CAD Accounting

DON’T BE AN APRIL FOOL WITH YOUR TAX AFFAIRS

Cherise Davenport has a chat with East Leeds Magazine about Self Assessment, PAYE, VAT and loads of other nasty stuff which we all need to be aware of.

April 1st, April fools day for us all. But it’s also almost the end of the financial year and for some people the joke can be on them and hit them in the pocket.
I’m talking about the legions of self employed, contractors and new businesses. The 5th April sees the end of the tax year and it’s important to make sure your books are in order and hand them over to an accountant.
Confused? Lots of us are but fortunately CAD Accounting proprietor Cherise Davenport is on hand to put everything into laymans terms.
“April means the end of the financial year. Quite simply it means letting the Inland Revenue know how much you’ve earned, payed out and how much tax you are liable to pay. Simply keeping up to your books can save you a lot of heart ache long term. If time constraints make it just too difficult, I can help in all of these aspects, whether you need book keeping, year end accounts, or payroll.”
The first golden rule for the self employed is to actually register within three months of starting up in business.
“It’s important to let the Inland Revenue know you are trading. If you don’t you could incur a financial penalty which is the last thing you need as a new business. You can contact them online or by telephone. If you’re pushed for time, let me know and I can do it for you for a small fee.  The two most common kinds of taxes are Accounts & Self Assessment/CoporationTax– Basically that’s your income minus expenses and you pay tax on what’s left if you hit the tax threshold.
The other is Sub contractor Self Assessment Many subcontractors get 20% deducted off every pay slip and don’t know there is a good chance they’ll be due tax back EVERY year. For a normal basic sub contractor tax return I have a fixed fee of £175.00, with no hidden extras.”

 

As always, rules and regulations in the HM Revenue & Customs (aka Inland Revenue) world are always changing and as from 6th April this year, RTI (Real Time Information) becomes a legal requirement. This means if you have staff working for you, you have to submit your payroll reports on a regular basis.

“This could turn out to be a logistical nightmare for some businesses who just don’t have the staff to be able to keep up with it, coupled with that, the minimum wage changes every year.”
The mention of the VAT man has reduced many a grown man (and woman) to tears with rumours abound he is the soul mate of Freddie Kruger with more powers than the police.
“The VAT threshold also changes every year. Many people think it’s based on profit but it’s actually based on total income. At the moment if your business has turned over £77,000 in the last twelve months then you are obliged to register for VAT. ”
But for some people, even finding enough hours during the working day can cause all sorts of problems and lets not forget, time = money.
“Finding time can be difficult for the self employed, that’s why I set up as mobile, I can come to your place of work or your home on an evening. I’ll also help with any problems you might incur, such as the dreaded VAT man, PAYE or national insurance contributions, I don’t charge extra to write a letter or make a phone call on your behalf. My aim is to take the stress out of your finances and paper work.”
So whether you are a new or an established business, don’t fool about with your ‘hard earned,’ give Cherise a call, she’s just up in Whinmoor and can come to you at your convenience.

Cherise Davenport

CAD Accounting

t: 07773 394314  e: cherise46@gmail.com

 

www.cad-accounting.co.uk

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