Interesting tax case of Mr Evans, a former Revenue Inspector who was found to have over-claimed his expense claims over a period of 7 years. HMRC, his former employer, sought back taxes, interest and a 35% penalty for negligence but the story didn’t end there..
Archive for April, 2010
Top Tips to Consider When Starting a Business
Whilst there are many common issues to consider for new businesses, every business start up situation is different and expert advice at the beginning will pay for itself many times over. Assistance with business plans for funding, setting up your bookkeeping system and tax planning at the beginning are all key areas that we regularly get involved with.
Tax doesn’t have to be taxing
Unless of course you have better things to do with your time than read through the pages and pages of manuals, help sheets, leaflets and guidance notes on HM Revenue & Customs website. The help sheets on completing your tax return alone stand at more than a thousand pages and they include nothing about VAT, National Insurance, PAYE or any of the other tax issues that small businesses face. That said, if you know where to look, there can be some very useful gems on the website and I have outlined some of the better ones.
Some accountants are more equal than others
Finding a good accountant is an unenviable task for many a new business. Most people do not know where to start the search, let alone know how to choose between one accountant and the next.
The basic accounting functions may be the same but every business owner’s needs and expectations are slightly different. You therefore need to ask yourself what are the most important things you want from your accountant and then find one that fits the bill.
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