Smart Accounting for the Media Industry: How to Avoid Pitfalls and Boost Profits

 

Performers, musicians, creative agencies, directors, and producers all face specific accounting challenges that a general accountant might not fully understand. That's why it's crucial for those in the media to work with experienced media accountants.

 

At Allenby Accountants, we have experienced chartered accountants who understand that people who work in the media prefer an accountant who speaks their language and can keep up with their unusual hours. We are also aware of the importance of providing timely and quick services. We tailor our accounting services to meet your unique requirements, ensuring that you avoid the common pitfalls while boosting your profits.

 

Advice on choosing a suitable business structure

 

Are you embarking on a new project with international filming? Let's discuss the tax implications together. Our team of media accountants will assess the domicile and nationality of everyone involved and even help you analyse the project's resource needs.

 

Ensure sufficient funding for your project.

 

Working with media accountants can take the worry out of budgeting and finding the right funding for your project. We know how to present your financial needs effectively to lenders so you can get the funds you need quickly. We have a strong track record of success in securing funding from specialised lenders who carefully evaluate investments in the entertainment and media industries.

 

Make informed decisions

 

Our media accountants are not just office-bound doing the books and accounting. They can provide tailored advice and conduct due diligence to help you make informed choices. If you’re unsure about accepting a project, we will help you examine it from every possible aspect — from taxation to feasibility.

 

Reliable tax and legal advice

 

Our media accountant will help reduce your tax bill, navigate foreign taxation, and provide expert advice on media-specific VAT schemes. We also work with solicitors who can help review your contracts and protect your intellectual property.

 

Contact us here at Allenby Accountants to arrange a meeting with one of our media accountants.

Source:https://www.allenbyaccountants.co.uk/how-to-avoid-pitfalls-and-boost-profits/

Avoid Costly Mistakes: The Secret to Financial Success in Construction

 

As a builder, you know how quickly project costs can add up. On top of that, you're juggling cash flow, managing the books, and trying to keep your projects on track. It's a lot to handle—but you don't have to do it alone. Our construction accountants can help.

 

At Allenby Accountants, we have construction accountants who understand the nuances of accounting and bookkeeping for the construction and real estate development sector. Whether you’re a main builder or sub-contractor, developer, or tradesperson, we will help you overcome your financial and tax woes with our tailored services. Our goal is to help you be on top of your financial game while avoiding risks.

 

What we do

 

Aside from standard accounting and bookkeeping, we also provide comprehensive support, including tax assistance and expert financial advice. Our construction accountants can act as trusted risk analysts who can help you avoid costly pitfalls. We can handle business planning tasks to help you put more of your focus on what you do best — building. Ultimately, we’ll optimise your resources to help your construction company maximise its profit margins.

 

At Allenby Accountants, we carefully tailor our services to meet your needs. If you require fund optimisation reviews, comparative studies, or help with tax structures, our construction accountants are here to assist.

 

Overcoming financial complexities in construction

 

Allenby Accountants understands your industry’s one-of-a-kind financial environment. Construction companies usually don’t have predictable or regular transactions, as projects can have surprise changes and typically span months or years. That’s why financial management for construction projects needs to adapt to long-term contracts, the constant need for job tracking and costing, and the inherent irregularity of cash flow.

 

Working with our construction accountants will ensure your financial reports are always on point, accurately reflecting your company’s true status. With our help, you can avoid surprise costs and mistakes that could make you spend more money down the road.

 

Expertise matters when it comes to construction accounting, and that’s what we offer here at Allenby Accountants. Don’t think twice about calling us at 0208 914 8887 to arrange a complimentary meeting with our construction accountants.

Source: https://www.allenbyaccountants.co.uk/avoid-costly-mistakes-the-secret-to-financial-success/

Tips to Prevent Errors in Your Self-Assessment Tax Return

 

As the tax return deadline approaches, the pressure to file quickly can increase stress levels. But don’t make the mistake of rushing through the process. This may lead to errors and potentially result in higher tax bills. In severe cases, the HMRC might even investigate your finances, issue additional tax charges, and impose penalties, especially if they suspect fraudulent activity or undisclosed income. This is why it’s best to work with a self-assessment accountant to prevent errors.

 

Here at Allenby Accountants, we specialise in tax returns. With our assistance, you can confidently submit your self-assessment to the HMRC online by the January 31st deadline and accurately determine your capital gains tax and income tax liabilities.

