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Want to Pay Less Tax? And Reduce Your Accountancy Costs too?

According to a survey by the Federation of Small Businesses, many companies are failing to grow because of complex tax rules. The findings also suggest that the amount a person is taxed is proving the hardest issue for companies and individuals to get to grips with.

John Wright, national chairman of the FSB, said: “As our survey findings show, three in four would grow their business if the tax system was simpler to understand.”

HMRC could be poised to name and shame tax dodgers from April 1 in new legislation that has just been brought into force.

HMRC will publish the names, addresses and details of the evasion of any individual or company that “dodges” tax payment.

Stephen Timms, Financial Secretary to the Treasury, said:

“It is only right that people pay their fair share of tax, which supports vital public services. We know that law-abiding taxpayers will want to see the results of HMRC’s investigations. We [HMRC] are only targeting deliberate tax evaders. So if you know that you have not paid the right tax, and you want to avoid being named, contact HMRC right away to set things straight.”

Want to Pay Less Tax? And Reduce Your Accountancy Costs too?

Let TaxKings Help!

Every January, annual self assessment tax returns cost individuals and new businesses needless stress, even more so this year as you MUST now file ONLINE before January 31st or face fines and penalties. Why not let TaxKings help and let you get on with your business… and your life.

For as little as £75 + VAT, TaxKings will analyse your self assessment return for potential tax savings and/or anomalies. Hence paying for our specialist tax advice not only saves you time but it could actually REDUCE YOUR TAX LIABILITY and SAVE YOU MONEY.

At TaxKings, we speak in language YOU understand. Our prices are fixed and competitive and we’re flexible in meeting times. So, if you’d prefer an accountant who’s on your side, you need to speak to TaxKings.

Call TaxKings NOW on 0141 333 1852 or email to arrange an appointment – because if your tax advice is poor then so could you be!

Many firms are foregoing expensive Christmas parties this year and as an alternative are giving small seasonal gifts to staff and customers. But before you break open the hampers consider what may be allowable for income or corporation tax purposes, and what VAT you can reclaim.

- Gifts to customers of the products or services you normally sell are tax allowable, as long as you are not in the food business.
- Small promotional gifts of any item are also treated as tax allowable for your business if they cost less than £50 each and carry a clear advertisement for the business. However, you cannot get income tax or corporation tax relief for the cost of gifts of food, drink, tobacco and gift tokens of any value.
- A number of gifts worth more than £50 in total should not be made to the same person in any 12-month period.
- If you are VAT registered you can reclaim the VAT on small gifts that cost up to £50 each, including gifts comprising of tobacco and alcohol.
- If the gift cost more than £50 (net of VAT) you must account for the VAT on the item as if you had sold it at cost.

Gifts to your staff are tax allowable, but your employees could be taxed on the value of the gift as a benefit in kind. In that case you would also have to pay Class 1A NI on the value of those gifts. The Taxman does consider some small items to be trivial benefits, which can be given as tax-free gifts to staff members. Trivial items can include seasonal gifts such as a turkey, an ordinary bottle of plonk (not fine vintage or champagne), or a box of chocolates.

Where you are considering making larger gifts to each employee such as a Christmas hamper, you can include the cost of those gifts in a PAYE Settlement Agreement (PSA) with the tax office. The PSA allows you pay the tax and NI due on behalf of your employees.