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Wellden Turnbull Chartered Accountant Blog

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  • Holly Diamond
  • October 06, 2016 08:20:39 PM
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A Little About Us

Wellden Turnbull's blog offers expert advice and tips on how to improve the performance and profitability of your business. There's a wealth of information for start-ups and SME's, as well as established corporates, on a whole range of business accounting, tax and legislative issues. It's business made easy and a useful resource for anyone serious about keeping their business on track.

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    Equality and Diversity

    Under our Probate licence, we are required by the ICAEW to complete a diversity data survey and to publish a summary of results on our website. We have just completed our survey and are pleased to confirm the results of the survey reflect our company policy on equality and diversity. We do not discriminate against anyone […] The post Equality and Diversity appeared first on...

    Under our Probate licence, we are required by the ICAEW to complete a diversity data survey and to publish a summary of results on our website.

    We have just completed our survey and are pleased to confirm the results of the survey reflect our company policy on equality and diversity.

    We do not discriminate against anyone of the grounds of age, colour, race, ethnic or national origin, sex, sexual orientation, religion or disability.

    Wellden Turnbull always aims to treat everyone with respect, consideration and for each employee to feel respected and able to give their best.

    We are also committed against unlawful discrimination of clients.

    The post Equality and Diversity appeared first on WTCA.


    Spring Clean your Savings

    Now there is some breathing space after the 31 January tax deadline, it’s a good time to give your finances some TLC. This could be something small – for example, in order to prevent that big January credit card bill after Christmas, I took some advice from the oracle that is my mother and set […] The post Spring Clean your Savings appeared first on...

    Now there is some breathing space after the 31 January tax deadline, it’s a good time to give your finances some TLC.

    This could be something small – for example, in order to prevent that big January credit card bill after Christmas, I took some advice from the oracle that is my mother and set up a Christmas bank account. I set a weekly standing order transferring £10 (the cost of a few coffees) from my current account to this account. By the end of the year, I save enough to not worry about whacking everyone’s presents, the turkey and the inevitable overspend on drinking during the festive period on my credit card. Simple, but effective!

    Suggestion two – we sometimes find that people struggle finding the funds to pay their corporation tax and VAT bill. Say you are a VAT-registered contractor running through a limited company, a simple, yet often ignored mantra, is to set aside 30% of any receipts from customers into a separate bank account as soon as it is received. This will cover the VAT on the invoice, and will cover most of the corporation tax due.

    For example, you receive money from a customer of £1,200. £200 of this is owed to the VAT man, leaving you £1,000. If you don’t have any expenses, you’d then generally have to pay tax on this £1,000 at 19%, which is £190. Together, this is £390, and 33% of your original £1,200. Of course, you may have some expenses such as a tax-efficient salary, claims for your use of home as office or travel costs, so maybe save 30% instead, whatever works for you, its better than dreading the bill at the end of the quarter/year.

    This way, you can also help to ensure you don’t take out too much money from the company as this can lead you to having an overdrawn director’s loan account (where you owe the company money), which has nasty tax consequences of its own.

    Suggestion three – Have a think about what VAT scheme you are on – if your turnover is £1.35million or less, you can join the cash scheme, which means you only pay VAT on your sales when your customers pay you. You do need to consider that you can only reclaim VAT on your purchases when you have paid your supplier, but this can help ease cash flow where people are a bit slow at paying you.

    Suggestion four – Go Digital. Lots of businesses are moving their accounting to cloud software such as Xero – this lets you see really clearly, how much VAT you owe at any point and what profits you have made for the year-to-date, so you can estimate your CT bill.

    The better, more up to date information you have, the more comfort you can feel that your finances are on track.

    You can update your expenses and invoice customers on the go on your mobile, link it up to your business bank account so that keeping on track of who owes you what is really easy, and is MTD (Making Tax Digital) for VAT ready, so you don’t have to worry about the changes coming in April this year.

    Its also pretty reasonable – with most business able to use their standard package, which is £22 + VAT per month.

