FCPA Certified Public Accountants

FAQ


How do I find my tax reference?
You can either look for Self Assessment Correspondence with a 10 digit numeric code or
Visit
www.pvbeal.co.uk

 

How does one know if the Vat limit has been exceeded?

By checking turnover levels for the preceeding 12 months at every month end, then you have a month to Register.

 

What deadline is there for the submission of personal Tax Returns?

31st January following the April when issued or at least notified of responsibility.

Please note that there is a deadline of 31st Oct only for Paper Returns, to be submitted!

 

What help can I expect from HMRC  in sorting out problems over the phone?

Very little these days as it is now expected that TaxPayers or their Agents carry out most duties online.

 

In the event of me being Investigated by HMRC what can I expect?

There is more and more responsibility on business persons these days to have full and proper business records, including mileage records on all vehicles utilised, backed up by verifying vouchers and/or invoices.

'Investigations' take all different formats included so called 'friendly' visits from PAYE teams, VAT Officers and most recently by newly trained 'systems check' officers, to review the basic documentation maintained.

The more serious Investigations tend to pick up on the information gathered on some of the above visits and also include Credit Agency checks to see what loans are held and even Planning Permission records with Local Authorities.

It is always intended that the Revenue Inspectors seek to obtain copies of personal Bank Statements and Credit Card Statements to identify living expenses and/or luxury items thereon, together with any hidden Income.  

 

If I visit HMRC will I be offered a cup of Coffee or Tea?   NOT NOW ALLOWED

 

Can I submit my own Tax Return, PAYE and VAT Returns?

Yes, of course you can, but it might make a lot of sense to speak to a Member of 1 of the Recognised Bodies in Accountancy, to see what they could help you with in terms of Operating Bookkeeping Systems, Claims in respect of Acquisition of Assets, Wages to family perhaps, Vehicle Taxation matters etc.

It may well be the case that such a specialist can use their specific experience to advise the format needed to operate, eg sole trader/ partnership or Limited Company, which could save thousands rather than blindly going ahead unadvised.

 

 

 

 

 

 

 

 

 

 


 

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