 Elephant with the word tax on its side, representing the hidden issue of UK taxpayers overpaying tax without proactive tax planning from Tax Affinity Accountants. The Elephant in the Room Is Usually Tax: Are You Paying More Than You Legally Need To?
Most people know they are paying tax. Many suspect they are paying too much. Very few know exactly how much they could legally save. That is the real elephant in the room. For many individuals, landlords, company directors, contractors, high earners and business owners, tax is treated as something that simply “happens” once a year. A return is filed. A bill is paid. HMRC receives the money. Life moves on. But here is the uncomfortable truth: HMRC will not usually tell you that your affairs could have been structured more tax efficiently. HMRC’s role is to collect the correct tax under the law. It is not to proactively redesign your income, company structure, dividends, pension contributions, property ownership, capital gains position or inheritance tax planning so that you keep more of your own money. That is where proper tax advice matters. At Tax Affinity Accountants, we help clients identify the tax issues they may not see, challenge assumptions, review historic positions, and create practical strategies to reduce unnecessary tax exposure while remaining fully compliant. Because the real question is not: “Am I paying tax?” The real question is: “Am I paying more tax than I legally need to?” How Tax Affinity Accountants Helps You Keep More of Your Money Tax Affinity Accountants is a UK-based tax accountancy firm helping individuals, landlords, contractors, company directors, high earners, SMEs and property investors identify whether they are paying more tax than legally necessary. The firm provides proactive UK tax planning, Self Assessment tax return support, limited company accounts, corporation tax advice, VAT, payroll, CIS, capital gains tax advice, inheritance tax planning, HMRC investigation support, forensic accounting-style analysis and expert accountant input for legal or dispute matters. Tax Affinity Accountants helps clients remain compliant with HMRC while using legitimate tax reliefs, allowances and planning strategies to keep more of their own money. Why So Many UK Taxpayers Overpay Tax Without Realising Tax overpayment is rarely caused by one obvious mistake. More often, it happens quietly over time. A business owner may take salary and dividends in the wrong balance. A landlord may miss allowable finance, repair, mileage, home office or professional expenses. A company director may fail to plan pension contributions before the year end. A property investor may trigger unnecessary capital gains tax. A family may leave inheritance tax planning too late. A contractor may not claim the right business costs. A high earner may lose personal allowance without planning around it. Each issue on its own may seem small. But over several months or years, the lost tax savings can become substantial. This is why experienced tax advice is not just about filing a return. It is about looking underneath the surface and asking: What has been missed? What could be improved? What risk exists? What reliefs are available? What should be done before the tax year ends? What should be changed before HMRC asks questions? A basic accountant may record what already happened. A proactive tax accountant helps you plan what should happen next. HMRC Will Not Plan Your Tax for You Many taxpayers wrongly assume that if HMRC accepts a return, everything must be optimised. That is not necessarily true. A tax return can be accepted and still be inefficient. A company can be compliant and still be badly structured. A taxpayer can pay the “right” tax based on the information submitted, while still missing legitimate reliefs, allowances or planning opportunities. HMRC does not normally contact taxpayers to say: “You could have claimed more expenses.” “You should have considered pension planning.” “You may have structured your property income inefficiently.” “You could have reduced your capital gains tax exposure.” “Your company/director extraction strategy could be improved.” “Your family wealth planning may create future inheritance tax problems.” That responsibility sits with you and your adviser. And that is why choosing the right accountant is not just an admin decision. It is a financial decision. The Hidden Cost of Having the Wrong Accountant A cheap or reactive accountant may seem like good value at first. But if they only file accounts and tax returns after the event, without giving forward-looking advice, the real cost can be far higher than the fee you saved. The wrong accountant can cost you money through: Missed tax reliefs. Poor dividend and salary