The Shrewsbury Accountants Blog – Taxassist Accountants in Sundorne

October 31, 2011

TaxAssist Accountants in Shrewsbury outline the benefits of on-line accounting

Filed under: accounting, owner-managed businesses — Tags: , , , , , , , , , , , , , , , , — taxassistshrewsbury @ 10:17 am

With our online accounting system (powered by Kashflow) , you can save time, be better organised and have a better insight into your financial position.

That’s why our online accounting software gives you everything you need: from Invoicing to cashflow management to VAT reports and everything else you need at your fingertips to keep your business running smoothly and you focused on doing what you do best – running your business.

We offer a 60 day free trial to give you the chance to experience our online accounting service with no obligation, so contact us to get started in a matter of minutes

 

Easy to use:

    • Accessible from anywhere in the world
    • Multiple concurrent users
    • Intuitive interface
    • No accounting jargon
    • Free and fast support

Improves Cash Flow:

    • Totally free for two months – no obligation to buy
    • Low monthly payments
    • No annual contract – cancel at anytime

Saves Time:

  • Reminders by email when an invoice becomes overdue
  • Peace of mind knowing you will never overlook an invoice
  • Save time and never forget to repeat invoice a customer
  • Quickly and easily generate VAT returns
  • Saves you time and money
  • The freedom to respond quickly to queries regardless of if you are at home or in the office
  • Ability to send invoices by email
  • Stay on top of unpaid invoices
  • Easily store and retrieve information on all of your customers and suppliers
  • Record how and when payments have been made and received
  • Accurate record keeping

Increases productivity:

    • Create customised, tailored invoice templates
    • Simplified credit control and chasing payments
    • Greater control of the cash flowing into your business
    • Automatic creation of invoices on a monthly or annual basis
    • Statistics on customer values, average time to pay, etc.
    • Identify good and bad customers
    • Easily deal with any accounting queries
    • Statement of account for customers and suppliers.
    • Insightful graphical reports on all aspects of your business
    • Visually see how your business is growing
    • You and your colleagues can all access information at the same time
    • Get invoices to customers quicker and receive payment quicker

Increase Customer Service Levels:

  • Present a professional and organised image to your customers
  • Track where each of your customers come from
  • See how effective your marketing spend has been
  • Three pre-written reminder letters of increasing severity
  • Maintain a list of your suppliers and customers

Secure:

  • All data stored securely online and backed up every day.
  • No longer spend time backing up your data or fretting because you still haven’t done it.
  • Levels of security comparable with internet banking
  • Peace of mind knowing your financial information is much more secure than it is stored on your own computer

October 24, 2011

Nigel from TaxAssist Accountants in Shrewsbury advises about the latest HMRC initiative

Filed under: accounting, owner-managed businesses, small business, tax, tax administration — Tags: , , , , , , , , , , , , , , — taxassistshrewsbury @ 8:18 am

Following on from HMRC’s amnesty with regard to undeclared income from the plumbing trade , the next sector to come under review is private tutoring through the Tax Catch-up Plan (TCP).

As with previous schemes, reduced penalties for voluntary admissions will be offered.  The scheme will be aimed at those who profit from tuition and coaching and have not previously advised HMRC of the income.  This will not just be aimed at academic studies, but will also cover all areas of teaching such as fitness, dance and music instruction and life coaches.

Under the TCP, tutors have until 31 March 2012 to come forward and tell HMRC about their outstanding tax for the years up to 5 April 2010 and settle any amounts due.  After this date, HMRC plan to start investigations and those who do not come forward under the voluntary scheme will face much higher penalties.

Please contact us if you need any further advice.

October 17, 2011

Nigel and team share local views in the TaxAssist Accountants Shrewsbury newsletter

Filed under: accounting, buy local, owner-managed businesses, shropshire, small business — Tags: , , , , , , , , , , , , , , — taxassistshrewsbury @ 9:27 am

News from Nigel at TaxAssist Accountants Shrewsbury

 

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Mind the gap, tax traps and a penalty you’ll want to miss

Welcome 
to our new look newsletter – a mixture of the latest technical/legislative news, professional opinion, local news, and practical examples of how we helped clients. 

This month we’ve news of a letter from HMRC, a tax trap on company loans and a reminder about a self-assessment deadline approaching. Elsewhere there’s Nigel’s view on an unfair tax burden on self-employed workers in the construction sector and finally, we’ve a new ‘Meet the team’ feature – starting with Liz Tandy, Practice Accountant at our Shrewsbury office.

