Every year around this time we get a wave of negative news in the media with large corporations issuing retail sales warnings, making excuses publicly about Brexit, the weather, online sales, anything really to distract from their own incompetence) in the run up to Christmas and New Year 2018. Always ignore the 'nay sayers' and pro-actively look at what positive steps can be taken to ensure your business sales and profits rise or at the very least stay level with previous years.

To help with this we've compiled a short list based on our extensive experience and industry wide knowledge.

1. Go where the money is - be fluid and adaptable and look to see what is selling and sell more of that and stock less of what is in less demand. If its a different product or service that you don't offer consider adding this.
2. Give the customer what they want not what you want - listen to them and understand them properly and give them what they are looking for. Your customer will tell you how to keep things going in your business. Don't be shy to ask them, actively ask for feedback.
3. Make an offer they cant refuse - when things are difficult for a client make sure you have offers and special deals like supermarkets do. This may mean you have to offer something at a lower price with the plan to sell another product/service that compliments that item which will make more profit.
4. Keep an eye on competition - make sure your business is not lagging behind on the four P's of the marketing mix - Product, Price, Promotion, Place. All four need to be excellent to ensure growth in a slowing economy.
5. Give away stuff to entice people to keep visiting - This doesn't mean give everything away at a knock down price, but more specifically could mean a good chance to clear out old stock items and have more space by getting rid of it at cost price. The customers get a good deal and you keep the cash-flow coming in.
6. Don't use bad economic conditions as an excuse - stay focused and think positive, don't listen to negative sources of information, look at the positive sources as well. Many large retailers have a positive outlook, its just  that media outlets like to dwell on negativity as bad news sells better than good. Compare your business to the bigger companies and see what they are doing and what you can do as well. The Director /  CEO that thinks and plans positively is the one that drives their business forward.

By Anni Khan at Tax Affinity Accountants

Tax Affinity Accountants are experts in Tax and Accountancy. Based in Worcester Park and Kingston upon Thames they are considered in the Industry to be expert accountants and tax advisors for small businesses. Helping and supporting contractors and self employed people throughout the UK, they regularly help clients grow their business providing tailored advice.

For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends.

As the dust settles after Chancellors October Budget 2018. We felt nearly all of the news coverage by journalists had presented little or no perspective specifically for the self employed and small and medium sized businesses. So to help below is another one of our famous main points lists, because lifes to short to waffle :