    Get in touch if you would like more information, we’d be happy to talk through how Xero could help your business.

    e.green@wtca.co.uk

     

     

    The post Spring Clean your Savings appeared first on WTCA.


    HMRC remind taxpayers of credit card ban ahead of January deadline

    The Institute of Chartered Accountants in England and Wales (ICAEW) has reminded small business owners and taxpayers it’s no longer possible to pay for their outstanding tax via personal credit cards. Last year, HM Revenue and Customs (HMRC) brought an end to paying self-assessment tax bills using personal credit cards. The deadline for online self-assessment […] The post HMRC remind taxpayers of credit card ban ahead of January deadline appeared first on...

    The Institute of Chartered Accountants in England and Wales (ICAEW) has reminded small business owners and taxpayers it’s no longer possible to pay for their outstanding tax via personal credit cards.

    Last year, HM Revenue and Customs (HMRC) brought an end to paying self-assessment tax bills using personal credit cards.

    The deadline for online self-assessment tax returns for the 2017-18 financial year is 31st January 2019.

    There are several different payment options available, including:

    • Debit card
    • Direct debit
    • Online/telephone banking
    • BACS
    • CHAPS
    • Cheque
    • Bank/building society

    If are going to have difficulties making a payment, it’s important that you contact HMRC at your earliest convenience, so they can help advise you on what options you have. Caroline Miskin, Technical Tax Manager, ICAEW, suggested the Time To Pay Arrangement and Budget Payment Plans could also be an option for some taxpayers, depending on their unique circumstances. 

    The most common reasons a tax return may be required are as follows:

    • You’re self-employed or working in a partnership
    • You have significant savings or investment income
    • You have untaxed savings or investment income
    • You are a buy-to-let property landlord
    • Your household receives Child Benefit and your income is in excess of £50,000
    • You have income from outside the UK
    • You have recently sold or given away asset(s)

    If you need help with any of the above, don’t delay, call us today 01932 868 444 or  contact us our friendly and experienced team can work with you to prepare your self-assessment tax return ahead of the 31st January 2019 deadline.

     

     

    The post HMRC remind taxpayers of credit card ban ahead of January deadline appeared first on WTCA.


    The Deadline for online self-assessment tax returns for the 2017-18 financial year is 31st January 2019

    More than 10,000 self assessment tax returns were submitted online during Christmas Day and Boxing Day, according to new figures released by HM Revenue & Customs (HMRC). 11.5 million UK-based taxpayers are expected to submit a self-assessment tax return for the 2017/18 financial year by 31st January 2019, some 88% of the six million-plus tax […] The post The Deadline for online self-assessment tax returns for the 2017-18 financial year is 31st January 2019 appeared first on...

    More than 10,000 self assessment tax returns were submitted online during Christmas Day and Boxing Day, according to new figures released by HM Revenue & Customs (HMRC).

    11.5 million UK-based taxpayers are expected to submit a self-assessment tax return for the 2017/18 financial year by 31st January 2019, some 88% of the six million-plus tax returns already filed for the 2017/18 have been submitted online, indicating that the vast majority of UK taxpayers are adapting well to the shift towards “Making Tax  Digital” (MTD).

    The most common reasons a tax return may be required are as follows:

    • You’re self employed or working in a partnership
    • You have significant savings or investment income
    • You have untaxed savings or investment income
    • You are a buy-to-let property landlord
    • Your household receives Child Benefit and your income is in excess of £50,000
    • You have income from outside the UK
    • You have recently sold or given away assest(s)

    The consequences of filing your tax return late

    A late tax return is subject to the following penalty regime.

    • An initial £100 penalty, which will apply even if there is less than £100 tax to pay
    • After 3 months, additional daily penalties of £10 per day  – up to a maximum of £900
    • After 6 months, a further penalty of 5% of the tax due or £300 – whichever is greater
    • After 12 months, another 5% of the tax due or £300 – whichever is greater. In serious cases, the penalty after 12 months can be up to 100% of the tax due

    Each of these penalties is in addition to one another, so a tax return filed a year late could face numerous penalties.

    Don’t leave it until 31st January. The more time you leave yourself to prepare your tax return, the better.

