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Self-Assessment tax return in UK applies to anyone who is self-employed, company directors, recipients of income from renting out a property or other sources not covered by PAYE, as well as those who receive income from abroad. The Self-Assessment tax return must be completed annually, and the deadline for submitting the tax return is usually 31st January following the end of the tax year. The tax year runs from 6th April to 5th April the following year. Many people delay the Self-Assessment tax return in UK form until they are closer to the date of due. There are numerous reasons to complete your tax return sooner could be beneficial to you. Here are some reasons why you should file your Self-Assessment tax return early and ensure your tax affairs are up to date. 1. Better understanding of your liability It is crucial to complete your tax return as soon as you can to keep track of tax obligations. By doing so, you can take advantage of all allowable tax reliefs and avoid last-minute panic, as well as potential interest and penalties from HMRC. It’s important to note that if you owe anything up to £3000 in tax it is possible to collect the tax via your pension or salary and give you time to plan your budget for the payment. But, submitting your tax return earlier does not have to require you to pay your tax later. If you are planning to pay your tax immediately or require to create a payment plan making your tax return earlier can ease anxiety and keep you in the good graces of HMRC. 2. Receive any repayments quicker If you’re in need of an income tax payment, filing your tax return earlier can result in receiving your tax refund quicker and can be beneficial to cash flow during the summer months. 3. Avoid unwelcome surprises next year It is possible that you will have to make payments through your account in accordance with your prior year’s tax obligation. The early calculation of your tax obligation can provide you with more precise information and a better understanding of the tax obligations you will face in the near future (so it won’t be a unexpected surprise the following year). You could also have the possibility of reducing your tax payments on account if you have decreased from the previous year. 4. Make more time to plan your taxes The early filing of your tax return gives you time to look at tax planning strategies and gives you ample time to take action to the next tax year. 5. Use your mortgage or remortgage application If you’re looking to purchase a home or refinance your current property usually, you’ll need to prove your earnings through the submission of the SA302 as well as an HMRC Tax Year Summary. These documents will demonstrate the amount of income you’ve disclosed to HMRC and will provide lenders with the necessary information to process your application. The same applies to other types of finance or benefits, like: Universal Credit Student Finance Vehicle leasing or loans 6. HMRC have just 12 months from the date of submission to start an investigation HMRC typically has 12 months from when they receive your tax return to begin an investigation if they decide to pursue it. If you file your Self-Assessment earlier, the clock begins to tick earlier. Tax investigations could be targeted or random If you want to be safe, protect yourself. 7. Get better protection from unknown elements If you don’t file the tax return until at the very last moment, unidentified circumstances like illnesses, lost information, or even disruptive weather may cause more stress. Being organized and able to handle your tax issues promptly will save you the added stress of not meeting deadlines as well as HMRC penalties and interest. 8. Take advantage of opportunities that are more diverse At Account Ease when we have the chance to talk about Self-Assessment tax return in UK with our clients prior to the start of tax year we can have greater, more meaningful conversations about their financial situation, not only tax. Additionally, we can discuss other opportunities they might have. Engaging in these conversations early will mean you have more time to evaluate any problems and implement any needed solutions in place without running out of time. How the Account Ease team can help The tax department at Account Ease file more than 1,700 self-assessment tax return in UK each year, covering a wide variety of income sources and client circumstances. We’re always willing to discuss different ways our team can assist you in completing your tax return. The Tax Investigation Service also means that for a modest annual fee. We’ll ensure your protection from the need for an HMRC tax inquiry. If you are selected to be the subject of an HMRC investigation. We’ll manage the entire process as well as defend you from HMRC and assisting you in submitting all necessary information while minimizing the impact on your personal and professional life. If you have any issues you’d wish to share with an employee our team of tax professionals, we encourage you to schedule a no-cost consultation. You can make an appointment by filling out our online inquiry form.

