10 Reasons to Get Your Tax Return Information to Your Accountant Early This Year

For many people, getting the information together to send to your accountant to complete the Self Assessment Return causes a sign of dismay. You know you need to do it, but the deadline is 31 January, so you put it off again and again. Before you know it, it is Christmas and the reminders received from your accountant are still sitting in your inbox waiting to be actioned. There is no avoiding it anymore as the deadline is only weeks away. At 31 December 2018, 5,541,784 taxpayers still had to file their Returns in the month of January (this represents 48% of the Returns issued by HMRC). More than 700,000 of these were filed on the last day of January! Below are some very good reasons to get the information together early this year:

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Capital gains tax and UK residential property

The Government’s intention is to accelerate the payment of capital gains tax on residential property.

At present if you are resident in the UK and you sell a residential property you should consider whether there is a capital gain to report to HMRC. If the gain exceeds the tax-free amount (currently £11,700) or total proceeds are more than four times the tax-free amount you should report it. An exception to this is where the property is your main home for tax purposes and the total gain qualifies for ‘private residence relief’. (more…)

Do you import? You need to be prepared for a no deal Brexit

If you import from the EU, you should start preparing now in case the UK leaves the EU without a deal on the 29th March 2019. You may have received a letter from HMRC about this.
HMRC has put in place transitional simplified procedures to make it easier for you to import goods. The TSP registration opens on 7th February 2019.

These transitional simplified procedures reduce the amount of information you need to give in an import declaration when the goods are crossing the border. (more…)

Be Prepared – In case of death checklist

When someone dies it will be necessary for another person to obtain a grant of representation to access most of the deceased’s assets and administer their Estate. It is often an emotional time for the person dealing with the Estate and it can be both demanding and time consuming. Sometimes knowing where to start is one of the hardest things, particularly if you have no idea what the deceased’s person’s Estate includes. Anything you can do during life to make this process run smoothly for the administrator will take away a lot of stress for your loved ones.

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The A-Z of Charnwood Accountants

Accountants – seems silly not to start here as that’s the day to day job and fundamentally what we are!

Business Advisors – We’re not just about the numbers though – a big part of the services we provide focus around general business advisory services. We see the detail behind the scenes of your business and will always look at ways to help you improve.

Communication – this is key for a successful relationship. If you only hear from your accountant once a year then that’s not enough. We speak to all our clients before their year end, following the year end to agree the accounts and after key events such as recent budgets. All clients will receive personal e-mails on any changes that will impact their business. We also encourage our clients to call us with queries with no fear that the clock will start running as soon as we answer! (more…)

5 Ways to tell if your accountant cares about you

For many people an accountant is an expensive and necessary evil much like the taxes they pay them to calculate. But this does not have to be the case. The relationship between a business owner and their accountant should be just that – a relationship. There should be understanding, compassion and assistance available when required. Above all your accountant should care about you and your business. (more…)

THE FRIGHTENING RISE OF INTERNET BANKING SCAMS

THE FRIGHTENING RISE OF INTERNET BANKING SCAMS

There appears to be a flourishing industry of ever more complex and sophisticated scams that are designed to divert our hard earned money from our bank account into the wrong hands.

Even within our own client base we have seen a frightening increase in the number of clients that have fallen foul of these scammers. Often, because of the complex nature of the scams, and due to the clients’ own inadvertent involvement, the clients have had no way of recouping their funds.

“IT WILL NEVER HAPPEN TO ME!” (more…)

A new style of exit for the owner manager business

Dave McKeon from Charnwood Accountants LLP sets out a new style of exit to add new and exciting business opportunities to owner managed business. This “John Lewis” style of exit offers a wealth of opportunity to businesses to move forward in a new and exciting style of ownership that suits modern business. Utilising an Employee Ownership Trust can add real value to the business and it’s potential for growth. (more…)