Alb Tax Accountants

An investigation by HMRC is every small business owner and sole trader’s worst nightmare. Along with the enormous stress, it can take up a great deal of time - and, in the worst case scenario, you could end up with a tax bill.
Everyone hopes they won’t be investigated, but it’s important to be prepared just in case. So whether you’re facing an investigation or want to make sure you won’t be subject to one, read on for our guide on what you need to know.
There are several reas...
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In the aftermath of the Self Assessment deadline, HMRC has revealed that 93% of taxpayers filed on time – a new record.
Each of the 731,186 taxpayers who filed their tax return late are liable for a late payment penalty, which is £100 initially.
This is due even if there’s no tax to pay, or if you paid your tax bill on time. Over time, the fine increases:
... after 3 months – additional daily penalties of £10 per day, up to a maximum of £900 after 6 months – a further penalty of five per cent of the tax due or £300, whichever is greater after 12 months – another five per cent or £300 charge, whichever is greater HMRC has also highlighted additional penalties for paying your tax bill late. This is five per cent of the tax unpaid at 30 days, six months and 12 months.
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If you've recently submitted a tax return, don’t be caught out by bogus HMRC contacts claiming you're owed a tax rebate. HM Revenue and Customs (HMRC) receive many reports of scam emails and text messages at this time of year. For example: "We have reviewed your tax return; according to our calculations a tax refund of £xx is due..." The scammers then try to trick you into giving them your bank details, National Insurance number or other personal information. Be aware t...hat fraudsters can falsify (spoof) the ‘from’ text or email address or to look like a legitimate HMRC source. If you’re not 100% sure that a message has come from HMRC, don’t respond. If you’re in doubt, don’t click on any links or attachments. Scammers may include links to a fake HMRC website - to trick you into disclosing information. Be particularly wary of emails using phrases like ‘you have 3 days to reply’ or ‘urgent action required’. Remember that you should always log into your online account via your browser, never via an emailed link. Genuine emails from HMRC will never: - notify you of a tax rebate or offer you a repayment - ask you to disclose personal information such as your full address, Unique Taxpayer Reference or bank details - ask for financial information such as specific figures or tax computations, unless you’ve given prior consent for this - have attachments, unless you’ve given prior consent and formally accepted the risks - provide a link to a login page or a form asking for information - instead we will ask you to log on to your online account to check for information Forward suspicious emails to HMRC at phishing@hmrc.gsi.gov.uk or visit the HMRC website for more details.
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Do you or your partner claim Child Benefit?
Do either of you have an income of more than £50,000 a year? Then you may have to pay a tax charge on the Child Benefit payments received. Find out how you can deal with this at: https://lnkd.in/gHxbHz4

The National Minimum and National Living Wage increase on 1 April 2019 - which is the statutory minimum for workers aged 25 and over, will increase by 4.9% to £8.21 per hour on 1 April 2019. National Minimum Wage rates for younger workers will also increase above inflation. As the minimum wage increases more employers than ever will be directly affected, including some of those who currently pay above the minimum.

Loan Charge Reporting Requirements Where a client does not take action to settle their disguised remuneration use before the loan charge arises, they will have a legal requirement to report any outstanding loans as employment income arising on 5 April 2019.

HMRC Officers have reported that when conducting authorised unannounced inspection visits to businesses, some agents have advised their clients to refuse the inspection on the grounds that HMRC Officers do not make unannounced visits. This is incorrect. This advice has resulted in unnecessary and lengthy discussions taking place between HMRC Officers, who are trying to explain that they are permitted to make such visits, and business owners. To reduce misunderstandings and unnecessary confusion, further information about HMRC unannounced visits is available on the Compliance checks: unannounced visits for inspections webpage on GOV.UK.

