aziz, Author at Southside Accountants Wimbledon

It’s easy to switch accountants – here’s how

Oct4

It’s easier than you think to switch accountants and requires very little work by you.

Have you made the positive move to partner with an accountant who better suits your needs?

If so, you may be thinking, what next? How quickly will the move of accountants take and how long will it take for my new accountant to get up-to-speed with my financial affairs?

Switching accountants may seem like a daunting and long-winded process, especially if you have been with your existing accountant for a long time. The good news is that the process of switching accountants is very easy and requires very little work by you. Read on to learn how to take that all important next step.

The next phase of Making Tax Digital for small business is coming in April, are you prepared?

Oct2

HMRC’s next focus is Making Tax Digital for Income Tax and Corporation Tax, with a start date as early as April 2020.

To improve the efficiency of the tax system, HMRC want to go paperless. Making Tax Digital involves keeping digital records and using Making Tax Digital (MTD) compliant software to complete tax returns. Eventually, keeping paper records will no longer be allowed, with all tax submissions taking place online.

8 most common pain points of growing a small business & how to overcome them

Sep26

Growth in your small business doesn’t need to be painful, we can help you understand your pain points and help you overcome them

Starting a small business is a lot like raising a child. You nurture it, spend sleepless nights taking care of it and giving your all with all the energy and love you can physically and mentally muster. Slowly but surely, you start to reap the benefits of all your hard work and begin to get something back.

5 Top Tips for small businesses to get ready for Making Tax Digital

Sep24

Is your business ready for HMRC’s revamp to the tax system? If you’re a VAT registered UK business, you would have already experienced the first submission of VAT returns online in April 2019 with the next one due in a matter of days, on 7 October. Albeit the first one was fraught with technical hitches on HMRC’s side, Making Tax Digital (MTD) is here to stay. HMRC advise £9bn of tax revenue is lost each year due to incorrect submissions and the move to digital tax will go someway to reduce this tax loss and effectively capture all UK business activity in one place. Is your small business ready for Making Tax Digital?

Is your small business recession proof?

Sep19

Would your small business survive a credit crunch?

A recent survey by Hampshire Trust Bank (HSB) shows that small business owners have increased their cash holding by 78 percent in their business current accounts in the past two years, in anticipation of another credit crunch brought on by Brexit.

UK manufacturing businesses, both large and small, have already been stockpiling raw materials ahead of the original Brexit deadline back in March this year and have started doing so again, with the new Brexit deadline coming up fast at the end of October.

The need for surplus cash to buy supplies for stockpiling was the main contribution for the increase in current account balances, according to the HSB research.

How to prepare your small business for a No-deal Brexit

Sep13

The UK government is preparing for a no-deal Brexit on 31 October. What does this mean for your small business and how can you best prepare? Here we share survival strategies for small businesses in the increasingly likely scenario of a no-deal Brexit.

If you are trading between the UK and the EU you could be bracing yourself for disruption in October and perhaps with little idea of what to expect when Brexit finally takes hold.

Self-Assessment tax deadline looming – are you ready?

Sep6

The amount owed to HMRC by late taxpayers continues to rise, year on year. The first of the self-assessment tax deadlines is looming, with 31 October being the cut-off for HMRC to receive paper or hard copies of your filing. For those who file their self-assessments online, although you have till 31 January 2020, time is running out to get your paperwork in order. Are you ready to submit your self-assessment tax form?

Thousands miss their first MTD for VAT deadline

Aug29

Almost 4,000 small businesses have missed their first deadline for quarterly digital VAT returns, as part of the UK’s new Making Tax Digital (MTD) system. Are you one of them?

If you are a small business required to report VAT figures digitally for April, May and June 2019 should have done so prior to the 7th August deadline.

Planned tax changes coming in 2020

Aug27

Proposed tax changes for the Finance Bill 2020 are now under review

Draft legislation has been published for 21 new tax measures to be implemented for the new Finance Act 2020 (FA 2020) to come into force in the tax year 6th April 2020. Most of the new tax law is due to take effect then but the final details and confirmed dates of commencement could be changed following a consultation, closing on 5 September 2019. It is also worth remembering that all of this could in theory change with the appointment of the new Chancellor of the Exchequer, Sajid Javid, who may have some fresh ideas on the proposals. We have highlighted the most important of these planned tax changes that could affect you and your small business, below.

Questions & Answers: Am I a subcontractor?

Aug22

Why have I been deducted tax from a job related to the construction industry?

I run a limited company and deliver plumbing services. I recently did some work for another company and they deducted 20% tax. It has never happened before on other contracts. Is that correct?

The Construction Industry Scheme (CIS) is a tax deduction scheme which involves tax being deducted at source from payments which relate to construction work in the UK, as well as some other related work.