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Posts Tagged ‘how to pay less tax’

xero certified advisor

Transform Accounting  – the accountants for small business, are now offering the option of cloud based on line accounting systems to our existing and future clients.

Transform Accounting have a wide variety of clients who require different things from their accountants;
– A sole trader or an individual with rental properties may require once a year assistance with tax planning, tax return preparation and HMRC filing.
– A contractor or consultant with a vat registered limited company in addition to the requirements of a sole trader will also usually require book keeping, payroll, quarterly vat returns, statutory accounts filing and advice regarding dividend payments and keeping tax bills to a minimum.
– Other clients require Transform Accounting to take over their back office functions entirely to provide services including invoicing, credit control, accounts payable and cashbook management in addition to those services provided for contractor/consultant limited companies.
– Small business owners of all types will often also require regular management accounts, tax position updates and profitability analyses.

In order to satisfy these clients, Transform Accounting have assessed the various cloud based accounting systems available in the UK and after a successful pilot have chosen Xero accounting as their preferred cloud accounting partner.

Transform Accounting will now be offering the option of cloud based on line accounting systems to our existing and future clients.Both partners of Transform Accounting have recently earned Certified Advisor status from Xero accounting.

We will publish more details in later posts, but if the idea of being able to share access to your company accounts by either a web browser, ipad, iphone or android phone app appeals then this could be ideal for you.

Other great benefits can include ;

– using your phone or tablet to take a photograph of invoices/receipts and have it immediately sent to your accountant for processing
– raising expense claims on your phone or tablet,
– raising invoices on your phone or tablet
– having access to your most up to date accounts allowing you to immediately see how your business is performing.

As a measure of confidence in Xero, Transform Accounting Ltd have already moved their own company accounts to this platform and have started to migrate existing customers and new clients alike and all have been delighted with the results.

If you would like to know any more about how cloud based accounting could help your business, or if your old accountant does not offer this option, please get in touch with Transform Accounting.

Transform Accounting are Chartered Management Accountants and Tax Technicians able to assist with personal tax returns, sole traders and company payroll whilst specialising in limited companies, consultants, contractors and business start-ups. Fixed fee packages are available as are free initial consultations. Customer references are available on request.

See www.transformaccounting.co.uk or contact by telephone on 01277 365447 or by e mail at info@transformaccounting.co.uk

Epping Accountant – Transform Accounting – Essex Accountant

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tick

As a small business owner, there is always the possibility that HMRC will choose to pay you a visit to audit your PAYE records as part of a compliance visit.

If they do pay you a visit, their focus is usually on the following contentious items;

  • Payments to casual employees
  • Private Petrol
  • Payments to Spouses or spouses travel costs
  • Travel to work from home
  • Travel for purpose other  than 100% business – eg – social events, golf days etc
  • Home telephone
  • Entertaining payments
  • Expenses for use of home as an office
  • Goods and services provided for free or below market value
  • Clothing
  • Accommodation
  • Medical Expenses

As part of a visit, HMRC will wish to inspect;

  • PAYE deduction working sheets
  • Reconciliation of payroll records with P35 forms
  • Treatment of starters and leavers
  • Expense payments and paid benefits and P11D forms
  • Compliance with dispensation agreements
  • Compliance with National Insurance regulations
  • Compliance with Contractors rules

 

Accountant RomfordTransform AccountingEssex Accountants

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laptop

How to pay less tax – Top 10 Tax efficient perks

Did you know that there are a variety of different perks that can be paid to employees that do not attract either a tax or national insurance charge?

All of the following perks are not taxable, but in all cases you still should keep records of the payments to enable you to demonstrate to HMRC that the conditions required by the provision of the benefit are being met.

Note that employees can include directors and family members.

  1. Private use of office equipment such as computers
    Conditions – the equipment must be primarily provided for work purposes and the private use be insignificant
  2. Provision of one mobile phone
    Conditions – only one! A second mobile phone would be taxable
  3. Parking spaces at or near work
  4. Work related training
  5. Long service awards
    Non – cash awards worth up to £50 per year of service to an employee with at least 20 years of service so long as you haven’t made another long-service award to the employee within the previous ten years
  6. Relocation costs
    Conditions – capped at £8,000 maximum
  7. Cheap or interest free loans
    Conditions – capped at £5,000
  8. Office parties
    Conditions – Not to exceed £150 per person per tax year
  9. Contribution towards the costs of working from home
    Conditions – Up to £4 per week if the employee has a home working agreement
  10. Authorised mileage payments for business journeys by car
    Conditions – different rates are allowable for mileage up to and exceeding 10,000 miles per tax year.

The above is just a rough guide – please consult your accountant or the HMRC web site for detailed guidance.

Accountant Romford – Transform Accounting – The Essex Accountant

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