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REMINDER FOR SELF-ASSESSMENT TAX RETURN - YEAR ENDED 5th April 2016
Under the current rules dealing with Self-Assessment, there are strict deadlines for submitting your Annual Tax Return and Accounts. The first deadline is for paper Tax Returns, this is 31st October 2016, any return submitted after that date, must be sent electronically by 31st January 2017.
Do You Know That The National Minimum Wage Rose In April 2016?
These are the current rates for the National Living Wage and the National Minimum Wage from 1 April 2016.
25 and over £7.20
21 to 24 £6.70
18 to 20 £5.30
Under 18 £3.87
NEST - What Employers Need To Do To Set This Up:
Every employer in the UK will have to offer their staff a workplace pension scheme. Over 34,000 employers have already chosen NEST to help their staff save for the future. Joining them couldn’t be easier.
Contact The Pensions Regulator at www.thepensionsregulator.gov.uk for more information.
Please call back often for updates.
We have the skills, resources and attitude to help. We can help in many areas including tax planning, accounts preparation and strategic business planning.
Our offices are conveniently located here so we can meet clients as often as they need.
Whatever you need in the field of accountancy, we're here to help.
Please contact us by one of the methods below for a free initial consultation.
Every business, large or small, must produce annual accounts for the tax authorities. All limited companies must also file accounts at Companies House which comply in form and substance with the Companies Act.
Annual accounts are a measure of the current financial health of your business and are a powerful tool for management.
Once the accounts are prepared we will discuss them with you, ensuring you fully understand the results, both with regards to your Profit and Loss account, and the figures in, and meaning of, the Balance Sheet.
We will calculate and explain the taxes which result from your business and explore with you the future growth and requirements of your business costs.
Most people starting up in business do so because they have a good business proposition and the enterprise and commitment to see it through. However, they may not be experts in the legal and financial aspects of running a business and such matters often appear daunting.
We can help you to:
• decide on the most suitable structure for your business - sole trader, partnership, limited liability partnership or limited company;
• prepare a business plan, cashflow projections, budgets, and trading forecasts
assess the finance requirements, advise on the best sources of finance and draw up the necessary proposals;
• help establish a good working relationship with your bank;
• complete any registration procedures with Companies House and HMRC;
• deal with company secretarial issues;
• set up a recording system for your internal use and for complying with statutory requirements;
• help you to decide on what computer hardware to buy and help with the installation of accountancy software;
• keep on top of bookkeeping, VAT, payroll and other accounting requirements; and
help with all aspects of business compliance and administration.
Running a payroll can be time consuming and complicated and divert resources from the core activities of your business. Outsourcing this activity helps relieve the pressure and we can offer cost-effective solutions.
We are able to provide the complete service, whatever the size or complexity of your business, or simply provide support when needed.
• All necessary administration work
• Detailed payslips for each staff member
• Summary of amounts to be paid SSP/SMP
• PAYE/National Insurance
• Overtime payments
• Pension, Court Order, Student Loan deductions
• Working Families Tax Credit system
• Dealing with the Inland Revenue
• We will take care of the production and reconciliation of end of year form P35 together with P14 and P60 forms, meeting the necessary deadlines.
We can help you with all your general bookkeeping requirements, either at your offices or at our office. We can relieve you and your staff of an enormous burden by taking care of all your bookkeeping and accounting needs, including the preparation of your annual accounts.
Our bookkeeping services include:
• Complete your books and records on a regular basis.
• Prepare your vat returns
• Prepare Management Accounts
• Provide assistance with the installation and training of your staff on leading accounting software packages
• Management information
Regular management information is vital to the continued success of any business. We work closely with you to get to know your business so we can make suggestions to help improve profits or to develop and grow your business. We can prepare your monthly or quarterly management accounts to ensure you always have reliable and accurate information on which to base your business decisions.
We are proud partners of QuickBooks online. Contact Sarah for more information on how to streamline your Bookkeeping using this amazing online product. We can offer you exclusive partner prices on the latest QuickBooks products, so speak to us before you sign up!
