Taskforces are specialist teams that undertake intensive bursts of activity in specific high risk trade sectors and locations in the UK. The teams will visit traders to examine their records and carry out other investigations.
HM Revenue and Customs (HMRC) taskforces have recovered more than £500 million since they were launched five years ago.
The targeted bursts of enforcement activity have brought in progressively higher amounts every year, and the total now stands at more than £540 million. This includes nearly £250 million raised in 2015-16 alone, almost double the previous year’s yield.
Since 2011, HMRC has launched more than 140 taskforces targeting sectors that are at the highest risk of tax fraud including the retail sector, the tobacco industry and the adult entertainment industry.
Jennie Granger, Director-General for Enforcement and Compliance at HMRC, said:
The message is clear: if you try to cheat on your tax…
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http://www.stevejbicknell.com has now had over 300,000 views, nearly 200,000 unique visitors and on Sunday reached a new daily views high of 1,396 views in a single day!
I think that’s pretty impressive for a Tax and Accounting Blog!
We have over 7,000 followers and our most popular day is Tuesday and the best time is 1pm, which is interesting as last year it was Wednesday at 10am.
Our top 3 blogs of all time are:
January 2016 has had the highest monthly number of hits at 12,000
So why do people read my blog?
- Useful Content – I learned a long time ago that if you want followers and readers you have to write about things that will interest as wider audience as possible. My blog is about Accounting and Tax, which you might think is boring but it does affect everyone, we all pay tax! and…
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Do you think photos are important? would you use a photo like this on Linked In?
What does your head shot say about you? Using a photo taken at a wedding or on holiday with a glass of wine in your hand, or one taken 20 years ago, maybe sending out the wrong message and costing you thousands in lost opportunties.
How you present yourself matters, with social media you are your own brand.
For example lets say you are an accountant.
- Accountants love Blue, 66% of accountants will choose blue and 55% of the top accounting practices use Blue in logos
- Accountants need to seen as experts
- They are reliable, organised, trustworthy and accurate
So would you choose this accountant? is being funny a skill you want in an accountant?
Or this accountant? Much more professional possibly a little too serious?
Your image really…
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The world of accountancy is changing quickly and the days of the dull lion tamer are running out fast
We aren’t all as extreme as the ‘The Accountant 2016’, we definitely don’t work for criminal gangs!
This is the image that I think a modern accountant should have, someone who can solve your problems
There are 2 key reasons why small businesses expect more from their accountant.
- In recent years we have seen a huge growth in Cloud Accounting Systems such as Sage One and Xero and automation of payments and bank feeds, its no longer enough for accountants just to provide book keeping or year end accounts and tax.
- Business owners want personalised, tailored partnerships with their accountant who need to be true business experts
As Paul Surtees MD of Capitalise says…
Rather than simply easing their professional burden, leading accountants are using technology to go beyond their core…
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Connected party loans are a problem area especially if the loan is impaired (ie the borrower may not be able to repay the debt)
Individual Loans written-off
If an individual makes a loan to a company and this is subsequently written-off, the company will have a non-trading loan relationship credit equal to the amount written off.
If the loan was made to an unquoted trading company, the individual will crystalise a capital loss equal to the amount of the loan written off. This will be available to set off against capital gains arising in the year of write-off or in subsequent years.ACCA
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According to recent reports HMRC has increased the number of small business investigations and they continue to be seen as soft targets.
About 7% of tax inspections are random, the majority are triggered because HMRC believes that something is wrong.
What can you do to reduce your chances of being selected:
1. File your tax returns on time and pay what you owe – If you file late or at the last minute HMRC will think you are disorganised and as such there are more likely to be errors in the return
2. Declare all your income – HMRC get details of bank interest and other sources of income, sometimes they test them and match them to returns
3. Use an accountant – Unrepresented taxpayers are more likely to be looked at, mainly because many of them don’t know what they are doing
4. Trends – if your business doesn’t…
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The internet is full of sites that allow you to search a list of ‘trusted’ experts and get quotes.
But you are choosing from a select few who have decided to pay for leads, that doesn’t necessarily mean they are the best choice.
Most organisations will have google recommendations and feedback which does help although some sites only show positive feedback.
I have recently came across http://www.bark.com
The Association of UK Accountants has recently partnered with Bark.
“People turn to Bark every day to find pros to help them with everything from lawn mowing to legal representation,” says Bark cofounder Kai Feller. “We’re committed to finding the highest quality professionals for our users, and this new partnership with the Association of UK Accountants will make it even easier for us to help entrepreneurs throughout the UK find quality business accountants.”
There are lots of great things about Bark
- It shows…
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