1. Corporation tax will fall to 17% in 2020.
   
2. Personal tax free allowance will be £12,500 and the Higher rate tax band will rise to £50,000 from April 2019, one year earlier than planned. The threshold will remain at the same level in 2020-21 and then increase by CPI
3. New structures and buildings allowance and a temporary increase in the Annual Investment Allowance now up to £1 million.
4. New tax on plastic packaging which does not contain enough recycled content.
5. Introduced over 100 measures to crack down further on avoidance, evasion, aggressive tax planning and unfair outcomes
6. Off-payroll working in the private sector IR35 to be extended this change will not be introduced until April 2020. Small organisations will be exempt, minimising administrative burdens.
7. The government will not abolish Class 2 NICs as previous said.
8. Trusts consultation, the government will publish a consultation on taxation of trusts, to make the taxation of trusts simpler and more transparent.
9. Charity taxes - increasing upper limit for trading that charities can carry out without incurring a tax liability from £5,000 to £8,000 where turnover is under £20,000, and from £50,000 to £80,000 where turnover exceeds £200,000
10. Lifetime allowance for pensions – increase for 2019-20, rising to £1,055,000.
11. Adult ISA annual subscription limit for 2019-20 will remain unchanged at £20,000. The annual subscription limit for Junior ISAs for 2019-20 will be uprated in line with CPI to £4,368.
12. The annual subscription limit for Child Trust Funds for 2019-20 will be £4,368.
13. Structures and buildings allowance (SBA) – New non-residential structures and buildings will be eligible for a 2% capital allowance where all the contracts for the physical construction works are entered into on or after 29 October 2018.
14. The capital allowances special rate for qualifying plant and machinery assets will be reduced from 8% to 6%.
15. Entrepreneurs’ Relief: minimum qualifying period from 6 April 2019 the minimum period throughout which the qualifying conditions for relief must be met extended from 12 months to 24 months.
16. Directly taxing offshore entities that realise intangible property income in low-tax jurisdictions, rather than through applying a withholding tax
17. Royalties and income from the indirect exploitation of intangible property in the UK market through unrelated parties to be a target for investigation
18. Cutting bills for retail properties with a rateable value below £51,000
19. Business rates public lavatories 100% business rates relief for all public lavatories to help keep these important local amenities open
20. Business rates local newspaper discount – £1,500 business rates discount for office space occupied by local newspapers in 2019-20.
21. Stamp Duty Land Tax (SDLT) and first-time buyers relief – The government will extend first-time buyers relief in England and Northern Ireland so that all qualifying shared ownership property purchasers can benefit, whether or not the purchaser elects to pay SDLT on the market value of the property. This change will apply to relevant transactions with an effective date on or after 29 October 2018, and will also be backdated to 22 November 2017 so that those eligible who have not previously claimed first-time buyers relief will be able to amend their return to claim a refund.
22. Consultation on SDLT charge for non-residents - government will publish a consultation in January 2019 on a SDLT surcharge of 1% for non-residents buying residential property in England and Northern Ireland.
23. Capital gains tax - from April 2020 lettings relief only applies in circumstances where the owner of the property is in shared occupancy with the tenant. The final period exemption will also be reduced from 18 months to 9 months. The government will consult on these changes. There will be no changes to the 36 months final period exemption available to disabled people or those in a care home.
24. Vehicle Excise Duty (VED): Uprating – From 1 April 2019 VED rates for cars, vans and motorcycles will increase in line with RPI.
25. Company vehicles – From 6 April 2019 fuel benefit charges will increase in line with RPI and the van benefit charge will increase in line with CPI.
26. Air Passenger Duty (APD) – Short-haul APD rates for 2020-21 will not rise, Long-haul rates will increase in line with RPI. The rates for long-haul economy will increase by £2, and the rates for those travelling in premium economy, business and first class will increase by £4. Those travelling long-haul by private jets will see the rate increase by £13.
27. Tax on the production and import of plastic packaging from April 2022 and is subject to consultation.
28. Alcohol duty rates and bands – Duty rates on beer, most cider and spirits will be frozen. Duty on most wine and higher strength sparkling cider will rise by RPI inflation from 1 February 2019. The government will review the current Small Brewers Relief to ensure it is supporting growth in the sector. (12)
29. Vaping ie Tobacco for heating - government will legislate in Finance Bill 2018-19 for a new duty rate for tobacco for heating. In these products processed tobacco is heated (but not burned like conventional tobacco) to produce, or flavour, vapour. This will be set at the same level as hand rolling tobacco and take effect on 1 July 2019.
30. VAT threshold will be maintained at the current level of £85,000 for a further 2 years until April 2022. The government will look again at the possibility of introducing a smoothing mechanism once the terms of EU exit are clear.
31. VAT fraud in labour provision in the construction sector – government will introduce a VAT domestic reverse charge to prevent VAT losses through so-called ‘Missing Trader’ fraud. This occurs when traders collect VAT on their sales but go missing before passing that VAT on to HMRC. The new rules will have effect on and after 1 October 2019 and the government is publishing secondary legislation alongside the Budget to implement this change.
32. Alternative method of VAT collection: ‘split payment’ – To reduce online VAT fraud by third country sellers and improve how VAT is collected on cross-border e-commerce, the government is looking at a split payment model.
33. EU exit - Consequential minor amendments to tax legislation to reflect EU exit – The government is responsible for preparing for all possible outcomes to EU negotiations. This power will allow the government to make small, essential changes to UK tax law to maintain the effect of tax legislation if the UK leaves the EU without a deal. Changes made under this power will maintain current operation of the tax law in essential areas, including changes in line with no deal legislation in other parts of the law.
34. Tax avoidance and evasion, aggressive tax planning and non-compliance to continue.
35. Capital gains tax: tackling misuse of Entrepreneurs’ Relief – In addition to the current requirements on share capital and voting rights, from 29 October 2018 shareholders must also be entitled to at least 5% of the distributable profits and net assets of a company to claim the relief. This is to address an identified abuse of the current rules.
36. Profit fragmentation – As announced at Autumn Budget 2017, the government will legislate in Finance Bill 2018-19 to introduce targeted legislation that aims to prevent UK businesses from avoiding UK tax by arranging for their UK-taxable business profits to accrue to entities resident in territories where significantly lower tax is paid than in the UK. The taxable UK profits will be increased to the actual, commercial level.
37. Reforming Stamp taxes on shares consideration rules – From 29 October 2018, a targeted market value rule will be introduced for listed shares transferred to connected companies to prevent forestalling.
38. Preventing abuse of R&D tax relief for small and medium-sized enterprises (SMEs) – From 1 April 2020, the amount of payable R&D tax credit that a qualifying loss-making company can receive in any tax year will be restricted to three times the company’s total PAYE and NICs liability for that year. This will ensure the relief is robust against identified abuse, including fraud, following the prevention by HMRC of fraudulent claims worth £300 million.
39. Protecting your taxes in insolvency – From 6 April 2020, when a business enters insolvency, more of the taxes paid in good faith by its employees and customers, and temporarily held in trust by the business, will go to fund public services rather than being distributed to other creditors. This reform will only apply to taxes collected and held by businesses on behalf of other taxpayers (VAT, PAYE Income Tax, employee NICs, and Construction Industry Scheme deductions). The rules will remain unchanged for taxes owed by businesses themselves, such as Corporation Tax and employer NICs.
    
