Twin Pricks

If you wear a uniform for work and you wash it yourself, you are probably eligible for a uniform tax refund.

So, isn’t it just for ‘uniformed’ jobs like the police and the armed forces?

This is a common misconception. A uniform rebate Anyone who wears a recognized uniform to work. Not just police officers, nurses and soldiers.

Many industries have uniform requirements for employees; Retail, automotive, hospitality, name but a few. And, if your employer does not provide laundry benefits, you can claim a tax deduction for washing these uniforms.

What counts as uniform for tax purposes?

HMRC has its own definition of what constitutes a uniform key for tax deduction purposes. It must be a requirement of your workplace and must be branded with company name or logo.

There is also a provision for taxpayers to wear formal attire as part of their job. The HMRC document EIM 32475 states: “Formal evening wear which, due to the traditional practice of a particular profession, is customarily worn daily while on duty (for example, dinner jackets worn by waiters) may also be adopted. “

There is a slightly gray area around wearing an isolated company name badge. If the rest of the staff’s attire is the same, adding a branding with a badge can be classified as a work uniform for tax deduction purposes. These cases are decided on an individual basis.

The key is to describe the ‘recognized uniform’.

“Employees will easily be recognized as wearing uniforms by people on the street.”

What is not included in the uniform definition of work?

Other items that employees wear, including work uniforms, are not included in the definition. Such as underwear, socks, tights and shoes.

Also, ‘normal’ clothing that is being worn as a uniform will not count. Some examples:

• Anything worn under the overall of mechanics
• A black dress code for restaurant staff
• Workers in a boutique have to wear clothes from the rack

The test here is that if you were walking down the street, you would not be considered wearing a uniform, only plain clothes.

What will I claim?

You can claim a flat rate amount between £ 12 and £ 74 per year. How much tax you pay and how much you get depends on the industry you work in. It can be backdated for four tax years.

Claim your uniform tax relief on P87 form

You can claim uniform rebate directly from HMRC by filling out an online form P87. You can fill out the form and post it at the tax office. Or we will include your eligible uniform cost with any kind of rebate claim. This usually applies when we demand tools and mileage for our clients.

But with claims that seem unrelated to the surface, we make sure all the elements are included. For example, if you claim a tax rebate for leaving the UK, uniform laundry costs are probably not the first thing that comes to mind. But that’s why you join us, keep an expert eye on your whole situation and make sure you are a complete tax expert.

You cannot claim an allowance or relief that you do not know about. And we know all about them. Thus some clients start with a uniform tax claim and end with a discount which includes mileage, trade union fees and tools. Everything has been done without any hassle for you.

Tony Shanks
Director of Operations
ATT member

The Silver Piece Dollar, created between 1921 and 1935, represents one of the most famous and enduring designs in numismatics. Its simple beauty, its connection to peace after World War I, and its unique status as our country’s last circulating silver dollar make it a highly sought-after coin collector. Although there are many Familiar with this currency, which is less widely known, is how rare it is to have a high-grade piece of dollar.

The history of the peace dollar

After the end of World War I, moneylenders advocated for a coin to celebrate and commemorate peace after the “war to end all wars.” Farran Jarbe, president of the American Numismatic Association from 1908 to 1910, was the first to propose the idea of ​​a currency that symbolized America’s role in the peace process.

Peace dollar design

A design competition for the new currency was announced. A 34-year-old Italian sculptor named Anthony de Franciski won the honor of designing this important coin. De Franciski’s stated goal for the coin was to “capture the intellectual momentum, vitality and vitality of the country’s consciousness.”

The piece depicts a portrait on the left of Miss Liberty wearing a stunning radiating crown against the dollar. Freedom at the top surrounds its crown, and in God we believe and the date is at the bottom. A bald eagle, resting on a rock, opposite the Silver Piece Dollar, clings to an olive branch above the word “PEACE”. The rays of sunlight illuminate the background.

De Francis made two different designs against the coin. The main difference? One version shows an eagle breaking a sword while the other had an olive branch. Initially, the design featuring broken swords was considered. After the public outcry representing this defeat was expressed, the broken sword was quickly removed from the coin design and the olive branch design was chosen to look more peaceful.

