Posts Categorised: News

More Tax Toolkits from HMRC

HMRC are publishing an additional three “toolkits” to help tax payers and tax agents reduce errors in tax returns. The new toolkits cover VAT input tax, inheritance tax and expenses and benefits from employment. HMRC have been at great pains to stress that use of the toolkits is “voluntary” and that they don’t constitute a… Read more »

Furnished Holiday Letting – Good News and Bad News

Many of you will have benefited from a number of items of tax relief over the years if you have property that have been designated as Furnished Holiday Lettings (FHL). Even more of you may have been delighted to hear that the rules were going to extend to properties within the EEA (European Economic Area)… Read more »

Had a letter from HMRC?

It probably hasn’t escaped your attention that the HMRC have been sending out letters, which for some people represent extremely bad news. You owe the tax man some money. Lewis Smith & Co. can’t second guess the contents of those letters nor do we no the circumstances of everybody that gets one but we can… Read more »

Do you have associated companies?

Dudley accountants Lewis Smith & Co. are highlighting a new way by which the HMRC (HM Revenue and Customs) are becoming more aggressive in the way they deal with small and medium sized businesses. The issue is the way the tax man treats the notion of “associated companies”. If separate companies are controlled by people… Read more »

2010 National Minimum Wage Changes

Click here for the latest changes There have been changes to all of the statutory minimum wage levels which could affect you and your employees. As from October 1st the statutory minimum to be paid to a worker is as follows: Aged 16 – 17 £3.64 per hour Aged 18 – 20 £4.92 per hour… Read more »

Rock ‘n’ Roll Accountancy Part 2

You may remember the stunning revelation in May that Lewis Smith & Co. director . Andrew Smith was a member of Stourbridge band “MaDads” The news was leaked in advance of a major gig by the band at Stourbridge, UK’s “Party in the Park” festival. We are pleased to announce that footage and photos from… Read more »

Why set up a limited company?

The quickest and easiest way to start up in business is to become a sole trader. There is very little red tape, not too many financial regulations (although you still need to keep proper records and pay your taxes) and you can administer the business as you see fit. At Lewis Smith & Co. we… Read more »

“Pay Less Tax” seminar a success

The Lewis Smith & Co. “Pay Less Tax” seminar on August 2nd attracted an excellent turn out. What company wouldn’t want to reduce its tax bill? What seemed to interest the delegates the most was the range of options available. Directors of companies with at least £100,000 of profits (available in cash) could use a… Read more »