Self-Assessment Deadlines

We have roughly 10 Weeks if that remaining to file our deadlines for the Tax Year 2023-2024

Why is it important to file the Tax Return Sooner🧐

Better Tax Planning 🗒️ Better organising 📝 Better understanding 📕 More time 🕰️ to pay and …

Corporation Tax 💰

Please note the following 👇

If you have more than 1️⃣ Trading Limited Company then the Corporation Tax threshold is split between the companies If a Limited Company period is less than 12 months then the profit threshold to determine the …

AGENTS

Attention ‼️

Please be aware that you can now update your address details for your business/company taxes online

This will speed up the process and enable your firm to receive the correspondence for your firm and for on behalf of your Authorised Clients

The…

ICO

There are many businesses which, are required to be registered for ICO as Mandatory with most businesses paying £40 per year (£35 per year if auto dd)

Have and hold access/information to third party and customer CCTV use in the business Processing personal …

Self Assessment Tax Return 2023-2024

Paper 📄 Return

‼️ Only just over 2 weeks to file the Paper Return

If you are filing your own Tax Return then please ensure that you post the Return on time 🕰️ or in fact a few days before 31 October 2024 so it is not treated …

Companies House

Ltd Filing Dates 📔

First Year

The Abridged or Full Accounts depending on the size of the Business are due within 21 months of the date of incorporation

For example

Incorporated 30/9/24 (Due 30/6/25) 🗓️

By default the company Year End is always the …

Employee Tax Code

We have been approached by a client recently who was highly concerned as HMRC have made request for outstanding Taxes

The client is on PAYE roles only and earns less than £100,000 per year

After reviewing the clients Employment History provided …

Payroll - Employment Allowance (EA)

HMRC allows a claim of up to £5,000 for most businesses to claim “EA” each Tax Year

This is offset against the Employer National Insurance

In order to be eligible any of the following must apply 👇

There are a minimum of 2 …

Tax Liabilities - Payments 💴

This issue applies to all of the Taxes and something for individuals and Limited Companies and any other party owing Tax should be aware of

Payments do not usually clear on the weekend and on the bank holidays

There is the faster …

Self-Assessment

HMRC expects Self-Assessment Tax Return as well as any tax payment due to be completed for the Tax Year 2024/2025

Paper form: 31 October 2024 Online Submission: 31 January 2025

Nearly half of the 🕰️ has lapsed and if you or your Accountant have …

GCSE & A-Level Results

Congratulations 🥳 to everyone during this month who have received their results

Did you know that you can avoid the Traditional Route of going through University (Excessive University fees as well as other high living costs) and instead …

HMRC nudge letters

There have been many past examples of letters which appear to seem like they are from HMRC in regards to Taxes or Nudge Letters to declare certain sources of income

I would advise to

Contact your Accountant 👨‍💼 or Tax advisor immediately and …

Crypto

Disposed of crypto assets 💴

HMRC have files 📖 and information ℹ️ shared by the large currency 💵 💴 💷 exchange platforms and those trading with the Crypto and other currencies such as below

Kraken Coinbase Exodus Binance Kucoin

The purchase of Crypto and …

Capital Gains Tax (CGT) - Declaration

There have been many queries 🙋‍♂️ and confusion 😕 in regards to this topic

We would like to clear ✔️ certain issues in order to make it easier for the seller or the seller to appoint a Specialist like an Accountant 👩‍💼 👨‍💼 …

Self-Assessment

Second Payment on Account 2024-2025

https://www.gov.uk/pay-self-assessment-tax-bill

Please see the 🔗 👆 on details and how to arrange the Tax Payment

Just a short summary

The Main Payment options 👇

- Online Bank Transfer (Simplest and fastest method)

PAYE Deadlines - 5 July 2024 Qtre

If paye liability payments are due monthly then in the tax year 2024-2025, the first payment for 5 May 2024 would have been the ⬇️

19 May 2024 (By cheque in the post)

Or

22 May 2024 (By online bank transfer)

It is normally …

Second Payment on account - 31 July 2024

https://www.gov.uk/understand-self-assessment-bill/payments-on-account

HMRC will usually write in the post in regards to reminding you to arrange a second payment on account in this case for the Tax Year 2024-2025

