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Each year HMRC collects approximately £7.6 billion in overpaid tax. This means that there are hundreds and thousands of people in the UK who are paying excess tax. Such tax payers either do not have adequate knowledge about the various tax benefits that they can claim or they simply do not know how to compute tax accurately. Are you one of these people?
To avoid the paying too much or, even worse, being fined for not paying what you should, you may consider using a computerized tax programme. One is Mr Tax CD.
Mr. Tax CD is a different kind of software that is specifically designed to carry out highly convoluted tax calculations with precision. Additionally, the software also assists you to keep your records properly and helps you to claim the appropriate tax benefits. If you are self employed or a buy-to-let landlord, you can use Mr. Tax CD to:
• Save the accountant’s fee- By using Mr. Tax CD, you can save £500 or more, which is the fee that you pay to your accountant for keeping your financial records in proper shape. Each day, you just have to spend a few minutes to enter the date, description and cost of the products that you have purchased for your business. Mr. Tax CD will take care of the rest of the computations. It will calculate the total amount of money spent and the tax to be paid.
• Avoid fines for erroneous book-keeping- HMRC have started scrutinizing different resources of financial information like VAT returns, bank statements, PayPal accounts, PAYE and building society records to identify all those tax payers whose records may have discrepancies and anomalies. A fine of £3,000 can be imposed upon you for failing to keep your records in good shape. With the help of Mr. Tax CD, you can avoid this kind of penalty. Other penalties exist for deliberate and concealed acts of tax avoidance and these can be between 30% ad 100% of the amount owed!
• Tax benefits associated with book-keeping- If you don’t have time to handle your records, then you can ask a member of your family to compile the financial data with the aid of Mr. Tax CD. In about one hour, the entire week’s data can be put together in a proper manner. You can pay as much as £20 per hour and the payment is absolutely tax free for you as well as for the member of your family in-charge of book-keeping.
• Tax benefits for work from home entrepreneurs- If you are running your business from your home, then you can claim computer, printer and broadband costs. Furthermore, if you have set aside a room for your business, then you can claim tax benefits on home mortgage, insurance and other expenses made for the upkeep of your home office. In addition to your office, if you are using a room for stockpiling, then you can claim a higher percentage of deduction. Mr. Tax CD will help you to calculate all these tax benefits with ease.
• Motoring expenses are fully deductible- If you are using your car for your business, then you can deduct motoring expenses from the total payable tax. You can claim 40p per mile for the first 10,000 miles and 25p per mile after 10,000 miles. Every single penny you spend on car maintenance is also fully deductible. Mr. Tax CD will not only calculate the tax benefits related to motoring expenses, but it will also help you compute the expenses correctly.
• Other tax benefits- Do you know that all types of bank charges and HP interest are not taxable? Besides these, you can also claim tax benefits on the expenses made while procuring tools and equipments for the business. A small percentage of tax benefit can be claimed on the gifts purchased for the customers. These minute deductions can help you to save a large amount of money. Mr. Tax CD can efficiently perform all these complex calculations.
• Say goodbye to fines and penalties-HMRC assumes that tax payers deliberately make mistakes to reduce their tax liability. For such deliberate mistakes, the fine can be anything between 30% and 100% of the total payable tax. When you use Mr. Tax CD to calculate your tax, you can rest assured that there will be no discrepancy in your records and the absence of mistake means no fines and penalties.
In a nutshell, Mr. Tax CD is a unique software that has the proficiency to chase off all your tax troubles. So, get a copy today and create a flawless tax report and save your hard earned money.