What to look for when choosing an accountant
What to look for when choosing an accountant image A business needs an accountant as early as at the planning stage. I always advise businesses to hire an accountant as early as they can because when an accountant is hired at the initial stages of making the company he will understand the company better, he will be there for you to provide you cash flow forecasts, feasibility reports and also he can play a role in structuring your company as well as company formation process. A good accountant will not only do bookkeeping but he will look after your finances and help your business grow. An accountant who is also a financial advisor today has a vital role and therefore you should choose an accountant very wisely. We have discussed a few things which you should be looking for when choosing an accountant. 1: Know your requirements: You should be very clear in what you want from your accountant and then you can choose whether you can engage a simple book keeper or you want an ACCA or an ACA. If you want to grow your business it might be a good idea to have an ACCA or ACA on board so they can give you financial advice, save you money and also help your business grow. 2: Where the accountants are based Whether the location of your accountant matters to you or not depends on your individual priorities. Many businesses prefer giving their accountants all the information online. They can even do all the meetings online and therefore the location doesn’t matter to them. These days a lot of accountants are using cloud based technology which makes it easier for the clients to access their financial information from anywhere at any time. 3: If they have clients similar to yours You should prefer an accountant who has experience in a business which is the same size as yours in terms of revenue and employees. It would be an added advantage if your accountants are already working with clients in the same business. This means they will understand your business better as they would be thoroughly aware of your individual industry requirement. 4: The fee structure You should understand the fee structure of your client and their billing process. You should be very clear of what fees they are charging for each service. Some accountants charge a monthly fee which includes all their taxes, others charge a monthly fee which only includes the book keeping and then separate fees for other business and personal taxes. Some accountants charge fees on an hourly basis. If you choose such an accountant who charges you hourly it would be a better idea to do the data entry on your own and then get them to prepare cash flow forecasts and do more of a financial planning, If you are interested in an accountant who can do your bookkeeping or business and personal taxes contact Taxaccolega and our team of accountants will be happy to help you. We specialize in property tax, inheritance tax . We can save you costs by benefitting you with the relief that is available to your individual business. CTA Box See How Much You Can Save CALL NOW Take the stress out of UK taxes and accounting today — speak with a top-rated Taxaccolega chartered accountant for personalised advice tailored to your business or personal needs. Book a free Consultancy Related Posts ID Verification × ID Verification Form For Companies House From 18 November 2025, UK law will require all company Directors and Persons with Significant Control (PSCs) to verify their identity with Companies House. Companies House will issue a personal code to PSCs. Taxaccolega (ACSP) can help collect data and assist. Please answer the questions and upload documents. Personal Details Fornames * Last Name * Date of Birth *
Mini- budget : How will it affect you?
Mini- budget How will it affect you? The chancellor announced major tax cuts on Friday as he believes that it will boost the economy. He comes with the agenda that more money should be retained with people and therefore we should be expecting more tax cuts in the future as well. The UK is going through a period of high inflation , the Ukraine war has increased the energy prices and has fueled up the inflation. UK households are struggling to make ends meet, this is because the real incomes are falling and the unemployment has also increased because the companies are also struggling with high prices. The mini budget is made to address these issues. Lets see what is announced in the mini budget and how it will affect you. Income Tax The basic rate of income tax will be cut by 1 percentage point from April 2023 bringing it down to 19%The 45% tax rate for the “additional tax payers” (earning over £150 000) will be abolished and there will be a single higher rate of 40% N.I The increase of 1.25 percentage points in the National Insurance will be reversed in November 2022 SDLT There is an increase in the threshold to pay Stamp duty land tax from £125 000 to £250 000 from Sep 2022The threshold for the first time buyers will increase from £300 000 to £425 000 from Sep 2022 Corporation Tax ? There will be no rise in the corporation tax and the corporation tax rate will be charged at 19% Income tax rates: The new income tax rates will save people money. According to treasury “this is a cut of 5 billion a year and workers, pensioners can keep more of their money with an average gain of £170 in 2023 and 2024 The tax cut together with the changes in the National Insurance will save you £167 a year if you are earning £20 000 a year according to the accountancy firm EY Increase in the Stamp duty land tax threshold : The increase in threshold means that the buyers of the residential property will not have to pay stamp duty land tax (SDLT) on the first £250 000 of the property’s value. In addition the maximum value of the property on which first time buyer relief can be claimed is also increased from £500 000 to £625 000. This will encourage more people to buy homes thus boosting the property market. Once they move in they spend money on improvements, renovations, extensions etc which increase the economic activity. This will also increase the job opportunities as more people can explore new job opportunities as they might now consider buying a house near their workplace. Corporation Tax: If you have an incorporated business and you were thinking of changing your business structure as part of your tax planning you won’t have to do it anymore and this is going to save you time, energy and money. As now the corporation tax will remain at 19% this will attract more businesses. If you want any more information on how the mini budget will affect your income tax, corporation tax please contact Taxaccolega and our team of accountants will help you. Source: CTA Box See How Much You Can Save CALL NOW Take the stress out of UK taxes and accounting today — speak with a top-rated Taxaccolega chartered accountant for personalised advice tailored to your business or personal needs. Book a free Consultancy Related Posts ID Verification × ID Verification Form For Companies House From 18 November 2025, UK law will require all company Directors and Persons with Significant Control (PSCs) to verify their identity with Companies House. Companies House will issue a personal code to PSCs. Taxaccolega (ACSP) can help collect data and assist. Please answer the questions and upload documents. Personal Details Fornames * Last Name * Date of Birth *
Everything you need to know about being taxed through an umbrella company
