The deadline of the 31st January 2016 is fast approaching for filing 2014/15 Self Assessments online, thousands will probably file late and 50% will leave filing until January.
Here are 10 of the most common problems, issues and errors that come up.
If you have a Business and you want to borrow money, you will probably be asked to give a Personal or Directors Guarantee.
Most Directors don’t want to give guarantees as it makes them liable rather than their business and the purpose of having a limited company was to limit their personal liability.
So it’s a common dilemma.
What can you do to reduce your risk?
A record breaking 581,173 businesses were registered with Companies House in 2014 showing an accelerated increase on previous years with 526,447 and 484,224 recorded in 2013 and 2012 respectively.
In 2014 the UK had the fastest growth in Self Employed workers in Western Europe!
So what should start ups do to pay less tax?
Staff at the BBC’s The One Show contacted Integrity Accountancy Services, to discuss their experience in trying to get through on the telephone to HMRC, following a recent report by Which? Magazine, showing that waiting times to HMRC had almost doubled from their research in 2014.
Pete Moorey of Which? Magazine said “It does look like HMRC are improving. They told us that they were getting 3000 more staff to work on the call centres and that does seem to be working because we’re getting quicker calls today by phone. Given that we have 6 weeks until the end of tax return deadline, we need to keep on the pressure with HMRC but they are clearlyresponding.”
Pete Moorey of Which? Magazine, along with presenter Lucy Siegle and producer Robin Anderson from The One Show, visited our offices to see how long it took us to get through to HMRC. Surprisingly 1 call was answered in only 6 minutes whilst another took 25 minutes for the call to be answered.
Shohaib Shafiq ACMA CGMA added although you could contact HMRC by Twitter, when individuals wanted an answer from HMRC that was relevant to them, they should contact HMRC by phone as personal details must not to be disclosed on Twitter.
Shohaib said “It was really good to have the BBC and reporters from Which? Magazine, come to visit us so that we could demonstrate the issues that people are having with HMRC. We demonstrated that HMRC are in fact in improving on the call answering times, where we’ve found that they answered our calls within 15 minutes on average. This is quite an improvement on waiting times of almost an hour earlier this year. We found that it’s best to call before 9am in the morning and between 2 and 4pm. Our clients really appreciate the pro-active manner in which we work, so hopefully the steps that HMRC have taken to bring in additional staff will feed through to shorter waiting times.”
The feature was broadcast on BBC’s The One Show on Thursday 17th December 2015, and it is available to watch on the BBC iPlayer until 16 January 2016.