UK Government publishes the expected draft legislation on dividend allowance.

London, England -- (SBWIRE) -- 12/15/2015 -- On December 9, the UK government published the draft legislation on dividend allowance. This follows from summer 2015 budget reports in which the government declared that there will be a new dividend allowance of £5,000 starting from sixth April 2016. Consequently, it is expected that the rate of tax on dividend income will change. Beginning from that date, the existing dividend tax credit will be scrapped and a new dividend tax allowance of £5,000 will be introduced. As a result of these new changes, the following rules will apply to the taxation of dividend income.

From April 2016, there will be no more a 10% non-refundable dividend tax credit that is currently attached to the dividend income; it will be abolished completely. The new dividend tax allowances are expected to be effected immediately. There will be new tax rates depending on an individual's dividend allowance. The new tax rates are expected to be as follows: The rates of tax on dividend income exceeding a dividend allowance of £5,000 will be 7.5% for the basic rate tax payers, 32.5% for the higher rate tax payers and 38.1% for the additional rates tax payers. The dividend allowance will only be available to a person who has a dividend income. The new deal is structured in a way that those with smaller amounts of dividend income will pay less while those with larger amounts will have to pay more tax.

As aforementioned, the legislation states that the new rates of dividend tax will only apply to amount of dividend exceeding £5,000, which is exclusive of any dividend income that is credited to ISA or individual savings account and dividends received by pension funds. However, the dividend allowance will not in any way reduce the total income for tax purposes. An important point to note is that the dividends within the allowance will still counts towards the basic or higher tax bands. The dividend allowance is treated as zero rate of tax for the dividend amount below £5,000.

The new rules are aimed specifically at small companies who pay a small salary to the director or shareholder designed to preserve state pension entitlement followed by a large dividend designed to save national insurance. The effect is that most company directors who own their company will pay more tax than before under the proposed new changes.

Many accountants are unhappy with this new dividend allowance, calling it an unfair tax. One firm of accountants, Alexander Ene London said: "the dividend allowance system is unfair to the small business owners who already face a lot of difficulties in running a business and do not need the extra tax imposed by the new dividend allowance system."

At the present time, there are a number of petitions running against the dividend allowance. One of those petitions can be found here: https://petition.parliament.uk/petitions/106525

For more details:
Contact: Alexander Ene
Address: 336A Regents Park Road, London, N3 2LN
Telephone: 020 8343 2626
Website: http://www.alexander-ene.co.uk/

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

The LDF Or Liechtenstein Disclosure Facility Is Due To Close On 31 December 2015

London, England -- (SBWIRE) -- 12/09/2015 -- The Liechtenstein disclosure facility is to close earlier than expected on 31 December 2015. This means that UK tax payers who have overseas financial assets and have a tax liability on those assets have just over a month to take advantage of the generous settlement terms offered by the Liechtenstein disclosure agreement.

The Liechtenstein disclosure facility is a product of a tax agreement between the principality of Liechtenstein and the government of the United Kingdom. It gives British citizens the opportunity to settle their outstanding tax liabilities on financial assets held in Liechtenstein for which they had not previously declared to come clean on terms that are rather favorable. Tax penalties under the Liechtenstein tax agreement starts at about 10% of the undeclared tax. This is considerably lower than the normal tax penalties on undeclared overseas income. The lower rate of penalties on undeclared tax is only applicable if the tax payer comes clean by themselves with regards overseas assets previously not declared.

After the closure of Liechtenstein disclosure facility, tax penalties on undeclared taxable will start at 20% and there will be no guarantee that H M Revenue & Customs will not prosecute for failure to disclose income chargeable to tax.

It is believed that the Liechtenstein disclosure facility has so far generated up to 1 billion pounds extra tax for the treasury. It was originally intended to run until the year 2016. When the Liechtenstein disclosure facility closes on 31 December 2015, it will be replaced by a more general disclose facility that will apply to most countries around the world.

