Category: Umbrella Company

18/19 HMRC Self Assessment Reminder - Tax Return Deadline - 30th Nov 2019

11/25/2019

This is an important & urgent reminder that if you have not already had your 2018-19 personal tax return calculated & submitted to HMRC then this is urgently due in to us now. (If you had it done or do not need it then please ignore this reminder, if you are company directer and only have wages and dividends contact us to make sure we have all the info).

As per last year HMRC is saving money & will not send many 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 please make sure to get all your income and expenses information from 6/4/18 to 5/4/19 to us before the 30th November 2018 so we can complete this in time. Any later and there will be difficulty in allocating extra time and staff to your personal accounts and we will have to charge extra for the late notice work. A list of information needed is below.

Extra charges for latecomers

Because we care and give 120% in our work, using all our skill & knowledge of tax rules & allowances so each client pays the least amount of Tax & NI. We end up sacrificing a lot of personal time during the December and January tax return season. Working hard when everyone else is winding down for Christmas.

Staff at Tax Affinity often end up leaving work around 9pm having worked more than 10 to 11 hour a day. So like previous years to simply cover our extra expenses we will have to charge extra to all latecomers who bring in their tax return information after the 30th November 2019 deadline. If you want to avoid this extra charge then please drop or email your information to us immediately.

You can securely email all information to us at [email protected] or drop the paperwork to us at any one of our branches - Tolworth, Worcester Park or Epsom

18/19 Tax Return info list:

We will need the following information and in the following formats:

Download of bank statements from 6/4/18 to 5/4/19 as .CSV or EXCEL only (pdf's will not do).
All P60, P45's, P11d's from all employers in (from 6/4/18 to 5/4/19) ie for the year ended 5/4/19
All income Invoices / statements etc from 6/4/18 to 5/4/19 if not already clearly showing on your bank statements (if showing on bank statements not required)
All expenses receipts / statements etc from 6/4/18 to 5/4/19 if not already clearly showing on your bank statements (if showing on bank statements not required)
Your personal bookkeeping information (if you are doing this already) as a .CSV or EXCEL file export - or access to your bookkeeping software
Details of any interest income, shares sale / dividend income, rental property income, overseas income, capital gains, inheritance and anything else you feel is relevant.

Please email everything securely to [email protected].

Also, please note at this busy part of the year we may take longer (at least 5 to 7 work days) than normal to respond due to the large number of email and correspondence received each day.

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 Espom they are considered in the Industry to be expert accountants and tax advisors for small businesses. Helping and supporting contractors and self employed people 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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Limited company vs umbrella company

5/23/2017

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At Tax Affinity Accountants, we often get asked what are the differences and benefits of working through a limited company compared to an umbrella company. So we have decided to explain this in a quick easy way.

An umbrella company is like an agency with whom you are employed and therefore they are your employer and not the place where you work. They will issue you with payslips and P60, P11d and a P45 at the end of your employment. They should also pay you for any sick or maternity pay as may be required. Umbrella companies will charge you for using their services and will deduct their fees from your pay. They will also ask to be refunded their employer NIC contributions paid to HMRC on your behalf again deducting this from your pay. The income tax tends to be higher than being straight forward employed on PAYE. You do not need to worry about paperwork and record keeping as the umbrella company does all this like an employer would.

A limited company is a separate legal entity to you. That you may well own as a shareholder and run as a director. A limited company can be your employer and pay you wages via PAYE like a normal employer but be contracting out your services to the place you work. And if you are the shareholder it can pay you dividends (share of the profits) periodically or on a regular basis. A limited company pays corporation tax not income tax and the tax rate is much lower than normal PAYE or via an umbrella company. There is a certain amount of paperwork and record keeping which is required and normally you will require the services of a good accountant. It is also very difficult to try to pay yourself sick or maternity pay, which is why most people do not claim these. But the plus side is as your keeping more income then this should more than make up for any loss of benefit or time spent keeping records.

Tax wise it is usually much better option to be working though a limited company compared to an umbrella company as a good accountant, like Tax Affinity Accountants, should help you save much more in tax than fees they ever charge. Helping to ensure more of your hard earned income stays in your hands.

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 contractors and self employed people 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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18/19 HMRC Self Assessment Reminder - Tax Return Deadline - 30th Nov 2019

Limited company vs umbrella company

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