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How To Help Your Accountant Save You Money

How to help your accountant save you money

There are many benefits of helping your accountant by providing complete and organised records from the outset.

Here are some of them:

  • If you get your records to your accountant on time, you will give them enough time to work on your case without unnecessary pressure and file everything on time (don’t forget you are not their only client).
  • By providing organised and detailed records, you’ll understand your business performance better and it will save them time from processing and reorganising untidy paperwork.
  • By providing complete records of your business expenses, they can claim what is allowable and potentially reduce your tax bill.

When preparing your financial records you need to remember:

  • Separate your business from your personal finances.
  • Stay on top of your records and ensure they are orderly with no gaps in the dates.
  • Keep receipts and purchase invoices; you will need to provide proof of all expenditure and year-end creditors.
  • Bring bank statements for the complete period and downloads of your bank feed in .csv format if possible.
  • Sequential invoices for each sale, dated, to prove year-end debtors and accrued income.
  • Depending on your business, you may also need to keep records for things such as payroll, cash books, stock takes, travel and credit card statements.

Taxfile offer the full spectrum of accountancy services.

In an ideal world:

  • It is much better to keep on top of these things monthly than leaving it until the end of the year, where you may have lost or forgotten data around expenses, sales, or other financial details.
  • You would have a software package to help you track your bank, expenses, and sales.

At Taxfile we provide the full spectrum of accountancy-related services; integrating your business with accounting software like Xero, oversee your bookkeeping, run VAT returns and payroll, to filing your year-end accounts, corporation tax return & director(s) tax return(s).

Call  us on 0208 761 8000 if you would like to streamline your businesses finances and alleviate some pressures from your financial duties as a director. Alternatively, book an appointment with us here or drop us a message here — we’d be delighted to hear from you.

Need a Limited Company? Questions you may be asking yourself

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?”

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

Taxfile's May 2018 e-newsletter

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

Taxfile's May 2018 e-newsletter

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.

Feel free to Read more

Taxfile's new Battersea branch in London SW8

New Battersea Branch – Now Open in London SW8!

Taxfile's new Battersea branch in London SW8

Our new branch is now open in Battersea, London SW8. You’ll find it very convenient if you work nearby — we’re at Cloisters Business Centre, near Battersea Park Station, just off Battersea Park Road (A3205). You can park easily too – just pull into the business centre and you’ll find us opposite the church, on the ground floor with the brown door (unit 4). Come and see us there too if you’re an existing client and find Battersea more convenient than our Tulse Hill and Dulwich Village offices.

During April & May, the Battersea branch is open from 11am right through to 7pm from Monday to Thursday — so you don’t need to take a day off work to come and see us. On Fridays we’re open 11am to 3pm by appointment and Faiz will be a familiar face to many that day.

The new Battersea branch will especially suit construction workers in the building industry, which is very active in this location. Contractors who have set up as limited companies will find our CIS work, payroll and bookkeeping services very useful, affordable and convenient. Meanwhile, sub-contractors will like the fact that we’re experts at getting workers tax refunds and rebates, particularly if they’ve been working within the Construction Industry Scheme (‘CIS’). We claim thousands back from HMRC on their behalf every year.

Call 020 7821 9444 for a free 20 minute consultation at the Battersea branch, or 020 8761 8000 for Tulse Hill, Dulwich and all other branches.

Taxfile’s Battersea branch is at Studio 4, Cloisters House, Cloisters Business Centre, Battersea Park Road, London SW8 4BG. Opening hours: Mon-Thurs 11am-7pm (& Fridays 11am-3pm by appointment). Visit our new, stand-alone Battersea branch website for more details.

Tax reforms coming in 2018

Big Changes Coming to the Tax System

Tax reforms coming in 2018

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

Free accounting software package

AMAZING OFFER! Save Time, Money & Space with a FREE Sage Bookkeeping & Accounts Package!*

Free accounting software package[UPDATE: Please note that this offer has now expired]. Taxfile’s customers can benefit from an incredible offer on a range of Sage accounting packages at the moment. We’re offering a FREE or, in effect, heavily subsidised* Sage accounting package to all active Taxfile customers, whether existing or new. There are various different packages available so we’re sure we’ll have one which will suit every customer perfectly. The list of benefits is almost endless — here are just a few:

  • Firstly we’ll GIVE* Taxfile customers the package — you don’t have to pay Sage at all;
  • Say hello to quick and easy bookkeeping and record-keeping;
  • Quick and easy cash flow management tools;
  • Cloud-based record keeping means you can access accounts records from anywhere with an internet connection;
  • Automatic bank statement integration makes bank reconciliation a breeze, helping when receipts go missing and even recognising – and accounting for – regular transactions;
  • A mobile app module allows you to simply snap a photo of your receipt and it uploads to your Sage account (say goodbye to physical receipt storage!);
  • Less paperwork!
  • Automatic tax computations performed by the software;
  • Report and analysis options;
  • VAT handling;
  • Automatic VAT return options (or let us handle it for you as you prefer);
  • Shows you the taxes and National Insurance due so you can easily pay them on time;
  • Fast and easier tax returns;
  • Help from Taxfile at any point and from Sage’s own helpful videos;
  • Helps you stay in line with UK laws, taxes and regulations;
  • No experience needed;
  • Perfect for the self-employed, start-ups and small businesses;
  • Taxfile will even be happy to set you up;
  • Integrated invoicing and quotation options available (even from your mobile phone!);
  • A quick and easy payroll bolt-on is also available for limited companies, with payslips, RTI, Auto Enrolment integration etc.;
  • Auto enrolment communications included if you have a company pension scheme;
  • Option to automatically integrate online e-commerce records into your Sage account;
  • Fast and easier company accounts preparation;
  • … and much more!

But there is more major benefit – collaboration with us, your accountant!

The Sage packages we supply are not only free, or in effect heavily subsidised depending on the package involved, but also allow us, your accountant and tax adviser, to collaborate with you within your Sage package with your permission. So where you cannot do something yourself, we can log in using our own integrated Sage administration system to get involved on your behalf, for example to set things up for you, run reports, activate VAT returns, tax returns, end of year accounts, payroll and so on. It’s amazing really! So you do as much or as little as you want to … and we cover everything else!

You save money!

Using the easy but powerful Sage bookkeeping and accounting packages supplied by Taxfile
means that you’ll save money. It’s as simple as that. Customers using such packages makes our job easier, reducing our chargeable hours working on your accounts, so quite simply saves you money!

You also save time!

Our Sage packages will save you SO much time you’ll never look back! Once you’ve tried our Sage packages for a while you’ll Read more

Sage One Cashbook accounting package

Get Sage One Cashbook (online accounts package) FREE!

Sage online accounts package - free![UPDATE: Please note that this offer has now expired]. Get Sage One Cashbook FREE, only with Taxfile. If you are a Taxfile customer you can currently get this excellent online accounting and cashflow package totally free of charge. This is better than any special offer you’ll find online for the same product and an additional benefit is that it allows us, your accountants and tax advisors, to collaborate with you within the package (with your permission of course), making managing your income, expenditure, tax accounting and bookkeeping absolute child’s play. You can stop at any time; it’ll cost you nothing either way.

Features & Benefits of Sage One Cashbook online include:

  • It allows you to record income & expenditure for your business quickly and easily;
  • Access your records from anywhere with an internet connection, any time;
  • No accountancy experience is necessary – it’s simple;
  • Perfect for small businesses, sole traders, etc;
  • It allows you to Read more