Tag Archive | "hire a contractor accountant"

129 Premiership Stars Accused of Tax Avoidance

It was only a few weeks ago that Wayne Rooney was under scrutiny for tax avoidance…well, now you can add 129 more players to the list.

Not just any football players either. These are top of the line Premiership Stars we are talking about here. The kind you see on Sky Sports and BT Sports week in and week out, diving around and hugging each other when a goal is scored.

Yes, it is those very stars who are now being looked at very closely by HMRC. 129 to be exact, although the names are yet to be released.

What we do know as of right now is one player on the list is a very famous ex Manchester United Star.

Apparently, this former red put nearly 33.5 million quid into something called a Kingsbridge scheme, in what HMRC are claiming was tax avoidance. The taxman is now trying to get at least 70% of that cash back.

Are these just helpless football players who didn’t understand what they were doing, or are they cold and calculated…ready to avoid tax at all costs? Many experts are claiming it is the latter, and with the help of clever accountants they are avoiding millions in tax every single year.

Of the 129 Premiership Stars on the list, it is estimated that a total of £250 million was put into the Kingsbridge scheme, although some pundits say this could just be the start of an avalanche that might send shockwaves through the footballing world.

Another of the clubs named on the list is Liverpool, so we can be sure that it will be headline news around the world when everything is eventually revealed.

Which brings me to an important point. In my opinion, I think there is a fine line between hiring a good accountant and hiring an accountant that is “too good.”

Take your average contractor for example, who might not be able to hit a barn door with the ball at their feet and probably wouldn’t do very well if they took to the pitch at Old Trafford or Anfield.

What contractors do have in common with Premiership Stars is the desire to pay less tax. That is something everybody wants.

The difference is that doing it legally won’t get you in trouble with HMRC, while doing things that are considered shady like investing in offshore schemes, well, that will get you in trouble.

That is why you want to be careful of accountants who try to claim you won’t pay any tax at all. It just isn’t possible (legally) and I reckon some of these football players might have been taken in by the hype.

Instead, what you want to be doing is hiring a contractor accountant who is good, and can save you tax (legally), but also keeps you on the right side of the law.

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Phish Don’t Swim…They Steal

Phishing has nothing to do with going out to the canal with your rods and bait. A recent memo from HMRC reminds us of that.

I’ve reported before on how innocent contractors are getting dodgy emails and texts from scammers who pretend to be from HMRC.

The official name for this scam is “phishing,” and according to HMRC there has been 1700 reports of it during the last 2 weeks.

What happens is that an email lands in your inbox or a text comes through on your phone. “We are from HMRC,” they say, “you have a tax refund,” is what they use to bait you.

Unfortunately, many contractors fall for the scam hook, line and sinker, and are reeled in by the promise of receiving a cheque in the post or deposit in their bank account. Who wouldn’t want a few hundred quid from HMRC? Most people would, and that is exactly why this phishing scam works so well.

HMRC and Action Fraud have just released a statement warning all self employed people about the need to be vigilant and aware.,

“HMRC will never use texts to tell you about a tax rebate or penalty or ever ask you for payment in this way,” they warned. “telephone numbers and text messages can easily be spoofed. You should never trust the number you see on your telephones display,” they went on to add.

Bizarrely, one way these phishers have been getting innocent contractors to hand over their cash is through Apple iTunes vouchers.

What they do is say that a large amount of tax is owed, but, it can only be paid off through vouchers for the iTunes store. Many people have fallen for it too, which just goes to show that scammers are becoming very convincing.

Another way they con you out of your money is by sending out emails that look like they are from HMRC and direct people to a website that appears to be “official” but isn’t.

Once on that website, innocent contractors put in their bank account details and other personal information, and then these con men and woman have a field day.

“Plenty of Phish,” is what I would say to all contractors and freelancers out there. Be careful.

Do you know what though? This could be easily avoided if you just hire a contractor accountant.

A good contractor accountant handles all of your tax affairs for you, and they know the difference between a phish and a fish.

No charlatan can fool these accountants, which means you can relax and not have to worry about being scammed.

Hire a contractor accountant right now, and make those phishers say “wow…better move on to the next person.” They won’t mess with you anymore.

