How to Claim VAT Back on Media Business Expenses

 

VAT in the media industry can be notoriously complex, and many businesses end up paying too much or too little. But did you know that you can actually get some of that money back on eligible expenses? A skilled media accountant in London can help make value-added tax work for your media business by planning for these situations. They can help you recover the tax on goods used in your business on the date of VAT registration up to 4 years prior, as well as recover the tax paid on services up to 6 months before the VAT registration date.

 

Note that you can only reclaim VAT on expenses that are both tax-deductible and directly related to your business operations. This includes items such as IT equipment (work laptops, software) and professional services (legal, security). Expenses related to employment, marketing, and travel are often eligible for VAT recovery as well.

 

How to reclaim VAT for your media business

 

To initiate a VAT refund, you or your accountant must submit a VAT return to HMRC every three months, detailing the VAT you've paid. You will need to provide proof of payment for goods and services ideally through original receipts or valid VAT invoices.

 

What if you don’t have receipts?

 

You can still pursue VAT recovery by providing alternative proof of transaction, such as bank statements. However, you need to demonstrate that the expenses were incurred specifically for your media business operations.

 

 

How a media accountant can help

 

It can be challenging to demonstrate that purchased goods and services are directly for your media business. Invalid VAT invoices from suppliers can also complicate your claims because HMRC will not accept them as valid proof of VAT paid, preventing you from reclaiming that amount. Our media accountant in London can help ensure that all documentation is accurate. They can also handle the time-consuming process of filing VAT returns so you can concentrate on your core business activities.

 

 

Need help with tax refunds?

 

Schedule a meeting with a media accountant in London today. Call 0208 914 8887 to talk to our team here at Allenby Accountants.

 

Retirement planning for Doctors: A step-by-step guide

 

As a young doctor, your focus is naturally on patient care and growing your practice. But it’s important to also plan for retirement early in your career to attain the security and freedom you deserve after years of dedicated service. We understand that finding time for this amidst your demanding schedule can be a challenge, and that's why we have accountants for doctors who can organise your financial records and develop a personalised retirement roadmap.

Here at Allenby Accountants, our medical accounting specialists go beyond basic bookkeeping. We provide comprehensive financial management — including cash flow optimisation and tailored business advice. We also assist doctors in handling the financial side of practice management, from securing financing to preparing year-end accounts and maximising profitability.

In this blog post, we'll delve into the specific ways our accountants for doctors can assist with your retirement planning. We'll explore practical steps you can take now to secure a comfortable and worry-free future.

 

Step 1: Contact us

 

Choose accountants for doctors with proven experience in the healthcare sector. Our team understands the nuances of medical accounting and can deliver tailored retirement solutions for physicians.

 

Step 2: Identify your needs

We'll thoroughly assess your needs and goals during our initial consultation. From there, we'll create a personalized tax and business plan designed specifically for you.

 

Step 3: Explore ways to save on taxes

 

Our medical accountants can help you navigate tax-efficient ways to save money. We leverage our thorough understanding of the UK’s tax laws to help you file the minimum tax legally. Our medical accountants also ensure that you receive any eligible refunds quickly.

 

Step 4: Discover investment opportunities

 

Medical accountants can help you find investment opportunities to grow your finances. We can show you ways to increase pension contributions while maximising ISAs and ensuring access to allowances and tax reliefs. We’ll evaluate your financial position so you can set realistic goals for retirement.

 

Step 5: Get familiar with pension rules

 

Although the NHS Pension Scheme is a common starting point for doctors, a comprehensive retirement plan requires more. We'll work with you to optimise your NHS pension and develop additional income streams, ensuring your retirement is financially secure.

 

At Allenby Accountants, our speciality medical accountants can work with you to ensure your finances are in order. We’ll help you navigate the NHS pension scheme, ensuring you’re up-to-date with correct records. Contact us here or call 0208 914 8887 to discover how our accountants for doctors can help you plan your retirement.

How London Restaurants Can Save Tax with the Right Accountant

Restaurant accountants in London offer a unique blend of financial expertise — much like a chef combines ingredients to create a perfect dish. They go beyond basic bookkeeping to serve as strategic partners to improve your business's profitability.

