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Every year we’re asked the same questions again and again, so here are the answers to the frequently asked questions we get from clients about self-assessment.

Being a business owner is not just about making your products, working with customers and figuring out how to increase your profits.

The Basis Period Reform is a significant change to how unincorporated businesses, such as sole traders and partnerships, calculate their taxable profits in the UK.

Switching accountants is an important decision for businesses as they grow. Whether driven by changing needs, the desire for better services, or dissatisfaction, the process requires careful planning to ensure smooth transitions without disrupting financial operations.

The Annual Tax on Enveloped Dwellings (ATED) is a tax that many property owners may not be aware of, but it can have significant financial implications. We’ll look at the key aspects of ATED and why property owners must understand its impact.

Employees in the UK have a tax code which the payroll department will use to calculate your tax. Your tax code can be confusing, so read on to find out more about how tax codes work and what it means if your tax code is 1383M.

Employers National Insurance and the Employment Allowance was changed substantially in the recent Budget. It’s important to understand the impact for businesses, especially small and medium-sized enterprises because financially this change could be significant.

Starting a business can be an exciting venture but comes with numerous responsibilities. One key aspect that new business owners must be aware of is Value-Added Tax (VAT).

Rachael Reeves, the first female UK Chancellor has just finished delivering her inaugural Budget speech to Parliament. The past couple of months have seen relentless speculation in the media regarding the expected increases in taxation and restrictions on public spending.

Finding the best accountant in Kent isn’t that hard but you do need to know what you are looking for. Do you want a light touch approach where you handle most of the finance admin and your accountant only gets involved for the tax return and annual accounts or are you after more of a business partner who can provide insightful reporting to help you scale your business?

Starting a business partnership can lead to great things – after all, two (or more) heads are better than one, right? When it’s all going smoothly, a business partnership can provide the ideal supportive environment for your business to grow.

Preparing financial reports for businesses is one of the most essential tasks. It provides insights into the company’s financial health and helps you make informed decisions about investments, operations, and future growth.

If you’re considering leasing a vehicle for your company, you’ve probably come across the term ‘balloon payment.’ It’s a lump sum at the end of the lease that can sometimes catch you off guard if you’re not prepared.

VAT is an area of accounting that sends business owners into a panic. The VAT return is one of the most dreaded of finance tasks. With the advent of cloud accounting tools such as Xero and QuickBooks, it’s become a little easier to prepare the VAT return.

Are you a new business owner or an individual looking to optimise your tax situation in Kent? If so, understanding the importance of tax planning and the role of accountancy services is crucial. It can be overwhelming for newbies but don’t worry. Today, we have compiled this in-depth guide with everything you must know about tax planning in detail.

National Payroll Week is all about celebrating the important job that payroll professionals do to help keep the economic wheels turning. Collecting taxes and NI is a huge task and the PAYE system means employer and employee taxes are managed efficiently.

When January rolls around one of the most common questions we get is ‘Can you pay HMRC in instalments?’ The short answer is maybe, so let’s explore what HMRC payment plans are and how you can use them to manage a tax debt.

Finding out that you have been earmarked for an HMRC investigation is scary. Tax investigations can take place for a wide range of reasons. Not all of them mean you’ve done something wrong though. With the right support, you can prepare for an HMRC investigation properly and get through it with minimal stress.

Small business owners can be forgiven for being confused about which cloud accounting software packages might work best for them. There are many accountants who’ll only work with clients on a certain package such as Xero or FreeAgent.

Starting a business is exciting, but managing the financial side can be challenging. Choosing the right accounting service is crucial for the success of your startup. A good accountant ensures compliance, helps manage cash flow, and provides valuable financial insights.

Limited company business owners are often great at providing their core services or products but less sure when it comes to dealing with business finances. One area that often gets overlooked is claiming all your deductible expenses on your tax return.

Finding the best accountant in London and the Southeast is easier than you think. Choosing the right accountant is vital for your business and wherever you’re located in London or the Southeast, you’ll get the best service from Adams Accountancy.

Have you ever been worried that you might not have enough cash in the bank to make payroll or pay an important supplier? These worries can lead to sleepless nights and stress, but managing your cash flow well is much easier when you have an up-to-date cash flow forecast statement.

