Please click on the link below for our summary of items in yesterday’s budget that will affect you.
Please click on the link below for advice on saving tax in 2015/16
Our guidance note explains the changes to taxation of dividends and how they will affect limited company owners
Here is a link to our summary of the Chancellor proposals. The changes to taxation of dividends is going to need to be carefully considered. There was also a major increase in the minimum wage (now living wage).
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Please do not hesitate to contact us if you have any questions.
I have uploaded our client guide to the Marriage Allowance.
Our client guides cover many of the tax and accounting issues faced by owner-managed businesses and tax-payers. Please contact us for further details.
Please be aware HMRC have not got the online registration process completely sorted for the Marriage Allowance. As explained by http://www.thisismoney.co.uk
“There is then an application process to go through and claimants are invited to complete their application online.
It has recruited three private operators to conduct ID checks for the system – Experian, Post Office and Digidentity.
This is being introduced gradually and HMRC admits there are restrictions at the moment that mean it may not work for everyone.
The restrictions you encountered are part of that. In order to transfer personal allowance, HMRC needs to verify who you are.
This requires evidence of the documents you were asked for. If you have them, HMRC says you can complete the process online in about 20 minutes.
If you don’t have these you’ll have to wait longer, although HMRC says it is taking phone applications for those who have tried the online application but hit a snag.”
Web-based portals are increasingly familiar to our clients, since these portals are already commonplace in many industries, including banking and insurance. It’s not surprising that many clients now expect instant access to information via web-based portals in their accounting and tax matters as well.
Now that we have our Portal in place, the benefits to our clients are starting to flow.
There are many benefits to our Portal. Some of the most important are:
Instant, 24/7 access to key financial documents. Clients can upload and store their own important documents as well (e.g Mortgage Statements).
A permanent secure storage facility – allowing you to meet HMRC document retention rules. If you store your documents in the Portal, there is no need to back them up and you will never have to worry about transferring this data when you change your computer.
Encrypted message exchange which is much more secure than e-mail technology. When emails travel to their intended destinations, they traverse an untold number of servers and can be intercepted and viewed by anyone with the proper technological know-how and desire. This inherent security flaw, at present, may place confidential data at risk. For some time now we have used Adobe Document Cloud e-sign (formerly Echosign) to send out sensitive documents. We recommend clients send sensitive information to us via our Portal.
The Portal is one of many technologies which are improving the service that progressive, innovative accountants can offer their clients. Please do not hesitate to contact us if you would like more information on this and other new technologies.
Many business owners have a loft/garage/spare bedroom full of business records.
Business records have to be keep for 6 years. HMRC can levy fines if the records cannot be produced. These records can also get lost, damaged, muddled and key information lost. The link between the figures on the tax return and these documents may then become unclear.
We have a simple, inexpensive solution to for you.
When we receive your records, we scan them for you. Then, using advanced software and our skills, we produce your accounts together with schedules of items making up the figures and an image of the documents themselves. This will satisfy even the most demanding HMRC Inspector.
We will send you a copy of the file (which will be in PDF format) and show you how to store it in a free Dropbox or GoogleDrive account.
Price for this additional service depends on the volume of records. Prices start at £30 plus VAT.