- 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.
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
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
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
- 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
- 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
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.
- £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.
Get started with us today
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.