You’ll probably have heard the term ‘triple lock pension’ but now we’re into the election campaign, the Conservatives have coined the phrase ‘triple lock pension plus.

Growing your business to the point where you need to hire staff is part exciting, part daunting. Not only do you have to look after your employees’ performance and wellbeing but you also need to make sure you pay them on time and the right amount.

The Construction Industry Scheme (CIS) is crucial for those in construction. It mandates contractors to deduct money from subcontractors’ payments for tax and National Insurance purposes.

Capital Gains Tax is payable on gains made when selling assets such as stocks, shares, property, art, jewellery and other collectibles. In this article, we’ll explore when you’ll need to pay Capital Gains Tax on property sales and how to mitigate your CGT bill legally.

If you have spent some time working in the UK construction industry, you must have heard about CIS or the Construction Industry Scheme. As a professional, you’d want to optimise these deductions to ensure financial efficiency.

Making Tax Digital (MTD) is one of HMRC’s flagship transformation projects. The aim of the project is to make it easier for individuals and landlords to report their taxes, reduce the incidence of errors and encourage efficiency within the tax administration system.

Understanding and using pensions tax allowances is essential for limited company business owners who want to improve tax efficiency and enhance their pension savings.

More and more people are looking for ways to increase their income as the cost of living remains high. Some take additional jobs or start a side hustle whilst some take advantage of the rent a room scheme to make some money from their main residential property.

In Bexley, accounting firms play a fundamental role in ensuring financial stability and compliance. From startups to established companies, accounting firms staffed with qualified chartered accountants provide a wide range of efficient services.

More than 200 employers were called out in 2023 for failing to pay staff the National Minimum Wage (NMW). These employers, who were named and shamed by HMRC…

The new tax year is upon us so here at Adams Accountancy, we’ve decided to give our clients a helping hand by putting all the 2024/25 tax rates and allowances into one handy blog.

Around 1.2 million users have now downloaded the HMRC app for on the go access to tax information. Here we explain what you can use it for and whether it makes tax easier to manage.

In Bexley, business tax returns hold significant importance for companies, serving as a crucial aspect of financial management and regulatory compliance.

Accounting for a limited company in the UK is more complicated than sole trader accounting. Having a qualified accountant can give you peace of mind that all your finances are in order.

Business Asset Disposal Relief is a valuable relief for business owners who might be looking at significant capital gains when selling all or part of their business.

As Jeremy Hunt wraps up his speech for the Spring Budget 2024, we distil the main changes and updates so you can see what’s likely to impact you over the coming months.

Accountancy services are fundamental to the financial health and regulatory compliance of businesses across the UK. These services go beyond just record-keeping; they provide expert insights into financial management, ensuring businesses have accurate, timely information to make informed decisions.

Whether you are small investor, a stockbroker or a limited company director, it’s important to understand UK dividend tax rates and dividend allowances to ensure you make the most of your investments in the most tax-efficient way.

Looking for the best accountants in Kent is a bit of a minefield to be honest. The bottom line is, there are A LOT of great accountants in Kent, so how do you know which one is the right one for you and your business?

Navigating the complex currents of financial challenges requires a strategic approach, which is something SMEs (small and medium-sized enterprises) and businesses often struggle with in Kent.

The Directors’ Loan Account is a compulsory account on your limited company’s balance sheet. It records all transactions between directors and the company. When you become the director of a limited company, it’s usual to put some of your own money into the company.

When you decide to set up in business, one of the first decisions you need to make is whether to be a sole trader or limited company. The sole trader vs limited company debate is one that accountants have all the time with their clients.

Efficient tax planning is a cornerstone for businesses and individuals navigating the intricate landscape of UK taxation. As the fiscal year unfolds, understanding the nuances of tax returns, VAT obligations, and HMRC guidelines becomes paramount.

No one wants to pay more tax than they have to. That’s why accountants spend much of their waking hours looking for legal ways to reduce their clients tax liability, whether that’s income tax, capital gains, inheritance or your Corporation Tax bill.

With more and more people becoming accidental or unintentional landlords, this month we thought it would be good to look at what the allowable landlord expenses are (correct for 2023/24).

I’m often asked, ‘Why do I need an accountant?’ so it seemed like a good idea for a blog. So here, in my view, are 25 reasons why working with an accountant helps your small business.

