The Big Year of Tax!

Taxes are a big topic this year, especially Tax Evasion and Avoidance. The UK Government is and has implemented changes that will reduce the risk of people avoiding paying tax and also evading it. The world leaders are getting slaughtered right now by the public because of the Panama incident. This doesn’t really help the economy grow, because the public look up to their leaders and if they are doing it then businesses and self-employed individuals will want to follow them. It’s follow the leader right? Wrong. Of course what matters in the government effects us, but that does not mean you go and not follow the law, because it is our duty as a nation to keep the British economy in a good state. We have recently lost the steel industry in March and the referendum of whether UK should stay in Europe is coming up, which is a huge decision. UK need to stay in, otherwise the economy will go flushing down.Accountants have a lot to say about this because there is and will be a lot of pressure put onto them if Britain decides to leave the EU. This is because the new Digital Tax scheme, which means everyone will have to pay Tax every quarter, has been confirmed, so that’s one CPD needing to be done. If Britain decides to leave the EU, more changes in the financial industry will happen, which effects Accountants and the whole population. Businesses will have to pay import tax from goods they receive from France, for example, the nation will need a Visa to go Germany or Spain. So who is losing out? The whole nation is.If you have no time to do the Bookkeeping, preparing and Submitting the Tax Returns and Annual Returns, or even VAT Returns yourself, then you have plenty of Accountants in East London to do it for you. So there should be no way you cannot get it completed, in fact the Accountants Fee is deducted from your Tax Return, so you will be paying less than what you think you would. It is best to have an Accountant to process this for you because you may be chucking in expenses which are disallowed, like your lunch to the takeaway around the corner. The moment you get investigated, which is random, you will be told that it is wrong and you might have to pay a fine on top of the recalculation of Tax they give. So it is best to stay on the safe side, especially if you are a Self-Employed individual, because you have no one but yourself, whereas a business may have partners to help each other out.People who drive a Taxi or Uber in their spare time after work will need to be registered as self-employed, unless they are employed by a taxi office. Uber drivers will definitely need to be registered because when Uber do their Tax Return and give their list of all the subcontractors they have to the Government then everyone on the list will be checked to see if they are paying their taxes and are registered. It may be just pocket money to you, because you work Monday to Friday and you want extra income, but because it is known as income it must be declared.  So remember anything that is known as income, which is consistent then you need to declare it. If for example you are selling your phone over the internet then of course that does not need to be declared because that is all personal expenditure.
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