    Last year, the busiest days for filing were 30th and 31st January, when 60,596 tax returns were received – a staggering 1,010 per minute.

    So don’t leave your tax return until the final day, as HMRC’s website and call centres will be under tremendous pressure.

    Wellden Turnbull can help take care of all your tax affairs, so don’t delay, call us today 01932 868 444 https://www.wtca.co.uk/contact-us/

     

     

    The post The Deadline for online self-assessment tax returns for the 2017-18 financial year is 31st January 2019 appeared first on WTCA.


    HMRC writes to firms ahead of Making Tax Digital for VAT

    Ahead of the roll-out of Making Tax Digital for VAT in April 2019, HM Revenue and Customs has recently sent businesses within the scope of MTDfV “encouragement letters”. These letters were sent to 200,000 businesses which are eligible to join the pilot scheme. HMRC must continue to raise awareness of Making Tax Digital, The Economic […] The post HMRC writes to firms ahead of Making Tax Digital for VAT appeared first on...

    Ahead of the roll-out of Making Tax Digital for VAT in April 2019, HM Revenue and Customs has recently sent businesses within the scope of MTDfV “encouragement letters”.

    These letters were sent to 200,000 businesses which are eligible to join the pilot scheme.

    HMRC must continue to raise awareness of Making Tax Digital, The Economic Affairs Committee has warned HMRC that small businesses “could pay a heavy price” for Making Tax Digital for VAT (MTDfV).  We can support small business making this transaction easier.

    In its “Taxing Times” report, The Federation of Small Businesses (FSB) has revealed small businesses spend up to 15 working days a year on average maintaining their tax compliance activities.

    “Done correctly”, the roll-out of Making Tax Digital in April should help to arrest this shocking waste of time and money.

    For professional advice feel free to contact our friendly team .

    The post HMRC writes to firms ahead of Making Tax Digital for VAT appeared first on WTCA.


    Tax-free gifts to employees

    Christmas, the traditional time for giving is fast approaching. Many employers choose this time to reward their staff for the hard work and commitment over the past year by giving them gifts (benefits) in the form of non-cash items. Unfortunately, unless handled correctly the gifts may give rise to income tax and national insurance contribution […] The post Tax-free gifts to employees appeared first on...

    Christmas, the traditional time for giving is fast approaching.

    Many employers choose this time to reward their staff for the hard work and commitment over the past year by giving them gifts (benefits) in the form of non-cash items. Unfortunately, unless handled correctly the gifts may give rise to income tax and national insurance contribution liabilities for the employee, not quite the consequence that the employer wanted.

    A tax exemption is available which should help employers ensure that the benefits provided are exempt, it must satisfy the following conditions:

    • the cost of providing the benefit does not exceed £50 per employee (or on average when gifts made to multiple employees)
    • the benefit is not cash or a cash voucher
    • the employee is not entitled to the benefit as part of a contractual arrangement (including salary sacrifice)
    • the benefit is not provided in recognition of particular services performed by the employee as part of their employment duties
    • where the employer is a “close” company and the benefit is provided to an individual who is a director, an office holder or a member of their household or their family, then the exemption is capped at a total cost of £300 in a tax year.

    If any of these conditions are not met then the benefit will be taxed in the normal way subject to any other exceptions or allowable deductions.

    One of the main conditions is that the cost of the benefit does not exceed £50. If the cost is above £50 the full amount is taxable, not just the excess over £50. The cost of providing the benefit to each employee and not the overall cost to the employer determines whether the benefit can be treated as trivial benefit. So, a benefit costing up to £50 per employee whether provided to one or more employees can be treated as trivial. Where the individual cost of each employee cannot be established, an average could be used. Some HMRC examples consider gifts of turkeys, a bottle of wine or alternatively a gift voucher.

    Further details on how the exemption will work, including family member situations, are contained in the HMRC manual

    If you are still unsure please do get in touch before assuming the gift you are about to provide is covered by the exemption.

    https://www.wtca.co.uk/meet-the-team/

     

    The post Tax-free gifts to employees appeared first on WTCA.


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