Introduction
Congratulations to Didar for dealing with your 2005/06 tax returns so efficiently. The 2006/07 season is about to start. Please send back your questionnaires as soon as possible.
The budget’s over. Was it good or bad for you? Did you win or did you lose? Was it a budget for this year, next year, the year after or all three? Will we need a replacement Chancellor?
If you run a small business you may feel that you are a loser. Not only do you have to suffer the burden of red tape but if you make a profit you will have to pay more tax.
HM Revenue & Customs (HMRC) can now ask a high street bank to provide details of off shore bank accounts held by its UK customers. HMRC is obviously concerned that off shore bank accounts and tax planning are being used by tax payers to either evade or avoid UK taxes. Our understanding is that evasion is illegal and avoidance is not. However, our Chancellor wants all tax schemes notified to him and if HMRC doesn’t like a tax scheme then they can outlaw it by changing the law.
We are also aware of press comment that says that tax officers get bonuses for succeeding in recovering tax from tax payers. So, you should make sure that you have an insurance policy to cover you against any HMRC enquiry and VAT appeal. As long as we prepare your tax return and tax computations we can offer this service to you. If you are not already in the scheme and would like to be covered for up to £75,000 of costs (subject to terms and conditions) then please call the Gross Klein helpline on 020 7242 2212.