planning. Incorrect expense treatment. Weak record keeping. Late filing penalties. Unclaimed capital allowances. Poor VAT decisions. Incorrect CIS handling. Weak payroll planning. Missed capital gains tax planning. Failure to consider inheritance tax early enough. Inadequate support during HMRC enquiries. Poor advice during company closure, property sales or restructuring. The problem is that most taxpayers only discover the weakness when it is too late. By then, the tax year has ended. The transaction has completed. The deadline has passed. HMRC has opened an enquiry. The penalty has arrived. The opportunity has gone. This is why proactive tax planning is so important. Worried You May Be Paying Too Much Tax? If your accountant only contacts you once a year, only files what already happened, or never explains how to legally reduce your tax exposure, it may be time for a second opinion. Tax Affinity Accountants can review your tax position and help identify whether you are missing legitimate tax-saving opportunities. Call 08000434051 or contact Tax Affinity Accountants today to arrange a tax review. What Tax Affinity Accountants Looks For At Tax Affinity Accountants, our approach is to look beyond the numbers and understand the person, business or family behind them. Depending on your circumstances, we may review areas such as: Income tax planning. Self Assessment tax returns. Limited company tax efficiency. Salary versus dividend planning. Corporation tax reduction strategies. VAT registration and VAT planning. Payroll and PAYE compliance. CIS tax for contractors and subcontractors. Capital gains tax on property, shares and business assets. Inheritance tax planning and family wealth protection. Rental property accounts and landlord tax. Director loan accounts. Business expense claims. Pension contribution planning. HMRC investigations and enquiries. Forensic accounting support. Expert accountant reports for legal or dispute matters. Business restructuring and company closures. Overseas income and international tax issues. The goal is simple: help you remain compliant while legally keeping more of your hard-earned money. Tax Planning Is Not Tax Avoidance Good tax planning is not about hiding income, taking reckless shortcuts or creating artificial arrangements. Proper tax planning means understanding the law, applying the correct reliefs, keeping accurate records, structuring decisions sensibly, and making informed choices before deadlines pass. There is a big difference between aggressive tax avoidance and legitimate tax efficiency. At Tax Affinity Accountants, we focus on practical, compliant and commercially sensible advice. We help clients understand what they can legally claim, what they should avoid, and how to protect themselves if HMRC ever reviews their affairs. This is especially important for business owners, landlords, contractors and high earners, where the tax rules can quickly become complex. Why Business Owners Often Pay Too Much Tax Business owners are some of the most common taxpayers to overpay tax without realising. This can happen when they: Take profits inefficiently. Do not plan dividends properly. Fail to use pension contributions strategically. Miss allowable business expenses. Do not use company assets correctly. Fail to plan for VAT thresholds. Ignore director loan account issues. Leave corporation tax planning until after the year end. Do not review whether their company structure still works. Fail to prepare for future sale, succession or exit. A growing business needs more than annual accounts. It needs tax strategy. The right accountant should not simply ask, “What happened last year?” They should also ask, “Where is the business going, and how do we make the tax position stronger before it gets there?” Why Landlords and Property Investors Need Specialist Tax Advice Property tax is one of the areas where taxpayers can lose significant money through poor planning. Landlords and property investors may need advice on: Rental income tax. Mortgage interest restrictions. Repairs versus improvements. Joint ownership and income splitting. Capital gains tax on sale or transfer. Private residence relief. Lettings relief where applicable. Stamp Duty Land Tax considerations. Limited company property structures. Inheritance tax exposure on property portfolios. Overseas property income. Short-term lets and furnished holiday let changes. Record keeping and expense evidence. A property decision made for convenience today can create a tax problem later. Before buying, selling, transferring, gifting, refinancing or restructuring property, it is sensible to speak to an accountant who understands both tax compliance and long-term planning. HMRC Investigations: When the Elephant