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For some time now, on alternate Tuesday evenings Tony is a guest on BBC Surrey's Drivetime programme (you can listen-in on 104.6 kHz). The programme is presented by Mark Carter and produced by Gurinda Barar.
Tony is asked to discuss topical financial issues in their special feature: 'Beat the tax man'. |
Broadcast: 30 July 2010
Tony was interviewed on Breakfast by Mark Carter as Ian Duncan-Smith will announce today plans to shake up the benefits system. The idea will be to take claimants of benefits and tax credits out of the poverty trap where it is not worth taking work as net income is raised by very little. We await the announcement with interest as many others have addressed this problem with mixed success. We all know of folk who are in the position where work is uneconomic and also of people who just don't want to work. To solve both problems at once sounds a tall order indeed.
Broadcast: 6 July 2010
Tony discussed with Mark the new penalty regime now in force for taxpayers who make errors in the submission of their tax returns. Previously the penalties were not very severe and were negotiable within certain limits. Now errors are catagerised as careless, deliberate or deliberate and concealed. There will obviously be arguements over whether an error was careless or deliberate! The penalties can be as high as 100% of the tax at stake and, of course, interest will also accrue. What is unjust is that the tax system is so complicated that the man in the street has little chance of getting it right. What about errors on the part of the Inland Revenue?
Broadcast: 22 June 2010
Budget day, so the topic was obvious! Tony was joined by Keith Churchouse at the George Abbott pub in Guildford. We were interviewed by Claire Cowan, our previous presenter, on the ramifications of the emergency budget. For how the budget will affect you please contact the office and we can give tailored advice as required.
Broadcast: 15 June 2010
Tony discussed with Mark the effect on us in the UK of the BP oil crisis. UK pension funds, already hit over recent years, are heavily invested in BP. The halving of the value of BP shares will obviously reduce the value of pension funds and if BP does decide to cancel it's dividend this will reduce the income of such funds. Many investors hold BP shares as an investment and they too will see their value and income drop. The future looks bleak but BP is a very strong company with little in the way of borrowing.
Broadcast on Eagle Radio (Guildford)
Tony did a telephone interview with Des of Eagle Radio on 7 June. This will go out during the World Cup. There is an Inland Revenue concession giving tax relief to employers for staff entertaining of up to £150 per year. This is a total for the year so it includes Christmas parties in the total. There is no benefit in kind charge on the employee but the employer must make sure the £150 is not exceeded or the whole amount will be taxable. How about having a World Cup party (out of office hours, of course!).
Broadcast: 11 May 2010
Tony discussed the difference between a Lib- Lab or Lib-Con coalition. Whatever was said, has now been overtaken by actual events!
Broadcast: 27 April 2010
Tony discussed with Clare the implications of a hung Parliament. There are those who say it would be a good thing but the Federation of Small Business conducted a survey which showed that an overwhelming majority of Directors said it would be bad for businesses. We need a strong Government with power to make cuts and increase tax where necessary seems to be the majority opinion. We may pay less tax with a hung Parliament but the debt passed on to the next generation would be higher.
Broadcast: 13 April 2010
This evening Tony was looking at the problems faced by employers who have to lodge their returns of PAYE and NIC deductions by 19 May 2010. From this year all such documents must be filed on line and there is no incentive payment to encourage such filing as there has been for the last few years. In addition the final payment needs to be made by 19 April 2010. From this date interest will run on outstanding payments. From April 2010 there will be penalties if payments are made late depending on how often in the year the payment is late. This is a new penalty and represents another stealth tax on hard pressed employers. Talk to us to avoid interest and penalties.
Broadcast: 30 March 2010
Clare Cowan was presenter this week and Tony and Clare discussed the proposals in Parliament for the provision of care for the elderly. Labour want a compulsory scheme, tories a voluntary scheme and the Liberals would fancy a shared scheme between State and the taxpayer. The plans were originally mentioned at the Labour conference last year and three alternative funding sources have since been suggested. Later retirement, a death tax or regular payments. What happened today was the setting up of a commission to look at the options. As the commission will not report back for 5 years nothing is going to happen soon!
