Are YOU at risk of a HMRC tax investigation?

HMRC are coming

Anyone who submits a tax return faces a real threat Every year, HMRC investigates hundreds of thousands of individuals and businesses in the UK. It has the powers to do this at random, at any time, and everyone is at risk. Even if you have done nothing wrong, you are still at risk of an […]

Pension freedom or liberation?

Pension freedom or liberation?

Pension freedom is a GOOD thing. The change in law from 6 April 2015 means that members of defined contribution pension schemes who are aged 55 or more should be able to draw what they want from their pension schemes. But “pension liberation” is a BAD thing. This is when scammers use confidence tricks to […]

HMRC’s New Fishing Letters

HMRC’s New Fishing Letters

HMRC has a new way to identify businesses it thinks are underdeclaring profit. It’s sending letters to those concerned. HMRC Studies. Back in the 1980s HMRC drew up reports on various business sectors which identified profit ratios, mark-ups, etc. Called Business Economic Notes (BENs), these gave tax inspectors insight into the businesses they were investigating. […]

HMRC IT system failures – staff paid to go home

HMRC IT system failures  - staff paid to go home

MILLIONS OF POUNDS have been squandered on staff working on an outsourced HMRC tax credit contract who did no work for nearly three months because of a systematic IT failure, Accountancy Age revealed. Some 600 newly-recruited staff in Belfast, employed in a £75m, three-year outsourcing deal by US business services giant Concentrix, were tasked with […]

Salary, dividend or pension contribution?

Salary, dividend or pension contribution?

When you work for your own company you can decide how much salary to pay yourself, how much to pay into your pension fund, and what proportion of the remaining profits to take as a dividend. The split is important as it will affect the tax and national insurance payable by you and your company. […]