Posts Tagged : Forces

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.

 

 

 

 

Remembrance Day

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.

Poppies - GIFMANIA

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. 777

WARNING! This may be seriously good for your bank balance!

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This warning may be seriously good for your bank balance! Taking one minute to read this could save you a moments grief should you find yourself in this situation.
We have recently seen an increase in clients seeking our help to sort out the wrath of HMRC and their fines having been left in “unchartered waters” by Tax Refund Companies!

We would just like to advise you that although you may be signing up with these companies that are offering lucrative refunds, your best interest may not be the priority. We have recently had a case where someone signed up to one of these such companies and had an unsuccessful claim, they were unaware that the company had opened Tax Returns for the last four years the company took no further action and the client was not advised further. Very quickly £5000 of fines were racked up as a consequence. The Tax Administration had not been correctly dealt with. The company would take no accountability for this and had built in terms and conditions which exonerated them from responsibility and left the client unsupported. Sadly we are seeing more and more clients in this situation seeking our help.

We are urging you all to read the small print and T’s & C’s however it may be written. You may have to go looking for it! Be aware of what you are signing up for.
If you are in this situation or have been fined by HMRC and you are not sure why please don’t leave these fines to escalate into huge fine’s let us know so we can help you resolve it today!

Atkins are a fully regulated, fully qualified team of Chartered Accountants and can deal as such with all aspects of accountancy and tax. We have your best interest at heart and we won’t leave you high and dry in “unchartered waters”.

T: 01934 527888         E: admin@atkinsandco.com        W: www.atkinsandco.comICAEW_CA_logo