The Chancellor’s 2012 Autumn Statement

Tuchbands, North London Accountants, highlights the main announcements on the  Autumn Statement 2012   This summary contains a host of Autumn Statement changes that may affect you, your business and your tax planning. Please contact us for more help and advice with your particular circumstances.  At a glance

• Income tax personal allowances to increase
• Reduction in annual and l

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Business Records Check

Important Message from Tuchbands- Leading North London Accountants This starts with a letter from HMRC writing to say that they intend to make a phone call to ask some questions concerning the record keeping.  At the end of the call they then decide whether the answers given show that the records are adequate.  If they have any concerns then they will arrange a visit. They follow a r… Continue Reading

PAYE- Real Time Information

Important Newswire from Tuchbands ,Chartered Accountants , in Golders Green, North West London What is Real Time Information?  As from April 2013 it will be mandatory for all employers to implement Real Time Information (RTI), a new system for submitting payroll information to HM Revenue and Customs (HMRC). Under the current PAYE system although payroll is run weekly or monthly… Continue Reading

HMRC is closing in on Undeclared Income

That is the banner headline on HMRC’s new website (www.gov.uk/sortmytax). The site states “Our new tchnology and extra staff make it easier for us to find you- no matter who you are” Scary!? We at Tuchbands, based in Golders Green  have a great track record in assisting people who have got behind with their tax returns for one reason or another or who have undecl… Continue Reading

Residential Property held by a Company

There are government proposals in the pipeline for charging 15% SDLT on residential properties valued at £2m or more where the property is  owned by a company. In addition an annual charge starting at £15,000 per annum is proposed. This is proposed to come into effect in April 2013. There are, fortunately exemptions for property development companies. It seems best to keep e… Continue Reading

National Minimum Wage

The national minimum wage was increased from 1st October 2012 to the following hourly rates: £6.19 for aged 21 and over; £4.98 for aged 18 to 20; £3.68 for aged under 18; £2.65 for apprentices … Continue Reading

Corporation Tax

Companies with a 31 December year end will have to pay corporation tax, which is usually calculated at  20% of an adjusted profit, on 30 September 2013. Careful planning and expert advice can help save some of that tax. If your company profits are over £50,000, call us for a free non-obligation consultation.
Written by Philip Woolfson Philip is a Senior Partner of  Tuchban… Continue Reading

Self Assessment

Summer is over and we are now entering what is commonly known as the Tax Season. New and much tougher penalties are now in force for late filing of tax returns. The online filing deadline is 31 January. We believe that the average  business person is not able to file their own tax return because of the complexity of the tax system.  Added to that is the time involved in completing the for… Continue Reading

VAT registration

Businesses have to register for VAT as soon as  the turnover exceeds £77,000. A common misconception is that this is measured by reference to the annual accounts. However, it is actually measured on a rolling 12 month period. Once the registration is level has been exceeded, registration has to be done withing 30 days thereafter. HMRC will then register from the first day of the ne… Continue Reading

Audit Exemption

It has been recently announced that small companies as defined in the Companies Act will be exempt from audit for accounting period ending after 1 October 2012. The exemption thresholds will now be quite high but as HMRC are stepping up their investigation activity, will exemption increase the risk of a HMRC enquiry? It is not within the scope of an audit to examine every the documen… Continue Reading