Debbie Atkins, Author at Atkins & Co

Are you getting seen off?

November 10, 2017 no comments in Blog by Debbie Atkins

We have seen a massive increase in clients coming to us with all sorts of tax problems, we wanted to post a guide on how to stay safe in unchartered waters and remain claim savvy!

Deed of Assignment – Some companies are operating a Deed of Assignment service – be very careful if you are signing up to this! A deed of trust instructs all proceeds to be sent directly to the company you have given authority to and these deeds can remain in place for a number of years. To revoke them you and the assigned company will need to write to HMRC, this can cause all sorts of problems. We have dealt with a number of situations where we have submitted the claim only for the clients refund to be sent to the company listed on the deed, be very careful what you are signing up to!
Tax Years being left open…..Ensure the company/Tax Agent you are dealing with has addressed ALL tax years that require a self- assessment tax return. We have seen cases where clients have had tax years left open resulting in horrendous penalties amounting to thousands. Make sure you are fully aware of which years you are claiming for.

Tax codes – Ensure your tax code has returned to normal following on from the refund process, if your refund is coded into your tax code this can disrupt your pay and tax and wipe out future refund claims. Look out for pay coding notices from HMRC and check your payslips!! If there are Job Expenses left in the code you will notice an increase in your pay and not be taxed as normal. If these job expenses are left the amount you will owe HMRC will escalate each month until they are removed fully. You may be left with a hefty liability and a considerably reduced Tax Code as HMRC apply an in year adjustment to recapture the underpaid tax.

Self – Assessment Tax Returns – Your claim for mileage relief traveling to a temporary work place is a Job Expense, this is done through self -assessment. Your Tax Agent should take care of this self -assessment when they square away your claim. You will need to instruct your agent if you are not claiming further as HMRC will expect a self -assessment tax return every year thereafter until they are instructed otherwise.
If you fail to notify HMRC and do not file a tax return before the deadline HMRC will apply late filing penalties which can escalate daily. Avoid this by ensuring your Tax Agent has fully removed you from Self- Assessment if you no longer need to claim mileage relief and have no other SA requirement.

Claiming uniform refunds – There are many companies out there claiming they can get you thousands of ££’s for relief on laundering your uniform. The long and the short of it is since 2014 for HM Forces personnel an in year adjustment should be made through your pay to reimburse this allowance the yearly allowance equates to £100 RAF, Army and Marine personal and £80 for Navy (lower due to facilities being available on board). Be careful you may end up owing the tax man!

Don’t get seen off, If you have issues following a recent mileage claim and would like some impartial advice, contact Admin@akinsandco.com or give us a call 01934 527888.

Salute Our Forces

December 22, 2016 no comments in Blog by Debbie Atkins

Atkins & Co would like to wish our Armed Forces a very Merry Christmas, especially those deployed away from their families.

We salute you.

#SaluteOurForces #ChristmasJumperDay #ForOurForces @DRM_Support

Mayfair Christmas Property Event 2016

December 9, 2016 no comments in Blog by Debbie Atkins

This week Atkins & Co were invited to support the Mayfair Town & Country 2016 Property event at Worlebury Golf Club.

The evening was a great success with representatives from many local businesses offering support and free advice in relation to Buying, Selling, Letting Legislation, Investment and Mortgages.

It was good to see such a great turn out and an excellent opportunity to offer tax advice in relation to the forthcoming changes.

The tax relief that landlords of residential properties get for finance costs will be restricted to the basic rate of Income Tax. This will be phased in from April 2017, please see the link below for more information on this.

https://www.gov.uk/government/news/changes-to-tax-relief-for-residential-landlords

If you have any questions or concerns, please contact us on 01934 527888 or email your enquiry to admin@atkinsandco.com.

Bear on parade for Poppy Appeal

December 2, 2016 1 comment in Blog by Debbie Atkins

This year Atkins & Co were proud to support the Royal British Legion Poppy Appeal with, local coordinator for our area, Lyn Lovell.