Becomes a Problem Sometimes the tax issue is not just about saving money. Sometimes it is about protecting yourself. HMRC enquiries and investigations can be stressful, time-consuming and financially damaging if handled poorly. Even innocent mistakes can become serious if records are weak, explanations are unclear or correspondence is mishandled. Tax Affinity Accountants can assist clients with HMRC enquiries, tax disputes, compliance checks and investigation support. We also have experience supporting complex matters where tax, accounting evidence and legal issues overlap, including forensic accounting-style analysis and expert accountant input where appropriate. When numbers are being challenged, the quality of the explanation matters. When HMRC asks questions, you need more than guesswork. You need calm, structured, evidence-based support. Why Switching Accountant May Be the Best Financial Decision You Make This Year Many people stay with the same accountant because it feels easier. They assume all accountants do roughly the same thing. They do not want the hassle of switching. But if your current accountant is not advising you proactively, not explaining your options, not identifying tax-saving opportunities, not warning you before deadlines, and not helping you plan ahead, then staying put may be costing you more than you realise. You should consider reviewing your accountant if: You only hear from them once a year. They never suggest ways to reduce tax. You do not understand your tax position. You feel rushed or ignored. You are growing but not receiving strategic advice. You have property, investments or multiple income streams. You are worried about HMRC. You suspect you are overpaying tax. You want a more proactive accountant. You want advice, not just filing. Switching accountant is usually simpler than people think. A professional clearance process can be handled between firms, and a good new accountant can guide you through the transition. The bigger risk is not switching when your tax affairs have outgrown your current support. The Tax Affinity Difference Tax Affinity Accountants is built around a simple principle: Expert advice. Proactive solutions. Financial success. We support individuals, sole traders, landlords, contractors, company directors, SMEs and families who want more than basic tax return filing. Our clients come to us because they want clarity, protection, strategy and confidence. We help clients understand their numbers, reduce unnecessary tax exposure, stay compliant with HMRC, and make better financial decisions. We are a Recognised tax agent authorised to act on clients’ behalf with HMRC, and our team regularly supports clients with tax returns, accounts, VAT, payroll, CIS, capital gains tax, inheritance tax, business structuring, HMRC correspondence and complex tax advisory matters. For clients who want a serious accountant, not just a form-filler, Tax Affinity Accountants offers a higher level of support. Do You Know How Much Tax You Are Overpaying? This is the question most people avoid. Not because they do not care. But because tax feels complicated, uncomfortable and easy to postpone. The problem is that tax does not wait. Deadlines pass. Reliefs expire. Allowances are lost. Records become harder to reconstruct. HMRC interest and penalties can build. Opportunities disappear. The best time to review your tax position is before the tax year ends, before a transaction completes, before HMRC opens an enquiry, and before your business or personal finances become more complicated. The second-best time is now. Book a Tax Review with Tax Affinity Accountants If you are a business owner, landlord, company director, contractor, high earner, investor or individual who suspects you may be paying too much tax, now is the time to act. A professional tax review can help identify: Where you may be overpaying tax. Which reliefs and allowances may apply. Whether your company structure is still suitable. Whether your property income is being reported efficiently. Whether your salary and dividend mix is appropriate. Whether you are exposed to HMRC risk. Whether your future tax position can be improved. Do not wait until another tax year is over. Do not wait until HMRC contacts you. Do not wait until your accountant simply tells you what the bill is. Speak to Tax Affinity Accountants and find out what proper tax advice could do for you. Tax Affinity Accountants Expert advice. Proactive solutions. Financial success. Frequently Asked Questions Why Do Many UK Taxpayers Overpay Tax? Many UK taxpayers overpay tax because they only file returns after the tax year has ended, instead of planning before key deadlines. HMRC will not usually advise taxpayers on how to structure