 Navigating the intricate landscape of taxation can be a daunting task for many, often leading to stress and uncertainty. At Tax Affinity Accountants, we understand the challenges our clients face and are committed to addressing these concerns with expertise and personalized solutions.
Common Pain Points in Tax Accounting
How Tax Affinity Accountants Address These Challenges
Client Testimonials "Over the last 11 years, we have used Tax Affinity in Kingston, Surrey, to handle all our accounting needs. They have always provided excellent service with unbeatable value for money." Our Commitment to Your Success At Tax Affinity Accountants, we pride ourselves on having a genuine 'affinity' with our clients and their business needs. Our ethos centers on caring and supportive service, focusing our accountancy skills specifically for small businesses and all types of taxpayers needing tax returns in Kingston upon Thames. We lead, inspire, and facilitate when others simply crunch numbers. Contact Us Get in touch and click this link to go to our contact us page. We invite you to experience the difference of working with a team that truly understands and addresses your tax and accounting concerns. Let us partner with you on the journey to financial clarity and business success. Tax Affinity Accountants Expert advice. Proactive solutions. Financial success. 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 #accountant #reducingtax #taxes #taxaffinity #accountants #avoidingpenalties #hmrc #penalty #trending #cashflow #time #burden #growth #strategy #trust #expertise #riskmanagment #investigations #digital #accoutancysoftware
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 "@Tax_Affinity #Accountants are simply amazing. My dedicated #Tax #accountant is super knowledgeable & supportive. Even when he is not available they have superb coverage to handle all my queries and the HMRC investigation was ended quickly" another happy client
With the rapid rise of HMRC investigations in the UK, especially around VAT, personal income taxes and company tax. And subsequently we are seeing a rise in the number of tax payers coming to us asking for help because their bookkeeper or accountant could not help them. As expert tax accountants we understand the questions and requirements of HMRC and carefully investigate your information to support you and reach a good conclusion in the compliance check. We speak to HMRC on behalf of our clients to help leave them to carry on concentrating on their day to day lives without the stress and worry of the compliance check. We have also noticed a huge rise in many unlucky clients who have been the victim of hundreds of thousands of pounds of VAT fraud from callers saying they are calling from HMRC and asking for their HMRC VAT portal login information because they are 'doing routine system maintenance'. Never share your login and password information to anyone on the phone as they will go intoyour account change the details and submit refund requests in your name to their account. HMRC or any reputable tax accountant would never ask you for your personal login and password. HMRC authorised agents, like us have our own HMRC gateway, so can easily request login access, the correct way, by asking HMRC to send you an authorisation code by post. If you have been unlucky enough to be caught with online fraud or have received a HMRC letter about a compliance check (investigation). Then get in touch immediately and let one of our tax experts help you. Struggling on your own is not a good option in the long run because you will nearly always end up worse off financially. Thats also why many private bookkeepers and accountants contact us about their clients and ask us to help them behind the scenes, they know they need a tax expert. Tax Affinity Accountants are experts in Tax and Business 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. #recommended #compliancecheck #accounts #director #CIS #paye #selfemployed #ltd #payroll #corporationtax #incometax #Compliance #check #hmrc #investigation #VAT #VATcheck #highnetworth #highnetworthindividuals 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.  HMRC has extended the self assessment deadline to 28th Feb 2021 due to Covid 19. Allowing tax payers another month to ensure they have their persoanl tax return submitted and tax paid by then.
Normally each the deadline each year is the 31st Jan. But this year as a last minute policy announced a few days before the deadline HMRC extended it saying they will not charge the late filing penalty until after the 28th Feb. And if tax was due the interest for late payment will not be applied until after 28th Feb also. However a close estimate of the tax payable should be paid by the 31st Jan to avoid interest. If readers have not had their 2019/20 self assessment / personal tax return done. Then they should urgently contact us today to ensure it can be done by the 28th Feb 2021 deadline. 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. Extension to coronavirus Self-Employment Support Scheme from government - SEISS 2nd payment6/21/2020  The Government and the Chancellor have confirmed that self-employed workers whose businesses have been negatively hit by coronavirus (Covid-19) would be able to claim “a second and final grant” in August 2020.