All business owners know the self-assessment deadline – who can forget 31 January? But why does it seem to be so difficult to get on top of this task and submit your accounts in good time.

The 2023 Autumn statement from Jeremy Hunt was delivered yesterday, 22nd November, and is likely to be the last one before the next election which is predicted to happen no later than early November 2024.

Here at Adams Accountancy, we are often asked ‘What’s the difference between a bookkeeper and an accountant, so here we are to give you our views on the key differences and similarities and guidance on when you need one or the other.

With Halloween behind us, thoughts are now turning to Christmas. If you’re a business owner, especially if you’ve recently hired staff for the first time, you might be wondering if Christmas staff parties are a tax-deductible cost.

Payments on account are advance payments on your tax bill (and class 4 NICs if you are self-employed). These payments help you make contributions to your next tax bill in advance.

Your business is all about your product or service, right? Hmm, not quite. It’s equally important to look after your customers and your business finances.

Choosing the right accountant can be difficult, especially when there are so many different accountancy firms near you. At Adams Accountancy, we think we’re the best accountants in Dartford and the surrounding areas to help a small or medium business like yours.

Accrued income is income that you have earned but not yet received. There are a few different types of accrued income you might need to deal with so this blog discusses why accounting for accrued income is necessary and how to do it.

It doesn’t matter what your business does, you need a firm grip on your company finances. It’s much harder to be successful in business if you don’t know how much profit you’re making, how you’re spending your cash or when you might find it difficult to meet all your commitments.

If your business earns more than £85,000 in turnover per year, you’re required to register for VAT. This means you are responsible for charging VAT to your customers but you can also reclaim any VAT you’ve paid on VATable supplies you bought for your business.

If you work in the construction industry and you use sub-contractors, you are responsible for ensuring that you follow the Construction Industry Scheme (CIS) taxation rules which require you to make advance tax payments to HMRC for those subcontractors.

The Construction Industry Scheme (CIS) is run by the UK government that regulates how payments are made to CIS subcontractors within the construction industry.

When you start out in business, you probably aren’t thinking too hard about which UK VAT scheme you’ll use. You’re focused on getting your first clients, developing your product or service and enjoying being a business owner.

When your business buys an asset, such as a piece of machinery, the cost of the asset is added to the balance sheet. However, if you lease an asset rather than buy it, the treatment is different depending on the nature of the transaction.

Most bookkeeping for freelancers is relatively straightforward compared to limited or public liability companies. Depending on your turnover you might have VAT to deal with but sole trader freelancers who are using the cash method of accounting don’t have to worry about accruals, prepayments and other more complicated aspects of accounting.

Business bookkeeping is the foundation of all your accounting and finance reporting. Without timely accurate bookkeeping, you won’t be able to make informed decision when you need to. Finding the right bookkeeper for a small business is crucial to ensuring your company finances stay on track. Here’s what you should consider.

When you hear the term ‘double entry bookkeeping’ do you understand what it means or is it just some wizardry that your accountant does with your business finances when you dump a carrier bag of invoices and receipts on their desk?

Forming a company is exciting. You’ve got loads of great ideas for your products and services, but what about all the formalities and legalities? This is where many business owners need a little bit of support to get things set up correctly. This article looks at forming a company in the UK and covers why you might need a limited company, the process of registering your company and some of the technicalities to consider when starting a business.

Whether you are a brasserie in Bexley or a signwriter in Sidcup, you need solid tax support from an accountancy firm that’s local to you. If you’re a small business based in Southeast London or Kent looking for tax advice, you’ve come to the right blog. We work with many clients who have businesses in the Bexley and Dartford areas as well as further afield in Kent and London.

When it comes to accountant’s services, there’s more to it than just tax compliance. Accountants can be fantastic advisory partners for your business providing consulting and support to help you achieve your goals. Let’s explore the role of UK accountants in helping their clients’ businesses to thrive.

If you are a small business owner, there’s never nothing to do. You’re responsible for sales, marketing, admin, recruitment, people management and, of course, finance. You probably didn’t go into business to be weighed down by all these tasks. Bookkeeping is one of the most time-consuming and frustrating tasks for many small business owners.