Budget Broadcasts March 2010
Tony was interviewed on Breakfast on BBC Surrey along with Keith Churchouse of Churchouse Financial Planning Limited. the first interview was on Wednesday morning before the Budget and then the next morning after the Budget. Fortunately the second one merely confirmed what was said at the first. For a full budget breakdown and how it will affect you contact Tony at the office as soon as possible.
Broadcast: 16 March 2010
Tony was discussing the new disclosure facility allowed by the Inland Revenue. These are often referred to as amnesties. However they merely allow taxpayers to come clean to tax evasion, pay the tax and interest but only suffer a penalty of 10% which all has to be paid by a set date. The latest facility relates to doctors and dentists who may not have declared all their income. The problem for the public is that medical records may be made available to the Inland Revenue. Actual medical details can be 'redacted' but, for instance, a well known politician may not want it known that they are seeing a psychiatrist or a well known Bishop that he is seeing a veneriologist!
Broadcast: 23 February 2010
Tony and Mark looked at the position of the stock market which seems to have had a bit of a recovery lately. As before Tony emphasised that shares have to be looked at as a long term investment and advice needs to be sought from recognised brokers. Shares should never be bought over the phone from, often pushy, brokers normally from abroad. Just hang up!
Broadcast: 26 January 2010
Tony and Mark discussed the filing deadline for tax returns and the resulting penalties if the returns are late. However the more important item on the agenda was the BPSS or Business Payment Support Service which is available for income tax, corporation tax and VAT. Tony explained that anyone unable to meet their tax liabilities on the due date can ring 0845 302 1435 and negotiate payment over a period of time. For instance, if, say, £12,000 was due to be paid on 31 January 2010 with the next payment due on 31 July 2010 it is possible to negotiate payments of £2,000 per month from January to June 2010. Interest will be charged but at present this is only at the rate of 2.5% which must be lower than the bank is charging on an overdraft. Consult us for more details.
Broadcast: 12 January 2010
Today we looked at the increase in VAT back to 17.5%. Tony covered some areas of business and timing of invoices which would enable businesses to continue to invoice at 15%. The rules are clear and if you think they may apply to you please contact Tony at the office. This will be more relevant if rates rise again after the General Election (on May 6!).
Broadcast: 8 December 2009
Today tony covered the Pre-budget report which was actually due on 9 December. Obviously the discussion centred around what might be said. For an analysis of how the actual report may affect you please contact Tony or Heather.
Broadcast: 25 November 2009 - Extra
Following the victory by 7 Banks and 1 Building Society over the OFT in the House of Lords this morning Tony was asked to visit the studios of Eagle Radio in Guildford (FM 96.4) to give comments on the result of the case, what led up to it and what is expected to happen next. Tony presented the issues involved and where this leaves bank customers who feel aggrieved.
Broadcast: 24 November 2009
Tony presented a warning this week to all those who have not declared income on offshore investments. Many people felt safe because the Revenue were not notified of such income. In recent days the Courts have decided that hundreds of banks must give details to the Revenue and this information will be followed up and compared with tax returns. The Revenue have given taxpayers until 30 November 2009 to notify them that they have an underpayment and then until March next year to pay over the tax, interest and a 10% penalty. Notifications after that or if the Taxman finds out otherwise will be subject to a penalty of up to 100% depending on gravity and extent of concealment. Be warned!
Broadcast: 10 November 2009
BBC Surrey was having a special programme today, dedicated to the troops fighting on our behalf around the world. This was because 6 soldiers were repatriated today and three of them came from Aldershot. Tony and Mark looked at the work of the Royal British Legion who raised £31m last year and who make grants to assist ex servicemen who are in need. The only requirement is that the recipient must have served for at least 7 days.
Broadcast: 13 October 2009
Last May with Clare Dutton tony discussed the MP's expenses. Tonight we looked at the tax implications. MP's are in the same position as any other employee. Their expenses must be wholly, exclusively and necessarily related to their work. This is a harder test than the self-employed where the word necessarily is left out. The exceptions are where unions have agreed with the Revenue set allowances such as miners, pilots and nurses. Where the sums paid to MP's do not comply with the definition there will be a benefit in kind charge. As the amounts incorrectly paid will not have been declared to the Revenue they would not have been taxed. However if they are repaid then there is no tax liability. Tony emphasised again that flipping is quite in order for tax. However can it be morally right to tell the taxman one house is your first home and tell Parliament a different story?!
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