#ben laws

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HMRC Bad Debt Tax Investigation Reveals Previous Advisor At Fault and Results in Zero Tax Bill and NO Penalty for New Cooper Bradshaw Client

HMRC Bad Debt Tax Investigation Reveals Previous Advisor At Fault and Results in Zero Tax Bill and NO Penalty for New Cooper Bradshaw Client

A recent investigation has astounded even hardened tax investigators at Cooper Bradshaw as to the incompetence of a new client’s former advisor.  The client was faced with an investigation by HMRC into his previous tax return for bad debts written off, together and a potential tax demand in excess of £6,000 and potential penalties amounted to around £1900.

During the investigation our team…

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[benlawsuk]

TAX TIP: Special Reductions

When you’re navigating the insidiously complex realm of the HMRC tax regulations, it sometimes seems inevitable that you’re going to fall afoul of one or more tax “offences”. But take heart! A number of compliance regimes actually provide ways to avoid or at least mitigate some of those penalties after the fact. There is one particular provision, known as the ‘special reduction’ that can apply to…

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TAX TIP: Business Records for the Self-Employed

Business Records for the Self-Employed

The UK has strident requirements for record keeping, especially for those that are self-employed. Figuring out what to keep and how to report it can be particularly difficult, and failing to do some can come with unexpected costs at best, and high penalties at worst. The first thing that’s important to know is what kind of records you should keep, and most importantly, knowing how to keep your…

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TAX TIPS: Ask HMRC to pay for their mistakes

Yes, seriously, you did read that correctly! HMRC will consider refunding any reasonable costs directly caused by their mistakes or unreasonable delays. Costs can include postage, phone charges or professional fees. If you think HMRC’s actions have caused you worry or distress tell them straightaway. In some cases HMRC may be able to make a small payment to acknowledge this and apologise.

Our…

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[benlawsuk]

WIN: Retrospective Application for Flat Rate VAT

In addition to being a topic on VAT, this article also acts as a warning that when attempting to challenge HM Revenue & Customs rigid framework you must be prepared to behave like a dog with a bone in the face of ignored letters and stock replies containing the dark arts of copy and paste in order to avoid interaction with a “real human being” at HMRC.

There are a number of schemes a business can…

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TAX TIP: Classification of Resources in the world of Hybrid Electronics

Every year we’re seeing more and more electronic devices on the market, from the newest in tablets and smartphones, to 4G enabled cameras. These innovations are making our business lives easier to handle, but it can raise some complicated questions about how to classify these devices when it comes time to declare them in your tax returns.

Mobile phones used to be nothing more than a convenient…

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Reclaiming Your Pension: Take Back Your Tax Overpayment

In a rare move by the HMRC, they’ve actually made it easier for you to get money backfrom them. With the implementation of the new P50Z, P53Z, and P55 forms, HMRC has taken steps to remove the previous 1 year wait to get back your overpayments. In the past, the emergency 1 month code applied during a first pension withdrawal meant you’d have to wait until you could file in the following year to…

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[benlawsuk]

TAX TIPS: 6 Reasons to file your Self Assessment early!

The Self Assessment a necessary evil of the business world – you know it needs doing, but you put it off again and again, hoping that somehow it’ll do itself. Eventually January rolls around and you realise there’s no avoiding it any more.

You’re not the only one procrastinating – in January 2014 2.8 million people (over a quarter of those due to file) completed their return in the final four…

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