There …

P11D Benefit in kind submission

This was due 6 July 2024 to file 📖

If this has not been filed there will be £100 late penalty 💰

The payment for the actual National Insurance Class 1A is 19 July 2024 (22 July 2024 if electronic)

If the payment is not made on time …

Tax Reliefs/Tax Free Transfer

Between a husband and wife there are few allowances/exemptions, which can be taken advantage of

Marriage allowance (maximum of £1,260) can be transferred to the spouse if their income is below £12,570 If one of the spouse is a higher…

Capital Gains (Losses)

These should be ideally reported in the Self Assessment Tax Return

There is no Capital Gains Tax Due, however, this loss can be included to offset future Capital Gains

This can be carried forward for an unlimited period, however, they have …

VAT - Value Added Tax

Most businesses once they reach £90,000 turnover within 12 months would have to register for VAT ✔️

Once VAT Registered

Sales 🟰 Net Sales + Output VAT

Please note with either

Standard invoice ☑️

Cash ✅

Annual ✔️

The Output VAT charged has to …

Self-Assessment Tax Return 23-24

We are proactive and request information, which is specific to each client at the end of each tax year so in this case an email correspondence would be sent around 6 April 2024 or a postal correspondence is sent.

However, we …

HMRC Support Line

HMRC have been receiving plenty of negative ❌ feedback and publicity over the last few years

However, we have been dealing with quite a few PAYE and Corporation Tax issues on behalf of our clients over the last few months

We can confirm in order …

Self-Assessment 2023-2024

We as a firm request information for Self-Assessment at the end of the Tax Year so in this case 5 April 2024

We try to be proactive as possible as a firm to ensure that all clients are sent initial request along with reminders to ensure …

We are Qualified Accountants

Tax Year 2023-2024 (5 April 2024 has ended)

Self Assessment can be completed by the following 2 methods

Tax Year 2023-2024

- Paper return by or before 31 October 2024

Or

- Online Return by or before 31 January 2025 (You receive an …

Self Assessment Tax Return 23-24

Some tips to help save some tax and it is not too late ⏰ as long as as actioned before 5 April 2024

If you are a higher or an additional higher rate taxpayer you can get some tax relief resulting in an increase basic tax, which …

Companies house updates 📚 

* Company Incorporation since the beginning of March 2024 are taking longer to be registered unless of course you can still use the premium service to register

* Companies House are doing thorough checks before registering any company and …

Employment expenses

HMRC have a list of organisations where subscriptions costs can be claimed

There are other costs which can be claimed such as travel mileage and parking but there are strict rules around this

Self employed have much more allowable expenses to be …

Book keeping

Cloud vs desktop

Desktop

Pros

Cheaper One-off cost Secure on one PC Suitable for small businesses

Cons

Less flexible Lacking detailed reports Restrictive access Loss of data and backup Current version of software can be outdated quickly Challenge …

Here is a summary.

National Insurance employee from 10% to 8%

Self employed national insurance class 4 from 8% to 6%

Child benefit threshold raised from £50,000 to £60,000 and limit up to £80,000

Capital gains tax on property cut for higher rate on residential …

Part 1

Companies House

Please be aware that there are following changes to be made by Companies House

From 4 March 2024

Email Address has to be provided ID Verification will be required for existing and new Directors/Shareholders Data will be shared with other …

Non disclosure of Dividends

A few years ago in the past there was a large sum of Dividends, which, could be declared from a company without incurring any Personal Tax Dividends

Over the years HMRC have started to imposing new rules where tax is deductible on …

Changing Accountants/Book Keepers/Tax Advisors

There are some individuals and businesses who find it difficult to change Accountants

With your current Accountant or Tax Expert if you feel any of the 👇

Lack of communication Lack of advice Random fees Lack of …

Selling items Re: Trader classification - Non Trade

HMRC are going further into people who trade or have a side hustle income

However, there has been some confusion in regards to this especially when there has been a mention of Ebay/Amazon/Gumtree and other …

Child benefit digital

Since the introduction this has always been acted upon through an application form and the process can take up to 6 weeks

With the introduction of digital this can be processed within 3 days

However, please be aware that not everyone is …

LET Property Campaign

There is still an opportunity to come forward and inform HMRC in regards to declaring previously undeclared Rental Property Income even if it means going back several years to the beginning

Unprompted disclosure is always more beneficial …

National Insurance Cuts employee from January 2024

Please note to all

Accountants

Payroll specialist

Book keepers

Businesses

Individuals

Class National Insurance Employee will reduce from 12% to 10% from 6 January 2024 so end of this month