income, dividends, pensions, property ownership, business expenses or capital gains in the most tax-efficient way. A proactive UK tax accountant can review a taxpayer’s position, identify missed reliefs and allowances, reduce unnecessary tax exposure and help keep the taxpayer compliant with HMRC. Can an accountant really reduce my tax bill legally? Yes, in many cases. A good accountant can identify allowable expenses, reliefs, allowances, pension planning opportunities, business structuring options and timing strategies that may reduce tax legally and compliantly. The exact outcome depends on your circumstances. Will HMRC tell me if I have overpaid tax? HMRC may correct certain obvious errors or process repayment claims, but HMRC will not normally act as your personal tax planner. It is your responsibility, with your accountant, to ensure your affairs are structured efficiently and that legitimate claims are made correctly. How do I know if I am paying too much tax? You may be paying too much tax if your accountant only files returns after the year end, does not discuss tax planning, does not review expenses, does not explain salary and dividend options, does not consider pension contributions, or does not advise before property, company or investment decisions. A professional tax review can identify whether legitimate reliefs, allowances or planning opportunities have been missed. Is tax planning only for wealthy people? No. Tax planning can help sole traders, landlords, contractors, small business owners, company directors, families, high earners and ordinary individuals with multiple income sources. The earlier you plan, the more options you usually have. When should I speak to a tax accountant? Ideally before the tax year ends, before selling property, before taking large dividends, before buying investment property, before closing a company, before making gifts, before moving overseas, before receiving large income, or before HMRC opens an enquiry. Can I switch accountant easily? Yes. In most cases, switching accountant is straightforward. Your new accountant can request professional clearance and obtain the necessary records from your previous accountant, subject to standard procedures. Does Tax Affinity Accountants help with HMRC investigations? Yes. Tax Affinity Accountants can assist clients with HMRC enquiries, compliance checks, tax disputes and related tax/accounting matters. Where appropriate, the firm can also support more complex cases requiring detailed analysis and forensic-style accounting input. Speak to Tax Affinity Accountants Before Another Tax Year Is Lost Tax planning works best before deadlines pass. Once the tax year has ended, many opportunities may already be limited or lost. If you are a business owner, landlord, company director, contractor, investor, high earner or individual who suspects you may be paying too much tax, now is the time to act. Contact Tax Affinity Accountants today and find out whether your current accountant is helping you keep more of your money — or simply telling you what to pay. Call 0800 043 4051 Visit www.taxaffinity.com Tax Affinity Accountants — Expert advice. Proactive solutions. Financial success. About the Author Written by Anni Khan, Tax Affinity Accountants Reviewed by Andrew Khan, Principal Accountant, Tax & Forensic Accounting Specialist, Recognised tax agent authorised to act on clients’ behalf with HMRC. Tax Affinity Accountants are UK-based tax and accountancy specialists supporting individuals and SME businesses. With offices in Worcester Park, Kingston upon Thames, and Epsom & Ewell, they act for clients across the UK and internationally, providing compliant, HMRC-focused tax advice and support. For more information, visit www.taxaffinity.com or read more insights at www.taxaffinity.com/blog. Important Notice This article is for general information purposes only and does not constitute personalised tax advice. Tax treatment depends on individual circumstances. Professional advice should be sought before taking action. #UKTaxAdvice #TaxPlanning #SelfAssessment #BusinessTax #HMRCInvestigations #ForensicAccounting #CapitalGainsTax #InheritanceTax #LandlordTax #LimitedCompanyTax #TaxAffinityAccountants
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Autumn statement 2023 main points for small and medium sized businesses (SME) and employees11/25/2023  Expert Tax Accountants for small, medium sized businesesses & individuals Chancellor Jeremy Hunt has disclosed the UK government's fiscal plans for the upcoming year. On November 22, 2023, Hunt presented the Autumn Statement in the House of Commons, likely the last pre-election mini-budget, with Prime Minister Rishi Sunak hinting at a potential election in October 2025 next year.