40. Tax abuse and insolvency – Following Royal Assent of Finance Bill 2019-20, directors and other persons involved in tax avoidance, evasion or phoenixism will be jointly and severally liable for company tax liabilities, where there is a risk that the company may deliberately enter insolvency.
41. National insurance threshold will rise - not mentioned in the Chancellor's speech but in the budget papers - where we got our info from. This rises from £8160 in 17/18 to £8424 in 18/19 and £8632 in 19/20.
42. Premuim bond minimum savings amount will drop - from £100 to £25.
43. National living wage rise from April 19 - for over-25s will rise to £8.21 per hour from £7.83 per hour.
44. Annual ISA allowance will remain at £20,000 in 2019/20 for adults – the annual allowance for Junior ISAs will rise in 2019/20 to £4,368
    

By Anni Khan at Tax Affinity Accountants

Tax Affinity Accountants are experts in Tax and Accountancy. With branches in Surbiton , Worcester Park , Kingston upon Thames , Cheam and Epsom they are considered in the Industry to be expert accountants and tax advisors for small businesses. Helping and supporting business throughout the UK, they regularly help clients grow their business providing tailored advice and support.

For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends.

To understand its importance, it is necessary to look at the scale of the matter with regards to small and medium sized businesses (SME’s). 

In the UK, there are some 5.7m SME’s, which account for almost the whole of the private sector firms and 60% of total UK private sector employment. SME’s also account for 73% of all net private sector job creation in the UK. Therefore, SME’s have significant implications for the economy and anything that can effect SME’s is very important.

SME’s need to be proactive and prudent as they prepare for BREXIT – deal or no deal. While some business know how they will be affected, and what will be the consequences. Many do not have the time to spare to look at this and seriously lack any plan of action of how to deal with and overcome weaknesses that may affect their business.

This short article will focus on the most important aspects of leaving the EU without a deal for small businesses.

• With a no deal Brexit, it will affect how businesses buy and sell in EU.  There will be increased port clearance time for goods both in bound and out bound of the UK. This can serious effect supply chains and delivery times, large corporations such have expressed extreme alarm at the possibility of delays and stoppages to their supply chains and as such SME’s need to make serious contingency plans also.
• Businesses will not be able to hire workers that easily or not at all. In the short term it is plausible that all new EU nationals will no longer be allowed to work here in UK. And therefore finding skilled reasonable cost employee may be more difficult. Which means businesses will have to employ locally, that may consequently increase their costs and in wages and or expect more work from fewer staff to cover the costs of higher wages so leading to less job satisfaction in the workplace.
• There may also be non-tariff barriers and we may no longer be allowed to buy or sell goods from EU the same as we have done in the past. Especially when it comes to food business. Old licenses and certificates will not be accepted on both sides. Current VAT regime will no longer be applicable. And these in the interim may cause a lot of financial problems with VAT bills and accounting
• Even if small businesses buy products from local wholesalers, their supply chain and procurement will be severely affected. This will indirectly affect your businesses as well.
• Over all, delays mean increased costs and inefficiency’s which could result in bad customer satisfaction and higher time expended in providing customer satisfaction.
• There may be new tariffs and increase admin costs and it is important for businesses to realise, either they are ready to pass these on customers or will they be sustainable to keep doing business with shrunken profit margin.