Employees National …

SELF-ASSESSMENT TAX RETURN 2022-2023

Some Accountants are no longer onboarding any new clients for the Tax Return, which is due by 31 January 2024

We are able to offer this service and a guaranteed quick and efficient service (subject to the records being provided)

Authorised Agents

Companies House

We are a Qualified and Regulated firm whose AML Registration is covered by ACCA

As a registered organisation with Companies House we can assist with your Company Secretarial work with changes such as

Directors ✔️

Registered …

Self-Assessment Properties 

HMRC have started to target Landlords

Further to my other recent Blogs in regards to this area HMRC have access to a wide range of information from Land Registry, Letting Agents, Lawyers and so on

They are approaching Taxpayers who they …

Self-Assessment - Foreign Investors
There have been many cases over the years where people from abroad have invested in properties, businesses or other matters.
It is important that regardless of background and origin then anyone who invest for future …

Self-Assessment Tax Return

Taxpayers have to be careful ❗️ when preparing or having their Tax Returns prepared

An incorrect Tax Calculation may result in an Amended SA302 and if this picked up later after the Tax Due Deadline then Late interest will apply as well …

SCAM ALERT

Please be aware that Scams are on the increase and come in different forms such as by

* Email

* Phone

* Face to Face

* Post

* Social Media

Stop 🛑 & thought 💭carefully when making decisions

The focus in this case is on the below for individuals and …

HMRC increased access

During a Tax Enquiry HMRC would usually ask the client/taxpayer/business to sign a few forms to to give access to their business account as well as have the right to access to ask for their personal accounts. Under the Company Law it is …

Self-Assessment Paper Return

⚠️ It is the final week before the Tax Return is due in Paper Form

There will be an initial late Penalty of £100 if filed late

Please be careful as when sent in the post if HMRC receive the Tax Return even a day late after 31 October …

Good Afternoon
I hope you are well
As you are probably aware that scams come in different forms
SMS
Email
Post
Face to Face
Phone call
Other platforms
We have to be careful
Large organisations like HMRC, Post Office, Banks and so on are being mentioned but behind this …

Key dates for October 2023

PAYE - 6/10/23 PAYE liabilities due by 19/12/23 by cheque or 22/10/23 online VAT - September 2023 Quarter due by or before 7/11/23. Please note if DD has not been set up for the VAT then the VAT payment should be arranged on a working …

Reconciliation
Profit and Loss Account provides a breakdown of the business Profits/(Losses), however for tax purposes (Corporation Tax or Personal Tax Due), there is Taxable Profit, which is assessed not the Accounts Profits.
There are many variables to consider …

AI Technology and Accountants

Time 🕰️ is moving forward fast and along with this technology seems to be also making vast improvements 🆙

We cannot deny that technology assist with many task and saves 🕰️ and improves efficiency and productivity but no software suits …

Reminder - Allowances & Thresholds

Part 1

Individuals should ensure when completing their Self Assessment Deadline that they are aware of the many allowances available for the tax 22-23 and 23-24 as well as be aware of other thresholds to ensure not paying or …

VAT Schemes

There are different types of VAT mostly available to small and medium businesses

Standard Invoice 🧾 Scheme (Most Common)

Sales Invoices 🟰 Output VAT (A)

Purchase/expense Invoices 🟰 Input VAT (B)

Output VAT (A) ➖ Input VAT (B)🟰 VAT Due or VAT refund

…

Self-Assessment Tax Due
HMRC usually have available the different ways to pay for a Taxpayer to pay for their taxes.
Circumstances differ depending on each individuals circumstances.
In some cases there is a single payment required usually in January or a single …

Private Limited Companies
We target each year to complete the Limited Company Accounts within 3 months after the Year End.
This is important and benefits the business as per 👇
- Tax Planning ✔
- Filed Up to date in good time ✔
- Corporation Tax payments can be paid …

There are many Accountants who prefer and only use One Cloud Software for all clients. However, there are also many Accountants and Book Keepers who use or are familiar with many Cloud Softwares.
We are quite flexible as a firm and encourage clients to do their …

Cashflow
There is a high focus on a Business Turnover and Profit regardless of the nature of trade or which area the business operates
The 2 key components of measuring the success of a business is the Turnover and Profit as only if a business is profitable would …

We are Accountants by trade, however, we have vast knowledge and experience in the following 👇
Start up Visa
Work Permit Visa
Spouse Visa
Business Tier 2 Visa
We offer a free initial consultation and we are different type of services, which will meet your requirement.
W…

HMRC are assessing the “National Minimum Wage” rates being applied in some parts of the UK such as the West Midlands.