Liechtenstein disclosure facility was originally intended to be used by the Citizens of the United Kingdom to declare financial assets that they help in the principality of Liechtenstein. However it ended up being used as a way for some United Kingdom taxpayers to declare unpaid tax due on assets that they held in the United Kingdom. According to one commentator almost one in five of those who used the Liechtenstein disclosure facility to declare unpaid tax did not hold any overseas assets. It was instead used to report undeclared tax on UK assets

Most accountants believe that closing the Liechtenstein disclosure facility is the right thing to do because there was no justification to favor those who put their money in one particular jurisdiction over the others. The accountants at Alexander Ene in particular are of the opinion that a much fairer and equitable situation will be to offer the same treatment to every one irrespective of where the undeclared financial assets where located. According to a senior member of the firm, it will be a wise idea for anyone who has any undeclared assets to use this opportunity to come clean before it closes.

For more information:
Contact: Alexander Ene
Address: 336A Regents Park Road, London, N3 2LN
Telephone: 020 8343 2626
Website: http://www.alexander-ene.co.uk/

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

HM Revenue & Customs To Limit The Use Credit And Debit Cards For Tax Payments

London, England -- (SBWIRE) -- 11/24/2015 -- HM Revenue & Customs have modified their guidelines with respect to tax payers that elect to settle their tax charge with a credit and / or debit card. This implies that there'll be a restriction over the number of instances a person or business will be able to use credit or debit card to pay for their tax liability.

The guideline says that starting from 1 January 2016, HM Revenue & Customs is going to restrict how many instances a tax payer can make use of a debit or credit card within a specific period to tax or tax period.

It says: 'There is not a set limit - it depends on HMRC's view of what's reasonable based on payment card industry standards and guidance.'

This guideline relates to the number of card payments towards the same type of tax bill, with tax payers mainly in a position to make additional card payments in cases where each one is for a totally different type of tax, for example business tax and employers' Pay As You Earn.

Tax payers that are not able to settle their tax completely because of the new guidance, are being urged to think about other options like electronic bank transfer.

HM Revenue & Customs will take credit or debit card payments with respect to personal tax, employers' Pay As You Earn and national insurance contributions, Value added tax, business tax, stamp duty land tax, and other tax liabilities (where Tax Payment reference starts with 'X').

Many accounting firms, including Alexander Ene are not in support of this new guidance by HM Revenue & Customs. They see it as limiting the sources of finance available to small businesses who sometimes rely on credit cards to fill short term gaps in funds flow.

For more information, visit us:
Contact: Alexander Ene
Address: 336A Regents Park Road, London, N3 2LN
Telephone: 020 8343 2626
Website: http://www.alexander-ene.co.uk/

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Accountants in London Alexander Ene announce 25 percent discount on their standard rate for November 2015.

London, England -- (SBWIRE) -- 11/13/2015 -- Businesses and individuals in London who require expert accounting services at reasonably fair and transparent prices have their wishes granted. Alexander Ene, a firm of chartered certified accountants in London has entered the festive season early by offering 25percent discount on their normal fees to both new and existing clients for the month of November 2015. The firm which has been established for over a decade, believe in simplicity and fairness when pricing their services and proactively suggests ways in which their clients can save money. Businesses are provided with a full range of prices for preparing annual accounts for sole traders, partnerships and private Limited companies. Alexander Ene, as small business accountants in London, take the success and growth of their clients business seriously. They proactively work with their clients which include a number of start-up businesses and assist them in turning ideas into reality. They often assist in setting up bank accounts and establishing a working relationship with banks on behalf of their clients.

There are many small business owners who are not sure how to find an accountant for their business. In addition many self employed individuals do knot know if they need an accountant or what exactly an accountant can accomplish for them and their business:

The following are the basic services offered by a typical London accountant:

Bookkeeping services:
This involves mainly basic transaction processing, periodic VAT calculations and preparation of VAT returns.

Accounts preparation:
Preparation of annual financial statements, management accounts for sole traders, partnerships and Limited Companies.

Personal tax services:
Completing tax returns, engaging in tax disputes resolution, Trusts Tax, personal tax investigation, Tax enquiries, Tax planning, Inheritance tax and capital gains tax.

