The accountant said “I like both.  If you have a wife and a mistress then they both think you are spending time with the other, meaning you are free to go into the office and get some work done.” Two accountants are queuing in a bank when some armed robbers burst in.  Whilst one robber … Continue reading The Money Column – December 2019 →

It is never wise to ignore the taxman.  If you do then they have substantial powers to determine the amount of tax that is owed and to pursue it.  Those powers, however, are not unlimited and this was illustrated in a recent case that was appealed by the taxpayer to the First Tier Tribunal (“FTT”). … Continue reading The Money Column – November 2019 →

There has been a large increase over the years in the number of people who own “buy-to-let” properties.  It is timely to remind people that this income needs to be reported to the tax office.  At the same time, care should be taken to ensure that tax is minimised by claiming all allowable expenses. Many … Continue reading Financially Yours – October 2019 →

Once every 3 months, HM Revenue & Customs (“HMRC”) publish a list of the tax, and penalties, recovered from “defaulters” in the previous quarter.  The list for the quarter to 30th June 2019 has just been published, showing that there were about 120 cases settled.  The total tax recovered was £16,501,499.24 and associated penalties of … Continue reading The Money Column – October 2019 →

Anyone engaging someone through a personal service company (“PSC”) or operating through a PSC should be aware that from 6 April 2020 there will be two parallel systems for applying the IR35 rules depending on whether the engager (the end client) of the contract worker is a public sector body, or medium or large organisation … Continue reading Financially Yours – September 2019 →