What do I call myself?

November 22, 2016
What do I call myself? Without a doubt the question I'm asked most frequently when I start to act for someone new to the adult entertainment industry is "How do I describe my business to HMRC?". And I fully understand why. How many people trust the Government nowaday...
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Years ago it was really easy to apply for a mortgage if you were self employed or you owned your own company, the mortgage lender, usually a building society, wrote to your accountant and asked for details of your income. Over the last few years more and more lenders have r...
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First you need a chartered accountant because any Tom, Dick or Harry can call themselves an accountant. Interestingly there are more Dicks than Toms or Harrys who do this! Believe me, I've met them and the mistakes they've made. Only someone who is a member of the Institut...
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Next Sunday's tax bill

July 22, 2016
Next Sunday, July 31, the second payment on account of 2015/16 tax is due. Unless you have already submitted your 2016 tax return (full marks if you have) then the payment will be based on your 2015 tax bill. If your 2016 tax bill will be less than your 2015 bill you'll en...
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HMRC were unimpressed with Funda Catal's arguments that she didn't realise that non-British citizens had to pay tax and charged her £45,000 in tax, £8,000 in penalties and £4,000 in interest....
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Yesterday I was approached by a businesswoman whose accountant hasn't really cared about looking after her tax affairs for the last five years. Despite this she was worried about changing because of "the consequences" - "Would he initiate an HMRC inquiry into her tax affairs...
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HMRC taskforces have recovered more than £540m since they were introduced in 2011. And they're getting better at what they do. About £250m was raised in 2015/16, almost double the previous year's yield (£138.1m). HMRC has targeted sectors including retail, the tobacco ind...
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With effect from 1 April 2016 the VAT registration threshold has increased from £82,000 to £83,000. Businesses will be expected to account for VAT once the value of taxable supplies in a 12 month period exceeds this figure. Businesses may still register for VAT voluntarily...
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Less than two months ago I wrote about 2016 being the perfect storm for small businesses never realising that Osborne would make matters worse by adding yet more work to his never ending list of changes forced upon small and microbusinesses. This week HMRC have announced t...
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As always there's never a simple answer to a question if it involves tax. Fortunately, a fellow chartered accountant, Emily Coltman, who is the Chief Accountant at FreeAgent, has produced a rather clever infographic which will help you answer the question....
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