But while we're here to help, it's also essential to take proactive steps to prevent errors in your self-assessment tax returns each year. Read on for valuable tips to ensure accurate and error-free submissions.

 

 

Don’t forget to declare the interest you have on your bank accounts.

 

You must declare the interest earned on all bank accounts for the tax year, except for tax-free accounts like ISAs. This includes:

·         Interest from business bank accounts

·         Interest from personal and building society accounts

·         Your share of interest from joint accounts

When working with our self-assessment accountant, it's crucial to report all income, including:

·         Salaries, wages, tips, bonuses, and benefits

·         Savings interest

·         Income from rental properties or holiday lets

·         Overseas earnings and pensions

·         Investment Income

·         State benefits like maternity or paternity pay

 

Note your NI or UTR number.

 

Your 10-digit Unique Taxpayer Reference (UTR) is crucial for identifying you to the HMRC. Ensure accuracy when entering this number on your self-assessment tax return.

Additionally, you'll need to provide your National Insurance (NI) number, which can be found on your P60, payslip, or through your tax account. If you're unable to locate this information, contact the HMRC for assistance.

 

Need more self-assessment tips?

 

Don’t hesitate to connect with a self-assessment accountant here at Allenby Accountants for more tips and tailored advice to complete your tax return correctly and promptly. Call 0208 914 8887 or request a call-back here.

Source: https://www.allenbyaccountants.co.uk/tips-to-prevent-errors-in-your-self-assessment-tax-return/

Simplify Property Finances with Expert Accountants for Landlords

 

Juggling multiple properties (especially while running another business) can make property accounting much more complex. Whether you're a seasoned landlord or just starting, accountants in Uxbridge can provide you with the expert guidance and support you need to streamline your property finances.

 

Our team at Allenby Accountants have the expertise and technologies to keep track of your accounts and ensure their precision. Plus, they leverage their industry knowledge to offer tailored advice and create strategic business plans to improve monetary value. Our goal is to simplify property finances from rental income and save you from tax filing woes with the HMRC.

 

How we help landlords in Uxbridge

 

As specialised accountants for landlords, we are proud of our expertise in all matters of rental income and property finances. No matter your property’s size or the number of properties you own, we apply an ethical and tailored approach to help manage your finances while ensuring better ROI.

 

Reduce taxation

 

Our accountants in Uxbridge will prepare accurate records for tax filing and rental accounts. We will accomplish everything as soon as possible while complying with relevant laws and regulations. With our help, you can organise your affairs as a property owner while reducing your tax burden.

 

In addition, our team can help you navigate tax laws and ensure correct tax filing while cutting your costs. Our property accountants can allocate rental income expenses elsewhere. If you have many residential lettings in the UK, we can poll the expenses and income together.

 

For a smoother and more rewarding landlord experience

 

Allenby Accountants will take the guesswork out of record-keeping and HMRC-related concerns. We can help you save on paying rental income taxes and identify opportunities to earn more, such as by filing a claim for LESA (Landlord’s Energy Saving Allowance). As your accountant, we’ll let you focus on your properties and business while you leave the books, accounting, and taxes to us.

 

Meet our property accountants.

 

Call us at 0208 914 8887 to arrange your free initial consultation with our property accountants in Uxbridge. We can also provide prompt advice for your business plans and other financial concerns.

Source: https://www.allenbyaccountants.co.uk/simplify-property-finances-with-expert-accountants-for-landlords/

Important Updates to Business and Personal Taxes in the 2024 Autumn Budget

 

The Oct 30 Budget highlighted a commitment to boosting public service spending and investment, with an anticipated rise of approximately £70 billion annually, equaling 2% of GDP. The tax changes unveiled by the Chancellor are projected to cover more than half of this surge in public expenses, with the remainder being addressed through government borrowing.

It’s a good idea to consult tax advisors in London to understand how these updates may affect you and your business:

·         The rates and thresholds for employer's National Insurance contributions are being adjusted. This change alone is anticipated to generate £25 billion more in taxes each year.

●      The rates of capital gains taxes are going up and these changes are effective immediately.

●      From 6 April 2025, adjustments to the rates for Business Asset Disposal Relief will come into play.

●      Inheritance tax relief updates have been targeted, affecting businesses, unquoted shares, agricultural property, unused pension funds, and death benefits, while the current thresholds for inheritance tax will stay the same until April 2028.

The Chancellor confirmed that VAT rates, income tax rates, and employee National Insurance contributions will stay the same.

