Chris Price

HMRC Support Line HMRC have been receiving plenty of negative ❌ feedback and publicity over the last few years However, we have been dealing with quite a few PAYE and Corporation Tax issues on behalf of our clients over the last few months We can confirm in order to reassure other - Accountants - Book keepers - Tax Advisors - Businesses That the above helplines waiting time 🕰️ are much less ⬇️ and the HMRC Agents are very helpful and supportive 🤓 We note an example 👇 where a client paid incorrectly Corporation Tax using the Corporation Tax reference rather than their Self Assessment, which was due A phone 📞 call was made to the Corporation Tax office and the issue was resolved ☑️ in a matter of minutes and the payment was swiftly reallocated from the Corporation Tax account to the Self Assessment account Of course, there are other support lines, which require quite significant improvements but being able to know that all enquiries will not be dealt with in the same manner ✅ can hopefully increase some confidence in HMRC amongst the general community, experts and businesses. Please feel free to contact if you require any assistance in dealing with HMRC Tel: 01212852534 Web: https://lnkd.in/ewYzdMs #accountants #taxes #bookkeeping #vat #paye #selfassessment #corporationtax #accounts #companies #pension #investments

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📅 Self-Assessment Tax Deadline Alert! 📅 Let’s start 2025 stress-free – reach out today! Morecambe 👉 01524 566190 Leyland 👉 01772 984 985 Wigan 👉 01942 233737 A friendly reminder to all our clients: the self-assessment tax return deadline is 31st January! Make sure you’re on track to avoid any late fees. If you need assistance or have questions about your return, our team at Verve Accountancy is here to help. Get in touch with us soon to ensure everything is in place well ahead of the deadline! - - #SelfAssessment #TaxReturn #Accounting #VerveAccountancy #BusinessAdvice

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So Labour is our new government. Here is what it means for UK businesses: 🌱 no plans to increase VAT, NI or Income tax 🌱 corporation tax capped at 25% 🌱 increased reporting requirements (hmm you might need a bookkeeper 😉) 🌱 more training opportunities for you or your staff 🌱 easier for small businesses to access funding and investment

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Full expensing allows for a 100% first-year capital allowance for qualifying plant and machinery assets and came into effect last April. To qualify for full expensing, expenditure must be incurred on the provision of “main rate” plant or machinery. #FullExpensing #TaxAllowances

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HMRC nudge letters There have been many past examples of letters which appear to seem like they are from HMRC in regards to Taxes or Nudge Letters to declare certain sources of income I would advise to - Contact your Accountant 👨‍💼 or Tax advisor immediately and forward any copies to them to review ✅ - If you deal with your own Tax Affairs and uncertain why you have received such letters then make contact with the relevant Tax Department ensuring it is genuine govt website contact eg. HMRc Self Assessment 03002003310 - If you have always been managing your own tax affairs and highly concerned with the correspondence received and the authenticity of it probably would be advisable to make contact with a specialist like an Accountant to review for you We can assist as a Qualified Firm 👨‍💼 Please note if any 💴 lost during such an event, there is no Guarantee that the bank 🏦 will help you retrieve it back Tel: 01212852534 Web: https://lnkd.in/ewYzdMs #accountants #taxes #bookkeeping #vat #paye #selfassessment #corporationtax #accounts #companies #pension #investments #business #businessowner #SME #accountant #accountancy #director #soletrader #partnership #incorporation #taxadvice #Crypto

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Self Assessment Tax Return 2023-2024 Paper 📄 Return ‼️ Only just over 2 weeks to file the Paper Return If you are filing your own Tax Return then please ensure that you post the Return on time 🕰️ or in fact a few days before 31 October 2024 so it is not treated as late and receive an unnecessary late filing penalty of £100 If you require assistance with your Paper Tax Return then please feel free to reach out We have connections with Accountants all over 🇬🇧 if you wish to appoint someone local Benefits of Filing Online rather than through the Post - Additional time 🕰️ to file 31 January 2025 rather than 31 October 2024 - More time 🕰️ to prepare and calculate the taxes - Prepare and be able to have the funds available for the taxes plus any payment on accounts - Tax Calculations due immediately available online before filing to view before submitting - Most taxpayers can set up their own Government Gateway Account to file - If by using an Accountant, the Tax Return will be more complete and accurate if the Tax Return has several different sources of income Please take action urgently to file the Paper Return or ensure that you benefit from The Online Filing facilities and longer deadline Tel: 01212852534 Web: #accountants #taxes #bookkeeping #vat #paye #selfassessment #corporationtax #accounts #companies #pension #investments #business #businessowner #SME #accountant #accountancy #director #soletrader #partnership #incorporation #taxadvice #Crypto

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🗣 Who do you know that might need to read the below? ------------------------------------- I’m Samuel Falana, and I primarily post about how a proactive approach to accounting & finance can give you a better understanding of your business. 🎯 My team and I work with business owners with at least 3 employees, mainly in the construction, hospitality and retail sectors To see more of my posts, visit my profile now and press the 🔔 #bar #restaurant #hotel #tax #cashflow 

