The Tax Man Cometh! HMRC investigations on the rise.

The HMRC (HM Revenue and Customs) is getting tough as it seeks to maximise the collection of tax revenue in the face of the recession. According to the Times Online it doesn’t take too much to trigger an investigation by Revenue Inspectors. Mistakes in tax returns, large changes in income or the pattern of expenses could be enough to make it happen.

The problem for small businesses, in particular, is that justified or not these investigations could cost you time and money.

Fortunately Lewis Smith & Co., the Dudley based accountancy firm, can help. Our Fee Protection Service covers all of the specialist professional fees that would accrue from an investigation and we will handle all of the dealings with the HMRC.

Check out our services page for more information or give us a call on 01384 235549.

Lewis Smith & Co. – providing accountancy services to Dudley, Wolverhampton, Stourbridge and beyond.

Lewis Smith & Co. go Flickr

We have decided to set up a Lewis Smith & Co. Flickr account to show off our award winning photos to a wider audience.

Flickr provides a place to host and share photos and videos with the world and apart from our pics there are a variety of others from around the Black Country and beyond.

Check the pictures out and explore for yourself.

We can offer you a range of accountancy, taxation and business planning services

Lewis Smith & Co. – Accountants for Kingswinford, Wombourne and Brierley Hill

Thank You Darling

Well despite the economic turmoil the Chancellor has managed to delivery a budget that appears to be relatively neutral, except for the highest earners.

Budget Summary

Here are the high points (or low points depending on your perspective).

  • Tax on alcohol and tobacco, and fuel duty all up.
  • Scrappage scheme introduced to provide a £2,000 incentive to trade in 10 year old cars and buy new ones.
  • 50% income tax rate to be introduced in April 2010 for people earning more than £150,000.
  • Tax relief on pensions reduced for people earning more than £150,000 by April 2011.
  • Over 50s get a rise in the annual limit for tax-free ISAs to over £10,200 in April 2010.
  • Forward investment encouraged as the capital allowance rate doubled to 40%.
  • Extension of the carry back period for losses introduced. Offers the potential for loss-making companies to reclaim taxes paid in the last three years through tol November 2010.

The Lewis Smith and Co. perspective is that the devil is in the post dated detail! This government has become a past master at setting budget time-bombs that are primed to go off well in the future and work in combination with very reasonable sounding measures to create rather more menacing fiscal monsters.

We will keep you posted as we spot them.

To find out how Lewis Smith & Co. can help you make understand the impact of the budget on your business then give us a call on 01384 235549 or email at info@lewissmith.com

Lewis Smith & Co. – Accountants for Sandwell businesses

Black Country pictures from Lewis Smith& Co.

The suite of photographs taken by award winning photographer Martin Brent to brighten up our new website have attracted great interest and great praise from many people. The pictures show off some interesting perspectives of the Black Country with images from Dudley, Stourbridge, Netherton and Brierley Hill amongst others.

To make sure that you can see more of the photos we have set up an account on the Flickr photo sharing site.

In the meantime here’s a couple for you to check out from Brierley Hill and Netherton.

Locks Brierley Hill

Stourbridge iron bridge

For more information about how Lewis Smith & Co. could help your business then give us a call on 01384 235549 or email on info@lewissmith.com.

Lewis Smith & Co. – Black Country Accountants

Electronic payment now available

Lewis Smith & Co. are delighted to announce that we now take debit and credit cards for payment for our services.

Andrew Smith, partner at Lewis Smith & Co., commented. “Our clients asked if we could set up a card payment facility and we were pleased to oblige. It can help people to manage cash flow issues and it reduces our need to handle cheques, so everybody wins!”

Check out our range of accountancy, taxation and business planning services

Lewis Smith & Co. – Accountants for Dudley, Stourbridge and Sandwell

Last call for your P35 Incentive

HMRC have provided a tax free incentive for filing the P35 Employer Annual Return online for a number of years now.

The exercise must have been successful because the incentive has been reduced and is about to be phased out.

If you have fewer than 50 employers, you don’t have to file online until at least 2010 but you can get a tax-free payment of £75 for doing so before then.

Check out the HMRC website for more information.

Lewis Smith & Co. – Dudley Accountants

The Friends of Alfie Johnson

Alfie Johnson was born in November 2007. Oxygen starvation has left him brain damaged and suffering from Cerebral Palsy and he needs contant care and attention. But Alfie has a winning smile and he responds well to to sensory equipment such as fibre optic lights.

The Friends of Alfie Johnson organisation was set up to raise money for equipment and services that will enhance Alfie’s quality of life and support disabled children around the Black Country. On Friday 12th June 2009 Alfie’s Summer Ball is being held at the Copthorne Hotel in Brierley Hill.

Lewis Smith & Co., the Dudley based accountancy firm, are delighted to be supporting the event. We have already booked a table and are looking forward to participating in the fund raising activities for the evening.

See you there?

Lewis Smith & Co. – Accountants for Dudley, Walsall, Brierley Hill and beyond