 

However, the government will implement several measures previously suggested by Labour before the election. These include eliminating the remittance basis of taxation for individuals not domiciled in the UK, revising how carried interest is taxed, imposing VAT on private school fees, and raising the Energy Profits Levy.

 

For a more comprehensive understanding of the budget changes, consult with our reliable tax advisors in London at Allenby Accountants. We can assist you in navigating the complexities of taxation and help you minimize your tax liabilities while staying compliant with the latest regulations.

 

Email our tax advisors in London at info@allenbyaccountants.co.uk to schedule a consultation.

Source: https://www.allenbyaccountants.co.uk/important-updates-to-business-and-personal-taxes-in-the-2024-autumn-budget/

HMRC Encourages Landlords to Disclose Unpaid Taxes to Avoid Penalties

 If you’re a landlord, you might have heard of HMRC's recent announcement about the Let Property Campaign. This initiative encourages landlords to come forward and address any unpaid taxes on rental income, regardless of whether they own a single property, multiple properties, a vacation home, or rent out a room above the Rent-a-Room Scheme threshold.

 

HMRC has made it clear that landlords who haven't disclosed their rental income need to take action immediately. After disclosing, they have a 90-day window to figure out and pay any tax that's due. Not doing so could result in hefty fines or even legal proceedings if HMRC discovers the unpaid taxes at a later stage.

 

Landlords will owe tax on their rental income, minus any allowable expenses and deductions. The amount of tax owed depends on their individual tax bracket (basic or higher rate). It’s best to seek the help of accountants for landlords if you need assistance.

 

Several common pitfalls can lead to tax troubles for landlords. These include renting out a property after moving in with a partner and failing to report the income, continuing to rent out a marital home post-divorce without disclosure, and overlooking the requirement to declare rental income from inherited properties.

 

Other scenarios that might initially seem innocuous, like leasing a property to help cover care home expenses or renting out a flat to college students, can also lead to errors in reporting rental income.

 

Note that claiming ignorance about the taxability of rental income in these situations will not absolve you of responsibility, so consult with your accountant to make sure that you’re staying compliant.

 

How our accountants for landlords can help

 

At Allenby Accountants, we have a team of experienced accountants who specialise in landlord taxes and can guide you through the process of disclosing and paying rental income taxes. Our expert knowledge of the tax system ensures that all your rental income is declared correctly, minimising the risk of penalties or legal action from HMRC.

 

Call us today at 0208 914 8887 to schedule a consultation.

Source Link: https://www.allenbyaccountants.co.uk/hmrc-encourages-landlords-to-disclose-unpaid-taxes-to-avoid-penalties/

Personalised Service: The Advantage of Small Accountancy Firms in London

 

Every year, 82% of small businesses close their doors because they can’t manage their cash flow properly. Shockingly, despite these figures, 70% of small businesses don't have an accountant.

 

Many people still believe accountants are just for handling taxes, but this view is outdated. Here's why you should now start thinking about working with small accountancy firms in London to avoid being one of the majority that struggle:

 

Stay compliant and avoid penalties.

 

According to recent studies, the total amount of HMRC tax penalties has climbed significantly, up by 25% over the past year. This increase has taken the penalties from £681 million in the 2021/22 financial year to £851 million in 2022/23. HMRC is chasing around £37 billion of unpaid tax, and it's safe to say that the tax penalties are seen as a ‘quick win’ for the tax authority.

 

Of course, you want to avoid any unnecessary penalties and fines. Small accountancy firms in London can help your business with this. They have the knowledge and expertise to keep you updated with any changes in financial legislation so that you can avoid any penalties and stay compliant with the latest regulations.

 

Personalised assistance

 

When you choose a small accounting firm like Allenby Accountants, you get more personal attention compared to big firms. With fewer clients to juggle, these smaller firms make it a priority to really get to know your business. The team at Allenby Accountants spends time truly understanding what you want to achieve, offering advice that's tailored to help you hit your goals. This hands-on approach helps create a team feeling and makes it easier for businesses to make smart financial decisions and reach their targets.

 

Local knowledge and networks

 

London's lively business scene is all about local know-how and connections. Small accountancy firms in London understand the ins and outs of the local market, regulations, and industry challenges. They're in tune with London’s financial scene and can offer insights and advice beyond traditional accounting. With their strong network, they can help connect businesses with partners, investors, and growth opportunities.

 

Call us today to learn how Allenby Accountants can help your business stay on top of its financial game.