Those eligible can apply for the first grant (which was 80% of average monthly profits up to maximum of £2,500 per month for three months ie £7,500) until 13 July 2020. In the extension, those eligible for the second and final grant (businesses adversely affected on or after 14 July 2020) can make a claim in August 2020 (to be confirmed when it will open). You can make a claim for the second grant even if you didn’t make a claim for the first grant. The second grant will be a taxable grant worth up to 70% of your average monthly trading profits (ie £2250 per month), paid out in a single payment covering a further three months’ worth of net profits, to a maximum of £6,570 in total. Clients are advised if they have not claimed for the first grant to do so by the 13 July 2020. And if they are adversely effected in (June, July and August 2020) then to claim for the second grant also as soon as the scheme is opened by the Chancellor and the Government. By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts in Tax and Accountancy. Based in Worcester Park and Kingston upon Thames and Epsom 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.  Sometimes some a tax payer will have their tax return amended by HMRC after it was submitted. This is a normal thing and nothing to worry about. As it means that HMRC are checking to make sure the information on the tax return matches with the information they hold from other sources e.g. PAYE, CIS etc.
An example is if your tax return did not mention a former employer in the tax year and HMRC records show there was a former employer and some income and tax paid at that employer may affect the bottom final tax figure. This means there could be a difference in the final amount of tax due or refund due from HMRC to you. Sometimes this is not even your fault as you may have handed the new employer your P45 from the previous employer and the new employer should have start your PAYE using the P45 income and tax figures and carry forward from there, but for a number of reasons the new employer could not do this and therefore the tax code is set on a default standard code meaning you have received 2 lots of tax free allowance in a year. When this happens towards the end of the tax year (April) HMRC cannot send a notice to amend the tax code to the employer in time to adjust the over / under paid tax. So, they wait instead for the information to be included in the tax return to automatically update with the full info for the year. Therefore it's not a problem but a normal procedure by HMRC to ensure a tax payer is correctly aligned with their records held and their tax paid is correct. Unfortunately for a tax payer, sometimes this means handing back some of a tax refund as paid by HMRC previously or having a higher tax bill at the end of the tax year. By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts in Tax and Accountancy. With branches in Surbiton , Worcester Park , Kingston upon Thames , Cheam and Epsom they are considered in the Industry to be expert accountants and tax advisors for small businesses. Helping and supporting business throughout the UK, they regularly help clients grow their business providing tailored advice and support. 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.  If you work for the NHS or for Local Government and you are a contractor then you will have been notified that there will be changes coming in as of April 2017. We are increasingly being asked the same question by many clients who are confused and have not been advised correctly by their recruitment agnecy or end client. So we have compiled an easy bullet point guide below:
For a vast majority of contractors this means the recruitment agency or NHS / Council paying you has to decide how to pay you after April 2017. They may opt for the safest course of action / most profitable for them which may not be financially beneficial for you. And increasingly we are seeing a knee jerk reaction by most NHS and Council Management staff and recruitment Agencies is to incorrectly lable everyone the same even when HMRC does not say this in their rules. The vast majority of NHS and Council Management staff and recruitment Agencies are wrongly saying everyone is inside the scope for IR35 just because they cannot be bothered to work out who is and who isn't and they do not care if a person pays more tax than is really due. So have at look below at the correct options as per HMRC, that all contractors have in all ongoing negotiations:
By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts in Tax and Accountancy. Based in Worcester Park and Kingston upon Thames they are considered in the Industry to be expert accountants and tax advisors for small businesses. Helping and supporting business throughout the UK, they regularly help clients grow their business providing tailored advice. 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.  As of today there are only 7 working days till the 31st January 2017, which is HMRC's online self assessment deadline.