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NEW IHT100 FORMS FOR INHERITANCE TAX Previously, for reportable transfers, an IHT100 form had to be submitted along with a separate 'event form' specific to the transfer in question. However, these forms and the associated IHT100WS worksheet have now been discontinued and replaced by standalone event forms tailored to the particular chargeable event being reported. Going forward, only the relevant IHT100 event form and any necessary supplementary schedules (e.g forms D31 to D40) will need to be submitted. Additionally, a new IHT100h form has been introduced to report assets leaving an 18-25 trust. The current list of IHT100 forms is as follows: IHT100a: Gift or other transfers of value in a trust. IHT100b: End of a QIIP. IHT100b: End of a QIIP due to death. IHT100c: Exit charge on assets in a trust. IHT100d: IHT on the 10-year anniversary of a trust. IHT100e: Charges on special trusts. IHT100f: Ending of a conditional exemption. IHT100h: Assets previously held in an '18 to 25' trust. These forms are definitely not DIY so reach out if you'd like my support. ASWATAX #inheritancetax #hmrc

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Warning boring tax post!!! FORM P11D DEADLINE IS 6 JULY Form P11D for reporting benefits provided to employees and directors needs to be submitted online by 6 July. The most common benefits provided are company cars, private healthcare and loans at less than the 2.25% HMRC official rate of interest. Where company cars are provided it must be remembered that there may be an additional taxable benefit where private fuel is provided for the company car. This additional taxable benefit does not apply where private fuel for 2023/24 is fully reimbursed by the employee by 6 July 2024. Note that where an employee has use of a “pool car” then there is no taxable benefit and an entry is not required on form P11D.  Furthermore, the employer would not be required to pay Class 1A national insurance contributions. The conditions for a car to be treated as a pool cars are very strict and often misunderstood – see below: - WHAT IS A POOL CAR? The conditions for a company car to be treated as a pool car are set out in the employment income legislation: (a)     the car was made available to, and actually used by, more than one employee, (b)     the car was made available, in the case of each of those employees, by reason of the employee's employment, (c)     the car was not ordinarily used by one of those employees to the exclusion of the others, (d)     in the case of each of those employees, any private use of the car made by the employee was merely incidental to the employee's other use of the car in that year, and (e)     the car was not normally kept overnight on or in the vicinity of any residential premises where any of the employees was residing, except while being kept overnight on premises occupied by the person making the car available to them. #taxisexciting #taxadvisory #taxadvice https://lnkd.in/dCt7NZpk

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One of our clients recently visited another local accountant. I was pleased, they said it didn’t come down to our service they wanted to check the price as they had received a call from a random supplier of accountancy services offering them a service for a third of our price! Our fellow local accountant was a similar price and told the client “they were in safe hands” It’s great to know they were not undercutting/putting us down to obtain work. As for the phone call; That’s a great saving ……….. but they only would do; Self Assesment What about bookkeeping, vat returns, accounts, CIS and any forward planning, budgets, project costings and tracking. “Oh you would have to do that yourself!” So when you get a call offering a cheaper service make sure it’s the service you need and provides the service you want! If you are looking for a high level bookkeeping and accountancy service here in Cornwall to work with who ensure you; - understand your figures - know what you want from your business - review your overheads to make sure you stay profitable - keep hmrc happy - ensure you price effectively and identify areas for improvement But most of all feel like you can talk to and discuss any issues you feel you may have and feel like one of the family then speak to the team at Celtic Bookkeeping & Accountancy Services Over 15 years servicing construction and propert businesses in Cornwall #propertyaccountant #constructionaccountant #constructionincornwall #bookkeeping #businessgrowth #businessplanning

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On 1st October we purchased a local firm from a retiring accountant and this is what we have done in the first month: - all 122 clients are now fully integrated onto our systems and Letters of Engagement being sent out (electronically, where possible, of course!) - already being praised by our new clients for the quality and speed of service they are receiving - reccomendations from these new clients are already coming in, generating more fees than expected - the handover was quick and efficient. The retiring accountant had all documents electronically filled and ready to move onto our systems, which we were able to move onto our systems the same day - we have maintained roughly 98% of the client base so far, the only movements were due to the clients wishing to receive the service from the town they live in what's next? - ensure all remaining clients have signed a Letter of Engagement by the end of November - all tax returns for the new clients to be completed by the end of December (and existing clients!) where records are provided by the end of November - transition of clients from QuickBooks to Xero where bookkeeping is completed by us The biggest issue we have faced is actually HMRC - HMRC do not have a transfer facility for agent accounts to mass authorise ourselves as agents from the retiring accountant, as such, each client is being authorised for each tax one by one. In addition HMRC only allows 30 active authorisation requests at a time so, in reality, we can only send authorisations for about 20 clients at a time, as each client will most likely have more than one tax to deal with. luckily VAT is online and instant - I think HMRC need to start following suit with the other taxes. sending authorisation codes in the post is a waste of time and resources! Apart from that, a very good transfer so far!