Business planning and forecasts
Every business should plan ahead to ensure success but daily business pressures often conspire to delay the strategic planning process. Financial forecasts are a crucial part of any business plan and we will ensure these are both meaningful and robust.
Liasing with banks and institutions
As tax advisers, our objective is to work closely with you to ensure you pay the minimum tax required by law. We will help you to understand the tax implications of your actions, in order that you can plan ahead and conduct your affairs in a tax efficient way.
Corporation tax services
Under Corporation Tax Self Assessment (CTSA), the legal responsibility for correctly calculating the corporation tax liability falls on business owners. We understand the issues facing owner-managed businesses and can prepare tax returns in a timely and efficient manner. We will also calculate your company’s tax liability and assist with the calculation of any quarterly instalment payments.
The increased reporting obligations, investigation policies on the part of the tax authorities and harsher penalties for non-compliance mean that your time and resources can be taken up with tax administration. We will help to minimise corporate tax exposure and relieve the administrative burden of compliance with current tax legislation. Effective corporate tax planning can also result in significant improvements in your bottom line.
(including sole-traders and partnerships)
We have the expertise and software to take the headache out of the form filling and compliance aspect of Self Assessment. We can provide you with practical advice on personal tax positions and the planning opportunities available to you. We can complete tax returns, calculate any tax liability and advise you on exactly when to make payments and how much to pay.
Personal tax planning
Today, more and more emphasis is being put on taxpayers’ individual responsibilities and everyone who is subject to taxation needs professional advice and support if they are to optimise their tax position and ensure they meet the compliance requirements. Our specialist tax team can provide you with year-round advice on all aspects of personal taxation.
Few of us like to think about dying, however the relevant legislation requires us to plan well in advance. This means making the necessary provisions now. There are many tax opportunities available and the earlier arrangements are made, the greater the chance of taking full advantage of our complicated tax system.
It is important when planning to transfer an estate that adequate provision is made and getting the right balance requires considerable skill and foresight - along with a detailed knowledge of the current tax regime. We provide a discreet comprehensive estate planning service that includes:
• help with planning and reviewing a will
• making full use of exemptions and lower tax rates on lifetime transfers
• optimising lifetime transfers between family members
• transferring agricultural or business property
• transferring assets into trust
• arranging adequate life assurance to cover potential inheritance tax liabilities
We also have expertise in dealing with trusts; a relatively easy and very tax efficient way to set aside assets for future beneficiaries outside the inheritance tax net. We can advise on the most suitable type of trust to fulfil your wishes, assist in setting up the trust and provide the full range of accounting services required for trust management.
Ever changing regulations and the growing demands of HMRC mean VAT compliance can be a difficult administrative process. We can help to ensure that you comply with the regulations and that overpayments are not made. To help you manage this complex area, we provide an efficient, cost-effective VAT service, which includes:
• assistance with VAT registration
• advice on VAT planning and administration
• use of the most appropriate scheme
• VAT control and reconciliation
• help with completing VAT returns
• planning to minimise future problems with HMRC
• negotiating with HMRC in disputes and representing you at VAT tribunals if necessary.
Being the subject of a tax investigation by the HMRC can be a stressful and worrying experience. With the onset of personal and corporate self-assessment, HMRC staff can now review cases on a ‘sample basis’; consequently, tax investigations have become more frequent. We have a wealth of experience in dealing with HMRC investigations, whether they are enquiries into an individual’s Tax Return under the Self Assessment regime, more detailed enquiries or employer-related investigations into PAYE and P11d compliance. If you are about to be the subject of an investigation, we can provide expert help and support.
With the increased risk of such investigations it may be worth considering taking out our annual insurance policy to protect you and your business from unexpected costs; an investigation will undoubtedly result in additional accountancy work being undertaken. The amount of work will depend upon the complexity of the case but the cost could be substantial.
Forge House, Ansell Road, Dorking Surrey RH4 1UN
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