Picking up on yesterday’s PAYE underpayment story, I’ve been advised of the loophole which may
enable those who’ve underpaid PAYE over the past couple of years to avoid having to make a repayment. It’s this -
HMRC have to issue repayment demands for underpaid tax within 12 months of the end of the tax year.
Angela Beech at chartered accountants Blick Rothenberg advises,
"Those that receive these demands need to think before they automatically pay up. If you had given HMRC
information that would have enabled them to adjust your tax code to make sure that you did pay the right
amount of tax, then, if the time limit has passed for them to use that information, they cannot pursue you
for the unpaid tax."
Surprisingly, HMRC agrees, “HMRC can consider writing off the
underpayment in certain circumstances. Basically, these are if HMRC had been provided with all the
information necessary to get their tax right and the taxpayer could have reasonably expected their tax
deductions to be right. In these circumstances they need to contact HMRC and ask for the underpayment to be
reviewed on that basis."
Gold's Price Still
It’s interesting to note that insurer NFU Mutual is advising
home-owners to check the value of their gold as it may be under-insured. The average value of gold in a home
is believed to be worth more than £1,100.
Paul Richardson at NFU Mutual explains, "If the contents of some
jewellery boxes needed to be replaced, some owners may be devastated to find their current insurance policy
would only pay out a fraction of the cost of replacements. Sentimental items such as engagement rings and
heirlooms passed down through the family are typically underinsured as many current owners have never had
For me, this is a particularly interesting story as it highlights
how much gold has risen in value lately. Gold prices have more than trebled since 2004. It’s worth thinking
about getting valuations and, if you have unwanted gold, you might want to consider running a home-based gold
sometime soon; we have a how-to article coming through soon telling you how.
Retail - and
There are so many areas in which the traditional retail concept is
being extended way beyond its normal boundaries. Take the Adidas store in Tokyo as an example.
Located in and area, popular with runners, the store has numerous
shower cubicles and lockers for rent. Customers are encouraged to try out the product properly and
effectively and use the store like a running club. The effect is to shift the emphasis away from pure
selling, and much more towards help, advice and mentoring service. It’s a nice reversal too. For many years,
gyms and health clubs have sold equipment clothing and other products. It’s interesting to see a retailer,
almost becoming a health club!
Might this be a concept you could borrow for your business? How
could you shift the emphasis in your business from pure sales, to a place where customers can go for help,
advice and a more holistic experience?