 
There are more questions than answers regarding impact of Brexit available yet. Ever lingering uncertainty and heightened anxiety in the business world in awash in the news at the moment. In any case, costs and delays relating to customs and trade are expected to increase in general. And these will affect all businesses and consumers.

Some businesses may see their business grow and will look for new opportunities, but many are likely to lose out, if they do not plan ahead and manage their competitive position.

By Awais at Tax Affinity Accountants in Epsom, Surrey

Tax Affinity Accountants are experts in Tax and Accountancy. With branches in Surbiton , Worcester Park , Kingston upon Thames , Cheam and Epsom they are considered in the Industry to be expert accountants and tax advisors for small businesses. Helping and supporting business throughout the UK, they regularly help clients grow their business providing tailored advice and support.

For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends.

We are proud to announce the opening of our newest office in Epsom, Surrey. Due to contunued success and ever increasing demand from our customers. Coupled with the fact that many clients already lived in the Epsom area. We felt this was a natural additon to our branches.

Our office address is:
Tax Affinity Accountants
27 Waterloo Road
Epsom
Surrey
KT19 8EX.

Come in or Contact us online and we would be happy to help. Use the map below to find your best route to the office. There is free 20 mins parking directly infront of the office and its a 2 minute walk from Epsom mainline rail station.

With more and more people each year passing assets and money to friends and family, its important to know that passing on items with monetary value in the wrong way can incur higher taxes if not done the most tax efficient way.

The individual circumstances for each person are unique and as such you should always seek expert tax advice from an expert like Tax Affinity Accountants - considered one of the Industry leader's with regards to their tax and accounting knowledge and experience. However we have also listed the basic rules below as a guide:

1. Inheritance tax (IHT) is on your entire estate value - ie all the property, money, cars, antiques, stock, etc.
2. Each person has a £325,000 inheritance tax allowance, even if your entire estate is below this total value you still need to declare it to HMRC.
3. Inheritance tax rate is a whopping 40% so its important to get it done right.
4. The inheritence tax rate can go down to 36% if you leave 10% or more of your estate to a charity.
5. Gifts of money to friends and family can still be applicable to inheritance tax as only £3000 per annum is exempt.
6. You can pass your home, to your spouse and there will be no inheritance tax. If to children then the threshold of tax free allowance goes up to £450,000.
7. There is a 7 year rule, if you pass on something and live 7 years from that date then there is no inheritance tax (IHT). If you want to pass on your home but continue to live there then this is different and you should seek professional support and advice.
8. If you are domociled outside the UK then foriegn income and assets are not taxed. However UK assets will still be applicable. HMRC can still treat you as domociled in the UK if you have lived last 15 of 20 years in UK and had a permanent home in the UK within last 3 years of your life.
9. There are many other tax issues and allowances that can make a big difference and as mentioned above it is important to seek professional tax advice from an expert like Tax Affinity Accountants - considered one of the Industry leader's with regards to their tax and accounting knowledge and experience.
   

By Anni Khan at Tax Affinity Accountants

Tax Affinity Accountants are experts in Tax and Accountancy. With branches in Surbiton , Worcester Park , Kingston upon Thames , Cheam and Epsom they are considered in the Industry to be expert accountants and tax advisors for small businesses. Helping and supporting business throughout the UK, they regularly help clients grow their business providing tailored advice and support.

For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends.

It's April and this means the end of the previous tax year and start of the next. HMRC's personal tax year runs from 6th April to 5th April each year.

The start of the new UK tax year from 6.4.18 means there are new opportunities and new rules and allowances that now apply. So, it is a good time to take a moment and work through what is best for you and your personal circumstances to make them more tax efficient and plan and budget for the coming year.

The UK government and HMRC are ramping up their collection system and enforcement to try to get as much money in to pay for Brexit and other services etc so it’s up to each individual to become more vigilant to how they may end up with less in their pocket than previously.

Checking your income tax code regularly is now a necessity. Call HMRC immediately if something looks incorrect or out of the norm. Tax codes can often be incorrectly produced if there is a slight mix up in info and recent news reports have highlighted more changed tax codes than usual.

