Mike Tunstall Enterprises in Wiltshire | Tax preparation service

Mike Tunstall Enterprises

Locality: Wiltshire

Address: 1 Chapel Corner, Watts Lane, Hullavington SN14 6RT Wiltshire, TAS, Australia

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15.01.2022 Happy February! Well done if you have made it through ‘Dry January’ or ‘Veganary’ or just maintained some of those New Year resolutions you made. January can often drag on and the financial hangover of Christmas and New Year can remain for many months after. I hope this is not the case for you. January went very quickly for me as I continue to establish my new Tax Advisory Business MTE Ltd and I assisted a number of individuals with ensuring their Self-Assessment tax re...turns were submitted before the HMRC deadline of 31 Jan. Over the last week I’ve been considering how I can continue to offer you useful information on managing your tax and general financial affairs as we await the new Government’s mini-budget and for the Tax Year to end on 5 April 2020. I have already stated that I would like to start some Video Blogs and in the next couple of week’s I will establish a YouTube profile and record the first few videos. The theme I intend to follow is Making Tax Easier for you to understand (can you see what I’ve done there?) and establish why sound Financial Planning is so important. Managing your finances can become stressful. Individuals often feel challenged as assets accumulate and they become responsible for their families finances over the longer-term and start to think about retirement plans. You can find yourselves relying on friends, family and websites more than financial professionals for information on financial matters. That is why it is so important for you to establish a relationship with someone you can trust. I hope my Blogs and future YouTube clips will assist you in navigating some of the these areas. In the meantime if you have any questions relating to the next tax year please either pm me or email [email protected]. I look forward to your feedback on the video clips soon. Now where is my make up bag

09.01.2022 Doing your self-assessment tax return?

06.01.2022 Tomorrow, 11 Mar 2020, will see the new Chancellor of the Exchequer deliver his first budget of the new Tory majority Government. What will this mean to you and I? I will be monitoring the outcomes of the budget closely as there could be some significant changes for us the general public. There are 2 rumours which worry me: The first is the rumour that the Chancellor may scrap higher rate tax relief for pension savers. At the moment if you are a higher or additional rate ...tax payer you receive 40% or 45% tax relief on your pension inputs. This is an attractive relief and in my opinion encourages using pensions as a source of saving for retirement. If the Chancellor does scrap the higher rate reliefs we will only be able to claim 20% tax relief, the current basic rate of tax. This could discourage pension savings for higher earners which I think would be a negative result as the Government should be encouraging each of us to save more for our retirements especially as life expectancy rates are continuing to increase. The second relief that might be scrapped is Entrepreneurs Relief. This relief allows entrepreneurs to sell parts of their business and pay a 10pc rate of tax on any profits they make from selling shares, instead of the typical 18pc. The relief is designed as a reward for the major boost that setting up a new business brings to the economy and for the huge risk self-starters take on. The scrapping of Entrepreneurs relief may dissuade some from starting a business which again will have a negative effect on the Economy as a whole. I will provide an update on the Budget highlights later this week.

06.01.2022 Happy New Year, I hope you have had an enjoyable start to 2020 and that the next decade is good to you and your families. We will soon all be back in the 'rat race' and I've already had a few clients approach me for help to complete their tax submissions for tax Year 2018/19. That's what I am here for but if you want to avoid a fine and then interest on any monies owing you must submit and pay your tax bill no later than 31 January 2020. The more notice you can give me in the next few weeks reduces the potential for these fines. If you have completed this year's don't forget we can start next year's as soon as you are issued your P60 and P11D (if applicable) so get in touch in May. Between then and now I will be posting regular helpful hints! Best wishes Mike - Make Tax Easy - MTE Ltd

06.01.2022 Post Budget Review Part One - Pensions Higher earners, having been largely frozen out of pension savings, were brought in from the cold yesterday with news that they’ll keep their full annual pension allowance of 40,000. This is unless their total income (including salary, bonus, dividends and rental income) plus employer pension payments tops 240,000 where the allowance still reduces by 1 for every 2 of income above this level. However, those who have a total income min...us personal pension contributions lower than 200,000 are unaffected by this. Previously, the tapered annual allowance bottomed out at 10,000, now this will be 4,000. But to have this 4,000 allowance you would need to have an adjusted income of over 312,000. These are welcome changes as they largely fix the problems of NHS consultants turning down work to avoid tax penalties, but also mean higher earners in other sectors have greater opportunity to save for their financial future. Additionally and significantly, for MOD Personnel reaching the ranks of SO1 and above this move will reduce the Annual Allowance Tax Charge that most experience. There is another benefit as the maximum you can build up in a pension (Lifetime Allowance) is increasing to 1,073,100, from 1,055,000 in 2019/20. The Government’s also asking for views on how to fix the wrinkle that leaves 1.3 million lower-paid workers without a pension top up from the Government despite being eligible. This problem needs to be fixed quickly, as it’ll only get worse as planned National Living Wage rises bring more people into saving.