HMRC are writing to businesses directly as well as the employees who work for the specific business

In order to ensure that the businesses/our …

Fees
We are clear, fair and transparent when it comes to pricing for our services.
We always agree charges upfront before any work is carried out and the 👇 is raised
- Service Agreements
- Fee Note
- Terms & Conditions
We do not believe in "Unexpected" and "Surprised" …

Self-Assessment Payment on Account

We have explained Payment on Account in a previous post/blog.

We did make it clear the requirements and importance

This is an urgent reminder to ensure that if you have received a letter from HMRC or advised by your Accountant or …

ACCA - Association of Chartered Certified Accountants

Congratulations 🥳 to all of those ACCA students who have passed their exams this week to become either 👇

- Students (currently) 📚

- Affiliates

- Members 👨‍💼 👩‍💼

It is a great accomplishment and achievement 🎊

We …

Why use our Accounting firm to assist with your Accounting and Tax Affairs?

We were approached by a new client initially over a free phone consultation but then as they decided to appoint us as the Accountant we had discovered that the previous Accountant had …

Gift Aid Donations
Taxpayers who donate throughout the year are encouraged whilst donating to the UK Registered Charities to tick the box for "Gift Aid" Claim as there are 2 benefits
1) Charities can claim an additional 25% of the donation amount so the simple …

Self-Assessment Payment on Account

HMRC expect Payment on Account.

The assumption is that the current Income and Tax Liability will be the same in the following year so HMRC expect a payment on account.

For Example in the illustration below.

If the Tax liability was …

HMRC Tax Refund
There are a number of reasons for a Tax Rebate due to a taxpayer usually arising from tax overpaid in the Tax Year.
Subcontractors who usually have Tax Deducted at 20% or at 30% for those who are not registered.
The taxpayer then either completes a …

Pension Contributions
Limited Company
A Pension can be arranged through an An Independent Financial Advisor and a Pension Contribution of up to £60,000 in the year can be paid through the Limited Company, which in turn can offset against the total income to reduce …

The difference between capital and revenue when it comes to expenditure?

Sometimes it can be difficult to separate the 👆 as the Rules and Guidance from HMRC can be "Open ended" and therefore, it requires judgement to be made subjectively

With the right experience …

Self-Assessment Tax Return 2023/2024

Great to plan ahead especially with only 10 months of this tax year remaining

HMRC are trying to simplify the system and it is fair to say it has been a bit of a burden and additional costs expecting “PAYE only Employees” to …

We have reached a Milestone 100 Google Reviews 🎉 🎈 🎊

We always strive to provide a reliable and an efficient service and in return clients after receiving a great service feel more than 😃 to provide a feedback

If we can assist with your Accounting and Tax Affairs …

HMRC LET PROPERTY CAMPAIGN

This is was started in 2013 and Landlords were given the opportunity to come forward and declare any rental income and if the taxpayers or their appointed Agents/Accountants applied for this then HMRC would be more lenient when it came …

Rental Property Income - Residential
Whenever a Landlord lets a property in the UK in their own personal name, the Landlord would have to declare the rental income on their Personal Tax Return. If there is a joint ownership between 2 or more people then the rental …

Higher Child Benefit Charge

This started on 2013.

If either partner earns over £50,000 then Higher Child Benefit Charge will apply.

