Accounts Archives | Page 2 of 2

Need a Limited Company? Questions you may be asking yourself

October 20, 2020/in 2020, Accountancy, Accountants, Accounts, Book keeping, Bookkeeping, Capital assets, Corporation tax, Dividends, HMRC, Income & Expenditure, Limited companies, Limited company, P11D, PAYE, Payroll, Tax, Tax calculation, Value Added Tax, VAT/by Taxfile

“What are the main differences between being self-employed and running a limited company?”

“What are the advantages and disadvantages of having a private limited company?”

The major difference between running a private limited company and being self-employed are the administrative requirements you are required to do by law & although the volume is more, the data contained within those returns are pretty similar to being a sole trader.

A limited company will:

need to keep company records
report any changes to Companies House & HMRC
need to file an annual company tax return along with the company’s accounts, giving an undistorted view of its finances.

So why go through the extra cost and resources of having a Limited Company?

In forming a limited company, you are limiting your personal liability. What this means is that the Limited Company becomes a legal entity of its own. Think of it as another being, that you work for. However, it is important to keep in mind that you cannot abuse your power with the limited liability, to take selfish and unnecessary risks. As a director, you are ethically and morally responsible for the business decisions and transactions the company makes.

As a director of a private limited company you will:

make decisions that benefit the company rather than your own
abide by the rules and regulations outlined by the company Articles of Association, which are written rules about running the company agreed by the shareholders or guarantors, directors and the company secretary
notify any shareholders if you might benefit personally from a company transaction
always act with the intention of making the company successful.

Having a Limited company can also add professionalism to your business. This can help your business become even more successful because customers, clients, and B2B companies will be more inclined to trust you and buy your products or services if you are a limited company rather than a sole trader. It is quite common for B2B companies only to trade with another limited company as a general rule.

A final benefit is, if you have a profitable Limited Company, how you distribute salaries and dividends can have income tax savings, especially once your Read more

Christmas & New Year Opening Times at Taxfile

November 16, 2018/in 2017, 2018, 2019, Accountancy, Accountants, Accounts, Christmas, New Year, Opening Times, Self-assessment, Tax returns/by Mark

Please take a look at the calendar above and note our opening times over Christmas and New Year. As you can see, we’re closed on several days over the festive period. This is particularly important for those who need to come to see us for help with time-sensitive accounting and tax-related services in the run-up to January 31st.

Need Help Filing Your Tax Return?
Make an Appointment NOW!

In particular, we urge anyone who needs to file a 2017/18 Self-Assessment tax return to come and see us well before Christmas. By doing so, you’ll avoid the last minute stampede — way too many people leave it until January, which is the busiest time in the tax and accounting calendar. While the HMRC deadline for tax returns is the end of January, you run the risk of being caught up in the bottleneck if you leave things later than December. Taxfile files tax returns for thousands of customers during November, December and January, so we’re incredibly busy at this time of year — particularly January, which is frenetic! So, those leaving it until the last minute not only run the risk of being charged more to cover the long hours and overtime that we need to work during January, but they also risk receiving a fine from HMRC if they miss the deadline completely because they left things so late.

So the message is: please book an appointment with us now, ideally for a date before Christmas.

For Self-Assessment tax returns, records for the period 6th April 2017 to 5th April 2018 are required. For business accounts, we will also need to do accounts based upon the business’s individual year end.

Open for Saturday Appointments

We are happy to see people on Saturdays at this busy time of year (with the exception of the festive closures of course – see the calendar above). Saturday morning appointments should be more convenient for those who work on weekdays. As you can see on the calendar, we’re open from 10am to 1pm for most Saturdays in December and January but only for those with a pre-agreed appointment.

To book an appointment, please call 0208 761 8000 or book an appointment online here. Many thanks.

May Newsletter – New Battersea Branch, Easy CIS Tax Refunds, Avoid £10 Daily Fines & More

May 11, 2018/in Accountancy, Accountants, Accounts, Battersea branch, Bookkeeping, CIS, Construction Industry Scheme, Contractor, Devon, Income tax, Late return, Limited companies, Limited company, London, London SW8, National Insurance, New CIS, NI, Payroll, Rebate, Refund, Self-assessment, South West, Subcontractor, Tax, Tax advice, Tax advisers, Tax bill, tax experts, Tax overpayment, tax rebates, Tax refunds, Tax returns, Taxfile, Tulse Hill, VAT/by Mark

Our informative May e-Newsletter is now ready to view online. It includes exciting news of our new branch opening in Battersea along with important tax and accountancy-related news that might affect you. Here is a quick summary of the newsletter’s contents:

The first article announces the opening of our new Battersea Branch in London SW8. New and existing customers are welcome to pop in and say hello and to get expert help with your tax affairs and accountancy requirements. Learn more about the opening of the Battersea branch, and the core services on offer, here or click the big button below to read the newsletter.
If you work on one of the many Battersea construction sites in or around SW8, we can help you reclaim overpaid tax and much more … see the newsletter for more details – click the big button below.
If you’re a sub-contractor working in the construction industry scheme (‘CIS’), you’re almost certainly due a tax refund (learn why here). Taxfile are experts at getting tax rebates from HMRC, so come and see us and we’ll get you the maximum refund possible. Read the newsletter (click the big button below) to learn how we make your tax refund application fast and hassle-free.
We can help limited company contractors too! We’re tax and accountancy experts so we can help you register as a limited company or register for CIS if you’re not already set up, we’ll help you with the monthly tasks demanded of you by HMRC including accounts preparation, confirmation statements, corporation tax handling, CIS set-off rebate, National Insurance (NI), VAT, bookkeeping, payroll and much more. We’ll save you time and will make operating the Construction Industry Scheme a breeze. Click the pink newsletter button below for more details.
If you introduce a family member, friend or colleague to Taxfile, you will get a discount off your next tax return if they sign up as a new paying customer with us. Click the button for details.
Taxfile recently printed some brightly coloured postcards to promote our new Battersea office and our tax-related services. Simply get in contact if you’d like some of these postcards to hand out to colleagues. If you write your full name on the back and use it to refer a colleague, it might even save you money! Click the button for more details.
Our team are multi-lingual and always happy to help. If English is not your first language, let us know and we’ll try to match you to the most appropriate staff member.
If you, your friends, family or colleagues have not dealt with your old tax returns, HMRC will be adding £10 per day to the penalty from 1st May. That’s on top of the £100 fine that will have applied immediately after missing the original 31 January deadline. Let Taxfile get your tax records, tax returns and overdue tax all in order so you don’t have to pay any more in fines than you have already. Learn more here or contact your nearest branch for a consultation.
All Taxfile clients get free ‘Tax Enquiry Fee Protection Insurance‘ when they file their tax return through Taxfile by the statutory deadline. So – if you’re investigated by HMRC – our fees to sort it out are covered. Click the button for more details.

Read the Newsletter

Feel free to Read more

Taxfile: Your One-Stop Tax & Accountancy Shop

February 3, 2018/in Accountancy, Accountants, Accounts, Advice, Auto Enrolment, Bookkeeping, Buy to let, Cab drivers, Capital gains tax, CGT, CIS, Construction Industry Scheme, CT, Disclosure, Dulwich, Estate Planning, HMRC, Income tax, Landlords, Lettings income, Limited companies, National Insurance, NI, NIC, Non-domiciled residents, Partnership, PAYE, Payroll, Self-assessment, Sole traders, Tax, Tax advice, Tax advisers, Tax enquiry, tax experts, Tax planning, Tax returns, Taxi drivers, Tulse Hill, VAT, Workplace Pensions/by Mark

Taxfile has over 100 years of combined tax and accounting experience. It’s incredible to think that the key personnel have administered over 30,000 tax submissions in the past 20 years! Beginning way back in 1994 (and continuing as Guy Bridger Limited from 1997), we originally started business offering only CIS sub-contractor returns but quickly developed the service to help the self-employed, local businesses and higher rate taxpayers with their tax computations. Along the way we added tax and accounting services for taxi drivers, cab drivers, landlords and more. We also offer Capital Gains tax expertise and tax investigation help and, more recently, professional help with disclosures, written tax advice and tax planning for things like inheritance.

We have exceptional accounting experience in all key tax and accounting areas including:

CIS computations, CIS returns and refunds for sub-contractors and limited companies in the construction industry,
Tax, tax returns and accountancy for the self-employed, small businesses, partnerships etc.,
Tax help for taxi drivers and cab drivers,
Tax help for landlords,
Tax help for limited companies,
Tax help for directors,
Payroll services,
Bookkeeping,
VAT including VAT registrations, VAT returns and VAT accounting,
Corporation tax,
Capital Gains Tax (CGT),
Year end accounts for limited companies, SME’s, partnerships,
Non-domicile taxes/foreign taxes,
PAYE and National Insurance Contributions (NIC),
Company registrations,
Auto Enrolment for Workplace Pensions
and just about any other tax and accounting-related assistance you can think of.

Taxfile helps individuals as well as businesses. Our customers are very varied, turning over anything from £10,000 to over £1 million a year. A few are high wealth individuals who no longer need to work but still need to account for their taxes etc. Some customers have retired, others operate small businesses and some don’t even live in the UK but may have assets here. So, whatever your income, assets or situation, the message is that if you need ANY tax-related help, you’ve found the right place in Taxfile.

