July 7, 2012

A chance for higher rate tax payers to settle bill

As Britain pins its hopes on Britain’s Andy Murray ahead of the Wimbledon finals, 40% higher rate tax payers, who have not submitted a self-assessment form, have been given a chance too. Those people who have not submitted tax returns for 2009/10 or earlier can volunteer to pay any unpaid tax for earlier years in return for lower penalties.

On 3 July HMRC launched their latest tax return initiative to clamp down on tax evasion. Higher rate tax payers, who haven’t submitted tax returns for 2009/10 or earlier, will be offered lower penalties and better terms. Individuals will have until 2 October to submit completed tax returns and pay the tax and NICs they owe. By coming forward voluntarily tax payers will be looked at in a better light and any penalty will be lower than if the taxman had approached them first. For those who don’t come clean, HMRC will pursue any outstanding returns, tax and National Insurance Contributions.

Head of HMRC, Marian Wilson, said “The campaign provides a three-month opportunity for those who want to get their tax affairs up to date to come forward. Our aim is to make it easy for them to contact us and send in completed tax returns, putting their affairs in order.”

“Penalties will be higher if we come and find people after the opportunity and some could face a criminal investigation. I urge people to come forward and disclose unpaid tax voluntarily.”

If you think this applies to you then speak to your accountant to find out more or contact HMRC directly and submit your tax return online by 2 October 2012. You will need to register for HMRC online services if you have not already done so. If you have any queries you can contact a dedicated helpline at HMRC 0845 601 8818.

As the taxman continues to clamp down on non-payment of taxes we remember the previous campaigns targeting offshore investments, medical professionals, private tutors and coaches, plumbers, electricians, VAT defaulters and online traders. Don’t be next; it really does pay to get your tax affairs in order this summer!

Important - we endeavour to keep the information on this Site and the Blog accurate and up-to-date as far as possible. However, please remember the content is intended as a helpful guide only and may be subject to change at any time. Please always seek advice from your accountant or Davis Burton Sellek before acting on any of the information provided.



June 6, 2012

Should I be in self assessment?

The general rule of thumb is if you have straightforward tax affairs then you probably don’t need to fill in a tax return. If you have income from several sources then you need to complete one.

If the answer is YES to any of the following questions then you will have to complete a tax return for the year 2011/12:

  • Were you self-employed or a partner in a business at any time in the year?
  • Were you a company director?
  • Did you receive an income over £100,000?
  • Did you receive more than £10,000 in savings and investment income?
  • Did you receive more than £2,500 in untaxed income?
  • Did you receive income from letting out your property?
  • Did you receive foreign income liable to UK tax?
  • Are you an employee claiming expenses or professional subscriptions of £2,500 or more?

If the answer is NO, then contact HM Revenue & Customs on 0845 900 0444.

Still unsure – then talk to your accountant.

If you wish to discuss your personal situation then contact Mark Busby 01344 620495 or mark.busby@dbsellek.co.uk

Important - we endeavour to keep the information on this Site and the Blog accurate and up-to-date as far as possible. However, please remember the content is intended as a helpful guide only and may be subject to change at any time. Please always seek advice from your accountant or Davis Burton Sellek before acting on any of the information provided.



January 20, 2012

Tax rebate scam

Watch Out!  As usual for this time of year, there is another email scam going around, with people posing as HMRC.  Always contact your accountant – do not reply to any emails from HMRC however plausible they sound. 

Current email scam reads along the following lines:

“After the last annual calculation of your fiscal activity, we have determined that you are eligible to receive a tax refund of 973.90 GBP. Please submit the tax refund request and allow us 5-7 days in order to process it.

Please download the document attached to this email to confirm your identity.

Note: You will need to provide a valid bank accoun in which the funds will be payed to.
A refund can be delayed for some reasons, for example submitting invalid records or applying after deadline.”

Best Regards,
HM Revenue & Customs.

Important - we endeavour to keep the information on this Site and the Blog accurate and up-to-date as far as possible. However, please remember the content is intended as a helpful guide only and may be subject to change at any time. Please always seek advice from your accountant or Davis Burton Sellek before acting on any of the information provided.

Written by luci @ 5:36 pm


June 16, 2011

Warning email tax scam

The Revenue Commissioners have recently become aware of another fraudulent email purporting to come from Revenue seeking personal information from taxpayers in connection with a tax refund. This phishing email is headed “2011/28719266428 REVENUE” or “E-mail Fogra #2011-27741NIE”. A link opens up a form seeking personal information, including debit/credit card details, which is attached to the frameset of the www.revenue.ie website. This email, which is the latest in a succession of scams targeting Irish taxpayers, did not issue from the Revenue.

The Revenue Commissioners never send emails which require customers to send personal information via email or pop-up windows. Anyone who is actually awaiting a tax refund should contact their local Revenue Office to check its status. Anyone who provided personal information in response to these fraudulent emails should contact their bank or credit card company immediately.

