Exporting – Getting an EORI Number

You will need an Economic Operators Registration and Identification number (EORI) number to move goods: between Great Britain and the EU and any other country. between Great Britain and Northern Ireland between Great Britain and the Channel Islands between Northern Ireland and countries outside the E and the Channel Islands You can apply for your EORI number in advance and it takes approximately one week. You will not usually need an EORI number if you only: provide services move goods between Northern Ireland and Ireland If you use a post […]

VAT: Are you trading above the VAT threshold but not registered?

filling tax return on desktop

VAT: Are you trading above the VAT threshold but not registered? HMRC has recently been writing to businesses which it believes are trading above the VAT threshold, but who are not currently VAT registered.  If you have received such a letter, this is what to do: Inform your accountant or contact an accountant In a number of cases, HMRC has not sent a copy of the letter to your designated accountant. It is important to advise your accountant and copy the letter to them so that they can advise you […]

Recovery Loan Scheme

The Recovery Loan Scheme The Recovery Loan Scheme was launched om 6 April 2021 and provides access to finance for UK businesses as they grow and recover from the disruption of the COVID-19 pandemic. If you have already borrowed from any of the other coronavirus loan schemes, you are still able to apply for a Recovery Loan Scheme. Up to £10 million is available per business. The actual amount offered, and the terms, are at the discretion of participating lenders. The government guarantees 80% of the finance to the lender. […]

Jointly-owned property – who pays the tax?

Citi Accounts | Accountants for Landlords With a jointly-owned property, the way in which the rental income can be split between the joint owners for tax purposes depends on whether the joint owners are married or in a civil partnership or not. Married couples and civil partners Where a property is jointly owned by a married couple or civil partners, the basic rule is that the rental income is split equally, regardless of the actual underlying ownership. Example John and Lisa are married. They jointly own a flat in which […]

CIS tax refund

CIS tax refund

CIS tax refund What is a CIS tax refund? A CIS tax rebate (also called a refund) is money that can be claimed from the HMRC where you have paid more tax than you actually owe! At Citi Accounts, we are dedicated to winning back your hard earned money quickly and effectively. On average, our clients get an average refund of £2,000 each year. Most self-employed or subcontracting workers in the construction industry are owed a tax refund every year due to the Construction Industry Scheme (CIS). Some of the reasons […]

Sole trader or limited company?

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

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 […]

Beware of bogus HMRC calls

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 […]

Am I Paying Too Much Tax?

too much tax

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 […]

Why Do I Need An Accountant?

why accountant

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 […]