The Office for Budget Responsibility (OBR) has concurrently unveiled its latest economic outlook for the UK. In response to last week's news of a drop in inflation to 4.6% for the year up to October, Conservative MPs had advocated for broader tax cuts, taking advantage of what was termed as 'fiscal headroom.' Consequently, the chancellor has indeed announced tax reductions in today's statement. The focus now turns to how these revelations might impact small businesses and the self-employed. Read on for key updates affecting this sector:
Despite receiving a little bit of positive feedback, reservations linger about the effectiveness of these reforms in bolstering the strained small business sector. The increase in minimum wages rates for employees will no doubt increase costs for SME's already suffering from high utility bills - and will ultimately mean smart business owners decease the days and hours of staff. The majority of small businesses already had access to small business rates relief so nothing changed there. Finally the much talked about CGT and IHT amendments did not materialise, neither was there any focus on reigning in large energy suppliers sapping the profits out of small and medium sized business to boost their annual profits. And the loss of class 2 NI is a blow for micro businesses and sole traders who needed it to top up their state pension contributions. Overall not impressed at all. By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts Business, Tax and Accountancy. With branches in Worcester Park and Kingston upon Thames and Epsom and Ewell they are considered in the Industry to be expert business accountants and tax advisors for both individuals and small & medium sized businesses (SME's). Helping and supporting both individuals and limited company owners / self employed people throughout the UK and the world, they regularly help clients grow their business providing tailored advice and support. Their support has been considered invaluable by many clients and key to their success. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends.  Tax Affinity Accountants with their high street branches The Smart Move: Why You Should Use a Tax Accountant for Your Self-Assessment
In the world of personal finance, few things are as certain as taxes. Each year, individuals across the globe prepare to navigate the labyrinth of tax regulations, deductions, and forms required for their self-assessment. While some opt for the DIY approach, a growing number are discovering the numerous benefits of enlisting the expertise of a tax accountant. In this blog post, we'll explore why using a tax accountant for your self-assessment is not just a smart choice but often a financially savvy one. 1. Expertise and Knowledge: Tax accountants are professionals who specialize in tax laws and regulations. They stay up-to-date with the latest changes in tax codes and have the experience to navigate complex financial situations. This expertise can help you minimize your tax liability legally. 2. Maximize Deductions and Credits: Tax accountants have a keen eye for identifying deductions and credits that you might overlook. Their attention to detail can result in significant savings, ensuring you're not paying more taxes than necessary. 3. Reduce Stress and Save Time: Preparing your own taxes can be time-consuming and stressful. It often involves sifting through a mountain of paperwork and deciphering intricate tax jargon. Hiring a tax accountant frees up your time and reduces the stress associated with tax season. 4. Avoid Costly Mistakes: Filing taxes incorrectly can lead to penalties and audits. Tax accountants are trained to minimize errors and ensure that your return is accurate, reducing the risk of costly mistakes that can haunt you later. 5. Year-Round Assistance: A tax accountant's support isn't limited to just tax season. They can offer financial advice throughout the year, helping you make informed decisions to optimize your tax situation and financial health. 6. Audit Protection: If you're audited by tax authorities, having a tax accountant on your side can be invaluable. They can guide you through the audit process and ensure that your rights are protected. 7. Customized Strategies: Tax accountants can create personalized tax strategies that align with your financial goals. They consider your unique circumstances to help you make the most of available tax benefits. 8. Peace of Mind: Perhaps one of the most valuable aspects of hiring a tax accountant is the peace of mind it brings. Knowing that a professional is handling your taxes can alleviate anxiety and allow you to focus on other aspects of your life. 9. Cost Savings: Contrary to common belief, hiring a tax accountant can often result in cost savings. The deductions and credits they can uncover, combined with the reduction in errors, can more than offset their fees. 10. Legal and Ethical Compliance: Tax accountants operate within the bounds of the law and adhere to ethical standards. This ensures that your taxes are filed ethically and legally, eliminating any worries about potential legal repercussions. In conclusion, the decision to use a tax accountant like Tax Affinity for your self-assessment is an investment in your financial well-being. Their expertise, ability to maximize savings, and dedication to compliance can make the process smoother, more accurate, and less stressful. Ultimately, it's a smart move that can pay dividends in terms of both financial savings and peace of mind. So, this tax season, consider enlisting the help of a tax accountant like Tax Affinity and reap the rewards of a stress-free and financially optimized experience. By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are the number rated and recommended Tax Accountants in London. With branches in Worcester Park and Kingston upon Thames and Epsom and Ewell they are considered in the Industry to be expert business accountants and tax advisors for both individuals and small & medium sized businesses (SME's). Helping and supporting both individuals and limited company owners / self employed people throughout the UK and the world, they regularly help clients grow their business providing tailored advice and support. Their support has been considered invaluable by many clients and key to their success. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends. a Tax Accountants Experience and expertise is highly valued in tax planning and hmrc investigations5/22/2023