As a limited company in the UK, you have a legal obligation to file an accurate tax return with HM Revenue and Customs (HMRC) each year. This is a crucial part of your legal requirements as a limited company, and it’s important to understand the steps involved in preparing and submitting your tax return.

If you run a business which is small but growing, there will likely come a time when you have more work than you can manage on your own. Taking on employees is a big step and there are two important functions that you’ll need in your business to manage staff well – Payroll and HR.

Imagine it’s 15th January 2024. What’s on your list of jobs to get done this week? If you are like many people, then it will be the ‘dreaded tax return.’ January is a very busy time in the tax accounting world because so many people leave the return to the last minute.

If you have recently started up as a new company, or are looking for ways to better the processes in your small business, you may or may not be familiar with the software ‘Xero’. Xero is a leading accounting software used within start-up businesses and SMEs in the UK.

Following the Chancellors March Budget 2023 update, this blog looks at the main tax rates for 2023/24 including some of the changes just announced affecting businesses in England and Northern Ireland. For tax rates for Scotland and Wales, visit the Government website.

When you start up in business, you are likely to incur costs before you start trading or bring in revenues. Sometimes these costs can be substantial but HMRC makes some of them tax deductible so you can claim back these pre-incorporation expenses.

Selling a property is a costly business. You’ve got to prepare your home to be sold, then there are the estate agent’s fees, the solicitor’s fees and possibly other expenses such as removal company fees.

If you’re self-employed, you may know that the guidance around what you need to pay and when can be a little spotty. You may have been caught off guard at the realisation that you have to pay National Insurance on top of your income tax – when you’re employed traditionally this is all handled for you.

A UK VAT (Value Added Tax) invoice is a document issued by a business to its customers for goods or services sold. It is an essential record for both the seller and the buyer as it serves as proof of transaction and helps in calculating the VAT owed to the government.

As the deadline for a self-assessment tax return is 31st January 2023, it’s likely that yours is already complete. However, if you find that you have made a mistake or there are incorrect figures in your tax return, don’t panic!

PAYE employees and CIS subcontractors have tax deducted from their monthly payments but their legal and tax positions are very different. Find out more…Whether you’re on the payroll of an umbrella company or you use the Construction Industry Scheme depends on how the company you are working for sets things up with their workers.

Finding the right accountant to manage your finances can be a difficult and daunting task. With this short guide, you’ll get tips on how to research and choose an accountant near you that is trustworthy and meets your needs. Start now and make sure your accounting and bookkeeping is stress-free this year.

If you have plans to begin a business start-up, you’re probably well aware that there are a lot of things to think about. There’s one aspect of running a business that people often get stressed about, especially if they don’t know much about it, and that’s accounting. Keeping the books balanced and making future plans for your business’s finances can seem intimidating. That’s where our tips for business start-ups will come in handy!

The time of the dreaded tax return is looming… On the 31st January 2023, those who are self-employed or who calculate their own tax will need to have completed their self-assessment tax return and submitted it to HM Revenue and Customs (HMRC).

Everything you need to know about balance sheets A balance sheet is an important document to have for your business. This is a financial statement that can report a company’s assets, liabilities, and shareholder equities at any specific point of time. This can provide valuable information about the financial position of the company. A business…

If you have been wondering all about Capital Gains Tax and how it may affect you, we are here to answer your questions. You might be asking, what is Capital Gains Tax? How do I calculate it? Here is your easy guide to Capital Gains Tax and how it may impact you during this tax year.

While there are some advantages of using a Limited Company to operate a rental portfolio (and we will come to these in a second), there are tax implications…

Have you recently started a new business, or found some work on the side of your 9am–5pm job? If this is something you’re doing, you may need to consider registering as self-employed.

If you have worked in the construction industry for a while, you may be familiar with the term CIS, which stands for the Construction Industry Scheme.

We hear this a lot! People are rightly concerned and they don’t want to give away their hard-earned money to the Tax Man when they die.

Whether you are starting a new business or deciding that your existing company needs a refresh, a business plan can help you on your way. A business plan is a great way of making sure…

After the recent fuel shortages, the question of tax savings when buying an electric car comes up a lot.  We all had to suffer the smugness of those sharing photos of their car being…

If you run a business of any size, you’ll probably have heard of the term ‘bookkeeping’. Bookkeeping is an essential part of running your business smoothly, allowing you to…