October 2015 | Wellden Turnbull Accountants

Self-assessment tax returns – have you completed yours?

October 12, 2015 Posted by Wellden User

As Halloween quickly approaches, most people may be worried about ghosts and ghouls, realistically individuals should be more concerned about submitting their paper self-assessment tax return.

The deadline for submission of this year’s annual paper tax return is midnight on 31 October and businesses and individuals who use this method must submit their return and all supporting evidence to HM Revenue & Customs (HMRC).

Any paper returns submitted after this date could leave a taxpayer liable to fines or investigation from HMRC.

Those that miss the paper deadline will have a second chance to return their documents in the form of an online tax return in the new year, using their unique taxpayer reference (UTR) provided by HMRC.

For more information on how we can assist you with completing and submitting your self-assessment tax return, please contact us today.

Government introduces Consumer Rights Act, as it seeks to simplify and modernise UK consumer law

October 7, 2015 Posted by Wellden User

Small and medium-sized enterprises (SMEs) are being made aware that the law has changed for consumers and it now covers new areas.

Introduced on 1 October 2015, the Consumer Rights Act 2015 seeks to simplify and modernise UK consumer law. The act replaces three major pieces of consumer legislation; the Sale of Goods Act 1979, Unfair Terms in Consumer Contracts Regulations 1999 and the Supply of Goods and Services Act 1982.

Importantly, this is the first time that consumer rights relating to digital content have been clearly set out in the UK. It means that if a digital product such as a game or music file is faulty, not as described or not of satisfactory quality, consumers are entitled to a refund, repair or a replacement. However, if that repair or replacement is impossible or if not done within a reasonable time, then consumers can ask for a price reduction, which can be up to 100 per cent of the cost of the digital content. Consumers will also be entitled to a remedy if any device or other digital content is damaged as a result of the digital content that has been downloaded.

Furthermore, the Consumer Rights Act 2015 introduces a specific period of 30 days for consumers to reject a faulty item and obtain a full refund. The period is shorter for perishable goods where the timeframe will be determined by how long it is reasonable to have expected the goods to last.

There is also a ‘tiered’ remedy system for faulty goods, digital content and services, as well as a focus on unfair conditions in consumer contracts. This will mean that the key terms of a contract, including charges, may be assessed for fairness. Furthermore, the Consumer Rights Act 2015 states that if a retailer provides pre-contract information in relation to a service and the consumer takes this information into account, the service must comply with that information.

For information and advice on how to run your business please contact us today.

How combining technology with a forward-thinking approach can get you noticed in the market…

October 6, 2015 Posted by Wellden User

The Business Development Leaders Network, BDLN, has published an interview with our Director Robin John around our approach to business development.

Robin discusses how combining technology with a forward-thinking approach can get you noticed in the market. In this fascinating insight into the Wellden approach, Robin covers:

How a modern approach can outperform the traditional
Why smaller firms can often have the edge
The importance of innovating in the digital age

Businesses urged not to be complacement over accelerated payment notices

October 2, 2015 Posted by Wellden User

Businesses are being urged not to be complacent if they receive Accelerated Payment Notices (APNs), after new figures reveal that the government has collected more than £1 billion through their use.

HM Revenue & Customs (HMRC) recently announced that it has collected more than a billion pound using APNs, since it was granted the new powers in 2014/15.

Under the accelerated payment rules, HMRC is able to make taxpayers pay disputed tax in advance, rather than waiting for the outcome of a tax tribunal ruling.

Once an APN is received taxpayers have 90 days to pay the outstanding tax, whether they feel it is due or not or face additional penalties. If the taxpayer wins the case the money is reimbursed to them with interest.

During the first year HMRC issued more than 10,000 notices to businesses or individuals who had used a disclosable scheme under the Disclosure of Tax Avoidance Schemes (DOTAS) rules.

Andrew Brown, Associate Director said: “Receiving an APN should not be taken lightly, as it can have a serious effect on the liquidity and reputation of you and your business.

“The fact that HMRC have collected more than £1 billion, shows that they are serious when it comes to potential tax avoidance.”

Earlier this year, it was revealed in HMRC’s annual report on tax avoidance, that of the £596m received from APNs during 2014/15, some £28m was refunded after legal challenges.

“While many of those targeted by these new powers may have legitimately avoided paying tax, there will be some individuals and business who have been unfairly targeted and this is evident in the number of refunds already issued by HMRC,” added Andrew. “Seeking professional advice sooner rather than later is critical.”

If you’ve had an issue with the Taxman or you’re subject to a tax investigation by HMRC, then contact us today for confidential help and advice.