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For Contractors Who Don’t Have Time For Tax or NI…

Ask any contractor what they dislike the most and they will all say “paying tax.” I guarantee it.

That is why a new report that has just been released is sure to become a hit among contractors around the country.

The reason? Because this report has the simple message that many have been waiting to hear:

“Pay less tax and scrap National Insurance”

I can hear the crowds of contractors cheering as those words are spoken, but, in my opinion you might to hold on a bit before firing your contractor accountant and ripping up your tax form.

A revolution on the cards? Maybe, but until the government are convinced to change anything then this report remains what it is right now…just a few pieces of paper that have been stuck together.

You know what I usually do with these reports, right? “directly in my bin” is what I normally say after flicking unenthusiastically through a few pages before turning my attention to Jeremy Kyle and the latest “Which Chav is the Dad?” Episode.

So to recap…reports usually go in the bin, but this recent one hasn’t yet, mainly because I have not read through it. Just a quick glance.

I hear good things though, and some experts are even saying that by self employed people paying less tax and not paying any National Insurance at all, then it could actually mean Billions more for the UK economy.

Even better, for those contractors out there in the higher income bracket, well, your tax obligation would be brought in line with that of an average income.

You would still need the services of a contractor accountant of course, but your tax bill would get less expensive.

It is actually a left leaning “think tank” (not to be confused with a fish tank) that has come up with this report, and what they are basically saying is that everyone should pay the same tax, no matter what your income.

A bit like the communist ideology I suppose..”we are all equal, and equal pay for all, no matter what your skills.”

Sounds good, especially when you are reading it in a text book and being cheered on by all of your fellow communist college friends..but what about when you get in the real world, what then?

Paying less tax and no National Insurance would be great of course, but the problem is that it needs to be based on reality.

So it is with great regret that this new report is going the way of all those other reports that have found their way to my desk…straight in the bin.

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“Unfair Tax Bill” Says Rooney

Wayne Rooney, the former Manchester United and current Everton football player has recently got a letter from HMRC in the post…he wasn’t impressed.

This letter wasn’t to congratulate him on his fantastic football career and it wasn’t to send him warm regards about the recent birth of his son…no, it was to demand payment for a cool £5 million pounds.

“Chump Change!” is what many pundits are no doubt saying when it comes to the finances of Wayne Rooney and his ability to pay this tax bill from HMRC, but I’m sure that Wayne is not exactly enthusiastic about writing out a cheque for 5 million smackaroos when that money could have been going elsewhere. A few new Ferrari’s and an exotic holiday in the Summer for all the family.

Well, it looks as though the Rooney family may be on their way to Skegness for their summer hols this years, because with 5 million gone out of his bank account I’m sure they will be on the lookout for more of a budget option.

What appears to have happened is that Rooney invested some of his money in some kind of film finance scheme, although these kind of schemes have since been called “controversial” by many in the media.

It seems that HMRC are of the same opinion, because they now want paying for back taxes…and if there is one thing we all know, it is the fact that when they demand a payment then you better pay up or be prepared to take the matter to court.

However, I don’t think that Wayne Rooney would be the kind of guy to fight HMRC in a vicious court battle. Sure, it would make headline news and be a saga that played out over weeks or even months, but when you consider his focus is on scoring goals for Everton right now, well, if you ask me it would a good idea to just pay the thing, learn his lesson, and move on.

With that being said, a source close to the England footballing legend has gone on record to say that Wayne is “furious” at the matter, and has even commented that it is “ridiculous and unfair.”

It is also believed that Mr Rooney was only acting on advice from a finance expert that he trusted, but now the whole thing has sunk faster than the Titanic, well, the expert has disappeared like the Mary Celeste and our man Rooney is not impressed. Not one bit.

This does go to show you though, that when you take the advice of people that claim to be “experts,” but in actual fact couldn’t organise the proverbial – getting very drunk in a brewery – then you can’t really complain when things start to get a bit tasty.

5 million quid tasty of course, which is something that the average man and woman on the street could never envision being billed for, and even if they did it would only take a short note to the HMRC saying something like, “sorry, I haven’t got that kind of cash right now.”

This whole story does prove that even high paid football stars sometimes take the wrong advice. If they can, then so can you…the hard working contractors and freelancers who just want to make a decent amount of money for yourself while working less.

