Posts Tagged : Atkins & Co

Are you getting seen off ??

                                                           

This year 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.

 

 

 

 

Mayfair Christmas Property Event 2016

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

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.

covenant live-on

‘Goppin’ Challenge 2016

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.

 

Ask Atkins: How do I get tax back on my mileage?

Ask atkins

 

how do i

MOTOR MILEAGE CLAIMS – also known as Get you home (GYH) and Home to duty (HDT) mileage refunds is our specialty. These Military tax rebates are called a number of things such as MOD tax refund and Armed forces tax refund. We have even heard it called Tax back on fuel claim and the rift refund.
It doesn’t matter what you call it! The search leads you to the same destination …. HOW DO I GET TAX BACK ON MY MILEAGE?

Atkins & Co can help you make a Motor mileage claim and here’s how:
– Firstly download and print the Atkins military mileage claim pack link. You can find this on our website.
– In this pack you will find 8 documents. Please read through the information sheet page 1, these are the rules & regulations of the claim and are in accordance with the HMRC criteria. If you are in doubt please let us know we are more than happy to guide you through the setting up process.

Tel: 01934 527888 Email: admin@atkinsandco.com

– You will also need to fill in two HMRC forms, the 64 – 8 and the SA 1. These will need to be sent to us as hard copies. Please ensure you sign these documents before sending. If you need help filling out these forms out please call the office using the above details.
– If you do not have access to a printer – no worries! Just let us know your address so we can arrange to Post them out to you! Once received, sit back and we will ‘square the admin away’!

We pride ourselves here at Atkins on great service and are proud to be conveyed as “Military friendly Accountants”. We have very close links with the Military, especially the Royal Marines! So you are in safe hands.
We prefer to over deliver and under promise.  We want YOU to keep and enjoy your refund which is why we charge a FIXED FEE unlike others that take a %! With an average 4 year claim we could be saving you up to £490… So what will you spend your savings on?

For more Q&A’s visit our website www.atkinsandco.com/services/military.tax-refunds

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Ask Atkins: Landlords! HMRC are closing in on your undeclared Rental Income!

Ask atkins

 

Do i need to

 

The Revenue is on the trail of £550m missing tax and is urging landlords to come clean or risk higher penalties.
Don’t get caught out by the following common rental income misconceptions:Rental blog ad

  • I’m in the armed forces, so we don’t need to declare our rental profits…
    Wrong – you do still need to declare them.
  • I don’t need to declare my rental profits as I only rent my house out because I’m drafted overseas…
    Wrong – you still need to declare them.
  • I don’t make a profit, so I don’t need to tell HMRC…
    But are you making a profit in the eyes of the tax man!  If you have a repayment mortgage then it is quite likely you are actually making a profit. And if you are genuinely making a loss then it is in your advantage to report this to HMRC.
  • My Wife / Partner doesn’t need to declare it because I have…
    Wrong – if a property is jointly owned you each need to declare your share of the income.

HMRC are running a Let Property Campaign to encourage landlords to come clean and tell them about their rental property before they track you down.
HMRC can contact letting agents for a list of landlords, scrutinise ‘property to rent’ websites/ newspapers and they already hold information on those who receive tenants housing benefit directly and those who have used the Deposit Protection Schemes, so if you are a landlord then act now.
It will be in your best interest to volunteer the information than if you try to ignore it and HMRC catch up with you!

Contact us now or download the RENTAL income & expenses form and send it back to us! – We can HELP!