Want to know what happened in the #Budget2023 today? Then check out our summary here...
Payments on account are advance payments towards your tax bill. You have to make 2 payments on account every year unless: - your last Self Assessment tax bill was less than £1,000 - you paid more than 80% of the previous year’s tax you owed Each payment is half your previous year’s tax bill, and payments are usually due by midnight on 31st January and 31st July. For more information please visit: https://www.gov.uk/understand-self-assessment-bill/payments-on-account
Monday motivation - if you or your business need a little help in the right direction, get in touch today! 📞 (01634) 540340 ✉️ [email protected] #motivationalmonday #motivationalquote #motivation #monday
Did you know that you can use your Government Gateway account to check your tax code, employment history, file your self assessment and more! As a Limited company you can also use it for other services such as Corporation Tax, PAYE and VAT. You should treat your log in details as you would your online banking details, keep them safe and never give them out! #hmrc #governmentgateway #PAYE #VAT #CT #soletrade #sme
Do you receive employee benefits such as a company car or private healthcare? Did you know that these benefits are taxable? Your employer will report these benefits to HMRC by July 6th (following the end of the tax year) using a P11D form. If you are employed, but still need to complete a self assessment tax return, you will need a copy of your P11D, which your employer can give to you 📝
If you have undisclosed rental income, you may want to make the most of HMRC's Let Property Campaign. The Let Property Campaign is an opportunity for landlords who owe tax through letting out residential property, in the UK or abroad, to get up to date with their tax affairs in a simple way and take advantage of the best possible terms. For more information, or to see how we can help: ✉️ [email protected]
Payroll getting your head in a spin? We're here to help! 📞 (01634) 540340 ✉️ [email protected] #payroll #accounting #kent #medway #rochester #accountantinkent
Just to make our clients aware, HMRC are trialling seasonal opening hours for the Self Assessment helpline - you will be encouraged to use the digital chat instead. This will be the case from 12th June - 4th September 2023. To find out more, click here: https://www.gov.uk/government/news/hmrc-to-trial-seasonal-self-assessment-helpline--2
Considering online accounting software? Xero automates tasks that used to take up a lot of time, from reconciling bank transactions to sending invoice reminders You can keep essentials like invoicing and payroll at your fingertips with the mobile app too! For more information visit: https://www.aconnect.co.uk/services/xero/ #xero #cloudaccounting
Are you a subcontractor working under the construction industry scheme? Did you know you should receive a written deduction statement from your contractor each time you are paid? You should receive this within 14 days of the end of each tax month, and is vital for reclaiming any overpaid tax from HMRC 🔨🔧 https://www.gov.uk/what-you-must-do-as-a-cis-subcontractor/pay-tax-and-claim-back-deductions #cis #subcontractor #constructionindustry #constructionindustryscheme #tax
In January 2023 HMRC launched a one-to-many (OTM) letter campaign aimed at people who earn money from online marketplace sales, and people who earn money from content creation on digital platforms, in an attempt to help these people understand and meet their tax paying obligations under the UK tax system. Here we explain the approach being used by HMRC, and what to do if you either earn money from one of these sources, or if you receive a letter: https://www.aconnect.co.uk/2023/05/online-sales-and-digital-content-creation/ #otm #onetomany #digitalcontentcreation #tax #onlinesales
The biggest change to affect the UK corporation tax system has come into force from 1 April 2023. Do you know how the changes will affect you and your business? Have you made appropriate plans to mitigate the potential losses? Here we will explain how corporation tax works, and what you can do to mitigate your losses under the new regime: https://www.aconnect.co.uk/2023/05/2023-corporation-tax-changes/ #corporationtax #corptax #tax #taxupdate
We're already through the first month of the new tax year! Did you know that now is the best time to file your 2022-23 tax return? Not only does it give you more time to budget for your potential tax bill, but if you are due a rebate you'll get it back sooner! #dontdelayfiletoday #selfassessment #satr
When it comes to what you can claim against your taxes, HMRC have a general rule. As long as your purchase is wholly and exclusively for the purpose of running your business, then you can deduct it against your taxable income. So when you go out and buy something, you need to think "Am I buying this just to run my business?" If the answer is yes, it is more than likely that you can deduct it for tax purposes So remember, wholly and exclusively.
It's the bank holiday so we've got our feet up! Don't worry we will be back open tomorrow as normal (01634) 540340 - [email protected]