Nearly 750,000 people missed the January 31st deadline last year, meaning they each faced a financial penalty, unless a 'reasonable' excuse was provided. If applicable to pay and you miss the deadline, the longer you delay effectively means the more fines you will have to pay.
You'll automatically receive a £100 fine if you're a day late - even if you have no tax to pay or have paid the tax you owe. Following that, you'll be looking at a fine of £10 for each following day up to a 90-day maximum of £900, before further fines at 6 months and 12 months at either £300 or 5% of the tax due - whichever is higher.

There’s no getting around the fact that Self Assessment can be stressful. But imagine getting your tax return done-and-dusted weeks before the deadline – and still being slammed with a late payment penalty.
That’s what happened to 653 people who submitted their return at the start of January. The BBC reports that HMRC sent them letters saying they’d missed the deadline and requested £100 as a late penalty, even though the deadline was still nearly a month away.
What’s more, HMRC initially issued a “strongly-worded statement” to the BBC that denied any issues with early penalty notices, but backtracked when they finally noticed the problem.

Prepare for EU Exit - Trading across the UK-EU border changes on 29 March, when the UK leaves the EU. Companies like yours are getting ready. Watch this 15 second video and visit https://lnkd.in/gNyWFq5 more information.

The ICAEW has excluded an imprisoned chartered accountant who orchestrated two film investment schemes that a judge described as a “fictitious merry-go-round of money and false accounting”. Why anyone only carrying out non-regulated work should remain a member of an RPB is beyond me with the dual risk of potential claims from clients and from their own Institute/Association.

Customers who do not submit tax return to HMRC before the 31 January deadline will get a penalty after this date. The penalties for late tax returns are: an initial £100 fixed penalty, which applies even if there is no tax to pay, or if the tax due is paid on time after 3 months, additional daily penalties of £10 per day, up to a maximum of £900 after 6 months, a further penalty of 5% of the tax due or £300, whichever is greater after 12 months, another 5% or £300... charge, whichever is greater
There are also additional penalties for paying late of 5% of the tax unpaid at 30 days, 6 months and 12 months.
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31 January is Self Assessments deadline for 2017/18 tax return. Have you done yours ?
Every year Accountants blame last minute clients for their extreme January workload. No matter how much time practices spend chasing, there will always be lazy clients that stubbornly insist on handing their tax return information during peak busy season. Rather than add more stress to the yearly self assessment slog, some practitioners have drawn a line in the sand. Despite their best efforts to manage and chase clients to deliver their information earlier, they’re still clients that are late and deadline it’s the only time they do something about taxes.

Top 10 mistakes employers make when paying the National Minimum Wage There are lots of reasons why an employer might find themselves not paying the National Minimum Wage (NMW) correctly. To help you avoid making mistakes we have drawn together a list of the most common reasons that cause underpayment. 1. Failure to apply the annual minimum wage rate increase as they go up each year on 1 April. 2. Missed birthdays as employees turn 18, 21 or 25 years old and move from one NMW ...rate to another. 3. Paying the apprentice rate to somebody who isn’t actually an apprentice. Recognised apprentices must have an apprenticeship contract and undergo an element of structured training. 4. Continuing to pay the apprentice rate for too long. The apprentice rate only applies to apprentices who are under the age of 19, or if aged 19 or over within the first year of their apprenticeship. 5. Making wage deductions for items or expenses that are connected with the job. This could include, for example, safety clothing, uniforms, tools etc. 6. Making wage deductions that are deemed to be for the employer’s “own use or benefit”. For example a Christmas club saving scheme. It doesn’t matter that the worker can choose to buy into the scheme and the employer doesn’t have to make a profit from it. 7. Charging a worker more than the stated offset rate for living accommodation, currently £49 a week. 8. Not paying for all the time worked such as time spent travelling, training or downtime at the employer’s disposal. 9. Not paying for additional time worked such as time spent clearing security checks once a worker’s shift has finished. 10. Including elements of pay that don’t count towards minimum wage such as tips and the premium element of pay associated with shift premium.
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