Tag Archive: Lexington

  1. Missing the online Self Assessment deadline could be costly!

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    Each year HMRC receives a number of unusual excuses from Self Assessment customers who didn’t complete their tax return on time. Below are the top ten excuses received for the 2014/15 tax year.

    1. “My tax return was on my yacht…which caught fire”
    2. “A wasp in my car caused me to have an accident and my tax return, which was inside, was destroyed”
    3. “My wife helps me with my tax return, but she had a headache for ten days”
    4. “My dog ate my tax return…and all of the reminders”
    5. “I couldn’t complete my tax return, because my husband left me and took our accountant with him. I am currently trying to find a new accountant”
    6. “My child scribbled all over the tax return, so I wasn’t able to send it back”
    7. “I work for myself, but a colleague borrowed my tax return to photocopy it and lost it”
    8. “My husband told me the deadline was the 31 March”
    9. “My internet connection failed”
    10. “The postman doesn’t deliver to my house”

    HMRC will accept reasonable excuses although may require evidence to support the excuse.

    Failing to submit and pay the tax owed will result in penalties. The penalties for late tax returns are: an initial £100 fixed penalty, which applies even if there is no tax to pay, or if the tax due is paid on time after three months, additional daily penalties of £10 per day, up to a maximum of £900 after six months, a further penalty of 5% of the tax due or £300, whichever is greater after 12 months, another 5% or £300 charge, whichever is greater.

    Note there are also additional penalties for paying tax late which is broadly, 5% of the tax unpaid at 30 days, six months and 12 months.

    Those who are submitting their 2015/16 Self Assessment return online for the first time will need to register for Self Assessment Online. Registering for online filing is simple, please see here.

    Alternatively, customers can now also submit their return via their Personal Tax Account – it only takes five minutes to sign up for an account.

  2. Last Week In Switzerland, A Big Mac Cost $7.54

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    The Economist invented the Big Mac Index in 1986 as an entertaining way to assess whether currencies were at the “correct” levels. The index uses purchasing power parity (PPP) to measure one currency against another. PPP is the idea that exchange rates should adjust so the same product (in this case, a hamburger) has the same price in two different countries when the price is denominated in the same currency. After updating the Index on January 22, 2015, The Economist reported: (more…)

  3. The Markets

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    There may be potential for a reality television programme starring central bankers and the making of economic policy. It could be called, ‘The Real Central Bankers of the European Economic Community.’ Just imagine the last two weeks’ episodes. Two weeks ago, the Swiss National Bank shocked markets by unpegging its currency and sending the value of the Swiss franc skyward. (more…)

  4. The Google Effect

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    What can’t Google do? Free email, customised searches, maps, apps, browsers, video—the list goes on. Now researchers claim to have found a link between Google searches and future stock market movements. (more…)

  5. The Markets

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    More monetary stimulus will not help the world economy return to strong growth, former Bank of England governor Mervyn King said, days before the European Central Bank is expected to decide whether to embark on a massive bond-buying programme. This is a report from the Telegraph today. (more…)

  6. Government Debt Recovery

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    Debt owed to the government, approximately £22.6 billion, originates from many sources including unpaid fees, taxes, fines and loans, ineligible benefits or grants and unrecovered costs from court cases. (more…)

  7. Honey I Sold The Assets Too Cheaply!

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    A Privatisation and how not to do it? Well, recently we had Lord Myners’  report on the Royal Mail flotation, and, along with it, some targeted criticism at the structure, process and net result of it all. Seemingly it could have netted a further £180m for the tax payer and whilst not a lot of money it should not be ignored; though it is a mere drop in the budgets of the Treasury. (more…)

  8. The Markets

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    You may be enjoying the economic benefits of petrol prices around £1.10 a litre, but last week investors were skeptical about the effect of low, low oil prices on companies’ performance during 2015. (more…)

  9. As People Get Richer, Do Investment Returns Get Better?

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    No, they don’t. Research shows there is a negative correlation between gross domestic product (GDP) per capita – a measure of how wealthy people in a country are becoming – and investment returns. (more…)

  10. The Markets

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    Happy New Year to you!

    As you may be aware, the decline in oil prices accelerated during the fourth quarter of 2014. The main culprit was a supply and demand imbalance. Increased production in the United States, which is currently the biggest oil producer in the world, means there is an ample supply of oil. However, slowing growth in China and other countries, along with relatively warm winter weather in the United States, has lowered demand.