Call Jason on: 01383 729053

Our Blog

Am I Trading? What Is The Definition Of Trading?

By: | Tags: | Comments: 0

Can Accountants In Dunfermline Tell Me If I Am Trading? (As Defined By HMRC) As Accountants In Dunfermline we are often called by members of the public who are concerned about whether what they are doing amounts to a taxable activity. This question is asked by many people in situations where they are selling but wonder if what they are doing amounts to a taxable activity. Frequently they will call up Accountants In Dunfermline to ask their opinion, and we then have to look at the material aspects to try

READ MORE

5 Tips To Managing Expenses

By: | Tags: | Comments: 0

OnTax Dunfermline Accountants Ask;What Do I Need To Know About Managing My Paperwork? At Ontax Dunfermline Accountants we are most keen to help our clients sort their paperwork and expenses so that they feel more organised about this. One area clients of OnTax Dunfermline Accountants sometimes struggle in is tracking their expenses. We at OnTax Dunfermline Accountants provide free software for our clients to do this, if you have not already gotten this software from us please do ask! It’s important to know first of all that HMRC require you

READ MORE

5

Apr, 2013

IR35 – Which Way Now?

By: | Tags: | Comments: 0

OnTax Accountants Dunfermline Ask: – IR35 – Which Way Now? OnTax Accountants Dunfermline are often asked by IR35 contractors where taxes go. Truth is it’s a little bit of an eternal mystery however the principle is that this money is used to run the UK. Without levying taxes the UK cannot finance itself. So it is of utmost importance that taxes are levied. OnTax Accountants Dunfermline has seen many cases of these taxes being punishing and making the lives of UK citizens miserable. But basic taxes must be levied, for

READ MORE

4

Apr, 2013

Avoid Gov’t Closure – Insulate Your BTL!

By: | Tags: | Comments: 0

OnTax Accountants In Dunfermline Ask: What Makes Your Buy-To-Let Property Energy Efficient? OnTax Accountants In Dunfermline can tell you that gone are the days when people are ready to settle for unhygienic living spaces, only to get a roof above their heads. The amount of money people earn today can easily get them a decent dwelling space. OnTax Accountants In Dunfermline suggests that if you like to invest in buy to let properties then you must keep that in mind. It is important to reasonably provide your tenant with what

READ MORE

4

Apr, 2013

Should I Invest In Property in 2013?

By: | Tags: | Comments: 0

Accountants In Dunfermline, OnTax, Ask: Should I Invest In Property in 2013? OnTax Accountants In Dunfermline has been reading in the news that the shortage in living space has become a dominant problem in the UK. Not every person can afford their own property. So, most people look for rental homes. OnTax Accountants In Dunfermline found that this need for rental homes has instigated a race in the property market to grab property now whilst it is so cheap. Investing in property has become a good investment over the years

READ MORE

3

Apr, 2013

Why File A Directors Tax Return?

By: | Tags: | Comments: 0

OnTax Accountants Dunfermline, OnTax, Ask: Why Should I File A Directors Tax Return? OnTax Accountants Dunfermline have found that it is mandatory for a company director to file a tax return with HMRC, if a return has been issued or if the director has taken proceeds out of the company. To not file a tax return is a misuse of power for tax benefit and is a crime and may be punishable with a heavy fine and a jail term. OnTax Accountants Dunfermline understands that it is also mandatory for

READ MORE

1

Apr, 2013

Why Do We Need Budgeting?

By: | Tags: | Comments: 0

Ontax Accountants Dunfermline Ask: Why Do We Need Budgeting? OnTax Accountants Dunfermline confirms that a budget is a document that shows the inflows and outflows of money and the monetary position of a business for one or more future periods. At a minimum, a budget contains a calculated income statement that describes anticipated financial results. OnTax Accountants Dunfermline further explains this, for example, a more complex budget also contains an estimated balance sheet as well as conveying complex ideas and time frames. They help organizations and individuals to manage their

READ MORE

1

Apr, 2013

Landlord Couples Crackdown?

By: | Tags: | Comments: 0

OnTax Accountants In Dunfermline, OnTax, Ask: Why Are Landlord Couples Facing A Crackdown? OnTax Accountants In Dunfermline found that married couples who are in different income tax bands are being urged to look at how they split the profits as it causes unnecessary tax indifference between them. This indifference is the cause of a bigger tax sharing problem. OnTax Accountants In Dunfermline found that solicitors from legal firm Smith & Williamson say that HMRC is reviewing cases where buy-to-lets are owned jointly by a husband and wife but the rental

READ MORE

30

Mar, 2013

Challenging Child Benefit Times?

By: | Tags: | Comments: 0

Dunfermline Accountant, OnTax, Ask: Tough Times Ahead For Child Benefit Recipients? OnTax Dunfermline Accountant is reporting that taxpayers earning more than £50,000 and receiving child benefits are running out of time to opt out of the scheme or face paying a charge. OnTax Dunfermline Accountant has discovered that from January 7th, HM Revenue and Customs (HMRC) is introducing a new law that increase the tax burden on child benefit recipients earning over the threshold. OnTax Dunfermline Accountant also learned that the law states that high income Child Benefit schemes are

READ MORE

30

Mar, 2013

Rental Demand Explosion!

By: | Tags: | Comments: 0

OnTax Accountants In Dunfermline Report: The Rental Demand Explosion That Is Sweeping The UK! OnTax Accountants In Dunfermline has researched and discovered that rental demands in the UK in the last two to three years have risen sky high. It is one sector of the industry that is not even near to slowing down let alone not being profitable. OnTax Accountants In Dunfermline has also learned that the number of Buy To Let landlords has also increased by a large proportion in the past few years. Many of these are

READ MORE

30

Mar, 2013

The £1M Landlord High Heels

By: | Tags: | Comments: 0

OnTax Accountants In Dunfermline Ask: Why Did These High Heels Cost A Landlord £1 Million? OnTax Accountants In Dunfermline has been privy to a recent case where a landlords insurer is paying out £1 million in damages to a visitor of a rented home. Apparently the visitor slipped and fell down the stairs. OnTax Accountants In Dunfermline has found out that the tenant blamed it on the landlord declaring the stairs as not fit to be in use. This raises all sorts of issues but the one we are highlighting

READ MORE

29

Mar, 2013

Why Did HMRC Send Two IT Consultants To Jail?

By: | Tags: | Comments: 0

Accountant In Dunfermline, OnTax, Ask: Why Did HMRC Send Two IT Consultants To Jail? OnTax Accountant In Dunfermline has learned that two IT consultants were sent to jail by the tax man for tax evasion using the Offshore Disclosure Facility. The only mistake these consultants made was of hiding their money that they made in Germany in an Isle of Man account. OnTax Accountant In Dunfermline has also discovered that the tax man had understood that these contractors had their accounts in the Isle of Man under an agreement HMRC

READ MORE

25

Mar, 2013

70,000 Beer Cans Of Bad Tenant!

By: | Tags: | Comments: 0

OnTax Accountants In Dunfermline Ask: How Can Troublemaking Tenants Be Spotted ? OnTax Accountants In Dunfermline recently came across a story of a bad tenant (who loved Coors light beer by the way!), who appeared to be a normal person to all the neighbours, never caused any trouble etc. After he left the property, guess what? The landlord came round and found … 70,000 empty beer cans in the room! This suggests that landlords need to be extra careful about what’s going on behind their back in their own property.

READ MORE

25

Mar, 2013

Are HMRC’s Fines Legal Or Not?

By: | Tags: | Comments: 0

Ontax Accountant In Dunfermline Ask: Are HMRC’s Fines Legal? OnTax Accountant In Dunfermline have discovered that The Chartered Institute of Taxation are saying that simply failing to keep records to an adequate standard does not, in its view, constitute sufficient grounds for firms to be fined by HMRCs BRC (Business Records Compliance) officers. OnTax Accountant In Dunfermline discovered that Andrew Gotch, chairman of the CIOTs Owner-Managed Business sub-committee also supported this view. OnTax Accountant In Dunfermline observed that it is hard to see a legitimate basis for charging a penalty

READ MORE

25

Mar, 2013

Had A Tax Rebate Email?

By: | Tags: | Comments: 0

Dunfermline Accountant, OnTax, Ask: Why Stay On Alert For HMRC Tax Rebate Emails? OnTax Dunfermline Accountant has discovered that HM Revenue and Customs have issued a warning to taxpayers to stay alert of receiving tax related phishing e-mails. Complaints from last year’s statistics show that nearly 80,000 scam e-mails were received that claimed to provide tax refunds in exchange for private details. OnTax Dunfermline Accountant has become aware that these e-mails demand private details such as credit card number and bank account pin codes in return for tax refund. OnTax

READ MORE

25

Mar, 2013

Did A Solicitor Trap You?

By: | Tags: | Comments: 0

OnTax Accountants In Dunfermline, Ask: Did Your Solicitor Set A Trap For You? OnTax Accountants In Dunfermline is advising property investors to watch out for new tax traps inadvertently set up by solicitors and the Land Registry. OnTax Accountants In Dunfermline found that lawyers are encouraging all joint property buyers to sign an “express declaration of trust” detailing their percentage of ownership. OnTax Accountants In Dunfermline also learned that the form is then filed with the Land Registry as evidence if any dispute about joint ownership arises should the couples

READ MORE

25

Mar, 2013

Are IT Contractors Still Buying Property?

By: | Tags: | Comments: 0

OnTax Accountants In Dunfermline Ask: Are IT Contractors Eyeing Up The Property Market Again? OnTax Accountants In Dunfermline has worked with many IT contractors over the years and has seen that investing in property has always been a favourite for IT Contractors particularly as the market is looking good for them again. OnTax Accountants In Dunfermline has learned that the latest house price index from Nationwide showed that prices rose in February 2013 by 0.2% month-on-month. OnTax Accountants In Dunfermline also observed that this is an annual rate of 2.4%,

READ MORE

24

Mar, 2013

Are Landlords Putting The Tenants Lives In Danger?

By: | Tags: | Comments: 0

OnTax Accountants In Dunfermline Ask: Are Landlords Putting The Tenants Lives In Danger? OnTax Accountants In Dunfermline has read that the number of landlords is increasing day by day due to homeowners who can not sell his/her property and has turned to letting it out as an option in the interim. OnTax Accountants In Dunfermline thinks that it’s a profession that needs full reasearch and knowledge before getting into it but many homeowners have ignored this and plunged straight in unaware of their legal obligations. OnTax Accountants In Dunfermline has

READ MORE

24

Mar, 2013

£500,000 That You Would Just Have To Refuse!

By: | Tags: | Comments: 0

Accountant In Dunfermline, OnTax, Ask: Why Was A Director Of A Company Banned For Taking His Own Money Back? OnTax Accountant In Dunfermline has learned that a recent case went before officials at Companies House. Roger Dyson (U.K) Limited (which was involved in the manufacture of recovery vehicles) went into liquidation as its director, Roger Dyson, started to repay himself an amount of money that he had previously invested in the company by making an unsecured loan to the company in July 2008. OnTax Accountant In Dunfermline has also discovered

READ MORE

22

Mar, 2013

HMRC Email Scam Alert!

By: | Tags: | Comments: 0

OnTax Accountant Dunfermline Ask: How Can I Protect Against HMRC Email Scams? OnTax Accountant Dunfermline has learned that in the last few years several complaints have been made by the taxpayers regarding scam emails related to tax refunds from HMRC. Last year nearly eighty thousand phishing E-mails had been reported. The common complaints that are being reported are about receiving e-mails that promise a tax refund in return for personal information. OnTax Accountant Dunfermline has also discovered that HM Revenue and Customs (HMRC) have investigated the entire scenario and are

READ MORE

7

Mar, 2013

Can Landlord Cleaning Disputes Be Avoided?

By: | Tags: | Comments: 0

Ontax Accountants In Dunfermline Ask: Can Landlord Cleaning Disputes Be Avoided? OnTax Accountants In Dunfermline has recently discovered that Tenant Deposit Scheme statistics show that cleaning has been the main cause of disputes for the landlords and agents. These stats show that these disputes have risen up to 52 percent in 2011-2012 compared to 49% in 2010-2011. OnTax Accountants In Dunfermline believes that this is the tip of the iceberg and that these disputes can then lead to damage of 28% to redecoration, 45% to property, 18% gardening and all

READ MORE

7

Mar, 2013

Surefire Winning Landlord Strategies

By: | Tags: | Comments: 0

OnTax Accountants In Dunfermline Ask: Can Landlording Be Made Easier? OnTax Accountants In Dunfermline are aware that many landlords wonder how they can get the best out of their properties. To make it easier for them to enjoy the benefits, below is a small guide that makes renting your property easier and fun. OnTax Accountants In Dunfermline believes that first thing to do is to buy the right type of property keeping the market requirements and demand in mind. It is important that you research the market to know the

READ MORE

5

Mar, 2013

Effective Landlord Strategies That Work!

By: | Tags: | Comments: 0

OnTax Accountants In Dunfermline Ask: What Landlord Strategies Are Best? OnTax Accountants In Dunfermline continues helping landlords to run their businesses successfully and therefore has mentioned below some important landlording tips. OnTax Accountants In Dunfermline believes that most of the problems landlords face are due to the selection of wrong tenants. Do not blindly select the first tenant you come across. Make sure you give attention to details such as the tenant’s financial history and previous landlord’s comments. It is very important to run a background check to be on

READ MORE

4

Mar, 2013

Why Does Tax Man Wish To Dismiss Landlord Mileage Claims?

By: | Tags: | Comments: 0

OnTax Accountants In Dunfermline Ask: Why Does The Tax Man Wish To Dismiss Landlord Mileage Claims? OnTax Accountants In Dunfermline is wondering if it’s time to put the car on the bricks, proverbially speaking! We have discovered that the tax man has won a business mileage claim case which is expected to have massive effects on thousands of landlords. OnTax Accountants In Dunfermline has learned that the case is about a geriatrician, Dr. Samadian who was working full-time for two private hospitals and had a home office for administrative purposes

READ MORE

4

Mar, 2013

Can Buy To Lets Fund A Retirement Pension?

By: | Tags: | Comments: 0

OnTax Accountants In Dunfermline Ask: Can Buy To Lets Fund A Retirement Pension? OnTax Accountants In Dunfermline thinks that if a new survey is to be believed then the buy to let “hold it for a pension” strategy of property ownership is on indecisive ground just now. According to a recent survey by landlord lender BM Solutions/BDRC Continental, 85% of landlords (single portfolio and property) consider their rentals as a complementary pension income. OnTax Accountants In Dunfermline has discovered that the survey also says that around 60% of the landlords

READ MORE

26

Feb, 2013

Does VAT Evasion = PRISON??

By: | Tags: | Comments: 0

OnTax Dunfermline Accountant Ask– Does VAT Evasion = PRISON?? Ontax Dunfermline Accountant discovered that a group of seven men, one from Surrey and six from Birmingham, were put behind bars after it was proven that they were involved in VAT fraud. Ontax Dunfermline Accountant have learned that the investigation was carried out by HM Revenue and Customs (HMRC) and it took six years (that’s pretty quick!) to come to a conclusion. Ontax Dunfermline Accountant believes that the good thing is that the criminals will be now brought to justice. HMRC

READ MORE

26

Feb, 2013

Are New Laws For Bankrupts Bank-Accounts Necessary?

By: | Tags: | Comments: 0

OnTax Accountant Dunfermline AskAre New Laws For Bankrupts Bank-Accounts Necessary? Ontax Accountant Dunfermline gave a big THUMBS UP! when they learned that according to some amendments in previous laws, setting up new bank accounts will be made easier for people who will get bankrupted in England and Wales (some relief, finally!). Ontax Accountant Dunfermline has also learned that they will get proper assistance in the matter by the authorities concerned. Ontax Accountant Dunfermline believes that such measures are really important and that progression is being made in this field. It

READ MORE

22

Feb, 2013

Are Smaller Companies Heading To Growth?

By: | Tags: | Comments: 0

OnTax Accountant Dunfermline, OnTax, Ask – Are Smaller Companies Heading To Confident Growth? Ontax Accountant Dunfermline have welcomed the result of a recent report showing that smaller organizations are looking forward to enjoying their successful growth in the next year. Ontax Accountant Dunfermline have seen that more than half of professionals, organizations and thinkers, from the economy sector are theorising that small companies will grow in 2013. Ontax Accountant Dunfermline also discovered that about 40 percent of these professionals believe that sales and orders would rise in 2013. This positive

READ MORE

22

Feb, 2013

Is Stress A Workplace Risk?

By: | Tags: | Comments: 0

OnTax Accountant Dunfermline, OnTax, AskIs Stress A Workplace Risk? Ontax Accountant Dunfermline advise you to consider mental sickness in the workplace. According to a recent survey, employees from different business groups are working hard to get rid of mental sickness in the office. Ontax Accountant Dunfermline think that it is important to understand the effect of work load and mental stress on your overall work routine and health. Ontax Accountant Dunfermline noted that this report focuses on the number of days that are wasted due to the official work load.

READ MORE

17

Jul, 2012

Free Book-Keeping Software For Clients

By: | Tags: | Comments: 0

OnTax Accountant in Dunfermline :,Free Book-Keeping Software Local Accountant in Dunfermline, OnTax, are excited to announce that “OnTax Accounts”, our free book-keeping software, has been given a complete makeover for 2012 ensuring that it will continue to have massive appeal to small businesses for the next decade. OnTax Accountant in Dunfermline first created this free book-keeping software back in 2002 and for the last 10 years it has been continually developed by OnTax Accountant in Dunfermline to produce the highest standards of book-keeping in the simplest possible manner. OnTax Accountant

READ MORE