Important - we endeavour to keep the information on this Site and the Blog accurate and up-to-date as far as possible. However, please remember the content is intended as a helpful guide only and may be subject to change at any time. Please always seek advice from your accountant or Davis Burton Sellek before acting on any of the information provided.

Written by Mark Busby @ 7:55 am


Taxman spot checks and harsher penalties

Be aware the taxman is getting tougher with penalty increases and regulation changes. Here is a round up of new HMRC penalties and powers:

Penalties for late tax returns have risen significantly – a return filed 6 months after the deadline could attract a fine of at least £1,300.

Another big change is that fines will no longer be cancelled if the taxpayer owes no money to HMRC, because there is no extra tax to pay or because it had been paid.

There are new penalties for filing late returns and for late payments. Read more for penalties.

Small businesses should watch out for spot checks as HMRC rolls out its “test and learn” trial.

New measures to clamp down on tax evasion

Individuals who deliberately evade tax will now be subject to detailed inspection for up to 5 years. If the taxman finds someone has continued to deliberately evade tax, it may instigate criminal proceedings.

Tougher penalties for offshore tax evasion introduced 6 April 2011.

If you have any worries or concerns contact me on 01344 620495 or mark.busby@dbsellek.co.uk

Important - we endeavour to keep the information on this Site and the Blog accurate and up-to-date as far as possible. However, please remember the content is intended as a helpful guide only and may be subject to change at any time. Please always seek advice from your accountant or Davis Burton Sellek before acting on any of the information provided.

Written by Mark Busby @ 7:54 am


June 8, 2011

Do I need to complete a tax return?

If your annual income has reached £100,000 you will need to complete a tax return for the Inland Revenue. This allows for the collection of any outstanding tax owing that may not be collected through the PAYE (Pay as You Earn) system. Similarly, it allows for any refunds owing too!

If you would like us to help you with your tax return we would be pleased to do so. If your tax affairs are complex or you are receiving income from more than one source then you may be interested in our bespoke tax planning advisory service.

Either way we should be pleased to discuss any concerns you may have with your tax return or tax planning affairs. You can reach me on 01344 620495 or mark.busby@dbsellek.co.uk

Important - we endeavour to keep the information on this Site and the Blog accurate and up-to-date as far as possible. However, please remember the content is intended as a helpful guide only and may be subject to change at any time. Please always seek advice from your accountant or Davis Burton Sellek before acting on any of the information provided.

Written by Mark Busby @ 2:05 pm


February 14, 2011

Beware tax rebate scammers

Following the Tax Return deadline of 31st January, February is an ideal time for scammers to attempt to steal our hard earn money from us. Under no circumstances will H.M. Revenue & Customs be emailing anyone notifying them of a tax rebate due to them.  If you receive such email please forward it to phishing@hmrc.gsi.gov.uk and then delete the email.

If you are unsure if any correspondence regarding your finances are legitimate, especially when requesting personal information from you, please check with your accountant/tax adviser.

Important - we endeavour to keep the information on this Site and the Blog accurate and up-to-date as far as possible. However, please remember the content is intended as a helpful guide only and may be subject to change at any time. Please always seek advice from your accountant or Davis Burton Sellek before acting on any of the information provided.

Written by Lindsay Gray @ 3:37 pm


January 26, 2011

Don’t miss out – tips to reduce your tax bill before 31 Jan deadline

The tax deadline is fast approaching for more than 9 million tax payers who need to complete a 2009-10 tax return (self-assessment form). High earners, the self-employed and those who receive untaxed income from more than one source, have until midnight Jan 31 to submit their 2009-10 tax returns online.

This year more than ever, those individuals completing their own tax returns need to be extra careful to avoid penalties as HM Revenue & Customs (HMRC) are likely to be paying even closer attention, to avoid the tax code chaos of last year in which a number of tax payers paid the wrong tax for two years.

If you choose to do your own tax return my advice is to check your figures carefully and to sanity check again ensuring the correct information has been filled in the correct boxes before filing. And, remember to claim relief wherever possible. For example, there are special rules for traders which allow greater flexibility when claiming losses against other income and thereby generating a repayment.

There are also ways to help cash flow and reduce bills for those businesses, the self-employed and entrepreneurs who may have faced a downturn in profits since last April. This can be achieved by reducing payments on account for 2010-11 and thereby reducing the Jan and July tax payments.

Plus, don’t miss out on relief for charitable donations and seek advice from your accountant, wealth planner or financial adviser on tax relieved investments like Enterprise Investment schemes, which offer tax relief to investors who invest in small unquoted companies. Please remember to seek advice as this type of investment may not be suitable for everyone.

So my message is simple – check, check and double check and remember to claim relief wherever possible. For more information on how to reduce tax and save money please contact mark.busby@dbsellek.co.uk

Click here for my handy Tax return checklist

Important - we endeavour to keep the information on this Site and the Blog accurate and up-to-date as far as possible. However, please remember the content is intended as a helpful guide only and may be subject to change at any time. Please always seek advice from your accountant or Davis Burton Sellek before acting on any of the information provided.

Written by Mark Busby @ 9:06 am


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