Taxfile also has the back-up and expertise of professional bodies on tap (so nothing is too complicated for us) and also has excellent relations with the tax authorities — we’re very well trusted by HMRC. Guy even helps in the local employment zone, which aims to improve business in the Tulse Hill and West Norwood area. So, Taxfile is very much part of the local community, particularly in South London (but expanding to other areas too — keep an eye on this blog for forthcoming information about that in the very near future).

Whatever help you need with tax and accountancy-related matters, call Taxfile on 0208 761 8000 and we’ll be delighted to help you. Alternatively, Read more

New: Tax Advice & Planning Service

February 2, 2018/in Accountancy, Accountants, Accounts, Advice, Bitcoin, Capital gains tax, CGT, Corporation tax, CT, Disclosure, Dividends, Dulwich, Estate Planning, Higher rate tax payers, HMRC, IHT, Income tax, Inheritance Tax, Investments, Land and property, London, Non-domiciled residents, South London, Stocks & Shares, Tax, Tax advice, Tax advisers, Tax enquiry, tax experts, Tax planning, Tulse Hill/by Mark

You can now get tax planning and tax advice from Taxfile. We have highly experienced senior accounting staff who can give you the right tax advice when you need it most — for example, when your circumstances are changing, if you’ve had trouble keeping on top of your tax commitments and need to bring things up to date, or perhaps a friend or relative simply needs a bit of reassurance with regard to their tax situation. Perhaps you have assets or income abroad as well as income in the UK and want to make sense of your tax position. Or, perhaps you have recently made a tidy profit trading crypto coins like Bitcoin and want to know where you are from the standpoint of Capital Gains or Income Tax. Maybe you need to disclose income from property rental that you have previously not told HMRC about (more about that in a later post). Those are all examples of typical situations where our new Professional Tax Advice and Tax Planning services can help you to see the wood from the trees.

A Free Telephone Consultation

In the first instance, we are inviting clients to speak for just 15 minutes with one of our resident tax planning experts. This will be in the form of a free, introductory telephone call, perhaps in February or March if it suits you. We can then see what’s needed and take it from there. We can, of course, discuss any costs with you before you commit to anything further, and there is no obligation.

Whether it’s about labour taxes, investment taxes, business taxes, disclosures to HMRC or even professional help to support you during an HMRC tax investigation, we can make sense of all the options for you and — in a fair and ethical way — help to make sure you are paying no more tax than you should do. With decades of experience in accountancy and tax planning, we know exactly what’s what when it comes to tax, so can definitely help you. Call 0208 761 8000 to arrange your free 15 minute telephone appointment with a tax expert, at a mutually convenient time. Alternatively, Read more

Big Changes Coming to the Tax System

November 21, 2016/in 2016, 2018, Accountants, Accounts, Bookkeeping, Buy to let, Cash basis, Digital tax accounts, HMRC, Income & Expenditure, Landlords, Limited company, London, Pay as you go, Records, Self-assessment, Self-employed, Sole traders, Tax advice, Tax returns, Taxfile/by Mark

Starting on 1 April 2018, a brand new tax system, one that will affect most business owners in the UK, will begin to roll out. Whether you’re a landlord, are working for yourself as a sole trader or have a limited company, the changes will affect you.

So what’s happening?

Instead of a once-a-year tax return, HMRC will require quarterly profit and loss information. So, that’s four times a year. For Taxfile clients, that means we’ll need to know all your income and expenses during every quarter so that we can make the necessary financial data available, on your behalf, to HMRC. As well as your bank statements, we’ll need to see receipts for the expenses, whether they’re provided physically or via a suitable electronic medium (there are plenty of apps and software packages for this purpose). Once we have everything for the quarter in question, we will be able to make sure that you’re claiming for all the allowable expenses that you are eligible for and aren’t claiming for things that you shouldn’t, so that your figures are absolutely correct.

If you don’t file in time there could be an HMRC penalty, so letting Taxfile handle your quarterly reporting will help to keep you on track seamlessly when the new changes come into force. We’ll be able to confirm our own pricing nearer the time but it’s likely to be circa just £75 per quarter, excluding VAT.