Tax talk and insights this month

1) Look out for ’Gap in your National Insurance record’ letter

You might receive a letter from HM Revenue & Customs (HMRC) telling you there is a gap in your record. These letters are generally sent out between September and January each year. The letter isn’t a demand – but it will tell you how much you can pay if you want to fill the gaps and how you can pay if you opt to do so. Please bear in mind that people retiring after 6th April, 2010 only need 30 years of contributions to obtain the full state pension.

2) Beware the tax trap on money loaned to you by the company

In today’s difficult times, shareholders in owner-managed companies need to be careful to avoid a 25% tax charge on an over-drawn Director’s loan account… read more here

3) Self-assessment filing deadline approaching – 31st October

The £100 penalty for a late return will be retained, but whereas it was capped depending on how much tax was unpaid at January 31 (so that if you owed nothing you couldn’t be fined anything), now the penalty will be automatic and in full. The penalties for late filing increase the longer you leave it. For the tax year 2010-11, the penalties are as follow:… read more here  

Meet the Shrewsbury team 

Elizabeth Tandy, Practice Accountant.

Elizabeth joined the firm in September 2009. Liz qualified as a Chartered Accountant in 1985 after taking a degree in Law from Exeter University. Following qualification she worked for a number of years in industry before starting her own accountancy practice in Exeter in 1991.

She specialised in working for owner managed business in the Devon area and also undertook forensic accountancy work, giving evidence in court as an Expert Witness when required. Liz is married with one son and enjoys walking, swimming and reading in her spare time. Elizabeth says “I aim to give clients the level of service I would like to receive myself, plus a little bit more.”

Nigel’s notes

The unreasonable tax burden for many self-employed workers in the building trades

The unfairness of taxes in the construction industry was made plain by a young tradesman who recently appointed us as his accountant. There has been a great deal made of the benefit to hard-working lower paid people… Click here for the full article and to leave a comment 

How we can help your business

Why choose us?

We are a Shrewsbury-based professional and approachable accountancy practice who take pride in being different from others. We clearly explain our work and are happy to act as business advisors in order to help you grow your business.
There is a team of 7 of us looking after 400 local owner-managed businesses.

Please call 01743 366669 for further advice or visit my blog to catch all the latest from here in Shrewsbury.

What’s good with us this month?

A 1 hour “endurance” go-karting event at Rednal, near Oswestry.

It was great fun but it is fair to say that we didn’t set the track alight. We ended up 6 laps behind the team from local Shropshire law firm Hatchers Solicitors.

We can help your business with

Year End Accounts,

Tax Return Services,

Bookkeeping,

VAT Return,

Payroll,

Tax Savings,

Property Tax,

Capital Gains Tax,

Cashflow Projections,

Corporation Tax,

Start-ups, Limited Companies

Client Testimonials

Julia and Martin Webb were kind enough to offer this opinion of our service.

“Always a thorough and excellent service from Nigel and his team. We have been with them for a number of years now and Nigel has always shown patience when we needed things explaining…”

For the rest of this testimonial and to see more feedback from our clients click here

Contact Us

If you have any questions and need to speak to us right away then call 01743 366669 or email us and we will call you back.

Visit our offices at:

1 Sundorne Avenue,

Shrewsbury,

Shropshire,

SY1 4JW

Call us on 01743 366669 

Visit www.taxassist.co.uk or keep in touch via our social media links below.
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Shrewsbury, Shropshire SY1 4JW

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October 5, 2011

Play fair with taxes in the building trade says Nigel from TaxAssist Accountants in Shrewsbury

Filed under: accounting, construction, shropshire, small business — Tags: , , , , , , , , , , , , , , — taxassistshrewsbury @ 3:37 pm

The unfairness of taxes in the construction industry was made plain by a young tradesman who recently appointed us as his accountant.

There has been a great deal made of the benefit to hard-working lower paid people by recent increases in the income tax personal allowances and plans to increase this figure to £10,000 per annum (currently it is £7,475). It is proposed that, in the future,  anyone earning £10,000 per year or less will not pay any income tax.

However, self-employed workers in the building trades operate at a significant disadvantage with 20% tax deducted at source on every single pound they earn. They then have to file a tax return in order to claim this back.

I really think it is time to review this – perhaps all workers subject to these deductions should receive an advance against their potential repayment. What are your views?

 

 

 

October 3, 2011

News for business from Nigel of TaxAssist Accountants in Shrewsbury

Filed under: accounting, newsletter — Tags: , , , , , , , , , , — taxassistshrewsbury @ 2:29 pm

01743 366669

FREE
INITIAL CONSULTATION

 

Welcome
to the October edition of News for Small Business.

This month sees the return of the paper tax return deadline on 31 October and
so, with small business owners and taxpayers across the UK readying
themselves for the upcoming tax return deadlines, we have placed the
deadlines under the spotlight.

