#dns associates

[dnsassociatesuk]

[dnsassociatesuk]

HMRC fails to answer more than a quarter of phone calls

HMRC's chief executive ‪‎apologized‬ for the figures and said the revenue's service had not been "up to scratch". The ‪#‎service‬ has pledged to invest £45m in about 3,000 customer services staff. Another 2,000 staff will be moved temporarily from within the HMRC to help with the tax credits deadline and letters and forms, it said.

‪#‎HMRC‬ set a target to answer 80% of calls. But the figures showed that in some months only about two in three (65.5%) of phone calls were answered. In September 20.8% of people heard busy tones and could not join a phone queue when they called, while 13.7% of calls were not answered.

In total 7.2 million calls made to the HMRC last year - 11% of all calls - ended with people hearing a busy tone.

Read More - http://goo.gl/w52KHN

[dnsassociatesuk]

Paid too much or too little ‪tax‬? Here’s what to do

If you’ve underpaid tax If you haven’t paid enough tax, we’ll usually change your tax code for the next year to collect the money you owe. This happens automatically so you won’t need to do anything and don’t need to contact us. Sometimes we can’t collect the money you owe through your tax code, for example, if you’re now out of ‪‎work‬. In this case, we’ll write to you explaining how to pay the money you owe.

If you’ve ‪‎overpaid‬ tax If you have paid too much tax, we will automatically send you a cheque within 14 days of receipt of your P800. You won’t need to do anything and don’t need to contact us.

[dnsassociatesuk]

Financial reporting – when ‪‎more‬ is less?

Global‬ capital markets are dominated by increasingly complex businesses that often operate across multiple jurisdictions. This means that ‪#‎financial‬reports prepared by these organisations are also often complex, in part to ensure everything financial is captured and duly reported and based on an assumption that investors want and need this information to make informed investment decisions.

At the same time, the demand for non-#financial information from companies covering the full range of capitals is growing apace. The consequence is that the modern annual report runs to several hundred, mostly dense and complex pages, with the financial statements section making up a significant portion.

While complexity arising from the diverse information needs of multiple users may to some extent vindicate extensive accounting standards and associated requirements that result in lengthier financial reports, there is no doubt that in many cases, there is superfluous ‪#‎i communication within financial reports. The reasons for this are varied - and warrant some investigation by the profession if we're ‪#‎committed‬ to ongoing and meaningful‪#‎communication‬ with investors.

[dnsassociatesuk]

HMRC‬ doubles budget for worst-case ‪tax‬ proceedings

HMRC‬ doubles budget for worst-case ‪#‎tax‬ proceedings

‪HMREVENUE‬ & CUSTOMS has more than doubled its worst-case estimate should it lose its most significant court cases, its latest accounts show. The ‪‎taxman‬ is currently fighting several court battles over disputed tax payments, and in the worst-case ‪scenario‬ could be forced to refund as much £42.8bn to ‪‎companies‬ which believe they overpaid years ago.

Read More - http://goo.gl/dpXThw

[dnsassociatesuk]

No ‪#‎HumanRights‬ breach in Stamp Duty tax avoidance challenge

AN ATTEMPT to have Stamp Duty Land Tax (SDLT) anti-avoidance rules declared unlawful has been rejected by the Court of Appeal. It has been ‪#‎government‬ policy since 2012 to pursue SDLT tax avoidance schemes retrospectively where necessary. However, some property buyers continued to use tax avoidance schemes to try and drive down their liabilities. As a result, the #government brought in ‪#‎legislation‬ to closeschemes down. Overall, the ‪#‎measures‬ introduced to block abuse of the transfer of rights rules are expected to result in additional SDLT of over £160m being collected for the public purse between 2013 and 2018. The ‪#‎Blackfriars‬ scheme - devised by accountancy firm #Blackfriars Tax Solutions - was one such scheme and some users of the scheme challenged the government's action through a judicial review. They claimed that the government's actions represented an abuse of their rights under the European Convention on Human Rights to a fair trial and to protection of property.

[dnsassociatesuk]

Why you should choose ‪#‎DNS‬ as your accountants ?

1. REGULAR BLOG ‪#‎UPDATION‬ All you need to know about changes in Tax Laws and Accounts are updated in our blogs.

2. ‪#‎BOOKKEEPING‬ We will do it for you If you find it difficult to keep up with all the paperwork.

3. FAST RESPONSE 97% of Client queries are responded to the same day and 90% of the queries are resolved the same day.

4. WE ARE ‪#‎REGULATEDACCOUNTANTS‬ Promised Adept and Professional Accounting Services.

Visit our website - www.dnsassociates.co.uk

[dnsassociatesuk]

Is investing in ‪#‎share‬ capital rather than a loan to the directors’ current account more ‪#‎tax‬ efficient?

Since 2008, ‪#‎investing‬ money in the form of shares rather than loaning money to the company means that if the company folds you will have a #tax advantage and will be able to set the ‪#‎loss‬ against your income tax bill.

Deciding between shares or a loan when starting a new company or putting more cash into an existing one like everything presents pros and cons, but the savvy business investor should prepare for the best ‪#‎outcome‬even in the worst ‪#‎circumstances‬, ask how can I hold on to more of my capital should the company fail? In my view, this is in the form of shares.

Before 2008, ‪#‎shares‬ offered tax advantages but inflexibility was its main drawback since, once invested in shares, the ‪#‎money‬ was tied or the investor faced the long journey through the courts to get it back. Since 2008, however, in order to repay share capital, companies need only pass a special resolution and send this to ‪#‎Companies‬ House along with a solvency statement signed by all the directors. The process is fast and costs nothing.