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.
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 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.  There are only a few working days are left until (UK) HMRC's self assessment (tax return) deadline. And with many people receiving furlough, SEISS type covid grants and Covid Support from Local Council's which all need to be declared it only add to the complication.
Many tax payers are finding their tax bills are higher this year than last year and are turning to expert tax accountants at Tax Affinity to help them. Doing it yourself or with someone with a basic knowledge of the ever changing tax rules is likely to end up costing you much more than the fees an expert tax accountant would ever cost. It just makes economic sense. So if you have not had your 2020/21 (6.4.20 to 5.4.21) tax return completed then you urgently 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 a fine by HMRC for missing the 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. 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.  Tax Affinity Accountants have many branches The 5th SEISS grant
As the UK returns to normal after the Covid 19 pandemic, all government support for sole traders, self employed and small and medium sized business is winding down. Meanwhile HMRC is increasing efforts to maximise tax revenues. In some cases going back several years to find any unpaid taxes and add on interest and fines to the amounts. It use to be the anything under £50 HMRC wouldnt bother to chase but now every pound matters. The deadline for the 5th SEISS (self employed / self assessment) grant is 30th Sept 2021 only a few days away. The 5th SEISS grant is different from the previous ones as there are two levels available and the claimant needs to declare how trade as been negatively effected (reduced activity / capacity / demand) between 1st May 2021 to 30th Sept 2021. And requires that the 19/20 and 20/21 self assessments (personal tax returns) be completed. There is also a relevant basis period applicable and a financial impact declaration (FID). This has caused a lot of members of the public confusion and worry on how to claim for this correctly and not make an incorrect that can be picked up by HMRC and asked to be paid back. So we at Tax Affinity Accountants are here to help and support everyone who needs help with this regard. We can help complete the paperwork and documentation required to claim the 5th grant without the hassle and time spent trying to work out and worrying if you have declared everything correctly. Contact us via our online form here. Bounce Back Loans We have also noticed that a lot of banks are not telling customers clearly about their options (ensured by the goverment) when it comes time to start making repayments for the bounce back loan. In short you have 3 options before having to make repayments in full when your business and you may not be able to afford to.
So be careful to ensure you and your business can afford to pay the BBL back before paying back your bank. And if you plan wisely and your bank allows you could use all of the options in turn. Our company vision is to improve the financial life of every person in the world we are here to help anyone who needs help in these or any other matters. Feel free to Contact Us via our online form. 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.  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.  Only 20 working days left until HMRC self assessment deadline.
Did you know this year over 2700 people did their tax return on Christmas day this year according to HMRC. Those that did know that they have to get it done before the deadline of 31/01/2021 and that there is only 20 working days left (as of today 31/12/20). So if you have not had your 2019/20 (6.4.19 to 5.4.20) tax return completed then you urgently 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 a fine by HMRC for missing the 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./  The Chancellor yesterday announced a raft of new measures to support businesses in the UK. Below are the key points to help you and your business:
Job Support Scheme - to replace the Furlough scheme
If an employee (e.g. Mr Bob Smith) works reduced hours the employer pays for that. And in addition the employer and government pay one third of the lost pay each (up to the cap £697.92). So if Mr Bob Smith normally worked for an employer at £2,000 a month, and then worked 50% hours, he would get £1,000 normal pay plus £333 extra from their employer and £333 from the government. Self Employed Support - SEISS Grants
Bounce Back (BBL) Loans and Covid (CBILS) Loans - time extended from 6 to 10 years to repay + chance to pay interest only
Tax - 5% VAT to remain longer, VAT deferred interest free payments, more time to pay HMRC
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. |
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