Complete your personal tax return for 17/18 early. It’s not worth waiting till 31st January 2019 when its actually the payment deadline day to work out how much tax is due if your self-employed because if you are owed a tax refund this means waiting till Feb / March 2019. Also, if you do owe tax then you have 9 months to plan and budget to pay for the sooner you know how much is due.

The personal tax-free allowance goes up to £11,850 from £11,500 and dividend tax allowance falls to £2000 from £5000, similar movements with other allowances means it helps to plan ahead to decide which year to receive and declare income. A good tax accountant can help with this - note an average bean counter (accountant) does not normally keep up to date with rapidly changing tax rules and regulations so may not be able to help.

We always recommend you speak to an expert tax accountant - they should save you far more in tax than they ever charge plus their fees are tax deductible - so it’s a win, win situation if your serious about planning ahead and paying less tax the correct way.

By Anni Khan at Tax Affinity Accountants

Tax Affinity Accountants are experts in Tax and Accountancy. With branches in Surbiton , Worcester Park , Kingston upon Thames , Cheam and Epsom they are considered in the Industry to be expert accountants and tax advisors for small businesses. Helping and supporting business throughout the UK, they regularly help clients grow their business providing tailored advice and support.

For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends.

Each year we receive thousands of pounds of HMRC refunds for CIS contractors that had tax deducted at source. And as the tax year 17/18 (ie year ended 5/4/18) comes to an end a claim for a CIS refund can be put it as early as 6/4/18.

With a 6 to 8 week turnaround by HMRC to check and pay out the refund its worth getting your CIS tax return done as early as possible to ensure a quick refund.

HMRC will not remind you of a refund balance due, and will cancel the tax payers ability to claim it back after 5 years have lapsed from the end of the tax year it was applicable in. So there is a limited amount of time to claim the CIS refund and if left to long HMRC will not refund it.

If you want help with your CIS tax return for year ended 5/4/2018 then please get it touch as soon as you can. With our tax expertise and specilist tax software that connect directly to HMRC we can calculate and submit the best return for you ensuring the highest refund that can be correctly claimed.

By Anni Khan at Tax Affinity Accountants

Tax Affinity Accountants are experts in Tax and Accountancy. With branches in Surbiton , Worcester Park , Kingston upon Thames , Cheam and Epsom they are considered in the Industry to be expert accountants and tax advisors for small businesses. Helping and supporting business throughout the UK, they regularly help clients grow their business providing tailored advice and support.

For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends.

In a nutshell it was typical political waffle and little substance. But what we want to know and what our clients want to know is what it means for them. Well check out the simple list below to save time and get straight to the main factual points.

• Minimum wage rates expected to keep rising. The National Living Wage will rise to £7.83 per hour from April 2018 - meaning more pressure on small business as wage costs rise and sales decrease, leading to further staff cut backs or new ways to automate work with fewer staff needed e.g. self-service.
• Country still has debt interest payments of £50 billion per year as before - no surprises there.
• £1.5 billion has been allocated to departments to prepare for Brexit in March 2019 - meaning less to spending on other areas such as NHS etc.
• £1.67 billion to be given to London to start building a further 27,000 affordable homes by end of 2021-22 - 27,000 properties for a city that houses 8.63 Million people (last count in 2017) means nothing much happening and developers pocketing the vast amount of the money and selling the flats at 300k plus. But there will be work for skilled professional tradesmen / women as sites get redeveloped.
• Consultation on a new VAT collection mechanism for online sales - e.g. Ebay, Amazon, Airbnb etc. sellers are to be targeted further as already explained on previous blogs. HMRC wants the tax on this hidden income and Ebay and Amazon have already cut deals with HMRC to not look at their own finances and instead give will happily provide HMRC info on sellers on their websites.
• Consultation on tax changes to discourage use of single-use plastic, including takeaway boxes and disposable cups - like plastic bag charge of 5p.
• Next revaluation of business rates to be brought forward by one year to 2021 - a lot of businesses ended up with nil business rates for small shops and double or more for large shops in the last change in April 2017. Meaning larger shops are becoming empty in out of town areas and the lack of government income from smaller units. Do they increase small unit from nil and reduce for large? - We think so it’s the likely outcome for 'no idea what it’s like to be self-employed' civil servants in Whitehall.
• Consultation launched on the role of cash in the new economy, including future demand for 1p and 2p pieces and £50 notes. Basically the most significant hidden point in the whole statement, basically it means they want to move to a European style system where everyone has to provide a receipt for work and cash payments above a certain amount are no longer permitted. The plan in the small print of actual statement (not speech) say they want to crack down on cash-in-hand payments and the government expects to rake in as much as £3.5 billion a year in tax from cash payments.
  