 

At Allenby Accountants, our chartered accountants leverage their in-depth knowledge of UK tax policies to unlock financial opportunities and streamline expenses for the hospitality industry. By staying informed about the latest updates, our restaurant accountants in London can minimise your tax liability.

 

Specialised tax strategies

 

Restaurant accountants specialise in tax strategies designed for the hospitality industry, specifically for restaurants and pubs. This industry-specific expertise delivers services that exceed general financial management. Our restaurant accountants in London are experts at managing the challenges unique to your industry — optimising VAT on food and drink sales, accurately accounting for staff tips and tronc schemes, ensuring compliance with alcohol duty regulations, controlling inventory costs, and forecasting seasonal fluctuations.

 

Correct VAT treatment to reduce tax liability

 

Are you risking penalties due to incorrect VAT treatment? You could face costly fines or, worse, face an HMRC investigation. Such disruptions may even destabilise your business's finances and damage your reputation with customers and suppliers.

 

Restaurant accountants in London will ensure that your takeaways, eat-in meals, and food items are assigned the correct VAT rates. We'll handle your VAT calculations and payments to help you meet all tax obligations. Beyond compliance, we'll also guide you in maximising tax deductions and provide proactive tax planning to improve your profit margins.

 

Hire the right accountants for your restaurant.

 

Let our team at Allenby Accountants help you in managing your finances. We’re ready to provide insights to optimise your tax liabilities and profits. Call us at 0208 914 8887 to arrange your free initial consultation with our restaurant accountants in London.

Source: https://www.allenbyaccountants.co.uk/how-london-restaurants-can-save-tax-with-the-right-accountant/

Boost Your Hospitality Business in the UK with Expert Accountants

 

Hospitality is among the largest sectors contributing to job opportunities in the UK. It includes a wide range of businesses, from hotels and caterers to pubs, cafes, bars, and franchisees. If you operate within this sector, you're likely encountering industry-specific challenges in areas such as accounting, tax, payroll, VAT treatment, and cash flow management. This is where hospitality accountants come in.

 

At Allenby Accountants, we understand the unique financial challenges hospitality businesses face and can leverage our industry expertise to help you implement effective cost-control measures and improve your cash flow forecasting. Our expert accountants are knowledgeable in industry-specific regulations to simplify your financial management. We tailor our solutions to the unique needs of your hospitality business, ensuring comprehensive support that will allow you to focus on your core tasks and deliver exceptional customer experiences without worrying about finances.

 

How specialised accountants can help hospitality businesses

 

Accounting, taxes, and bookkeeping are the core services you can expect from hospitality accountants. At Allenby Accountants, we offer advanced solutions like cloud-based accounting and e-POS to simplify your business finances. Additionally, we can help make capital allowance claims with the HMRC.

 

Aside from these, we can also offer advice on:

 

·     Compliance with payroll-related laws: We can set up an HMRC-approved tronc scheme and ensure correct calculations for minimum wage, holiday pay, and zero-hour contract employees.

·     Cash flow management: We’ll make sure you’re never short of cash, especially when it’s time to pay bills.

·     Implementing advanced accounting solutions: Our accountants can recommend booking and ordering software, e-POS platforms, stock management apps, and staff rota management solutions.

·     Correct VAT treatment: We’ll ensure you’re charging the correct rates for various food items.

·     Finance solutions to grow your business: We work with a network of investors who might be interested in investing in your project. Plus, we can connect you with reputable lenders specialising in hospitality lending.

 

Whether you own a restaurant, pub, or hotel, hospitality accountants will provide tailored solutions to boost your finances and protect your reputation. Here at Allenby, we have specialised accountants with years of experience in the hospitality industry. Our services will help you make strategic decisions to enhance financial management and increase compliance. Call 0208 914 8887 to learn more with a free initial consultation.

Source: https://www.allenbyaccountants.co.uk/boost-your-hospitality-business-in-the-uk-with-expert-accountants/

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/