Business tax:
Corporate tax calculation, business tax planning and completing corporation tax returns.

PAYE (Pay As You Earn) and Payroll services:
Payroll calculation, generating employee payslips, monthly summaries, provision of analysis of staff costs.

According to a senior manager at the firm, Alexander are proud to offer all of these services under the 25 percent discount scheme and are looking forward to helping both new and existing clients save money and improve their cash flow. "Our firm believe in synergy and working towards common goals with a view to improving the accounting and tax services that it provides to the London community" said the senior manager.

For more details, get in touch with Alexander Ene:
Contact: Alexander Ene
Address: 336A Regents Park Road, London, N3 2LN
Telephone: 020 8343 2626
Website: http://www.alexander-ene.co.uk/

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Submit Return On Time To Avoid Late Filing Penalty

London, England -- (SBWIRE) -- 10/29/2015 -- For those who are intimidated by the prospect of preparing their tax return, help is at hand. While it may be incredibly daunting at first glance, there is no reason why people can not face the challenge head-on and complete their tax return on time. However for those who can not face the challenge no mater what, the London accountants Alexnder Ene have offered to help out with a 15 per cent discount for the April 2015 tax return. They have however added that in order to get the 15 per cent discount, the individual must have the relevant information delivered to their office before the end of November 2015. This offer follows a recent publication in a local news paper describing how people find it difficult to locate an accountant for self employed tax return when they need one.

For anyone who is brave enough to go ahead and prepare the tax return by themselves, once the core section that everyone must fill out is completed , it becomes just a matter of addressing the schedules that are relevant to the different income sources during the tax year.

-When Is The Tax Return And Tax Payment Due?-

Once a person has completed the form he or she will have determined their tax liability. This information needs to be submitted and any money owed should be paid by January 31st following the year of assessment. Year of assessment basically means April 6th to April 5th of the prior year. If this is confusing, let's put it in more complete terms: the tax year starts on April 6th of 2014 and runs through April 5th of 2015 (you may see it referred to as the 2014/2015 tax year), so the return for the tax year must be completed and filed by January 31st of 2016 to be in on time.

If, a tax payer manages to file their return by September 30th following the conclusion of the tax year, the Revenue can calculate the amount of tax owed prior to the due date of January 31st. What does this mean? In a nutshell, the date would be September 30th, 2015 for the tax that comes payable on the 31st of January, 2016.

-How They'll Nick You For Late Returns and Tax Payments-

If a tax return is late and is submitted after the January 31st deadline, a £100 fixed penalty will be charged. If this isn't motivation enough and the tax return is not submitted for another three months, there will be daily penalties of $10/day up to a maximum of £900. Should, for some reason an assessment is not submitted by the January 31st deadline, interest can and will be charged at the current rate on tax due. In addition to the above, there will be a 5% surcharge on any tax amount that is unpaid by the 28th of February (too bad they don't go by the Leap Year calendar!), then if the tax liability is STILL not fully paid up by July 31st, there is an additional 5% surcharge.

-The Art of Estimation (aka Using Estimated Figures Wisely)-

It is possible for an individual to not have an absolutely predictable income. Consequently, final numbers may no be ready to go by the filing deadline of January 31st, since technically it's only ten months after the end of the tax year. In this case, it is necessary to figure out a good estimate for this amount.

A return will not be rejected if a tax payer uses estimated figures. It is very helpful to utilize the "other information" boxes on your return at this point, providing adequate information. If the Revenue feels that details are missing, it could cause an enquiry to be opened. And really, who wants that? In addition to an enquiry, penalties may be charged if they feel that the needed figures could have been obtained before the filing date.

Food For Thought: Should it be the case that final figures are impossible to locate, (be it awaiting more information, replacement of lost paperwork or other issues that keeps a person from having the necessary numbers), the best thing is to file using an estimated figure so as not to get slapped with penalties. If, after thirteen months from the filing date the Revenue still hasn't audited a tax return, it will be much more tasking for them to go back and review the estimated numbers.