Our main article below aims to explain the deadlines, who they apply to and
advise you on the best way to approach completing your self assessment tax
return…

Treasury set to announce tax breaks for
small businesses

Angel investors will benefit from a £100 million tax break to support growing
firms. .. read more

Govt succeeds in
cutting red tape for businesses 

There has been a gross reduction in costs of more than £3 billion since the
turn of the year. .. read more

Small firms not
ready for pensions auto-enrolment,

Small businesses are not prepared for the launch of auto-enrolment pensions,
it has been claimed… read more

HMRC extends
Business Records Checks programme

Small businesses could benefit from the extension of a government support
scheme… read more

Tax Return Deadline Approaches

 

This
time of year tax payers start to frantically gather their information for
completing their tax return.

The final deadline for paper tax returns fast approaches (October 31st)
and, whilst those tax payers filing online may feel like resting easy until
the online deadline of January 31st 2012, the benefits of getting organised
early should not be underestimated.

With the nation’s purse strings being tightened, tax payers should be
encouraged to maintain their records accurately and close to a real-time
basis, thus allowing them to see the profitability and cash position of the
business……..read
more

October 2011

ABOUT US

TaxAssist Accountants are the largest network of
accountants who focus their accountancy skills specifically on small
businesses and taxpayers in the UK.

OUR SERVICES

WHO WE HELP

As a network we look after over 38,000 clients
including.

Sole Traders

Partnerships

Limited Companies

Start up Business

Over 200 TaxAssist Accountants are located
across the UK offering local accountancy services to small business owners.

NEWS

For more news affecting small businesses, please
click below:

Tax News

Tax Tips

Questions & Answers

CONTACT US

01743 366669

FREE INITIAL CONSULTATION

Nigel Lomax

TaxAssist Accountants

1 Sundorne Avenue

Shrewsbury

Shropshire

SY1 4JW

www.taxassist.co.uk/nigellomax/

 

DISCLAIMER:
Advice shared in this newsletter is intended to inform rather than advise.
Taxpayer’s circumstances do vary and if you feel that the information
provided is beneficial it is important that you contact us before
implementation. If you take, or do not take action as a result of reading
this newsletter, before receiving our written endorsement, we will accept
no responsibility for any financial loss incurred.

 

01743 366669

FREE
INITIAL CONSULTATION

©2011 TaxAssist Accountants. All Rights Reserved.

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October 1, 2011

Nigel from TaxAssist Accountants in Shrewsbury gives some advice about festive rewards for staff

Filed under: accounting, owner-managed businesses, shropshire, small business, tax, tax savings — Tags: , , , , , , , , , , , , , — taxassistshrewsbury @ 8:58 am

With the Christmas season approaching and businesses making plans for staff functions, bonuses and gifts, we would like to make you aware of the various tax implications of your generousity.

Cash gifts and bonuses to employees  -

Cash gifts and bonuses are treated as normal pay and subject to tax and National Insurance (NI) in the normal way. The payment should be put through the payroll. This also applies to any vouchers you give that can be exchanged for goods or services.

However, gifts to employees that can be considered trivial benefits such as a turkey, ordinary bottle of wine or box of chocolates will not need to be declared on form P11d. There is no set monetary limit below which benefits are deemed to be trivial but probably any amount less than £20 per employee would be considered trivial.

Any gifts of a higher value (and classed as non trivial) would be subject to tax and NIC and declarable either as a benefit on form P11d or the tax and NIC could be paid on these gifts by the employer by arranging a PAYE settlement agreement (PSA). A PSA is voluntary arrangement that the employer makes with HM Revenue and Customs (HMRC) to account for tax and NI  on benefits provided to employees.

Christmas parties (and summer events) -

Parties are a tax-efficient way of rewarding employees. Employees and their partners do not pay tax and NI on any parties they attend if the cost to the business is less than £150 per head in the tax year (starting 6th April). The cost per head is the total cost of putting on the function  – accommodation, food, drink etc divided by the total number of guests including the non-employees. For this purpose, the cost includes VAT whether you are VAT-registered or not. The event must be made available to all employees or those at a location (if the business has more than one site).

There are some hidden dangers. If the cost per head of a single party is greater than £150, then the whole amount would be subject to tax and NI.  For example, if the cost of an event is £175 per head the employee (with a partner) is taxed on a benefit of £350. In another scenario if the employer laid on 3 parties costing £100 per head then £90 per head then £40 per head, then tax and NI would be levied on the £90 party. Though the £100 and £40 parties were covered by the £150 annual exemption, the £90 party was not and so the whole event was taxable. So plan carefully.

I know it is very early to be talking about this

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