Please note if each person in a relationship earned up to £49,999 in a Tax Year then the Higher Child Benefit Charge would not apply

P…

Update: If you are planning to file Ye 30/04/2023 or any Limited Accounts (CT) for a period ending in April 2023 then currently there are issues arising for whichever accounting software that you use as HMRC have not updated their systems just yet. The error …

As you are probably aware that scams come in different forms

SMS

Email

Post

Face to Face

Phone call

Other platforms

We have to be careful

Below is an example of a Fake HMRC Scam Letter

I would kindly advise that if anything ever looks suspicious or if you receive …

Book Keeping & Accounts Preparation Steps

Step 1) Book Keeping entering Sales/Expenses invoices

Step 2) Reconcile bank and allocate other receipts and payments where there are no invoices e.g. Wages, VAT Payments, Bank Charges and so on

Step 3) Depreciation to …

We have answered many questions over the years on Social Media Platforms assisting 

Taxpayers

Businesses 

Accountants

Book keepers

We have many taxpayers who assume that they have more than enough knowledge to complete their own Tax Returns and in some cases …

Self-Assessment Tax Return - Mandatory

Did you know if your only earning in the year was PAYE Income but this is exceeded £100,000 then a Tax Return is required

There are a few reasons behind this as HMRC

* May find it difficult to determine the tax code

* …

There are many firms usually the larger ones who offer a complete a service, which includes an Accountancy, Book keeping and a complete Tax Service.

We will breakdown in a summary of what each role involves and in some cases roles, which overlap

What is an …

What is CIS?

Subcontractors if registered have 20% tax deduction on labour at source

If unregistered then 30% 

At the end of the Tax Year then the subcontractor has a Tax Return prepared, which then determines whether tax has been under or over paid for the work 

Ple…

Self Assessment Tax Return 2022-2023

We request for the Tax Return Information on 6 April 2023

Why would that be when the taxpayers

ℹ️ in most likely of circumstances will not be available yet

We would like to ⬇️

Proactive Productive Efficient Tax planning

We …

Happy new tax year 🥳

Now is the time to get your information together so your tax return can be prepared early and you have time to plan for any upcoming tax liabilities.

We offer a complete service in a fixed fee agreement to complete your Tax Return 2022-2023

Ple…

As we approach the end of the Tax Year 5 April 2023 we will be writing to all of our clients a tailor made email specifically in regards to their needs and requirements and sources of income.

We try our level best to make it easier for clients to work through a …

📣 Tax efficient salary 23/24 📣

Changes in tax mean the tax efficient salary is more complex than ever before BUT if you have no other income and you are taking small salary topped up by dividend these are the recommended rates -

Option 1- Pay no national insurance

We make ourselves available to our clients whenever they want an appointment with us, it’s all included in our fixed monthly fee. Yes we can discuss tax and accountancy, but we can also give advice on running their businesses too 🤩

#Accountant

#SmallBusiness

#Small…

Summary Budget Announcement Today

Recession and inflation

· The Chancellor said the Office for Budget Responsibility (OBR) now forecasts that the UK will not enter a technical recession this year and that the Government “will meet the Prime Minister’s priorities …

Why is important to be Regulated as an Accountant and located in the UK?

In order to be Regulated we have to pass several exams (Usually 14 but it depends which Regulatory body and Route that you follow)

Require usually at least 3 years of practical training

Even …

We are very proud to announce that our Member in Practice certificate has been renewed for another couple of years 🙏

We do not have to tell you the amount of work that goes into ensuring that we treat all of our clients exactly the same way - all with impeccable …

Car dealers of used cars have the option to apply the second hand Gross Margin Scheme for VAT Purposes.

This is where 1/6 is taken of the profit on the sale of the car rather than having to charge full standard VAT of 20% on sale

We specialise in this trade in …

What is a Financial Accountant?

Financial Accountant usually prepares the year-end Accounts as well assist with the following Quarterly Management Accounts, Payroll, Book-keeping, VAT and company formation task.

We at Secure Accounts Limited offer the complete …

Tax Returns for the Following:

Sole Traders

CIS Subcontractors

Landlords

Investors

Company Directors

Higher Rate Earners

People Living Abroad

PAYROLL SERVICES

LTD COMPANY ACCOUNTS PRODUCTION

We are on hand and ready to help with all your accounting and bookkeeping …

Posted on February 13th, 2023

Association of Chartered and Certified Accountants

We are part of the Global Accountants as highly Qualified and Experienced

Regular CPD is conducted to ensure that we produce work of a high quality and we carry out checks to ensure …

Posted on November 29th, 2022

A recession is defined as a business cycle contraction where we see a general decline in economic activity. Having a balanced and pragmatic approach during worrying times like these is key to business continuity and success.

This is …

Posted on November 28th, 2022

Hello, there! And thank you for visiting our new blog!

We at Secure Accounts Limited believe in providing our customers with only the best accountant and business consultancy services. To help even more people, we thought we’d share …