As part of our volunteering we spent a morning delivering Appeal boxes to local business’, shops and pubs including the local RNLI shop to name a few.

Bear was on Parade wearing his Poppy Bib with pride, he was an absolute star getting up close and personal with some of the veterans during the photo shoot.

We collected on two consecutive Sundays. It was a pleasure to be able to offer our time to support a great charity which provides financial, social and emotional support to members and veterans of the British Armed Forces, their families and dependants.

We very much look forward to working with Lyn and her team again next year.

Atkins on tour!

July 15, 2016 no comments in Blog by Debbie Atkins

The summer of 16 has seen Atkins out and about! In May we were invited to Rosyth to meet and chat to Royal Navy personnel, we had a great day out and were made very welcome. It was also a pleasure to offer advice on all aspects of Accountancy.

June – Atkins were delighted to attend and have a stand at the Weston Air Festival on Armed Forces weekend, it was great to be in amongst our Tri Forces and to speak to many of our Armed Forces personnel. It made us feel very proud to be part of such a great weekend!!

‘Goppin’ Challenge 2016

May 5, 2016 no comments in Blog by Debbie Atkins

Team Atkins recently undertook the ‘Goppin’ Challenge 2016 in support of the Royal Marines Association! A massive £1,164.05 + £729.50 in gift aid was raised overall by all sponsors and those who took part!
Get ready for next year’s event now, for more details visit http://www.goppinchallenge.com/ or https://www.facebook.com/goppin.

Marriage Allowance

May 4, 2016 no comments in Blog by Debbie Atkins

Are you claiming your Marriage Allowance?

Marriage Allowance lets you transfer £1,100 of your Personal Allowance to your husband, wife or civil partner. This can reduce their tax by up to £220 every tax year (6 April to 5 April the next year). To benefit as a couple, you need to earn less than your partner and have an income of £11,000 or less. If you were eligible for Marriage Allowance in the 2015 to 2016 tax year, you can backdate your claim to 6 April 2015.

Who can apply…

You can get Marriage Allowance if all the following apply:

you’re married or in a civil partnership
you don’t earn anything or your income is under £11,000
your partner’s income is between £11,001 and £43,000

You can still apply for Marriage Allowance if you or your partner:

are currently receiving a pension
live abroad – as long as you get a Personal Allowance.

To get started please click on the link: https://www.gov.uk/marriage-allowance or click Start now

If you have any questions, please give us a call on 01934 527888.

DWP announces extra support for armed forces spouses and civil partners to help protect their State Pension

April 19, 2016 no comments in Blog by Debbie Atkins

Image result for hmrc logo

A new armed forces National Insurance credit is available for spouses and civil partners who joined their partners on overseas postings.

Up to 20,000 armed forces spouses may be eligible for a new National Insurance credit if they have previously joined their partners on an overseas posting, ensuring that they don’t miss out on their State Pension.

People who have accompanied spouses and civil partners may have been unable to work while abroad, and therefore unable to make National Insurance contributions. Gaps in contributions can seriously reduce the amount of money people receive when they reach State Pension age. As the new State Pension is based on people’s own National Insurance record, the credit will give people the opportunity to cover contributions missed by periods spent abroad dating back to 1975.

Minister for Pensions, Baroness Ros Altmann said:

Our armed forces protect our country and it is only right that in turn, we help protect their partners’ ability to receive the full State Pension when they reach State Pension age.

This new credit will help ensure people who choose to support their partners abroad don’t miss out on a good State Pension.

Defence Secretary Michael Fallon said:

We are making sure that military spouses and partners who spend time based overseas get the State Pension they deserve.

This is the latest step under the armed forces covenant to ensure that service personnel and their families are treated fairly.

The new credit has been taken forward under the armed forces covenant, which states that members of the armed forces and their families should receive fair treatment from the nation which they serve.