Minting began in 1921

The Silver Peace Dollar was issued under the terms of the Pitman Act. The law required the U.S. Mint to strike millions of silver dollars, starting in 1921 using Morgan dollar designs. Treasury Secretary Andrew Mellon approved the peace dollar in December 1921.

In Philadelphia alone more than one million 1921 $ 1 high relief peace dollars were made, the majority of which were filled in their fortune-telling containers. High relief was considered impractical for the currency and was quickly changed to “low relief” in 1922.

1921 $ 1 Survival estimates for all grades of high relief total 100,000 and only 5,000 grades 65 or better.

Today, collectors are attracted to the Peace Dollar not only because of the lack of specific grades and dates, but also because of the historical significance of recognizing America’s role as an international power, as well as honoring the sacrifices of our citizens in World War I.

Complete a set

There are several options for collecting Peace Dollars, including a low-cost set from an over-the-top collection. It takes 24 different combinations of date and mint symbols to complete a set.

One strategy is to acquire the first four Philadelphia Mint issues from 1922 to 1925. These dates represent the first four-year issue for the “lower relief” version of the Peace Dollar and create an outstanding set of four with successive dates.

The first year, 1921, was one of the scarce peace dollars in both the conventional and the Mint State. This coin is considered to be the only silver type coin of a very important one year.

If you want to collect an original date, consider the 1928 Peace Dollar made in Philadelphia, which stands as the smallest production year of this currency, hitting only 360,649.

Although MS-63 coins are fairly easy to obtain, quality MS-65 and higher grades are quite rare. Here is an example of a certified MS-66 peace dollar.

There are many strategies for collecting peace dollars. If you would like more information on a collection strategy that fits your budget and investment goals, contact a Blanchard Portfolio Manager for personalized recommendations. Your Blanchard Portfolio Manager can help you source certified dates in this series.

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In the last quarter of 2021, HMRC paid £ 42 million to overcharged pensioners using the Pension Freedom Rules.

How does the Pension Freedom System work?

In 2015, Pension Freedom was introduced to give pensioners the flexibility to use their pension money more freely. With a defined contribution pension, people over the age of 55 are able to take up to 25% of their pension as a single amount, tax-free. The rest of their pension is taxed at the normal rate of their income tax.

Why have people been charged extra tax on these pension payments?

Between September and December 2021, 13,000 people applied for a refund of their overcharged pension tax bill. The average bill issued was £ 3,230 and included expatriates living outside the UK. No matter what financial position you are in, this is a significant amount.

Why would this extra charging happen?

Pensioners automatically pay HMRC income tax before sending a single penny to their customers. Pensioners do not have the correct tax code for you and that is why heavy taxes are often levied on the first handful of payments due to the emergency tax applicable to pensions.

This emergency tax code is known as ‘month 1’. It works on the assumption that you will receive the same unit amount each month and that you will have to pay tax as per your annual income. So instead of looking at it as an off-payment, it multiplies it by 12 and calculates the corresponding tax bill. Although not more than 25% of the total tax-free amount.

What can you do about it?

You can either wait for the end of the tax year, when HMRC settles their books and automatically finds any tax extra payments they find. Or you can recover an additional payment using one of three forms:

What does HMRC say about this situation?

A spokesman for HMRC said: “Taking advantage of pension flexibility will ensure that no one pays extra taxes. Individuals may demand any additional payment due to the immediate application of the Emergency Tax Code and we will pay it within 30 days.

“Anyone who does not claim will be paid automatically at the end of the year.”

Which is great news because no one loses indefinitely.

But some people think that this is a noise in the system that HMRC should fix. Steve Webb, a former pension minister and LCP partner, said: “It’s a shame that ordinary savers who want to access their pension savings flexibly are regularly taxed and then forced to claim this extra tax refund. Taxing and then questioning.This ‘Money Merry-Go-Round’ where people have been deducted a lot of taxes and then have to claim some refunds has gone on for a long time. “It would be more fair to deduct the basic rate tax from pension withdrawals and then adjust the amounts paid, instead of overtaking thousands of people every month.”

