Keeping The Horrors at Bay

Keeping The Horrors at Bay

This is a success story. It could have been something a lot worse. A business owner I know got into difficulties, and he had to liquidate his company. He chose the cheapest liquidators on the market, and left them to get on with their work. He then received some very...

Latest Tax News: Class 2 NI problems continue

Latest Tax News: Class 2 NI problems continue

Some people have been receiving mysterious refunds of Class 2 NI in recent weeks. HMRC has now provided an update on the issue. What’s going on? Class 2 NI has been collected via self-assessment for a while now, but there are still problems. It was recently reported...

Rogue refunds of Class 2 NI due to HMRC failure

Rogue refunds of Class 2 NI due to HMRC failure

I have just received the below from my tax advice subscription. HMRC has incorrectly refunded Class 2 NI to some self-employed taxpayers. What should you do if you get an unexpected payment? Self-employed taxpayers with profits below £6,725 can voluntarily pay Class 2...

Pension Funds and Limited Company Contributions

Pension Funds and Limited Company Contributions

Recent discussions that I have had with business owners have given me the impression that there is a lot of mistrust out there of IFAs and managed pension funds. Whilst admitting that there are always exceptions, what follows below are the results of some enquiries I...

Latest Tax News

Latest Tax News

I have just received the attached from my professional subscription service. Basically, it means that there is next to no chance nowadays of getting any kind of an answer from a human being in HMRC on any tax question. You will have to use HMRC’s online services or...

Budget 6 March 2024

Budget 6 March 2024

The Chancellor delivered his Spring Budget on 6 March 2024. This is a summary of how it may affect you. More details should be announced by the Government in due course. National Insurance From 6 April 2024, the main rate of employee’s NIC is reduced to 8 per cent,...

Business Network – Services offered

Business Network – Services offered

I’ve recently joined a networking group of business owners. We meet together each week to share leads and referrals. I find it much better working with people who I know I will see regularly, than with “cold callers”. Thus, if you are looking for a reliable person who...

Tax Tribunal Hearing

Tax Tribunal Hearing

On 31 January 2023, I am due to attend a tax tribunal with a view to considering whether one of my clients should, or should not, have applied for grant funding from the Government for businesses affected by the Covid pandemic. One of the questions that I hope we will...

The Income of Authors

The Income of Authors

I recently read a Linkedin post in which someone reproduced a graph showing the average level of income received by authors. It seems to have undergone a steep decline over the last ten years or so. In an ideal world, the Society of Authors would have picked up on...

I have a secret admirer!

I have a secret admirer!

I have just received a bottle of Chivas Regal scotch whisky, which I shall drink with great enjoyment, but there was nothing on or inside the packaging to say who it was from. Therefore, I can’t say thank you in person to the sender. If you’re reading this and you...

Changes to tax for the self-employed

Changes to tax for the self-employed

This affects everyone who is self-employed, including partners in partnerships. At present, if you are self-employed and your accounting date (that is, your business year-end) is not 31 March or 5 April, your profits are taxed in the tax year in which your accounting...