Trust yourself

Article Abstract:

UK taxpayers face self-assessment and could waste money if they use new tax experts to fill their tax forms. The services are geared to taxpayers who have not previously used accountants, but such people are likely to have simple tax affairs, with which they could deal with without an adviser. Taxpayers face fines if the wrong information is provided and they may have to pay for mistakes made by advisers. Taxpayers can save money by meeting the tax authorities' deadline, and they are not liable for fines if their arithmetic is faulty.

Taxation, Accounting firms, Accounting services

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Confusion over Isa rules is widespread, warn the pros

Article Abstract:

British individual savings accounts (Isas) have rules that confuse investors and many have broken tax rules without meaning to, according to the Pep and Isa Managers Association. There are proposals to make the system easier to understand. Isas have been popular in Britain. Cash Isas accounted for 4.377 billion pounds sterling from Apr to Jun 1999, while stocks and shares in Isas accounted for 1.653 billion, a higher figure than for previous schemes, though this may have to be reassessed if some of the plans are seen as invalid.

Laws, regulations and rules, Savings accounts

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Ways to beat the taxation blues

Article Abstract:

UK taxpayers may pay too much due to inertia or not understanding the tax system. Professional tax advisers can help to reduce tax bills, and the Inland Revenue will provide calculation guides appropriate for different groups of taxpayer. The aim of tax planning should be to cut capital gains and income that can be taxed and to claim any allowance available, while postponing payment where possible. Tax inspectors have previously offered advice on gray areas but this has changed with self-assessment.

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