Yours 4 A Day
Yours 4 A Day Ltd. The Working Persons Accountant

Child Benefit Claw Back

If you or your spouse/partner claim child benefit, and at least one of you has adjusted net income of £50,000 or more for the year, the highest earner must declare the benefit on their tax return in order to pay back part or all of the child benefit as a tax charge.

HMRC is writing to taxpayers who it thinks should have paid the child benefit tax charge for 2013/14, but didn't. Unfortunately some people who have received such letters are childless, or haven't claimed child benefit for decades.

If you have received one of those letters by mistake, don't ignore it. HMRC can alter your tax return to collect the tax it thinks is due. You need to reject any such incorrect alteration to your tax assessment within 30 days, but we can help you do this.

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Excuses for Missing the 31 January Tax Return

Ten of the most terrible excuses for missing the 31 January tax return deadline have been revealed by HM Revenue and Customs (HMRC).

Many of the excuses claim it was someone else’s fault – pets, girlfriends, work colleagues and even the President of the United States are named and blamed for taxpayers’ tardiness.

The excuses were all used in unsuccessful appeals against HMRC penalties for late filing and payment. Here’s the full list:

  • My pet dog ate my tax return…and all the reminders.
  • I was up a mountain in Wales, and couldn’t find a postbox or get an internet signal.
  • I fell in with the wrong crowd.
  • I’ve been travelling the world, trying to escape from a foreign intelligence agency.
  • Barack Obama is in charge of my finances.
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How to be Santa to your elves (tax efficient ways to give your staff gifts at Christmas)

Christmas is a time of bonhomie and generosity, manifesting in the workplace through the renowned tradition of employee gift-giving and the office Christmas do.

 

But without sounding like Scrooge at Fezziwig's party,these activities are still part and parcel of business, subject to tax terms just like any more sober staffing issue.

So as a small business owner, how can you navigate the holidays while staying on the 'nice' list at the HMRC? Here we look at some of the main tax challenges presented by the most wonderful time of the year, and how to handle them without getting singed.

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How to Manage Perfomance

How to Manage Performance

A key to any business is how your staff perform. The aim of managing performance is to continuously improve the performance of individuals and that of the organisation. It involves making sure that the performance of employees contributes to the goals of their teams and the business as a whole.

Good performance management helps everyone in the organisation to know:

  • what the business is trying to achieve
  • their role in helping the business achieve its goals
  • the skill and competencies they need to fulfil their role
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10 Steps to Cashflow Heaven

1. Set cashflow targets

One way of controlling cashflow is by preparing and maintaining a cashflow forecast. Andrew Johnson, financial controller for telephone conferencing provider Powwownow, advises that this can be updated weekly, to provide an accurate outlook for the next six to 12 months.

He says: "Setting targets for the credit controllers is an excellent way to ensure it is given the attention necessary and provides a level of satisfaction and ownership to hit and beat these."

2. Agree clear payment terms

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