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KEEPING YOU IN TOUCH - YOUR FREE MONTHLY NEWSPAPER DELIVERED DOOR-TO-DOOR FOR 32 YEARS


MORTGAGE SERVICES LTD Independent Mortgage Advice


Office: 01900 821 713 Mobile: 07713 711 218


Brian Sloan


brian@cumbriamortgages.co.uk www.cumbriamortgages.co.uk


JAMES A. MURRAY Carpenter, Joiner and Kitchen Fitter


Loft Ladders • Glazing • Guttering


• Building Maintenance • Sash Cords • Dry & Wet Rot Treatment


• Replacement Doors • Fencing • Flat Roofs • Laminate Floors • Traditional Floorboards


T. 01900 829 791 M. 07548 548 955 • Fully Insured • Time-Served


3 Lawson Garth Brigham Cockermouth CA13 0SX QUALITY CRAFTSMANSHIP


Support your local shops&businesses!


MAKING TAX DIABOLICAL!


HMRC thinks that small businesses pay £8 billion too little in tax, per year. In my opinion, they are way off the mark and will be lucky if it is as much as £1 billion. However, that hasn’t stopped them making some really stupid changes to the way VAT returns are filed, in a bid to get more tax in. This is called Making Tax Digital but as per the title above, you can see I call it something different.


Until 1st April, the way VAT returns were filed was from a portal on the HMRC website. In fact, it is pretty much the best part of that website and many small business owners are able to file their own returns with no problems – unlike, for example self-assessment tax or corporation tax. Naturally, when something ain’t broke,


CONSIDERED WORDS BY OAKTREE ACCOUNTANCY


HMRC management are determined to fix it and that is exactly what they’ve done.


From the June 2019 VAT return onwards, a totally new system is required in order to file VAT. You need a separate Government Gateway ID for it, what could possibly go wrong with that? You need to have special software in order to do it, for many small business owners that is extra cost for no benefit. Instead of keying numbers in directly, you need to carefully link them into the software, or the software will in some cases just do it for you.


HMRC has thrown a lot of resource at this new system. They want a payback on this, because they’ve promised the Treasury a payback. There will be two ways they’ll achieve this – getting more tax paid and hitting businesses with more penalties. In year 1, there should be no penalties, so that means HMRC getting more VAT in.


That means more VAT enquiries in my view. So, if you are a small business owner, protect yourself from this by ensuring that your VAT submissions make sense and are backed up by proper VAT invoices and other records. Make sure you’re not a victim of HMRC’s diabolical schemes!


Chris MacLeod


I will get you a ‘Made to Measure Mortgage’ CUMBRIA INDEPENDENT


9 Main Street, Cockermouth, CA13 9LE


BOOST YOUR BOTTOM LINE WITH A FIXED PRICE ACCOUNTANT


Proactive, quality accountancy support for your business First Two Months FREE with Oaktree!


Chris MacLeod ICPA INFO@THECOCKERMOUTHPOST.CO.UK


Call Chris for a free chat on 07889 181 080or 01900 268 086 www.oakacc.co.uk ISSUE 432 | 20 JUNE 2019 | 28


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