Sole trader or limited company? Which is best for you? If you’re a sole trader, you may have heard that you can save tax by running your business through a limited company. This could indeed be the case, but there are many factors you should consider before you decide. Let’s take a look at the advantages and disadvantages of trading through a limited company. The big change: you and your company are no longer the same thing When you’re a sole trader, you and your small business are legally one. But if […]
2020 Self-Assessment Tax Return Checklist January 31st is the deadline for online Self-Assessment Tax Return submissions, as well as payments for any amount owed. We are actively preparing self-assessment tax returns now for our clients to avoid the last minute rush. There are many reasons to have your self-assessment tax returns completed by your accountant and some of these are: We know all the allowances and expenses that can be claimed for your employment or business and can minimise the tax payable. We prepare trading accounts for sole traders, again ensuring […]
Bogus HMRC calls, beware of emails, SMS’s proposing tax rebates, refunds or asking for personal or payment information A number of our clients have reported bogus calls, emails and text messages purporting to be from HMRC and calling for some form of action primarily focused on extracting client’s bank details. As such, we are providing this extract from the HMRC and the Which website in order to maximise coverage for both client’s and all individuals. The site addresses are: https://www.which.co.uk/consumer-rights/advice/how-to-spot-the-hmrc-tax-phone-scam https://www.gov.uk/government/publications/phishing-and-bogus-emails-hm-revenue-and-customs-examples/phishing-emails-and-bogus-contact-hm-revenue-and-customs-examples#bogus-phone-calls If in any doubt about bogus HMRC calls, please […]
Well you probably wouldn’t know whether you are paying too much tax or not. Self-assessment is what it says. HMRC do not as a matter of course check what has been filed with them. Just because HMRC haven’t investigated doesn’t mean what’s been submitted is correct. It could be that you are paying too much or too little tax, you wouldn’t know. It may be years later when HMRC do a routine check that you may find things haven’t been done properly and you are looking at fines & penalties […]
What an accountant can do for your business If you run a small business or you’re self-employed, having an accountant can bring advantages. Having an accountant frees up your time so you can focus on your business. An accountant can handle key functions such as bookkeeping, and filing your company and HMRC returns on time. As your business grows, your accountant’s input will become more significant, covering essential areas like: financial reporting compliance payroll tax efficiency business planning An accountant can also save you money in many areas by increasing tax […]