Incorporate or not to incorporate… that is the question.
The question of what structure a client should trade as comes up again and again – both with start-ups and businesses already in existence.
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Taxation for individuals and trusts
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Focus on your business - we'll manage the books and tax.
Charity and community interest companies (CICs)
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Reduce your tax liabilities - we'll show you how.
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Grow your business and wealth - we know what it takes.
HM Revenue and Customs update
There was an announcement from HM Revenue and Customs earlier this year to notify taxpayers that they intended on closing phone lines for long periods of time each year.
This announcement was met with such annoyance and outrage that the following day HMRC cancelled the plans. However, they did state that they would be reviewing the processes to see how this could be successful in the future
In light of this, we are encouraging our clients to set up their own government gateways in order to be able to correspond with HMRC on basic issues.
For some time now, HMRC have been directing taxpayers to use their online services to try to deal with queries – you may be familiar with the long message at the start of most phonecalls with them.
At present, we are on hold between 45-60 minutes for every phone call to HMRC and it is likely to get worse before it gets better.
A company should have its own portal and ensure all taxes are added to it. This may be VAT, Corporation tax, PAYE as well as others. An individual should also have their own portal to be able to deal with issues in relation to self-assessment and employment (including changing a tax code) and also to gain information on their pension position.
These portals are certainly not going to be able to solve every query and we expect any further closures are going to cause delays in filing/payment of taxes. There could also be a higher risk of inaccurate information being filed for those taxpayers without an accountant who can’t speak to HMRC to gain advice. However, having a portal is a good start.
From May 2024, taxpayers attempting to set up their government gateway account to access their records online will be asked to create a GOV.UK One Login account. Those who already have a gateway in place (including agents) will be able to continue to use their existing logins… for now!
One Login is the new way of signing in and is intended to eventually replace all other login routes. Once you have gone through security and proved your identity, you will have access to a large pool of government services.
To set up a government gateway, please follow the below link;
https://www.gov.uk/log-in-register-hmrc-online-services/registerIf you are struggling with trying to get through to HMRC and need any support then please do contact us info@dominichill.co.uk or 01323 649 509.
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Understanding Stamp Duty Rules
When buying property, one of the key considerations is Stamp Duty. This additional tax can significantly impact your investment returns, so it’s essential to factor this into your planning. As accountants, we often get questions from clients about how it works. Below is some advice on the rules surrounding it.
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