For more information, visit us:
Contact: Alexander Ene
Address: 336A Regents Park Road, London, N3 2LN
Telephone: 020 8343 2626
Website: http://www.alexander-ene.co.uk/

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

London, England -- (SBWIRE) -- 10/16/2015 -- If you operate a small business it is vital to keep accurate records of your business transactions throughout the year. Any sort of unverified expenses may end up being quarried if you get a tax investigation. By law, a business owner is required to keep all of his or her receipts, bank records and also credit card records for a minimum of four years after the end of the financial year. Purchase invoices and bank statements usually are verification of exactly what the firm ordered as well as the date of purchase. Credit card and bank account details, together with cheque stubs provide evidence of the actual expenditures.

Any accountant in London will tell you that it is essential for any business owner to have a system of record keeping that is complete and organised.

HM Revenue & Customs have certain legislative specifications for fixed assets. These are typically items that can be used for business as well as personal needs. Examples of these items are motor vehicles, computers and mobile phones. As an example, a laptop or computer used in a business that is operating out of home needs some kind of a log and a car that is used for personal needs will require some sort of record of usage.

Keeping accurate accounting records is also important for business tax management and tax planning.

Employing a few end of the year taxes strategies can produce huge benefits for a company tax wise. Often a business can legitimately reduce it's tax liability for the year by maximising its deduction of expenses. Simply, try to buy things towards the end of the tax year that can be used within the 1st quarter of the next tax year. These items might be stationary, stock or something that a business will use regularly for its day to day operation. The idea is to get tax relief for the expenditure as early as possible. Bear in mind that the company will need to be making a profit for this tactic to be truly beneficial.

Buying machines towards the end of the tax year is another good tax strategy if for example the business was planning to buy that equipment in the first place. People always ask us, do I need an accountant in London to implement these ideas? The answer is yes. It is always a good idea to consult a tax accountant for help and advice with implementing tax saving tips due to the fact that their usefulness and benefits differ from one situation to another. Check to see if deducting the entire expenditure at once or spreading costs through a number of years will be better, in terms of tax savings.

Paying off overheads such as telephone, car insurance, utilities, travelling expenses, repairs and maintenance and lease ahead of time will help minimize the tax liability of a business. It can also be a good idea for the smaller businesses to take advantage of stock write offs by providing for damaged goods and obsolete merchandise. This is usually depending on the accounting principles being used by a business.

A business must retain all of its records for 4 years or more. It is advisable to save copies of business tax returns, equipment expenses, permit, formation paperwork, and financing arrangements for as long as the business is in operation.

There are specific dates that a company operator needs to be aware of in order to be able to fulfil its tax obligations. These dates include the personal tax return 31st January dead line. The employees PAYE & NI are due monthly or every quarter. This will depend on the payroll size and arrangement with HM Revenue & Customs.

To get further help with tax issues a business owner should visit HM Revenue & Customs business website. It has a lot of information and guidance on business structure, tax deductions and employee income tax. In addition, it can give a checklist to help any business large or small. It lists other helpful government websites that companies can find useful.

For more information about Alexander Ene visit: http://www.alexander-ene.co.uk/

Company: Alexander Ene
Address: 336A Regents Park Road, London, N3 2LN
Telephone: 020 8343 2626

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Alexander Ene to offer improved accounting services to its new and existing clients in London

London, England -- (SBWIRE) -- 09/24/2015 -- An effective accounting service is something that every business needs due to the fact that it not only helps a profitable business improve its performance but it also helps a business in difficulty identify various aspects of its business that need improvement. In addition, accounting is a fundamental aspect of every business fulfilling their legal obligation in terms of reporting to the tax authorities and paying the right amount of tax due to the government.

The accountant in north London Alexander Ene is offering Improved accounting services to small business in London as part of its drive to help small businesses within the local area to improve their efficiency and the quality of services that they offer to the local community. It is a well known fact that London is a vibrant and active city that attracts a great many visitors from other parts of the UK as well as from overseas. It follows that there are ample opportunities for efficient and well run local businesses to prosper and add value to the community in a multitude of ways.