By Anni Khan at Tax Affinity Accountants

Tax Affinity Accountants are experts in Tax and Accountancy. With branches in Surbiton , Worcester Park , Kingston upon Thames , Cheam and Epsom they are considered in the Industry to be expert accountants and tax advisors for small businesses. Helping and supporting business throughout the UK, they regularly help clients grow their business providing tailored advice and support.

For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends.

Sometimes some a tax payer will have their tax return amended by HMRC after it was submitted. This is a normal thing and nothing to worry about. As it means that HMRC are checking to make sure the information on the tax return matches with the information they hold from other sources e.g. PAYE, CIS etc.

An example is if your tax return did not mention a former employer in the tax year and HMRC records show there was a former employer and some income and tax paid at that employer may affect the bottom final tax figure. This means there could be a difference in the final amount of tax due or refund due from HMRC to you.

Sometimes this is not even your fault as you may have handed the new employer your P45 from the previous employer and the new employer should have start your PAYE using the P45 income and tax figures and carry forward from there, but for a number of reasons the new employer could not do this and therefore the tax code is set on a default standard code meaning you have received 2 lots of tax free allowance in a year.  When this happens towards the end of the tax year (April) HMRC cannot send a notice to amend the tax code to the employer in time to adjust the over / under paid tax. So, they wait instead for the information to be included in the tax return to automatically update with the full info for the year.

Therefore it's not a problem but a normal procedure by HMRC to ensure a tax payer is correctly aligned with their records held and their tax paid is correct. Unfortunately for a tax payer, sometimes this means handing back some of a tax refund as paid by HMRC previously or having a higher tax bill at the end of the tax year.

By Anni Khan at Tax Affinity Accountants

Tax Affinity Accountants are experts in Tax and Accountancy. With branches in Surbiton , Worcester Park , Kingston upon Thames , Cheam and Epsom they are considered in the Industry to be expert accountants and tax advisors for small businesses. Helping and supporting business throughout the UK, they regularly help clients grow their business providing tailored advice and support.

For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends.

All Personal Tax returns (self assessments) have to sent to HMRC by 31.1.18 and anytime after that will incur an automatic penalty of £100, which can rise up to £1300 the longer it remains outstanding. This is even if you had no tax due, as its a penalty for late submission not late payment of tax. Late payment of tax can incur more fines and interest upon the amount calculated at a daily rate.

Below is a list to help explain the fines process:

1. Three months late: You will receive a £10 fine for each day that it is late for the length of 90 days (£900) that is also on top of the £100 which gives a total of £1000.
2. Six months late: Along with the penalties already received you will either face a fine of 5% of the tax return amount or £300 and it is likely to be the one that is the highest.
3. In extreme cases HMRC could request 100% of the tax return amount meaning that your payment would be doubled.

Also penalties can be issued for incorrect tax returns:

1. If reasonable care has been taken: No penalty.
2. If seen as careless: 0-30% of extra tax owed.
3. Deliberate underestimation: 20-70%.
4. Deliberate underestimation and attempt to conceal: 30-100%.

Therefore it makes sense that everyone should seek the help and support of an experienced and qualified accountant or tax advisor. As a reputable firm of accountants, such as Tax Affinity Accountants, will usually save you far more money in saved taxes through their skill and knowledge than they will ever charge. Leaving you more time and money to concentrate on your business, especially in these difficult economic times.

By Anni Khan at Tax Affinity Accountants

Tax Affinity Accountants are experts in Tax and Accountancy. With branches in Surbiton , Worcester Park , Kingston upon Thames , Cheam and Epsom they are considered in the Industry to be expert accountants and tax advisors for small businesses. Helping and supporting business throughout the UK, they regularly help clients grow their business providing tailored advice and support.

For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends.