[elite mike]

had a letter today off  my accountants, advising me to take out

this insurance policy with them. £80.00

as the inland revenue are   waging a war on the self employed in the next 3 years

to fill the treasury black hole :   of £7bn

do you guys think this is good value

[weetot]

No.....surely thats why you pay your accountant, if there are any enquiries into your affairs, what the insurance for?

[luther1]

if you get a tax inspection and they decide to go back 7 years,your accountant will spend hours dealing with their requests. This insurance policy covers your accountants fees. Its a good thing to have (i m o)

[weetot]

Oh I see .    But what you got to hide

[weetot]

I,d always thought youre only supposed to keep your last 5 years of books, can they go back to for example 7 years and beyond?? ::)mmmm?

[dave.e]

I,d always thought youre only supposed to keep your last 5 years of books, can they go back to for example 7 years and beyond?? ::)mmmm?

i am with you iwitot on this one i was told to keep books for 5 years .

[elite mike]

this is what came with the letter

[weetot]

26 years of windowcleaning and not one enquiry, I would probably keep the £80 in your pocket mate.

But mind if they come knocking i,m off, dont blame me the wheels start falling off

[weetot]

Why dont the MP's pay back to the treasury what they,ve claimed for for the last 30 years, thatll fill the black bloody hole they've got! (Allegedly)

OK I won't go down that road again

[dave.e]

this is what came with the letter

thats just what i wanted to know anyway packing my bags and off to Brazil tomorrow   only jokeing mite have to send the x5 back now great.

[elite mike]

26 years of windowcleaning and not one enquiry, I would probably keep the £80 in your pocket mate.

But mind if they come knocking i,m off, dont blame me the wheels start falling off

29 years for me this year, so ive been lucky so far

i did toy with the idea of joining the fsb, its £150 to join

so i will stick with my ac £80 , i think


ime sure i read a post a while back off ian giles , that he has had 2 tax investigations

over the past 20 years

ian email  me with any tips , drinks are on me

[Clive McDonald]

They will ask for details of one year, probably the one for your last tax return. They will ask for all relevant paper work records and bank statements and paying in stubs.

When you take them in they will arrange an intial meeting where you explain the basics of your business and how you typically handle cash and payments.

There will be further meetings, and they can request other information to corroborate what you've told them.These meetings go one for hours even if you have nothing to hide so it's easy to see how both preperation and attendance fees will probably be over £2,000.

They do three tests, cash, margins, and lifestyle.You can fail all three and still be okay, but most people i know end up paying something to bring an early conclusion to a stressfull process.

[weetot]

Slumbuster.....How long have you been working at the revenue to get that info:

Wikipedia hasnt got a look in with you mate.

[elite mike]

thanks for the replies

looks like guilty until proven innocence

think i will pay the £80.00

i read another post stating ,that they target people at the age of around 55  

well ime not far off that  

[martinsadie]

i only had to read the first line,higher rate tax payer thats me safe 

[elite mike]

i only had to read the first line,higher rate tax payer thats me safe 

and the self employed stan

read on mate

dont want to worry you

[Clive McDonald]

Slumbuster.....How long have you been working at the revenue to get that info:

Wikipedia hasnt got a look in with you mate.

Yes i can nelly knowall with the best.....

And when they have looked at that one year and everything is okay that is usually the end.If they do find that you have underpaid they will usually go back seven years.That means if the figure is £500 they will multiply by seven.Of course you will be able to put your case and argue why they shouldn't do this.

So to summarise; they don't actually (i mean usually) look at every one of the last seven years. They look at one year and extrapolate from that.

This is of course an over simplification.People who take the revenue on usually lose.

[elite mike]

except mps    :

[Oakley Windows]

The guys that work in the accounts dept for the FSB are all ex tax inspectors.

I should know as the FSB offered me a job when I left HMRC.

[elite mike]

The guys that work in the accounts dept for the FSB are all ex tax inspectors.

I should know as the FSB offered me a job when I left HMRC.

funnily enough

ive heard that before matt

do you think its good value/ advice to pay my ac the £80.00