 Tax Affinity expert tax accountants for help with planning and investigations Tax Affinity Accountants are rated as experts in Tax and Accounting Industry and because of our experience and expertise with Tax we can help clients to both legally minimise their tax and make the best plans for the future. We never recommend breaking any rules but instead using our expertise know that there is more than enough scope with the framework to legally reduce taxes and still have the peace of mind. And because we stay abreast with the latest changes and developments we are are always at the forefront of advising clients when things change. And you know your in safe hand because Tax Affinity are experts in tax law with a good working relationship with HMRC. There to there to help and support clients if they are involved in a HMRC tax or VAT investigation or have a Worldwide Disclosure / Let Property Campaign letter etc to respond to. We are always able to successfully support and guide clients to the best possible outcome. Just ask one of our many happy clients who sing our praises. Below is a list of just some of the things we can help with. If what your looking for is not listed we most likely are still able to do it but just didnt want to make the list too long. Give us a call and have a chat with one of our tax experts or come into one of our high street branches - we will be happy to help. - Inheritance tax planning for landlords with estates between £1million - £250million - Capital gains tax planning - Transferring properties into a limited company - Incorporation - Offshore tax planning - HMRC Tax and VAT Investigations - Code of Practice 8 and 9 investigations - Alternate Dispute Resolution - Tax Tribunals - Forensic Accounting - Worldwide Disclosure Facility - Let Property Campaign - HMRC Check of Self Assessment / Tax - Contractual Disclosure Facility (CDF) - Code of Practice 8 / 9 / 11 / 14 - Section 144 Enquiry - Section 12A TMA 1970 Notice Investigations - Code of Practice 11 (Local Compliance Offices) - Code of Practice 14 Investigation (Company Tax Return Investigations) By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts Business, Tax and Accountancy. With branches in Worcester Park and Kingston upon Thames and Epsom and Ewell they are considered in the Industry to be expert business accountants and tax advisors for both individuals and small & medium sized businesses (SME's). Helping and supporting both individuals and limited company owners / self employed people throughout the UK and the world, they regularly help clients grow their business providing tailored advice and support. Their support has been considered invaluable by many clients and key to their success. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends.  With only a few working days left. This is an important reminder that if you have not already had your 2021-22 personal tax return done. All 21/22 tax returns (self assessments) need to be calculated & submitted to HMRC before the 31st January 2023 and any tax payable for the year to be paid by that date also. And we recommend this is urgently done and you contact us today. If you had it done or do not need it then ignore this reminder.
As per last year HMRC is saving money & will not send postal reminders. They now choose instead to collect money through letters of fines for missed deadlines saying 'all tax payers should be aware of the self assessment deadline, and not expect HMRC to remind them'. With fines starting at £100 rising to £1300 plus interest for late filing and payment even if you had no tax to pay, there really is no excuse to not have it done as soon as possible so get in touch today and ensure its calculated and declared by professional tax accountant, someone who will make sure to look after your best financial interests while freeing you up to concentrate on the things your love. To complete the 2021/2022 self assessment you will need the following information:
Tax Affinity Accountants are experts Business, Tax and Accountancy. With branches in Worcester Park and Kingston upon Thames and Epsom and Ewell they are considered in the Industry to be expert business accountants and tax advisors for both individuals and small & medium sized businesses (SME's). Helping and supporting both individuals and limited company owners / self employed people throughout the UK and the world, they regularly help clients grow their business providing tailored advice and support. Their support has been considered invaluable by many clients and key to their success. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends.  Tax Affinity Accountants your local experts with high street branches On 17/11/2022 Jeremy Hunt the Chancellor for the UK Governments expressed their plans for the coming year and the contents of his autumn budget. As before we have read thorugh the detailed report and listed the main bullet points for small business and the self employed.