Alexander Ene is a well established accounting firm in north London offering innovative accountant services to small businesses. They are experts in providing compliance and tax services, bookkeeping and payroll services to start-up business, small and medium sized organizations. They have years of experience in helping individuals and small and medium size business with accounting services in London.

Alexander Ene is in the forefront of providing first class Accounting Services in London and neighbouring areas. They help a large number of small and medium sized businesses in London and the surrounding areas to compete favourably with their rivals by providing innovative and purposeful accounting, tax, business management and related services. According to a spokes woman for the north London accountants, a key part of their success is the use of modern technology and professionally qualified accounting staff in delivering services to their clients.

Balancing business and individual tax is one of the key financial difficulties that entrepreneurs and business people encounter on a regular basis. Alexander Ene group of accountants in London are close by to assist any small business in London with effective accountancy, tax planning and advisory service that will ensure that the business is exploiting all the benefits and opportunities available to it as a London based enterprise.

It is expected that many small businesses in London will find the improved accountancy services very attractive. In order to help it achieves its plans, the firm will be maintaining extended opening hours through out the coming tax season. By doing so people who are looking to find an accountant in London to help them manage their business more efficiently will have access to their small business accounting service.

For more information about Alexander Ene visit: http://www.alexander-ene.co.uk/

Company: Alexander Ene
Address: 336A Regents Park Road, London, N3 2LN
Telephone: 020 8343 2626

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Alexander Ene, Chartered Certified Accountants In North London Continue To Take New Clients For 2015 Tax Return.

London, England -- (SBWIRE) -- 09/16/2015 -- Alexander Ene is a firm of accountants in north London that has been around for the last 16 years and soon will be 17 years. Over the years the firm has grown from a simple and small business accountant in London to a sizable but efficient firm providing tax and accounting services to small businesses in London and the surrounding areas. According to a spokeswoman for the London accountants, the firm's expertise and vast knowledge on accountancy and taxation matters has enabled Alexander Ene to build a credible reputation on accounting services for small business and tax advice. With reliability, accountability and efficiency as their main objective, the firm has been able to offer high quality accountancy services to their clients hence increasing their customer base.

As a proactive tax accountant London, Alexander Ene tries to ensure recruitment of experienced and productive accounting professionals who are training to be chartered certified accountants or are members of the major accounting professional bodies such as the chartered association of certified accountants and Certified Public Accountants Association among others. They also are required to be up to date with the current and emerging issues on accounting.

With highly skilled chartered certified accountants, Alexander Ene is able to understand their client's accounting needs and offer accounting services in line with their requirements. They are also able to complete customers' business and personal tax returns within the required time period and in doing so help their client to avoid late filing penalties.

The firm uses latest technology with the most relevant software which ensures correct and accurate calculations of taxes due. This same technology has been instrumental in their ability to assist many non residents who contact the firm about how to register a company in London. The use of the latest software helps save time making the firm very competitive in terms of fees. The saved time is also used to grow and develop other operations of the firm thus increasing efficiency. Clients are at all times provided with personalized and professional accountancy service that helps them to operate their business with better efficiency.

Record keeping and cash flow management is a paramount to the proper running and success of any business organization. The firm is always on hand to help its clients with their bookkeeping and cash flow management as they require. This information also helps improve clients businesses and personal financial planning.

About Alexander Ene
In line with high standardization requirements, Alexander Ene assures high quality and reliable accounting services. Advice is also key in their business. Depending on the analysis of the clients' needs, they offer appropriate advice on how to better manage and use their funds to ensure proper expenditure and timely payments of taxes.

Alexander Ene have expressed their commitment to the provision of high quality accounting services to small business owners within the London area and beyond. They have announced that their organization will continue to take up more new clients for 2015 tax return.

For more information about Alexander Ene visit: http://www.alexander-ene.co.uk/

Company: Alexander Ene
Address: 336A Regents Park Road, London, N3 2LN
Telephone: 020 8343 2626

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm