What would you do if you had committed tax fraud?

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By , November 14, 2012

What would you do if you had avoided/evaded paying tax, perhaps for a significant time, simply by not declaring certain taxable income or, worse still, had committed actual tax fraud … and then heard about the big crackdown by Her Majesty’s Revenue & Customs (“HMRC”)?
Would you …

  1. continue to hide the problem, hope for the best and bury your head in the sand?
  2. take professional advice?
  3. come clean and contact HMRC with a full disclosure? Continue reading 'What would you do if you had committed tax fraud?'»

Finalist in 2012 Lambeth Business Awards

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By , February 22, 2012
Finalists in 2 categories: Best Small Business and Award for Innovation.

Guy Bridger Ltd are Finalists in 2 categories: Best Small Business and Award for Innovation.

Guy Bridger Ltd (t/a ‘Taxfile’) have been nominated for two awards in this year’s Lambeth Business Awards and it has just been confirmed that they are in the finalists categories for both ‘Best Small Business’ (which they won last year) and for the ‘Award for Innovation’. Whether they ultimately win or not it is a sign of their warmly-regarded place within the Lambeth community that they have got this far and Guy Bridger Ltd are very grateful to all concerned, not least their loyal South London customers.

Guy Bridger Ltd are accountants who offer accountancy services and tax advice to individuals, small and medium enterprises including Limited companies and partnerships both in and around Tulse Hill and South London generally.

Contact Guy Bridger Ltd for further help, accounting services or advice or simply call 0208 761 2268.

Best Small Business (Lambeth Business Awards)

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By , October 10, 2011

Now in their fourth year, the Lambeth Business Awards, in association with MJF Group, have been developed to reward and celebrate Lambeth’s vibrant and dynamic business community. The Awards are a major annual event and a focal point for business networking.

We are absolutely honoured to have won the Best Small Business and be recommended for Lambeth’s Favourite Business in the annual Lambeth Business Awards.

Guy Bridger Ltd proudly donated the Lambeth Business Award prize money of £800, plus an additional £200, to support the immediate response to the serious of disasters which have caused death and destruction throughout Japan and the region through the British Red Cross. In Japan it has been reported that more than 8000 people have been confirmed dead, with over 12000 still missing. Director Guy Bridger said “even if we are a small business our aspiration for a better world and corporate responsibility is not small. We’ve always been very proud of our ties with the community – it’s a great place to live and work and we love it! To be honoured with this award will be a real inspiration for me”.

Lambeth Business Awards 2011 from David Ferrone.

Pensions: Reduction of the Annual Allowance

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By , August 15, 2011

HMRC is changing the draft guidance based on the draft legislation published on 14 October 2010. This is important for individuals and pension scheme members so that they can understand the changes to the annual allowance and the effect that it might have on them.

From April 2011, the annual allowance for tax-relieved pension savings reduces from £255,000 to £50,000. To understand whether you are affected and if so, to what extent, you need to work out how much your pension savings are for a tax year. If they are more than £50,000 then you may be affected if your pension savings are regularly at this level. For ‘money purchase’ schemes, pension savings are the amount of cash paid in to your scheme for the tax year (including employer contributions for workplace schemes)

Important changes you need to know

  • For the tax year 2011-12 the amount of the annual allowance will reduce to £50,000.
  • The method of calculating the amount of pension saving (pension input amounts) for a defined benefits or cash balance arrangement has changed. There is no change in how you calculate the pension input amount for a money purchase arrangement. Continue reading 'Pensions: Reduction of the Annual Allowance'»

Do your tax on time or you could be fined badly

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By , April 28, 2011

Over 85% of people avoid a penalty by filing on time. Make sure you join them and make sure you pay on time.

From April 2011, if you don’t file your SA returns or pay your tax on time, the penalties you will have to pay are changing. The more you delay the greater the penalty.

Penalties for filing late:

·        One day late you will be charged an initial penalty of £100 even if you have no tax to pay or you have already paid all the tax you owe.

·        Three months late and you will be charged an automatic daily penalty of £10 per day, up to a maximum of £900.

·        six months late you will be charged further penalties, which are the greater of 5% of tax due or £300

·        Twelve months late you will be charged yet more penalties, which are the greater of 5% of tax due or £300. In particularly serious cases you face higher penalties of up to the tax due.

Penalties for paying late:

·        Thirty days late and you will be charged an initial penalty of 5% of the tax unpaid at that date.

·        Six month slate and you will be charged a further penalty of 5% of the tax that is still unpaid.

·        Twelve months late and you will be charged a further 5% of the tax that is still unpaid.

Riyas Kallan. Taxfile, Tulse Hill.

 

BUDGET 2011-Initial Reaction

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By , March 27, 2011

The Chancellor’s current look at the financial plan raised awareness about the growth of the economy. It was estimated that there was a reduction in growth from 2.1% to 1.7% which verifies that progress is slower than previously thought.

We’re pleased to see that the Chancellor intends to address the flexible workforce with his recent proposal of ‘economic ambitions’. Unfortunately we have yet to see any measures with reference to improving the flexibility of the existing workforce.

Initially we feel that the value of professional contractors and self-employed professionals has not been recognised in Budget decisions. However, we are pleased to see that the Government has stood by its promise and taken action to try and stimulate growth for the UK’s economy.

We welcome the commitment made by the Government to improve administration of IR35 nonetheless we remain concerned over the merging of National Insurance Contributions (NICs) and Income Tax. Continue reading 'BUDGET 2011-Initial Reaction'»

Accountancy for South London SMEs

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By , February 26, 2011

Business Award

Winner - Best Small Business 2011

Taxfile is serving the local community of small businesses and the self-employed with hassle free Tax Advice and Accountancy services. Over the last 15 years of trading from our office in Tulse Hill, Taxfile has built up an impressive portfolio of over 2000 customers from the local area. We are well known in the local area for low charges and a very professional attitude. We have a friendly multi cultural and bi-lingual staff to provide you with a very personal service. “We can help by asking the right questions to safeguard our clients’ finances and taking the necessary care in the tax handling process.”

In this challenging economic climate, it is more important than ever that we do all we can to improve the financial relationship of local people and local businesses with the government. We are absolutely honoured to have won the Best Small Business and be recommended for Lambeth’s Favourite Business. Continue reading 'Accountancy for South London SMEs'»

Standard Rate VAT 20½% from 4 Jan 2011

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By , December 14, 2010

From 4th January 2011 the Standard Rate of VAT will change from 17½% back to the previous level of 20%. Businesses who charge VAT will need to account carefully in their business records during the change. On-line businesses will need to have updated their websites without delay.

Should any small or medium sized enterprise (SME) require assistance with VAT or any element of business accounting and tax preparation, they are invited to contact Guy Bridger Ltd, without obligation, at their Turney Road, (Tulse Hill/Dulwich, South London) business address. Telephone: 0208 761 2268 or email enquiries@filetax.co.uk.


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