This could save thousands of pensioners a lot of time if HMRC removes an additional administrator to make a claim for additional charges. But it is a relief to know that pensioners are automatically reimbursed if they are unable to submit their claims themselves.

Tony Shanks
Director of Operations
ATT member

Betting has reached new heights. As Putin warns of nuclear deterrence, many are hoping that planned talks between Ukraine and Russia will progress.

In an attempt to thwart Putin’s invasion, the United States and many European countries have imposed sanctions on Russia. Recent moves by Russia’s central bank will dramatically limit the country’s ability to participate in the global financial system.

A key consequence of these measures is that the government will probably fight to gain access to their foreign exchange reserves. This will further reduce the value of the ruble. In this situation, Russian officials need to find other ways to support their currency. These options are limited.

Many are wondering what the international financial picture will look like in the days to come.

The Financial Times report suggested that the results could be limited to Russia and “moderate direct exposure to Russia by Western financial institutions, partly due to sanctions imposed after Crimea joined 2014, as well as the emergence of more investors – Asia’s friendly economy.”

The authors explain that only 3.4% of MSCI’s emerging market equity index is Russian-based. Meanwhile, Russian citizens have to face considerable difficulties as long lines are formed at ATMs and more and more people try to withdraw their funds from banks. This jolt of activity can provoke more fear which can lead to further withdrawal. The result will be a run in the bank.

Although Russia will suffer the most, the recent move to ban Russia from the SWIFT international financing system will hurt many other countries. This decision will affect trade, as Russia is responsible for 10% of oil and natural gas production.

Other countries may experience slower growth and a steady rise in inflation. The production supply chain will be damaged or in some cases completely shut down.

Many investors are uncertain about how to proceed through the fog of war in the role of many influential factors. If you look at the past, you may find some answers.

LPL research data show that the Dow Jones Industrial Average fell by an average of 2% during 16 major events between 1990 and 2020.

Extending the timeline offers a more perspective. After 21 major geopolitical events since 1941, the S&P 500’s average total draw was 5%. Some of these incidents include the assassination of President John F. Kennedy and the 9/11 terrorist attacks. The average time it takes for the S&P 500 to recover from those losses is just 45 days

The road ahead is unclear but U.S. investors should take some time to remember that dramatic financial market movements are normal during times of turmoil. Fortunately, they are usually short-lived.

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It’s not just a tax rebate scam, there are many online threats to your security that we all need to take seriously. Get Safe Online combines security information in a range of personal and business situations. This is a reliable place to start if you are dealing with an online security issue.

What to get safe online?

Get Safe Online describes itself as “the UK’s premier source of online neutral, realistic and easily understandable information”. It is a partnership between public and private sector companies and businesses, including the London Police and two High Street banks.

Get Safe Online A center for information on all things online:

• Online child safety
• Uses social media
• Personal information, fake news and passwords
• Computer protection, including malware and firewalls
• Mobile device
• Online shopping and banking

The Business section covers hardware, software, online security, and the practices and policies governing these areas.

The glossary section of their website is especially useful for understanding the technical terms that have become everyday language due to their widespread use during online scams. Get Safe Online’s blog brings UK and international stories about online issues. They also run community events and National Gate Safe Online Week.

This is an excellent resource for any type of online scam or security issue you may encounter in terms of the scope of the information covered.

How bad is the situation with online scams in the UK?

A search of ‘News Online Scams UK’ reveals a list of recent headlines, including romance scams, loss of travel and disguise of banks, investment firms and HMRC.

Which is the business, organization and other consumer protection organization? Constantly publishing online security warnings. The HMRC is especially on the ball when it comes to reporting new scams on taxpayers and sharing their data on a regular basis. For example, they recently reported that the number of frauds involving people posing as HMRC increased by 138% in one year.

It is estimated that ক্ষতি 2 billion is lost each year in the UK to online fraud. It’s not just a financial expense, is it?