The submission of the personal income tax return and the payment of any tax and NI due for the period 6/4/15 to 5/4/16 is midnight 31/1/17. And anyone who has not yet had their tax return done and paid for should start to worry about the up to £1300 fine plus interest on late paid tax imposed by HMRC for missing the deadline. The self assessment / personal tax return is required from the following types of people: 1. Self Employed (even partially) during the tax year 15/16 ie 6/4/15 to 5/4/16 2. Employed and earning over 100k for the year ended 5/4/16 3. Director or shareholder of a Company and taking dividends in the period as above 4. If you have received rental income in the period 6/4/15 to 5/4/16 5. You received savings and investments income in the period 6/4/15 to 5/4/16 6. You sold something and made a profit on the item, so are required to pay the Capital Gains Tax (CGT) eg selling shares, a property, an antique, Plant and Machinery etc 7. You have received income over £50,000 and you claimed Child Benefit 8. If you have not notified HMRC that you have left self employment and they have not confirmed that you do not need to do a 15/16 return 9. A letter / email / text from HMRC has been received by the tax payer advising them that they need to submit a tax return for the 15/16 year (note: only new registrants may get a reminder as HMRC expects old registrants to already know the deadlines and protocols required). 10. You received income from overseas 11. You lived abroad and had income from the UK 12. You are retired and receive more than one type of pension and annual income payment pushing you over the personal income allowance 13. You have had a P800 from HMRC saying you have not paid enough tax in the year 14. You are minister of religion or and Underwriter 15 Even if a person has died they may still need to submit a tax return to make sure they have paid the correct tax and those that receive an inheritance may need to pay for Inheritance Tax (HMRC will advise further). 16. If you have received a P11d and not paid the correct tax for the benefit in kind eg company car, private medical, gym, travel etc So if you haven't already had your tax return done and still need to send / drop in your income and expenses information, please take heed of this final reminder. Those that have handed in their information we will make sure it is done before the deadline. We can even have your deadline extended in some cases as we are registered authorised agents for HMRC. And if your thinking of using an accountant, note, that not all accountants are the same. We recommend you use an expert in tax so he/she saves you far more in tax than you ever have to pay them for their service. With fines up to £1300 plus interest on the amount of tax due. In some cases penalties are greater than the tax that would have been due. So don't delay as you have no time left and most excuses and appeals are rejected by HMRC after a penalty has been imposed. By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts in Tax and Accountancy. Based in Worcester Park and Kingston upon Thames they are considered in the Industry to be expert accountants and tax advisors for small businesses. Helping and supporting business throughout the UK, they regularly help clients grow their business providing tailored advice. 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 often get asked when is the best and worst time to call HMRC? And because at Tax Affinity Accountants, we already know this, we are happy to advise them.
The telephone help lines at HMRC have historically always had long waiting times. With thousands of callers who wait a long time simply giving up even though they have needed important help to get things right. 'The early bird catches the worm' Its simple the best time to call HMRC is when everyone else is not calling. And this mean's doing it early in the morning between 8am and 10am Monday to Friday. The worst time is towards the end of the day between 4pm and 8pm, when everyone is calling them. Calling HMRC at the wrong time can cause a lot of stress and frustation. Plus imagine you ask one of your employees to do this at the wrong time and he/she does nothing for 45 minutes but hold the telephone. This a huge waste of wages and efficiency. Worse still HMRC also use an automated recorded message to try to turn away callers at peak times by telling them to check HMRC's online system and resources or a “Sorry there is no one available to take your call, please try later”. message. So plan ahead and try to call them early in the morning and if you must ask an important question just hold on in there until someone picks up and hope they give you the advice without referring you to another department! By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts in Tax and Accountancy. Based in Worcester Park and Kingston upon Thames they are considered in the Industry to be expert accountants and advisors for small businesses. Helping and supporting business throughout the UK, they regularly help clients grow their business providing tailored advice. 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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