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.

Constructing Success: The Role of Accountants in Construction Projects

 

Whether you're involved in construction as a supplier, a general contractor, or a subcontractor, your operations will depend on good accounting. Without proper forecasting and accurate data, small- and medium-sized construction businesses are vulnerable to nasty surprises that could potentially sink their operations. Inaccurate budgets, cost overruns, and breached payment schedules are all risks that firms face without effective accounting practices in place. Let's look at the role of construction accountants in delivering project success.

 

Reporting

 

The construction industry is one of the few sectors that requires the utmost attention to detail when it comes to financial reporting. You're expected to track and report every penny spent — from labour costs to raw materials, equipment, subcontractors, permits, insurance, and more. Without accurate data accounting for these expenses in real-time, you can't make informed decisions about where the project currently stands or what steps you need to take next.

 

Tax planning and compliance

 

Taxes are a major consideration in the construction industry, and as such, construction accountants play a crucial role in ensuring compliance. With so many different types of taxes (income tax, property tax, payroll tax, sales tax), it's not surprising that businesses can run into trouble if they don't have proper accounting practices in place. Tracking expenses accurately and keeping up with changes in laws/regulations is essential to avoid fines and penalties.

 

Project profitability analysis

 

Construction projects involve a complex web of costs that need to be carefully monitored and analysed to ensure profitability. Construction accountants are responsible for tracking all project costs and comparing them against the project budget to see if it's on track or not. They provide valuable insights into where expenses can be cut, where inefficiencies lie, and how to optimise processes for better profitability.

 

If you're struggling with the financial aspect of your construction project, call us at Allenby Accountants. Our team of experienced construction accountants can help you navigate the complex world of construction accounting and ensure your project stays on track financially.

Technology Accountants: Staying Ahead with Financial Innovations in Tech

 

Technology accountants are specialised professionals who focus on the unique financial needs of the tech industry. At Allenby Accountants, we’re proud to be part of this dynamic sector. We offer accounting and bookkeeping services tailored to tech businesses.

 

We also stay at the forefront of accounting technology to streamline processes and provide valuable insights. Our goal? To empower tech specialists and companies with the financial information they need to make informed decisions and drive growth.

 

 

Understanding your tech business

 

The tech industry is booming and attracting a wave of entrepreneurs with exciting new ideas. Are you one of them? As an innovator focused on developing cutting-edge solutions, you might find yourself struggling with financial tasks like bookkeeping and tax compliance.

That’s where we can help. Our technology accountants will manage money matters while offering tailored support to expand your organisation. Besides providing accounting, tax, and bookkeeping services, we are qualified to offer custom business plans and financial advice.

 

How can we help tech companies?

 

Our tech accountants have extensive experience working with individuals and companies in the technology, media, and gaming sectors. Telecoms and renewable energy businesses also entrust their accounting and financial needs to us. We likewise provide technical assistance to industries that may be relevant to your tech business, such as finance and healthcare.

 

Our services include annual audits, employee and payroll management, and VAT and duty advice. We can support your technology ventures with taxation advice, IP and patent boxes, and acquisitions. If necessary, we can arrange corporate funding and financing, creative tax relief, and exit strategies. At Allenby, we aim to help you grow systematically while staying up-to-date on market and industry trends.

 

Connect with Allenby Accountants

 

Does your technology enterprise need financial planning? Don’t hesitate to contact us for a free, no-obligation initial consultation. Call 0208 914 8887 or send a message to info@allenbyaccountants.co.uk

Source Link: https://www.allenbyaccountants.co.uk/technology-accountants-staying-ahead-with-financial-innovations-in-tech/