On 6 April 2010, the government introduced a National Insurance credit for which an accompanying spouse or civil partner on an overseas posting can apply. Applications must be made by the end of the tax year following the one in which the posting ends. It is still possible to apply for this credit which may also help if the spouse or civil partner wants to claim a working age benefit.

The new credit

The new credit covers the years spent abroad from 6 April 1975 onwards and counts towards the new State Pension.

For information about the new credit and how to apply, visit www.gov.uk/dwp/ni-credits-armed-forces-partners

Remembrance Day

November 3, 2015 no comments in Blog by Debbie Atkins

In Flanders’ Fields

In Flanders’ fields the poppies blow
Between the crosses, row on row,
That mark our place: and in the sky
The larks, still bravely singing, fly
Scarce heard amid the guns below.

We are the dead. Short days ago
We lived, felt dawn, saw sunset glow,
Loved and were loved, and now we lie
In Flanders’ fields.

Take up our quarrel with the foe;
To you from failing hands we throw
The torch; be yours to hold it high,
If ye break faith with us who die
We shall not sleep, though poppies grow
In Flanders’ Fields.

Please click ‘Donate now’ to make a contribution towards the Royal British Legion’s Poppy Appeal which can help thousands of serving and ex-Service people. No amount is too small to make a difference.

Is your Tax Return scaring you?

October 26, 2015 no comments in Blog by Debbie Atkins

Finding your self-assessment tax returns scary? Atkins and Co can save you time, stress and maybe even money!

More people than ever have to file one – The record for the number of online returns, set last year when 7.93 million people filed over the internet, was also broken, as 8.48 million were sent online to HM Revenue and Customs (HMRC). This represents 84.5% of all returns received – a record-breaking percentage.With around 10.74 million 2012 to 2013 tax returns due by 31 January, this means 93.4% met the deadlines – 31 October for paper and 31 January for online. This is the highest percentage of on-time returns ever recorded.
Do it on time – HMRC takes a dim view of people who can’t be bothered to stick to their deadlines. A life-threatening illness or the recent death of a partner are accepted as valid excuses; the dog eating your train receipts is not. If you file your return late, you’re automatically subjected to a £100 fine. If your return is more than three months late, you’re fined an additional £10 per day, up to a maximum of £900. And if you twiddle your thumbs for a whole year, you’ll be fined another £300 or 5 per cent of the tax due, whichever is higher. The deadline for paper tax returns is 31^st October, the deadline for online returns 31^st January.
If you’re self-employed, you can claim lots of things against tax – If you work from home, you can claim a proportion of costs such as lighting, heating, mortgage interest and cleaning. You can also claim for business trips and a proportion of running costs for a car also those with more than one income, and high-income parents who received Child Benefit after 7 January 2013.
Don’t get carried away – You can’t, however, claim for life insurance, home extensions, travel between home and the workplace or a 1^st class plane ticket to Bali in which you spent the first five minutes idly scribbling a business plan on the back of the cocktail menu.
Talk to HMRC – Despite their scary advertising campaign, HMRC tend to be jolly friendly, as long are you’re trying to do the right thing. And don’t forget that you can apply to reduce any payments on your account if you expect to earn less this year than last. You can also carry forward losses from one year to another
Thinking about getting an accountant – Atkins & Co provides a personalised service and we understand that each business and individual is very different and has unique concerns, responsibilities and ambitions. As we always aim to get to know our clients personally, we can tailor the services to suit their own specific needs. We provide high level accountancy and tax advice whilst conveying it to you in a straight forward easy to understand language. As registered ‘Chartered Accountants’, we are fully regulated by the ICAEW (Institute of Chartered Accountants in England and Wales), you can be reassured of the quality of the service and advice given.

Our specialist military tax and accountancy experience has been acquired from many years and with the family connections to the military – you know you are in safe hands. Rest assured we are well versed in the ‘lingo’ and will go the extra mile to make sure that you feel at ease. We always take the time to explain things in a way you can understand, this is something we pride ourselves on. Every client is important to us.

Posts By : Debbie Atkins