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  • Registration
  • Onboarding
  • Preparation
  • Calculations
  • 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

Turnover (Sales)

Less expenses

Less capital allowance

Less any relief

Equals taxable profit

Expenses

Material, Stock, PPE, Clothing

Office, Phone, Premises Costs

Travel & Subsistence Costs

Training & Subscription Costs

Employee or Subcontractors

Finance & Bank Charges

Accountancy, Legal & Insurance

Advertising

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.

Tax

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%

National Insurance

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.

Our Fees

Transaction Based Billing

Our basic self assessment fee of £180 plus VAT covers the following;

• Processing up to 200 transactions for income and expenditure account. Additional transactions - £30 plus VAT per 60 transactions.
• Financial Statement
• Tax Calculation
• Self Assessment
• Review Meeting or Remote Electronic Signing

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Getting Your House In Order

We will sort out your paperwork if this is something you are unable to do, but if it is especially unorganised, or includes lots of irrelevant items that need to excluded this would attract an additional charge for our time.

Bookkeeping rate - £30 per hour plus VAT





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Transaction Based Billing

In order for us to provide the best service at the price quoted possible we depend on clear channels of communication. We will use the method of email or telephone to contact you regarding your accounts, and rely on timely responses from our clients to ensure you remain ahead of HMRC deadlines.





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  • You're Self Employed
  • You're a Landlord or receiving income from property.
  • You're a Business Partner
  • You're a Director of a Ltd Co
  • You're an employee or a pensioner with an annual income of £100,000 or more
  • You're an employee who has expenses to claim 
  • You have pre-tax investment income of £10,000 or more
  • Your income (or your partners income) was £50,000 or more, and you receive Child Benefit
  • You have income from abroad that you need to pay tax on 
  • You were a trustee of a trust or a registered pension scheme, and you received a P800 form from HMRC stating you haven't paid enough tax
  • You have sold assets (property/shares in business, etc) and have Capital Gains Tax Due
Not always, but you should receive a request if;
 
  • You have untaxed income, from investment, land/property, or from overseas
  • You were required to fill in a tax return the previous year
  • You are a high earner, income exceeding £50,000
     
If HMRC do not send you a request to complete a self assessment, you still have an obligation to register for self assessment.

Your self assessment covers a period of 6th April each year, to the 5th April the following year, in line with the fiscal year.  This can be changed, to suit your business or trading requirements, but unless otherwise stated you should assume this as your accounting period.  You have until the 31st October each year following the end of the period to submit your self assessment to HMRC in paper format.  For online filing, which is the method more commonly used now, HMRC have extended the deadline to the 31st January.  You have 9 months to file your self assessment and pay any taxes/national insurance due.

If you have been requested to submit a self assessment, and do not complete this, HMRC will issue you with a penalty.  How severe this is generally depends on the time lapsed from the deadline date, and the amount of unpaid tax that would have been due.
  
Late Filing Penalties and Late Payment Penalties apply separately.
 
  • £100 penalty immediately after the due date for filing (even if there is no tax to pay or the tax has already been paid to HMRC), this is a penalty solely for not submitting the self assessment document.  For online filing this is 31st January every year.  
  • Over 3 months late - a £10 daily penalty up to a maximum of £900
  • Over 6 months late - an additional £300 or 5% of the tax due, if higher than £300
  • Over 12 months late - a further £300 or a further 5% of the tax due if higher than £300

If you are not yet registered for Self Assessment, we can organise this for you, and walk you through the process of setting up your personal tax account with HMRC.
 

If you are already registered with HMRC for Self Assessment, it is a simple process of getting you registered as a client with us, and submitting a 64-8 Agent Authorisation request to HMRC which will allow us to file your documents with HMRC and speak to them on your behalf. 
 

We will then carry out a fact finding process with you to establish the income/expenditure you had for the year and request the various documents to support this, we will compile your records into an orderly manner and create a detailed log of your income and expenditure.
 

We use this information to prepare the relevant documents to accompany your Self Assessment and calculate your tax liability or refund.  Throughout the process we will keep you updated and advise you of the expenses you are allowed to claim and the tax implications specific to your individual situation.
  

We prefer to meet our clients in person to review the information, explain your liability/rebate, and discuss your tax implications for future years.  However, we also work with many clients remotely and offer an electronic signing service, using our app via your smartphone or tablet at no extra cost.

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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. 

HMRC INVESTIGATIONS 

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.