Personal Income Tax There are no changes to the personal tax thresholds. And they will remain at the current level until April 2028. This also includes the National Insurance Contribution threshold for PAYE and self employed. Minimum wage for people aged over 23 to increase from £9.50 to £10.42 an hour from April 2023 Company Dividend Tax-Free Allowance (DIV) The dividend tax free allowance threshold will be reduced from £2,000 to £1,000 from April 2023. And this will be reduced even more in 2024-25 to £500. Additional Rate of Income Tax (Higher Tax band) From April 2023, the higher rate band will be reduced from £150,000 to £125,140. Which means anyone earning above £125,140 will now be taxed at the 45%. Apart for Scotland. Annual Investment Allowance (AIA) The Annual Investment Allowance will be permanently set at £1 million to help promote growth in the economy. Corporation Tax (CT600) From April 2023, the Corporation Tax is due to increase to 25% if a company’s profits exceed £250,000. Companies whose profits are between £50,001 to £250,000 will be subject to a tapered relief. Companies whose profits fall below £50,000 will remain at the current level of 19%. Capital Gains Tax-Free Allowance (CGT) Also rumoured before the budget, the threshold for Capital Gains Tax will be reduced from £12,300 to £6,000 from April 2023. Similarly to the dividend allowance, a further reduction will be seen in 2024-25 to £3,000. Employment Allowance (Employer NIC) The Employment NIC Allowance will stay at £5,000 meaning that eligible employers. Road Tax Electric cars, vans and motorcycles will start to pay road tax from April 2025. Energy The household energy price cap has been extended for one year beyond April 2023 but has been made less, with typical bills capped at £3,000 instead of £2,500 a year. By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts Business, Tax and Accountancy. With branches in Worcester Park and Kingston upon Thames and Epsom and Ewell they are considered in the Industry to be expert business accountants and tax advisors for both individuals and small & medium sized businesses (SME's). Helping and supporting both individuals and limited company owners / self employed people throughout the UK and the world, they regularly help clients grow their business providing tailored advice and support. Their support has been considered invaluable by many clients and key to their success. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends.  Tax Affinity have many high street branches HMRC relishes the idea that tax payers will make errors in their tax returns and then they will pay higher taxes or be fines for making errors. The number of errors by members of the public doing their own self assessments has been rising steeply in the last few years and HMRC has been raking in fines for errors. So its very important to try to ensure you make none.
Why? - Well simply mistakes on your tax returns could cost you a lot of hard earned money. Solution? - Avoid HMRC penalties and charges by making sure you don’t commit these mistakes during tax return time by getting an expert like Tax Affinity Accountants (one the most highly recommended accountants in the UK) to do calculate and submit the return for you and sleep easy at night knowing you paid the least tax and everything was correct according to HMRC rules. Key things to keep in double check:
A good tax accountant should save you much more in tax than what he/she charges. And having a Tax Affinity accountant calculate your personal and business tax situation will lead to zero mistakes on your return and a lower tax bill first time every time. Fill out our contact us page to find an office near you and we will be happy to help you sleep easier at night. By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts Business, Tax and Accountancy. With branches in Worcester Park and Kingston upon Thames and Epsom and Ewell they are considered in the Industry to be expert business accountants and tax advisors for both individuals and small & medium sized businesses (SME's). Helping and supporting both individuals and limited company owners / self employed people throughout the UK and the world, they regularly help clients grow their business providing tailored advice and support. Their support has been considered invaluable by many clients and key to their success. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends. Last year over 30,000 people filed their tax returns between christmas eve and boxing day12/19/2021  Tax Affinity Accountants have branches local to you Did you know last year more than 30,000 people in the UK did their tax return between Christmas Eve and Boxing Day?