That is why you should only take advice from the right people, such as contractor accountants who know exactly what is within the law, and what isn’t. You can find such professionals right here at this website.

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HOW LONG? 26 Million Hours…That is How Long

With the tax return deadline just around the corner there is one thing we know for sure…contractors are going to be spending time “self assessing.”

How long exactly? According to a recent survey it is going to be a collective 26 million hours that contractors and the self employed in general are going to put in over the tax return season. No matter if they are filling in those returns online or offline, it definitely is a lot of time that is being spent.

The survey went on to find that 47% of contractors who have previously filled in a tax return, well, they take, on average, between 1 and 3 hours to get the form filled in and then sent off to HMRC.

A simple click of the button if they are doing it online, or, placing the form carefully into an envelope and then slapping a stamp on before putting going to the postbox if doing it the traditional way. A postie in shorts will pick it up shortly.

How about this…the survey went on to find that 29% of self employed people (which includes contractors and freelancers) have got the process of tax form “filling in” down to a smooth 1 hour or less. They don’t mess about, and are usually done in time for lunch.

However, when you consider that mistakes are becoming more common on tax returns, to the point where HMRC are regularly handing out fines and other punishments, then maybe some of these people should spend a bit longer than 1 hour making sure they do it right.

Not everyone finds filling in tax forms a piece of cake though, with 20% mentioning it takes them more than 3 hours to get it all done and a staggering 4% who say it takes them more than 15 hours.

Yes you read that right…15 hours! Some people could really do with a contractor accountant if you ask me.

Of course, keeping your books in order and storing away all of the receipts and invoices will go a long way to making sure the season of tax returns is a happy time, but, and this is a big but…if you have a professional such as a contractor accountant in your corner then they can save you a whole lot of hassle.

Not only that, but many contractors mention how their accountants also save them money…often paying for themselves, no doubt.

Back to the survey and 34% said they have trouble understanding the complicated forms provided by HMRC, while 10% complained they have to spend too much time looking up definitions of words in the paperwork.

Perhaps a new and improved form could be a good idea, one that is written in plain English and easy to understand? Maybe.

What I do know is that you will find it very simple to hire a contractor accountant right here at this site. Take a look around and see who we recommend. Only the best, that is for sure.

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The HMRC Site Went Down, Contractors Frustrated…

This is the time of year when being able to contact HMRC quickly is very important. Why? Because the tax deadline is just around the corner.

Thousands of contractors in the UK requite assistance with filling in those tax forms, but, just when they need help the most it appears HMRC went for a holiday.

That is what it would have seemed like anyway, to any freelance contractor who recently tried to access the HMRC website or call them on their dedicated phone line.

The website was just a blank page and the phone line was silent. Contractors around the country were frustrated.

So much so that many people took to social media sites to ask questions and vent their frustration.

“Any idea when the self assessment phone lines will be up and running? I’ve tried 10 different numbers so far today!” Tweeted one disgruntled contractor professional who no doubt just wanted to get their tax return sorted out before Christmas.

Another social media user had this to say, “I tried calling your number regarding the amount I have been taxed this month, but it is apparently down currently due to technical difficulties. Any idea when service will return”

Other Twitter, Facebook and Instagram users were not so diplomatic…”#taxcredits phone line is down just great,” wrote one outraged contractor.

Some contractors went into a frenzy, trying different numbers but with no joy…

Fortunately there was some response from HMRC on their official Twitter page where they had this to say…”We don’t have a timescale for a fix as of yet. All we can recommend is to try later. If it’s a general query, I can advise you on here.”

Then later an official announcement from HMRC…“currently experiencing some problems with IT systems.”

I’m sure some talented and experienced IT contractors were soon on the scene to get everything fixed, because in no time at all everything was back to normal with HMRC website and phone lines.

This means that freelance contractors everywhere can now get on with submitting their tax returns for self assessment

Do you know what though? I reckon most contractors have got better things to do than be trying to get through to HMRC when their website and phone lines are down.

That is what contractor accountants are there for, to do all of these things while you focus on what you do best…making money.

Hire a contractor accountant right now is my advice, something you can find right here on this website.

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