Everything you need to know about being taxed through an umbrella company If you are working through an umbrella company you should make sure that you have the right employment contract. This means that you will be treated as an employee and you will be entitled to the employment rights such as holiday pay, statutory sick pay, maternity pay etc. If you are a contractor , freelancer or an agency worker where an agent finds work for you, you might be advised by someone that you work through an umbrella company. Who will pay you ? Since you are an employee of the umbrella company the umbrella company will be your employer, they will have all the responsibilities of an employer for example the umbrella company will collect the earnings from the client you were working they will then deduct the following taxes : After collecting the taxes they will pay the net salary to the employee. An umbrella company however cannot deduct employer national insurance contributions from the employee’s gross pay. As an employee of an umbrella company you don’t have to worry about the taxes that you have to pay to HMRC, however, you should be aware of the taxes that are being deducted to check if the right amount of taxes are being deducted and the company is not involved in any kind of tax avoidance. If the right amount of the taxes are not paid on your behalf you will have to pay interest and penalties. If you are a contractor and you work through an agent, that is if the agent finds work for you then the agent will collect your earnings from the client for whom you worked, the agent will then deduct their fees, any other administration cost and then give it to the umbrella company. The umbrella company who is your employer will pay you the wages after deducting the taxes as mentioned above. An umbrella company can be your personal limited company or it can be a services company. If it is your personal limited company or even if it is the services company you have to make sure that you understand off-payroll working rules. Off payroll working rules make sure that you pay the right amount of taxes. The changes in IR 35 are to be implemented on all the payments made after 6 April 2021. If you work for a large or medium-sized company in the private sector as a contractor, your client will be responsible for determining your employment status. If they determine that your contact is within the off payroll working rules then the agency and the client will be responsible for deducting the NI and the income tax from your gross pay. If you have set up your own umbrella company and you decide to work through that company you cannot be self employed. In fact you will be an employee and pay the relevant taxes as described above. You cannot take dividends out of your umbrella company. If you are a contractor and you want to make sure that you are working through the structure that is more tax efficient and it does not involve any tax avoidance scheme you can contact accounts in Croydon, London. We have experienced accountants who can give you tax advice and work out the taxes for you as well. Don’t hesitate to contact Taxaccolega by calling at 020 8127 0728 or send us a message here we will be happy to help you. CTA Box See How Much You Can Save CALL NOW Take the stress out of UK taxes and accounting today — speak with a top-rated Taxaccolega chartered accountant for personalised advice tailored to your business or personal needs. Book a free Consultancy Related Posts ID Verification × ID Verification Form For Companies House From 18 November 2025, UK law will require all company Directors and Persons with Significant Control (PSCs) to verify their identity with Companies House. Companies House will issue a personal code to PSCs. Taxaccolega (ACSP) can help collect data and assist. Please answer the questions and upload documents. Personal Details Fornames * Last Name * Date of Birth *
Self-Employed Home Baker – What Expenses Can You Claim?
Home baker business Expenses you claim if you are self Employed. If you are thinking of starting a business the first thing that should come to your mind is profitability even if this is your side business. This means that you should keep in mind what costs will incur to run your business. Many people today are turning their hobbies into businesses and earning profit over it. Thanks to social media where you can advertise your product and reach millions of potential customers. Earning profit means you have to pay taxes. If you are running your business as a sole trader you have to pay taxes through your self assessment tax return. The deadline to submit the self assessment tax return is 31 Oct if you want to submit the paper return and it will be 31 Jan for the online submissions. You will also have to pay any tax that is due to be paid on 31 Jan 2021. Straight away when you are starting your business you should register yourself with HMRC to let them know that you are starting your business and you are ready to pay any taxes if you earn above £ 1000 from your business which is your trading allowance. The deadline to apply to register yourself as a sole trader with HMRC is 5 Oct 2021. There is a whole different procedure if you want to work through a limited company. You contact Taxaccolega here if you want information about setting up a limited company. While you are filling in your self assessment tax return and reporting your earnings you should be fully aware about the expenses that you can claim. This will affect the taxes that you pay. The expenses will lower your profits earned and therefore the taxes that you pay on your profits. When you are self employed your business is not a separate entity and all the money that you have earned is your profit and you pay income tax on the profits that you have earned. Remember that the expenses you claim are the costs that were incurred wholly and exclusively for the purpose of the business and trade. HMRC is fair enough not to charge tax on the costs that you incurred, you are only paying the taxes on the profits that you earned. It is very important that you be fair as well by claiming only the reasonable expenses and keeping all the receipts of the expenses that were incurred for the purpose of your business. The expenses can be direct as well as indirect. The direct costs incurred that you can claim as expenses would be your The indirect costs would include: If you think that all the accounting for your business is a hassle for you and you won’t be able to meet the deadlines just contact accounts near you. At Taxaccolega, we have an expert team of accountants who can help you with making accounts and submitting them online. We will even take care of your VATs. Just call us at 020 8127 0728 or leave us a message here and we will get back to you. CTA Box See How Much You Can Save CALL NOW Take the stress out of UK taxes and accounting today — speak with a top-rated Taxaccolega chartered accountant for personalised advice tailored to your business or personal needs. Book a free Consultancy Related Posts ID Verification × ID Verification Form For Companies House From 18 November 2025, UK law will require all company Directors and Persons with Significant Control (PSCs) to verify their identity with Companies House. Companies House will issue a personal code to PSCs. Taxaccolega (ACSP) can help collect data and assist. Please answer the questions and upload documents. Personal Details Fornames * Last Name * Date of Birth *