- Initial Meeting
- Basic Info & ID Captured
- ID Checks
- Risk Assessment
- Add Client to HMRC Agent System or Register For Self Assessment
- Authorisation Code issued
- Terms of Engagement Signed
- Client Account Setup
- Data Gathering for Self Assessment
- Processing Information
- Queries Discussed
- Final Confirmation On All Data Supplied
- Accountant Final Checks
- Accountant Complete Calculations
How is your tax bill calculated
Material, Stock, PPE, Clothing
Office, Phone, Premises Costs
Travel & Subsistence Costs
Training & Subscription Costs
Employee or Subcontractors
Finance & Bank Charges
Accountancy, Legal & Insurance
What do I pay the taxman
Payment On Account
If you owe more than £1000 in combined tax and NIC in the year, HMRC will ask you to make a payment on account towards the following years tax. They will base the is on current earnings, and request 50% in January and 50% in July.
Each person has a personal allowance each year, currently £12,500, this is the amount you are allowed to earn before you pay any tax, before paying tax at varying rates between 19-45%
There are two different types of National Insurance payable when you are self employed;
- Class 2 – currently £156.00 per year
- Class 4 – 9% on profits higher than £8632 and a further 2% on profits over £50,000
High Earners Child Benefit Charge
When you earn over £50,000 (profit) please make us aware if you have been claiming child benefit for any of the children in your household. 100% of the child benefit is repayable if any parent earns more than £50,000.
GDPR AND DATA PROTECTION
We will always keep your information safe, both hard copies and electronic copies of all documents will be stored securely. By signing up as a client you agree to us contacting you regarding the service we provide. All information will remain confidential.
IDENTITY CHECK AND RISK ASSESSMENT FOR AML
We request photo ID to allow us to run an identity check, which complies with HMRC’s anti-money laundering regulations. This is not a credit check. We then need to run a risk assessment to comply with our regulatory bodies and AML
HONEST AND CORRECT RECORDS
We expect that all earnings will be disclosed and the information you provide to us will be honest and complete. We are putting ourselves at risk as your accountants if you do not commit to this.
We would expect to represent you in any dealings with HMRC including investigations should they arise. We can only do this if we are confident in the information you have provided to us, and you have been honest throughout our relationship.
Get started with us today