The statistics, which were published in the annual Tax Action Report from Unbiased.co.uk, suggest that British taxpayers will overpay and ‘gift’ an unnecessary amount of tax that will account for £12.6bn to HM Revenue and Customs this year. The statistics also show that over the last ten years, the UK has created £88.6bn in a ‘tax waste mountain’. This year could see the second biggest tax wastage figure in that last decade, falling short by just £1.3bn opposed to last year.

It’s expected that £7.26bn will be wasted for unclaimed income tax credits, and a further £2.45bn in failure to make use of tax relief for pension contributions.

This year will see the second highest tax wastage mountain in ten years, seconding the 2010-11 results.

Speaking before his party’s annual conference and before the budget was announced, Clegg claimed that the current system of allowing individuals to pay lower taxes might be legal, he also suggested it was wrong. Using US presidential candidate Mitt Romney as an example, claiming that he pays just 13% tax, Clegg stated that an investigation in the UK to see if similar things are happening here was necessary.

Clegg also pointed out that in the UK, that are currently hundreds of people earning millions every year, who barely pay 20%, 30% or 40%. Outlining his disgust, the deputy Prime Minister claims that the only way forward is to enforce the new tycoon tax to ensure that everybody pays a fair share of taxes each year.

The apprenticeship could even help you with running your own business. Running a firm involves plenty of financial activities, from bills and taxes to expenses and payroll for employees. You could even become an accountant, running the finances for other companies that hire you. You could be running accounts for businesses large and small, managing money and ensuring that they’re abiding by the law.

The possibilities are vast, and you could see yourself in a prosperous and high profile career. It’s a great way to get your foot on the employment ladder, so if you’re interesting in accounting, realise your potential! University isn’t always the best way to get your dream job!

If you’re interesting in accounting, then why not get involved with an accounting apprenticeship?

The move has become controversial, with one tax body stating that the UK taxing authority should instead have a general campaign on unpaid taxes, as opposed to targeting individual sectors at a time.

The deadline is soon – on the 14^th June, online traders who have no paid their taxes in full will need to come forward and admit now that they haven’t paid taxes in full. The full amounts will then need to be paid by the 14^th September to avoid any further penalties.

Online businesses will need to come forward and admit any unpaid taxes before the 14^th June, HMRC says.

Firstly, you need to remember to shop around. This is important. Most banks will even tell you the same, which may seem a little strange. If you feel that a bank is not offering you a good deal, then it’s important to take a look round other banks to see what they can offer. Furthermore, shopping around will increase your chances of getting a loan, as whilst some may reject you, others may not.

You also need to be open. The more you share about your business and finances, both good and bad, the more likely it is they will trust you and be willing to help. You also need to be open about what you’re going to do with the funds they will provide you with. Banks need to know what your plans are, which will also be outlined in your business plan, and need to feel comfortable in providing you with the loan. By providing them with all the information they need, they will be able to give you an amount that they see fit. If they think the loan doesn’t need to be as big, then they will offer you the bare minimum.

Finally, you could also consider different forms of finance to support your business. Trade finance is just another fantastic option, particularly for firms that work a lot with exports and invoice finance.

Furthermore, you should consider raising your equity finance. This is a massive way of helping you achieve your funds. Good luck!

First off, don’t give up before you’ve tried to get your loan. Banks have reported that there is a lack of demand, which is thought to be because people are simply not even trying. It isn’t a matter of demand, however, as demand is still high – it’s just that people assume they won’t get the loan, and hence, don’t try.

The big banks may have strict rules, but ultimately, they are still lending. So don’t give up – keep trying!

Secondly, remember to have information to hand. Banks are now expecting their clients to be better prepared than a few years ago. You need to have all of your financial data to hand to be able to get a loan from banks. They expect you to know all of the financial details, and your plans regarding the money that you wish to borrow from them. A professional business plan, order books and management accounts must also be presented before you can be considered.

Finally, you should create a relationship. It’s important to remain open with the people you speak to at the bank, whether or not that is the bank manager. You need to seem trustworthy and you need to seem professional, so it’s important to create a relationship of sorts.

It’s easier than you think. One of the main reasons why people hire is an accountant is if they have a lot of wealth, or a business that is bringing in a large amount of cash. If you are unaware of laws that surround your money, and you don’t know how to arrange your taxes, then an accountant is a good idea. Furthermore, if you’re involved with real estate or other property businesses, then an accountant is probably going to be necessary. Finally, if you have a lot of work on your hands and no time to deal with finances, then an accountant is pretty much necessary.

If, however, you need some advice on budgeting or getting out of some debt, then an accountant isn’t really necessary. Instead, a financial planner will be much more sensible. You will not only be provided with a more personal and helpful experience, but you’ll also have to pay a smaller fee. The planners can work in two ways, however. One kind of planner will ask for a one-off fee to help you plan a budget out. Another financial planner will receive commission on the products that he or she sells to you.

Take things into consideration, and you’ll surely make the right choice.

If you ignore the matter of whether or not the next generation in the family is willing to take on the firm, then there are some very serious tax issues that must be dealt with. For instance, handing the business on as a gift or selling the business for cash are both two issues that are going to bring about serious tax implications. You’re going to need some serious work on the matter. Gifting the business will create a potential for capital gains tax charge.

You can now, however, go about holding over the potential gain. As long as some criteria are met, however. Remember that when gifting a business, you will not have to pay inheritance tax either, as long as the owner has not passed away. So it’s always a good idea to pass on a firm when you are no longer active in it.

The alternative to gifting the business, however, is selling it onto your children. If you sell it and meet the right criteria, then you will benefit from entrepreneur’s relief which shields any gains up to £10m. Tax will be paid at just 10 per cent, too. There is an issue here, however, of your children having to raise their own money to pay for the purchase. If they cannot do this, then the better option is to sell your children the shares, and your children using company money to fund the purchase (if they hold shares in the firm in the first place).

Checkout our top tips below to see if you could be saving tax.

1. Tax Relief on pensions

By the end of the tax year you can max up your contributions to your pension, to benefit from a generous amount of tax relief and also gain benefit from the tax efficient treatment of pension funds.

2. Give it to your other half

You can save tax further by transferring money into the account of your other half or spouse, if they are lower earning or non-earning.

3. Get yourself an ISA

If you have an individual savings account you can benefit from tax breaks as long as you are saving and/or investing the money.

4. Your tax code

Double check your tax code and make sure you are not paying over the odds

5. Got a spare room?

Renting out a room in your home can raise you some extra income and it completely tax-free.

6. Write a will

Writing a will is the only way to make sure your loved ones will get the inheritance, and limit the tax you will pay on your estate.

7. Use a Company car?

If you have the benefit of a company car, make sure you fill out a form to declare it as a taxable perk. The smaller the vehicle, the less tax you with have to pay.

8. Made a gain?

If you have made a gain in the taxable year. You should take full advantage of your annual capital gains tax exemption limit.

9. Buying a property?

Negotiate with the person you are buying a house from, they may be willing to drop the price below stamp duty thresholds. You can literally save thousands if they do.

10. Look after your family

Your children and grandchildren will get their own personal tax allowance, and you can set up tax-efficient trusts for them.

Need Tax Saving Advice? Call Stonehouse Accountants, Peterborough, Kettering, Market Harborough and Corby – Main Switchboard : 01733 265888

The explanation for this surprising result could be the that a fair proportion of these small businesses will experience significant business during this time, while the retail sector being the highest example in the Boxing Day sales, hospitality businesses experiencing high business for Christmas dinners and New Years eve parties, along with the tourism sector for similar reasoning.

On the other hand many businesses featured in the survey made a decision to work during the festive period based on the current economical climate. Implicating that revenue was too bad to take a long holiday. The findings have been supported that, more businesses will be increasing working hours in 2012, to compensate for the condition of the economy.

The survey taken also found findings that 35% rated the economy as good or very good.