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

Autumn Budget 2017  27/11/2017

Philip Hammonds first Autumn Budget reported on an economy that "continues to grow, continues to create more jobs than ever before and continues to confound those who seek to talk it down". It was light on tax content, but with some significant announcements. 

We have highlighted below some of the main headlines:

Research and Development
An additional £2.3bn will be made available to fund an increase in the research and development tax credit to 12%. This will take effect from 1 January 2018.

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The rise of the empathetic bookkeeper 16/10/2017

Some interesting thoughts from Debbie Mirisch, founder of Australian firm Biz Synergy about the way that the bookkeeping industry is changing and the importance of empathy with our clients, something that has always been central to the service we offer at Yours 4 A Day.

I was recently asked, ‘What makes a good bookkeeper?’ And while many answers came to mind, at the top of the list was empathy. I definitely wouldn’t have said that 25 years ago when I started out as an accountant – or even five years ago when I switched to bookkeeping.

The rise in how much human values matter runs concurrent with the degree of in-depth data that’s available to us on cloud accounting platforms like Xero.

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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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