely emails to remind you of the due dates to submit the annual return and accounts for your business, and paper reminders will cease. You can register up to four email addresses for each business. Each email address nominated will receive an activation email http://www.accountants-bridgend.com/2011/08/companies-house-reminders.htmlnoreply@blogger.com (Harries Watkins Jones)0tag:blogger.com,1999:blog-8616647890286502845.post-3380153192935199413Fri, 19 Aug 2011 13:02:00 +00002011-08-19T14:02:14.862+01:00income taxP38Sstudents taxIf you are employing students over the summer months, don't forget to give them the HMRC form P38S (2011) to sign. This form allows the student to earn their full annual allowance of £7,475 from their holiday work before any tax is deducted. The student must confirm they will return to full time study at a named college, school or university for a course that will continue until at least 5 http://www.accountants-bridgend.com/2011/08/less-tax-for-students.htmlnoreply@blogger.com (Harries Watkins Jones)0tag:blogger.com,1999:blog-8616647890286502845.post-791640397252713013Sat, 06 Aug 2011 16:23:00 +00002011-08-06T17:23:30.981+01:00tax questionsQ. I've heard I could reduce inheritance tax by leaving money to charities in my Will. How does this work? Do I have to leave a minimum amount? A. Any bequests to charities in your Will are free of inheritance tax (IHT). This means the executors of your estate will only pay IHT at 40% on the value of your estate after deducting the following: - gifts to charities, - gifts to your UK http://www.accountants-bridgend.com/2011/08/august-2011-tax-questions-and-answers.htmlnoreply@blogger.com (Harries Watkins Jones)0tag:blogger.com,1999:blog-8616647890286502845.post-3003864757994934007Tue, 02 Aug 2011 12:52:00 +00002011-08-02T13:52:46.370+01:00Pensionemplyers pensionsAnother set of regulations is set to fall on the shoulders of all employers. This time it's a compulsory pension scheme for all employees. This new pensions law is due to be introduced over four years from October 2012. The largest employers (120,000 or more employees) will be forced to sign up first. Those who employ less than 50 workers will be required to take part in the scheme from a http://www.accountants-bridgend.com/2011/08/new-workplace-pensions-cost.htmlnoreply@blogger.com (Harries Watkins Jones)0tag:blogger.com,1999:blog-8616647890286502845.post-8212919620224574016Sun, 31 Jul 2011 19:08:00 +00002011-07-31T20:25:04.042+01:00HMRC youtubechildminders taxHMRC videoHMRC have their own YouTube channel!  Whatever next?  See the example video below about information for Self-employed childminders.  If you are a self-employed childminder and would like help with your tax return then please contact us.  http://www.accountants-bridgend.com/2011/07/hmrc-on-youtube-information-for-self.htmlnoreply@blogger.com (Harries Watkins Jones)0tag:blogger.com,1999:blog-8616647890286502845.post-2166398422436255185Fri, 29 Jul 2011 22:52:00 +00002011-07-29T23:52:07.683+01:00value added taxVAT penaltiesVATVAT registrationPreviously I warned you the Taxman was planning a campaign to encourage businesses to register for VAT. The Taxman is calling this campaign the 'VAT Initiative'. To launch the VAT initiative the Taxman is writing to about 40,000 businesses whose turnover has apparently already exceeded the compulsory VAT registration threshold. Those businesses will be invited to register for VAT and pay http://www.accountants-bridgend.com/2011/07/vat-initiative-starts.htmlnoreply@blogger.com (Harries Watkins Jones)0tag:blogger.com,1999:blog-8616647890286502845.post-8888259372169783961Wed, 20 Jul 2011 20:15:00 +00002011-07-20T21:15:01.501+01:00tax reclaimR40reclaim tax on interestYou may be able to claim a tax repayment from the Tax Office if your bank has deducted 20% tax from interest paid. If your tax-free allowance (up to £9,640 for those aged 75 or more in 2010/11), completely covers all of your income, the full 20% tax deducted from interest received can be reclaimed. Or you may only be due to pay 10% tax on the interest if your tax-free allowance is exceeded http://www.accountants-bridgend.com/2011/07/repayment-claims-for-tax-on-interest.htmlnoreply@blogger.com (Harries Watkins Jones)0tag:blogger.com,1999:blog-8616647890286502845.post-6349278345936746476Tue, 12 Jul 2011 22:21:00 +00002011-07-12T23:21:15.931+01:00VATVAT registrationThere is a myth in certain quarters that every legitimate business is required to be VAT registered. This is not the case. Your business (as a sole-trader, partnership or company) does not have to become VAT registered until the total sales for 12 consecutive months exceeds £73,000. However, this total does apply to all the businesses you run as a sole trader. You can't artificially divide http://www.accountants-bridgend.com/2011/07/must-you-register-for-vat.htmlnoreply@blogger.com (Harries Watkins Jones)0tag:blogger.com,1999:blog-8616647890286502845.post-6047131822774937942Thu, 07 Jul 2011 20:22:00 +00002011-07-07T21:24:42.876+01:00accountants greyAccountantsThen I saw our staff car park today!  At least one of us beats the mold! Made me smile though.  http://www.accountants-bridgend.com/2011/07/help-i-thought-we-had-beaten.htmlnoreply@blogger.com (Harries Watkins Jones)0tag:blogger.com,1999:blog-8616647890286502845.post-624044711172655912Thu, 07 Jul 2011 19:44:00 +00002011-07-07T20:44:38.858+01:00tax paymentstax helpTaxJuly is one of those big tax-paying months... - If you are self-employed you need to pay your income tax and class 4 NIC on-account payment for 2010/11 by 31 July. - A company with a 30 September 2010 year end must pay its corporation tax by 1 July 2011. - Employers must pay class 1A NICs on benefits by 19 July. - Quarterly payments of PAYE are due by the same date. Monthly payments of PAYE andhttp://www.accountants-bridgend.com/2011/07/what-if-you-dont-pay-your-tax.htmlnoreply@blogger.com (Harries Watkins Jones)0tag:blogger.com,1999:blog-8616647890286502845.post-6550562380609610779Tue, 05 Jul 2011 15:25:00 +00002011-07-05T16:25:15.739+01:00tax cheatstax advice The Taxman has announced he is going to start targeting tax evasion by online traders, private tutors, personal trainers and life coaches. In order to find out who is failing to pay tax on all their income the Taxman is to send out web bots (automatic search programmes), to trawl the internet for data on sales and services advertised by UK residents. This data will then be compared to sources http://www.accountants-bridgend.com/2011/07/web-bots-are-out-to-get-you.htmlnoreply@blogger.com (Harries Watkins Jones)0tag:blogger.com,1999:blog-8616647890286502845.post-8388713873520884577Sat, 02 Jul 2011 18:00:00 +00002011-07-02T19:00:54.146+01:00tax questionsTaxQ. I've always prepared the accounts for my own company and submitted them to Companies House and the Tax Office with no problems. However, this year the Taxman sent back my company's accounts and tax return saying they were in the wrong format. I'm confused. What have I done wrong? A. Company accounts for periods ending after 31 March 2010 that are sent to the Tax Office on or after 1 April http://www.accountants-bridgend.com/2011/07/julys-tax-questions-and-answers.htmlnoreply@blogger.com (Harries Watkins Jones)0