DNS New Year Newsletter

Jan 2012

Welcome to DNS Associates

Greetings!

Finally after a long time I am back. My sincere apologies for missing few months of newsletters. Firstly please make sure that you claim £150 per year allowance for Annual Functions. Christmas and New year are one of the best occasions to use the allowance. Even if you miss these events you can use them for other events.

Secondly there has been a landmark decision in the case of Mr Spencer. He have been recently handed a landmark decision where he was classified as IR35 for part of the contract. I can not stress enough how important this decision can be in future so please make sure you are on right side of the law.

Click on the link.to read full case study.

Trying out new restaurant can be risky

Choosing a venue for a party or get together is easier if you take a look at www.favouritetable.com a recently launched restaurant locator and table-booking facility that helps you decide where and what to eat and how to get there. Customer satisfaction ratings will make those expensive mistakes a thing of the past, and the site offers you the opportunity to take advantage of special offers and promotions.

Good thing is it belongs by my dear friend Jaipal Yadav and one thing is guaranteed with name that is purity and honesty. So why not look at www.favouritetable.com and catch latest promotions and offers without missing the best in whole of UK.

Pay Life Insurance through your company

We sent you a bulletin in November to tell you the good news that DNS clients can fund life insurance through their businesses and, for the first time, not have to consider income tax or benefit-in-kind. It may also be possible to have this payment treated as a business expense. The benefit for a contractor working through a one-man limited company or to a small business working through limited company is that you can transfer the cost of life insurance to your business, rather than fund the cost of it personally from your post-tax income.

To read whole article click here and check under Dec 2011.

Am I Employed or Self Employed

Is a question DNS is often asked. This is because for the purposes of filling out forms, for a mortgage, visa or a tenancy application, say, even successful business owners are viewed as self employed. Not fair?

From a Tax Perspective Director of a limited company is an employee taking wages and shareholder taking dividends. So he is not self employed as per HMRC. Does the taxman asks the question are you employed or Self Employed?

Never................ So who asks this and when does a director of a limited company is treated as self employed.

Read Full Article by clicking the link and check Sep 2011 article.

Negligible Value Claim

Things are tough for everyone, we know that, and back in August we sent you a Bulletin about Negligible Value Claims. In a nutshell, a NVC is a declaration to HMRC to say that the assets of a company have become virtually worthless, including shares in the company, which then allows the assets to be treated as 'disposed of' at negligible value and therefore all the losses of the director on disposal of company and assets can be treated as income loss which can be set off against other income and can be carried back as well.

If you think this might apply to you, get in touch with your Portfolio manager and they may be able to help you out. Remember we need to meet certain conditions so why not check if you meet conditions.

Click here to read full article and then go to August 2011.

In This Issue

Trying out new Restaruant can be Risky

Pay Life Insurance through your company

Am I Employed or Self Employed

Negligible Value Claim

HMRC P35 Penalty Notices Are they fair and reasonable

Tax Investigation Cover

HMRC P35 Penalty notices. Are they fair and reasonable

We sent you a bulletin in October about P35 (Employer's Annual Return) penalties. HMRC has been caught out, the Tribunal judge told Her Majesty's Inspectorate: "[P35] penalties are not a cash generation scheme" and that HMRC should not try to trick innocent taxpayers into huge penalty fines when their only "sin may be no more than oversight or forgetfulness". Continue Reading more by clicking the link and then go to October 2011.

Tax Investigation Cover

Remember to protect yourself: our Tax Investigation service offers great value for money, and with HMRC on the prowl - whether or not they suspect your business of anything - we highly recommend that you subscribe to this service. Go to our website/strategic partnerships to find out more. Remember that this is a tax deductible business expense Tax Investigation Cover.

Recently our Team has tried very hard to get in touch with those not covered to offer them the cover. Still its not late enough so if you are not yet covered make sure to take the cover. All you need is to simply get in touch with Vidit.

DNS Survey

Thank you to everyone that completed our survey. We learned a lot about our client base, what you like, dislike and, most importantly, what you require; we'll action as many of your suggestions over the coming months as we can. Some of the facts: among our clients that responded to our survey, just over 80% are limited company contractors; of which 60% are long-standing clients of a year or more. Our typical client is between 25 and 34 years old; among which over 80% said that they would be very or somewhat likely to recommend a friend or colleague to DNS! Over 80% of our clients rated us above or well above average for our services, and over half of our clients would be interested in tax-planning seminars.

Among our technology based services, over half of our clients visit our website on a weekly basis to find out more about our services and gather information from the knowledgebase, among which nearly 90% find the website very useful or useful; about the same number of clients read our bulletins and newsletters on a regular basis too. Of the DNS online accounting portal, 73% of clients are comfortable using it, and we expect this number to increase exponentially as the upgrade of the portal kicks in. We'll wheel our more facts from our survey in the coming months.

I am sure you would see the improvements in the service of DNS in coming months. Your suggestions and opinions are highly valuable to us and based on that we are going to improve our services.

Congratulations to Saurabh Wadhwa,the winner of our survey-incentive £100 cash prize!

Referrals and Referral Scheme

Just a reminder to keep sending your referrals. it's a great way for you to earn some extra money, and DNS highly value your confidence in us. Thank you. Go to website now and fill in the short referrals form, when your referral signs up with us, then we send you your fee! It couldn't be easier.

Finally before I say goodbye and off for relaxed soothing new year celebrations I wish you all the best for coming year and God Bless all our readers, clients and well of course DNS.

Sumit Agarwal

DNS Associates