People are often angry, embarrassed and ashamed of being the victims of such crimes. And that’s not a fair assessment of ourselves. Because they are professional criminals. They are good at what they do and they are constantly evolving. Many fake companies buy real advertising space and run legitimate business as well as advertising. Advertising lends another level of admiration to their scams and is often the first click of an undoubted victim.

They bring out seasonal scams that are appropriate at certain times of the year. For example, scams that promise tax deductions or advise you to pay HMRC immediately in January are now suspended until the end of this month due to extended deadlines.

But it’s not just our tax department that is being disguised. Some recent blogs have described six new types of travel scams.

This year the fierce desire to escape, the confusion about Brexit and the COVID-19 rules, and the need for the common man to get back from the holidays canceled due to COVID.

These are carefully crafted, targeted and sophisticated. And, for criminals, it’s a numbers game. They create and promote a large number of online scams, with the belief that one percent of them will give them a good yield of your money.

What is the government doing about online fraud?

The Treasury Committee, in its recent Economic Crimes Report, highlighted the effects of fraud and scammers. Chairman of the Treasury Committee, Rt. Honorable Mail Stride MP says:

“For a very long time, malicious scammers have worked with impunity, snatching innocent customers through fraudulent online advertising, disguised scams and disguised crypto investments.

“Unfortunately, fraud has increased during the epidemic, and as MPs we have heard heartbreaking stories of people who have fallen victim to these criminals and lost a lot of money.

“While the government has made some progress in this area, we urge them today to act harder and faster in the face of a growing epidemic of fraud. Some of our recommendations, such as legislation against online scam advertising, can be implemented quickly. Others will need a long-term approach, including crypto regulation and company house reform. Taken together, our proposals give the UK a chance to get back on its feet and fight to get these scammers back on track. “

It is hoped that the government will give priority to addressing the issues raised in this important report.

What you can do about online fraud

The good news is that energy is really at your fingertips. We strongly support ‘think before you click’. No one on the other side of the screen or phone call can force you to do anything. You can keep yourself safe. Just apply this basic, common sense method:

• Even if it seems legitimate, do not provide any personal or financial details in a cold call, message or email. Check this source by contacting HMRC, banks, charities or organizations.
• If you are threatened, stop. Thus HMRC does not do business. And that’s not how most other real companies do business. Call a real number for the company and find out if you really owe anything.
• It seems too good to be true, it probably is. This applies to winning in unexpected competitions, as well as in the case of vacation payments and tax rebates.

Treat all communication with a skeptical attitude and you will be fine. Don’t assume it’s real because it has a logo. Q Everything. You must provide your valuable details if you are absolutely sure that the companies or businesses are real.

The key to thwarting scammers is slowness. Do not open documents automatically or download attachments. Stop. Think before you click. And you’ll be fine. Remember, these criminals don’t just email. They can call, message or communicate through your social media accounts. Bring your skepticism to all of them.

And if you get suspicious contacts, report them to Action Fraud – even if you’ve seen them before losing any money. Your information helps to create a complete national image and remove fraudulent websites and phone numbers.

Tony Shanks
Director of Operations
ATT member

The precious metals sector is booming in 2022 due to the Russian war in Ukraine, skyrocketing crude oil prices, sinking stock market and 40-year high inflation.

As investors lean towards the precious metal as a portfolio risk diversifier, hedge against long-term value savings and crises – you might wonder – what is the difference between investing in gold and silver? Before we highlight the three differences, let’s take a look at the performance numbers. The precious metals sector rocketed higher in the first quarter, while the equity market fell into a recovery phase.

2022 Year-to-Date Performance

The winners

Palladium + 53%

Platinum + 15%

Silver + 12%

Gold + 9%

Defeated

NASDAQ -16%

S&P 500 -11%

Dow -9%

Data until March 9, 2022

Both gold and silver are rewarding investors with solid returns this year, including a moderate silver out-performance. Although gold and silver often trade in parallel, there are differences to consider.

Liquidity and size

The gold market is one of the deepest and most liquid markets in the world and it is bigger than silver. This simply means that it is easy to buy and sell gold at any moment. According to the consulting firm CPM Group, in 2019, the global gold market value is $ 24.5 trillion, larger than the $ 4.4 trillion silver market. The large size of the gold market means that big players can move to a bigger position (buying and selling) without moving prices. Anyone who trades in a small position (and this applies to most individual investors), liquidity is not a problem for gold or silver. But, Gold is advancing in this category as a whole.

Instability

In general, silver is considered a more volatile metal than gold. This simply means that it can move faster than gold, which we have already seen in 2022 with the out-performance of silver. Instability can be a double-edged sword – looking for quick returns for short-term investors – it can quickly realize value. But, on the contrary, it can erase those benefits more quickly.

Diversity

Both gold and silver bullion offer investors a variety of features – especially since they are both “hard” assets, versus “paper” assets such as stocks, bonds or ETFs. However, gold again has a slight edge here compared to silver, as the latter is more closely linked to the business cycle. In addition to its value as a financial metal, silver is widely used in manufacturing, electronic and construction. When industrial demand slows down as economic growth weakens, it may reduce demand for silver.

Meanwhile, gold is a long-proven investment portfolio risk diversifier, as gold has almost zero correlation with stock market movements, according to a 2015 Journal of Managerial Finance research paper.

How to measure value

The gold / silver ratio is a time-honored method for investors to measure the relative value of these two precious metals. The ratio represents the number of ounces of silver needed to buy just one ounce of gold. A higher ratio is usually seen as an indication that silver is devalued compared to gold. This is what we are seeing now.

Current ratio: 76 oz silver = 1 ounce. Gold

Historically, readings above 65 indicate that silver has been devalued and that this is a strong buying signal for the metal. Silver continues to provide a great value for investors.

Bottom line

Gold recently reached the 2,000 level, reaching an all-time high of 0 2,051 an ounce. Silver trades above 26 26 an ounce. Both precious metals have a strong bull market cycle and give investors the opportunity to protect and preserve their assets. If you are looking to add more protection to your portfolio, consider working now before the price goes up further.

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Every year new taxpayers enter the self-assessment system. And it can be a bit scary, especially for the first time. Potential fines or deadlines for mistakes increase the pressure of missed situations.

There are five regular errors in self-assessment tax returns, especially for first-time filers. Here are five ways to make sure your first self-assessment tax return is successful.

Allocate preparation time

It’s not just a question of filling out a form the day before the deadline. You will need to set aside time for two important preparatory work: to register with HMRC and to choose your payment method.

Registration with HMRC

You must have at least 20 days to register with HMRC. After you apply online, you will be sent your Unique Taxpayer Reference (UTR) number. It takes up to 10 days for the post to arrive. You will then be sent an activation code in the post. Again, this can take up to 10 days to reach you. These are shipped separately for security reasons.

You cannot set up your online tax account without your UTR and activation code. And you can’t file your self assessment tax return without your online tax account.

Sometimes the HMRC will allow an extended period of time to file your tax return if you are late in registering. This will be three months from the date of your registration. But this one is not paid. And if you do not receive this extension, you will be penalized separately for late filing and late payment.

Payment method

Different payments take different time to process. It is important that your tax bill payment is in HMRC’s account within the time limit. It’s up to you to sort it out.

For example, if you want to pay by direct debit, you need to allow five working days to pay into HMRC’s bank account. If you send it within the time limit, HMRC will classify it as late payment even if it does not receive it.

Include all income streams and keep your proof

Multiple income streams make it more complicated to file your self-assessment tax return. And a growing number of taxpayers are making money from multiple sources. It all goes to a self-assessment tax return.

It is very important that you include your self-employed and / or employed earnings in addition to what you earn. Everything related to HMRC, including:

The HMRC must examine and deliberately fail to include income will be treated as tax evasion or tax evasion (both are taken very seriously).

Determines the amount and type of money you earn and how much tax you pay.

Proof

Basically, all the evidence you need is in your normal business record. Each receipt, invoice, bank statement and P60 supports your tax return information. There is no HMRC format for keeping your records. But your record must be “accurate, complete and readable.”

You must keep these records for at least five years after 31^St. They mention January after the end of the tax year. But many businesses hold them for much longer. The cause and the HMRC investigation, for whatever reason, could go back 20 years.

Choose the right accounting method

There are two accounting methods that you can choose from, ‘Traditional Accounting’ and ‘Cash Based’.

On a cash basis

If you are a small business or sole trader, cashing is probably the best accounting method for you. This means that everything is actually based on what comes and goes from your bank account. You will not pay tax on invoiced but unpaid money.

Traditional accounting

This accounting method is more suitable for larger businesses or for more complex structures. In this case, you record and pay the tax on the invoiced money even if you have not yet received the payment.

Allowances and expenses

There is a huge list of tax free allowances for which you may be eligible. You must include everything that applies to you in your self assessment tax return.

HMRC allows for a variety of work costs. The way you claim is different for employees and self-employed taxpayers.

If you are an employee, this means that you can get tax relief on the expenses you incur for the work. Unless your boss will definitely refund you for that cost.

If you are self-employed, you deduct your total costs from your profits. This reduces the amount of tax you have to pay.

Get help if you need to file your tax return

You do not have to go through this process yourself. Get an accountant or tax professional to go through the process with you or for you. Other than finding out which tax reliefs and allowances apply to you, you may be fine with everything. That’s right, get in touch and we’ll pick that bit. Or if the whole thing is giving you hebei-jibis, we can do the whole thing for you. And that includes talking to HMRC on your behalf.

What’s great is that all you have to do with your tax position is take care of an online form. HMRC’s support is varied and of good quality. And we’ve got a number of free guides to make sure that even first-time filers have all the information they need.

Like most things, the first time you go through the process it takes a long time. But the reason is all new. Soon you will be one of those blus business owners who send their tax returns on the 6th^M April. Until then, we are here to help.

Tony Shanks
Director of Operations
ATT member

Seated Liberty images were the most enduring in the history of the U.S. currency. This design appeared between 1836 and 1836 in half dime, dime, quarter and half dollar. 1891. The Seated Liberty figure also appeared on the Silver Dollar from 1836 to 1873.

The design was by Mint engraver Christian Gobrecht. He served as the third chief engraver from 1840 to 1844. His engraving work began before Mint was hired. Originally, he carved ornamental watches. He was a pioneer in his field and in 1810 invented a medal rolling machine that reproduces relief on a smooth surface. He improved the camera Lucida, the pump organ and even a talking doll.

Gobrecht’s first attempt to become the chief engraver of the Mint failed. He wrote a letter to President James Monroe requesting a position but was denied. Finally, in September 1835, the chief engraver, William Nias, was appointed “second engraver” after suffering a stroke. Nias died five years later, and Gobrecht was appointed chief engraver.

His Seated Liberty design for which he is remembered was based on a sketch by portrait painter Thomas Sully and ornithologist Titian Peel.

A flowing garment seated on a rock opposite the 1862-S Seated Liberty Dime shows the image of freedom. In one hand he is holding a Liberty pole with a Frisian cap on it. The cap has long been a powerful symbol of independence and a return to the neoclassicism movement. The cap also represents the pursuit of freedom.

The word “Liberty” is inscribed on a striped slope to the right of the image. This feature of the design is meant to represent America’s desire to fight for independence. Above it is an arc of thirteen stars to represent the thirteen original colonies.

In this case the opposite side of reading “half dime” shows the value. Both the half-dime and the dime pieces feature a wreath around the words of value. All pre-1860 coins have laurel leaf images, a neoclassicism-inspired image, like the Frisian cap. The design was changed in the early 1860s to include agricultural products, including wheat and corn.

Basically, Seated Liberty Dimes and Half Dime have no stars. This design element was added in 1839.

Until 1879, the value of the seated Liberty figure in the U.S. currency ranged from half a dime to half a dollar, when the Bland-Allison Act significantly reduced coins. Over time, tastes changed and there was growing support for a new design. Finally, the repeated head design replaces Seated Liberty.

Today, this design is one of the most powerful figures in the US currency. It blends a format of images that represents freedom, patriotism and independence.

Gobrecht died in July 1844, but his contribution to U.S. currency survived to the Seated Liberty Design.

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