As of writing this, there are only 20 working days left until HMRC's self assessment deadline of 31st Jan 2022. Each year millions of people leave their tax return (self assessment) to the last minute and then stress out if they declared the info correctly and if the tax due is correct. Statistically the number one worry tends to be if their submission may trigger an HMRC investigation into their tax affairs... death and taxes being the fear we suppose. Plus in the last tax year due to Covid 19 and lockdown's there were many other sources of income e.g. council support grants, SEISS (self employed grants), furlough, bounce back loans, universal credit, tax credits etc. Making tax returns more complicated and resulting with higher taxes due for most tax payers. If your worried we recommend you get in touch with one of our tax experts. Because we have seen a lot more investigations this year than previous years as HMRC starts it claw back to try to shore up the UK government income and focuses even more on tax avoidance and incorrect information. So if you have not had your 2020/21 (6.4.20 to 5.4.21) tax return (self assessment) completed then you urgently need to get in touch today as the number of working days are fast decreasing and before you know it the time will be gone and you may end up facing badly caclulated tax return paying more tax than you need to or worse a fine by HMRC for missing the deadline. Contact us today by clicking this link or calling us on the number above. And share this page with your friends and family. By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts in Tax and Accountancy. With branches in Worcester Park and Kingston upon Thames and Epsom and Ewell they are considered in the Industry to be expert business accountants and tax advisors for small and medium sized businesses (SME's). Helping and supporting limited company owners and self employed people throughout the UK, they regularly help clients grow their business providing tailored advice and support. Their support has been considered invaluable by many clients and key to their success. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends.  We love a list that gets right to the point. So here is our key points for businesses in the UK from the Chancellor's autumn budget 2021:
1) Dividends: rise of 1.25% tax after nil band from 7.5% to 8.75% and higher rate band up from 32.5% to 33.75% from April 2022 2) Capital gains tax (CGT): with immediate deadline to report & pay after selling a UK residential property has increased from 30days to 60days after completion date. Giving landlords more time 3) Corporation tax: will rise from 19 % to 25 % from April 23. Businesses with profits less than £50k will get a small profit rate which is still 19%. For profits above £50,000 there is a tapered rate with bands & %’s going up to the 25% rate. 4) National insurance: Increase 1.25% national insurance contribution for all (employees, employers & self-employed) from April 2022. 5) National living wage: increase from £8.91 to £9.50 p/hr. 6) R&D tax relief: to be expanded to cover cloud computing & data costs now also as well. 7) Business rates : Rates revaluation cycle changed from 5 years to 3 years from 2023. New Improvement Relief, for businesses to improve/extend property, meaning they won’t pay additional business rates in 12 months after improvements. Plus a 50% business rates discount from April 2022 (to max £110k) for 1 year for retail, hospitality & leisure. 8) Annual investment allowance (AIA): £1m Annual Investment Allowance (AIA) extended to March 2023. If your business is effected by these changes and you want help and support contact us today By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts Business, Tax and Accountancy. With branches in Worcester Park and Kingston upon Thames and Epsom and Ewell they are considered in the Industry to be expert business accountants and tax advisors for both individuals and small & medium sized businesses (SME's). Helping and supporting both individuals and limited company owners / self employed people throughout the UK and the world, they regularly help clients grow their business providing tailored advice and support. Their support has been considered invaluable by many clients and key to their success. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends.  Tax Affinity Accountants UK Spring Budget 2021 key points for business owners & SME's
At Tax Affinity we believe in improving the financial lives of every person in the world. Each time the UK treasury government makes budget announcements we spend time reading through the information to help our clients support our clients with the best information to drive their businesses forward even during a down turn. The key points are listed below for a quick guide:
By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts Business, Tax and Accountancy. With branches in Worcester Park and Kingston upon Thames and Epsom and Ewell they are considered in the Industry to be expert business accountants and tax advisors for both individuals and small & medium sized businesses (SME's). Helping and supporting both individuals and limited company owners / self employed people throughout the UK and the world, they regularly help clients grow their business providing tailored advice and support. Their support has been considered invaluable by many clients and key to their success. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends. |
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