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IP3 Tax has customised tax solutions for your business. We help business across the UK with a full range of Accountancy Solutions to help your business in a range of market sectors. We are priced competitively and our service level is second to none. If you would like to find out more get in touch on 0121 728 5653 or visit www.ip3tax.com for a FREE consultation. #business #entrepreneurship #businesswoman #businessowner #businesslife #marketing #entrepreneurs #entrepreneurlifestyle #businesswomen #entrepreneurlife #businesstips #money #businessopportunity #businesscard #businessmen #successquotes #ambition #businesses #grind #motivational #entrepreneurquotes #entrepreneurmindset #shahcoach #moneymindset #businesscoach #taxadvisor

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I'm going to start this post with a caveat...... I think VAs are great at helping you with many aspects of admin work BUT Unless they are qualified to do so, they should not, under any circumstances, be providing bookkeeping services!!! Why? I hear you ask Well, there are 3 main reasons 1) They, more than likely, don't have the relevant qualifications do so and therefore they haven't been taught how to do it properly and fully 2) They are under no obligations to complete regular CPD to keep themselves up to date with the many and varied changes that HMRC make to business finances, vat rules, tax law etc 3) Because of the above 2, they are very unlikely to carry Professional Indemnity Insurance to cover them, or more importantly, you and your business, should they cock things up When choosing a bookkeeper, look for one who is qualified either through the ICB or AATBQ, ask to see their certificate, ask to see their professional indemnity insurance and ask what CPD they do After all, it's you who will ultimately be held responsible for the errors on your vat return, tax submissions and accounts, not them!! #bookkeeping #VAs #tax #vat

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Check out my most recent post....

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We submitted Benefits in Kind forms P11D to HMRC together with the accompanying employer's declaration form P11D(b). All forms submitted on time, all submitted online using software, with successful submission receipts received for all from Government Gateway. No penalties for late filing. Job done. But earlier this week we received lots of brown envelopes from HMRC, each containing paper forms P11D(b) and paper requests for the Class 1A National Insurance to be paid, for each employer client. The covering Class 1A NIC letter/payslips were each dated 21 July 2024 - more than two weeks after the P11D filing deadline stated within the letter/payslips and two days after the pay by post deadline. This would appear to be a total waste of time and public money for HMRC to send paper forms P11D(b) by post even though they will have known that the forms were successfully received by HMRC before the filing deadline, and by online submission, for each employer client. This is not new - these paper forms have been received in the post each year for employer clients long after the event, despite online filings year after year. The two HMRC envelopes enclosed with the forms were provided for us to (1) send the completed forms P11D and P11D(b) to HMRC; and (2) to send a cheque for the Class 1A. It is as if the forms were not already submitted online and the Class 1A NIC had not already been paid online. I wonder how many employer's still pay their Class 1A NIC by cheque? But more importantly, why has HMRC not recognised we submitted the forms long ago and clients paid their Class 1A NIC liabilities often long before the deadline? Certainly the pattern of online filing and online payment for our clients has been in place for all the years that the facility has been available. If this is the experience of other accountants up and down the land then I am sure the money could have been better spent providing meaningful public services - including properly resourcing the HMRC helplines for both agents and taxpayers. Let's hope that the extension of Making Tax Digital will bring some efficiency savings and some joined up thinking. Here is a small selection of the HMRC envelopes. With all P11D compliance finalised long before the paper deluge hit the mat, the only instruction left to follow is on the reverse of the white envelopes: 'recycle'. Doh! #HMRC #TaxRescueMan #helpwithtax

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Self-Assessment Second Payment on Account 2024-2025 https://lnkd.in/eUhNKY7E Please see the 🔗 👆 on details and how to arrange the Tax Payment Just a short summary The Main Payment options 👇 - Online Bank Transfer (Simplest and fastest method) - Visit to the Bank/Building Society to arrange the transfer (probably more challenging with some many local branches closing down permanently ) - Debit/Credit Card payment through HMRC portal - Cheque by post (As the Due date is so close this maybe flagged as received late) Please ⬇️ - Check any recent correspondence from HMRC Or - Login to your HMRC Personal Account Or - Speak to your Accountant if you have used one to see if there is anything owed Late payment will result in late interest being accrued until the tax has been paid ⏰ HMRC will also post reminders Please note if you have changed Correspondence to be received by online rather than post then you will have to login

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As we wind down the rest of this year, we have a busy week ahead this week, finalising • year ends • cashflows • pre christmas payroll • automation • planning for 2025 and • tax advisory Then going to have a rest until the new year, it's been a very interesting year, we have grown more or less exactly was planned, not always in the ways I expected, but we are all more resilient going into 2025 for it. #planning #yearends #worklifebalance

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