A ‘cash basis’ system

The new tax system will be known as a ‘Cash Basis’ system and will also allow tax to be paid to HMRC on a pay-as-you-go (PAYG) basis. Essentially, it means that businesses need only calculate their profits based on receipts and payments, which is far more straight forward than the more complex system that currently exists. When integrated into the Government’s new ‘digital tax accounts’, the system will really help to simplify tax, make budgeting and cash-flow easier through near real-time reporting and eventually remove the need for the traditional tax return at the end of the year — that’ll eventually be the case for virtually everyone. As an added bonus it’ll also mean that business owners keep more on top of their bookkeeping and thereby avoid a last minute scramble to update records. Taxpayers will also be able to see a complete financial picture of their tax affairs in the one place — their digital account — and all their liabilities and entitlements will be clear to see and manage more effectively than ever.

Taxfile

Nearer the time the changes come into place, Taxfile will be there to help its customers adapt to the new system and between us we’ll make sure that it’s easy and hassle-free. We’ll be able to Read more

Taxfile’s Autumn Newsletter 2016

October 13, 2016/in 2014, 2015, 2016, Accountancy, Accountants, Accounts, Advice, Auto Enrolment, CIS, Construction Industry Scheme, Contractor, Filing deadlines, FreeAgent, HMRC, Late return, London, penalties, penalty, Refund, Save money, Self-assessment, South London, Subcontractor, Tax accountant, Tax accountants, Tax advice, Tax advisers, Tax agents, Tax refunds, Tax return, Tax returns, Taxfile, Tulse Hill/by Mark

Hot off the press is our brand new Autumn newsletter for 2016. If you haven’t yet seen it, take a look because it’s jam-packed full of useful information that’ll help you keep your tax affairs and accounts in order, save you money and keep you up to speed on tax matters. Here’s a quick flavour of what’s included (or click the thumbnail image to view or download the newsletter):

Act fast to save money on your 2015-16 tax return – see the newsletter’s first article.
Sub-contractors working in the construction industry are invited to claim their CIS tax refunds through Taxfile, so they have their refund in time for Christmas!
Help if you’re late with any previous years’ tax returns and tax payments — and how you already owe HMRC at least £1300 if you haven’t filed your 2014/15 tax return or paid tax for that year.
Try the UK’s Number 1 cloud-based accounts package FREE, for a month. No credit card required – cancel at any time – full details are included in the newsletter. [UPDATE: Please note that this offer has now expired].
Help if your tax affairs are in a mess — are you late filing returns or paying tax? Are you worried about HMRC penalties? Are you a foreign worker, working in the UK, and need to get your tax records up to date following the Brexit decision? We’re here to help!
Taxfile are Finalists in the ‘Independent Firm of the Year, Greater London’ category of the British Accountancy Awards 2016.
Free tax enquiry Fee Protection Insurance for Taxfile customers who file their tax returns by the statutory deadline through Taxfile.
How online banking may save you time and money.
Introduce a new client to Taxfile and save 10% on our fees!
Saturday opening at Taxfile (Tulse Hill office) throughout November and December.
Help with all your tax and accounting needs – check out our list of all the things we can help you with — now including auto enrolment!
And a ‘thank you’ to all Taxfile customers … Read more

A Great Choice of Cloud-based Accounts Software Packages

April 8, 2016/in Accountancy, Accounts, Bookkeeping, Cash flow, expenditure, expenses, FreeAgent, Limited company, Sage, Software packages, South London, Special Offers, Tax, Tax calculation, Taxfile, Xero/by Mark

Sign Up & Your Favourite Charity Gets £25 Too!

[UPDATE: Please note that this offer has now expired]. If you are a limited company client that signs up to a new cloud accounting software subscription from Taxfile, we’ll donate £25 to your favourite charity. So, as well as saving yourself time and making your life easier, you’ll get a warm glow from making the world that little bit better! The accounting software packages that we currently offer and recommend are FreeAgent, Xero and Sage One, which are all leading accounts packages.

With any of the 3 cloud-based packages you’ll be able to:

Create and send invoices from within the software;
Automatically chase payments;
View real time cash-flow;
Track time and expenses;
Monitor Profit and loss;
Forecast your tax liability;
Connect and automatically import your bank statement data straight into the software;
And much more!

Best of all, though, will be the time-saving benefits that you’ll get from professional accounting packages like these. With the software working hard for you in the background, you’ll have more time to get on with something else.

Contact Ryan, our resident accounts package specialist, for advice on which package will best suit you and your specific circumstances. He’ll be able to walk you through the details of the many features and benefits of each package as well as any further information you require. Ryan can be contacted on the usual Taxfile number: 0208 761 8000 or, if preferred, fill in an enquiry form here and Ryan will call you back at a time that suits you.

Need a Limited Company? Questions you may be asking yourself

“What are the main differences between being self-employed and running a limited company?”

“What are the advantages and disadvantages of having a private limited company?”

So why go through the extra cost and resources of having a Limited Company?

Christmas & New Year Opening Times at Taxfile