The greed and brutality of HMRC

The greed and brutality of HMRC

I received the article below yesterday from Southbank Investment. It was published by Nick O’Connor and I feel it is something that needs to be shared with you.

The lack of thought, care and understanding shown by H M Revenue & Customs really took me back. Have a read:

HMRC have won a battle to tax 40% of a now dead woman’s estate, simply because she transferred her money from one pension fund to another as part of her divorce. 

Why were they able to do this? Because the woman in question was terminally ill. In fact, she died a few weeks later, and her presumably grieving sons then had to fight a few years’ worth of court battles. 

It’s worth mentioning, of course, that the amount of money didn’t change. Nor did she gain any additional bonuses as a result of the transfer.

 She simply wanted to move the money so her husband – whom she was divorcing – couldn’t access it. 

And the taxman leapt at the chance to take 40%, which says a lot.

HMRC NEW INITIATIVE – THE END OF THE TAX RETURN!

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HMRC NEW INITIATIVE – THE END OF THE TAX RETURN!

Making Tax Digital (MTD) is a government initiative to modernise HMRC’s tax system, with the aim of making the whole process of administrating tax simpler and more efficient. All of your tax information will be in one place (your digital account) and you will be able to pay tax based on your business activity during the year. You can upload and update your tax account in real time.

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Automatic Enrolment... Are You Compliant?

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Automatic Enrolment... Are You Compliant?

Before we start, let's take a look at the complexity of the automatic enrolment process.

Automatic enrolment is here. By now, the majority of companies will have passed their staging date and for the rest, it will be fast approaching. By the end of 2018, all UK employers will be automatically enrolled. 

For many, this is a leap into the unknown and the administrative burden is too much to cope with. It is estimated that the administration involved is as much as up to 80% of a full time employee's workload.

For small businesses like yours, the cost of this may not be viable.

The day to day legislation requires great detail and gets much more complicated the more employees you have. For companies with staff whose pay fluctuates on a monthly basis or who work part-time, ensuring full compliance with the scheme could be a potential nightmare!

The fines for non-compliance can be huge and hence avoiding these is a must.

We are helping all of our clients through the automatic enrolment process by ensuring they are fully compliant before their staging date. We answer any questions our clients have and correspond with the Pensions' Regulator with any changes in circumstances on their behald. 

f you feel lost or feel you may not be compliant, we are here to guide you through the process and ensure full compliance.

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Are you wasting 80% of your working week making just 20% of your profits?

Are you wasting 80% of your working week making just 20% of your profits?

Almost every business owner we know despairs at the sheer number of demands on their time. They complain about the lack of hours in the day; time simply slipping through their grasp. So why would any business owner in their right-mind waste 80% of their working week, generating just 20% of their profits?

The Key Points - Budget 2016

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The Key Points - Budget 2016

One of the  main themes of the Chancellor’s March 2016 Budget was to ensure that the next generation inherits a strong economy, is better educated, and grow up fit and healthy. Find out whether you got a sweet-deal, or are the cracks in the sugar-coated economy beginning to show.

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HMRC are out of control.

HMRC are out of control.

For the professional he cannot explain what is happening, he cannot explain what needs to be done, and how many hours work it will take, he cannot second guess what law will be changed next, what new interpretations the courts will come up with to assist HMRC.