The UK has a wide range of taxes that all businesses, large or small, are required to pay. These taxes may seem annoying, but they are important and should be taken very seriously. The VAT is one of the most important taxes that a company has to pay. Although it’s a fairly straightforward tax, there are nuances worth examining to avoid financial headaches. In today’s blog we will cover VAT. We’ll explain what it is, how much it costs, and the impact on your business. We here at Account Ease have helped a wide range of businesses in their accounting and tax setups. Account Ease experts can help you if you are in the following industries: Property, Construction, Professional Services (including Digital & Creative), Retail & eCommerce, Technology & Software, or Retail & eCommerce. What Is VAT? VAT is Value Added Tax. It is a tax collected whenever is added to a service or product. Businesses must pay HMRC VAT when they rent or sell their products or services. Both consumer and business sales are subject to VAT. The VAT is a tax on consumption, so it’s paid not by the business that sold the product, but rather the customer. It is an indirect tax, because the company collects the tax for the business. VAT registered businesses charge VAT to their customers on their products, but also on the goods and service that they purchase such as stock or raw materials. The amount of VAT you must register for depends on your annual sales and the type of products that you sell. Different types of goods are subject to different VAT rates. What Is The VAT Registration Threshold? The VAT threshold is determined by your VAT taxable turnover, which includes the total value of all your sales that are not exempt from VAT. VAT registration The threshold is more than £85,000. Registration of distance selling The threshold for selling goods to UK businesses is £70,000. Registering goods imported from the EU This is more than 85,000 £. Deregistration threshold If you’re no longer eligible for VAT you must cancel your registration, the threshold for this is less than £83,000. What is the VAT percentage? Standard VAT is 20%, and it applies to most products. There is also a reduced rate of 5 % on certain goods like car seats for children, as well as a zero (0) rate on children’s clothing and food. What Is My VAT Number? A VAT registration number, also known as a “VAT number”, is unique to each business that has registered to pay Value Added tax. You can find this number on the VAT registration certificates that HMRC gives you. You can find the number on the invoice of the business that you are looking for. The VAT number has 9 digits and usually starts with GB. This number is important because if you enter an invalid number, your invoice will be invalidated by HMRC. How Does VAT Impact My Business? The amount that you charge for goods and services is the main way VAT affects your business. After registering, you will be required to charge an additional 20% on any sales made when the invoices are paid. This is where VAT is deducted. Benefits Of Being VAT Registered You can claim VAT you paid on business services The VAT is applied to supplies like computers, chairs and desks. These items are subject to VAT at the time of purchase. However, you can claim it back from the government by filing your taxes. Looks professional A VAT registration will show other businesses that your business is professional and serious. You can make your business appear bigger than it is It can make you appear larger than you really are. Investors, lenders, or suppliers will assume that your turnover is over the £85,000. Need advice about VAT or looking for an accountant to help with your business’ finances? Contact us today. We are confident that our team, with its level of expertise and experience, can provide a wide range of solutions to help you. We can assist you with a wide range of services, including accounting, tax, self assessment tax return accountants and payroll services, as well as R&D tax credit. To find out more, call us on 0208 133 4599 or send us an askus@account-ease.co.uk .

Search of “small business accountant near” your location? Finding the perfect accountant for your small business can be quite a perplexing task, but fear not Account-Ease, offers reliable and trustworthy accounting services to our business clients. Our expertise lies in “accounting, bookkeeping, Self-assessment and payroll solutions that ensuring success for both individual and business customers Our experienced team of experts accountants provides the best service throughout the United kingdom. With us, you can be confident in receiving the quality and expertise required for any financial situation. We are the ideal choice for small business owners as we understand the importance of having an accountant who possesses knowledge, experience, and easy accessibility. Complete your search for “Local Accountants Near Me” If you’re in search of the best “Local accountants near me“, Account Ease is your ultimate solution. Our team of experienced accounting specialists is committed to providing top-notch accounting services to individuals, Sole trades, limited company  and businesses alike. With our comprehensive range of services, we are the leading choice for high-net-worth individuals, small business owners, and individuals alike. Everything an individual or small business needs from an accountant near them in one place: Your own dedicated accountant All returns and filings are included. Unlimited help and advice Leading cloud accounting software Real-time bookkeeping Reminders so you never miss a deadline And much more. Benefits of Choosing a Local Accountants Near Me When it comes to managing your business finances, having a local accountant can provide significant advantages. Here are some of the benefits of having a local accountant near you: Understanding Local Regulations: A local accountant is familiar with the specific regulations and tax laws in your area. They can help you navigate these regulations, ensuring that you remain compliant and avoid any penalties or fines. Personalised Service: A local accountant offers personalized services that cater to the unique needs of your business. They understand your business operations, your industry, and your financial goals, and work closely with you to develop customised accounting solutions that meet your specific needs. Convenient Access: A local accountant is easily accessible, and you can visit their office whenever you need to discuss any accounting-related issues or concerns. This makes it easier to build a strong relationship with your accountant, which is essential for the long-term success of your business. Quick Response Time: With a local accountant, you can expect a quick response time to any inquiries or concerns you may have. They are usually just a phone call away, and you can expect them to be available to assist you whenever you need them. In-Person Meetings: Local accountants provide the opportunity for face-to-face meetings, which can be more effective in discussing complex financial matters or sensitive business information. In-person meetings also help build a strong relationship between you and your accountant, which is essential for effective communication and better decision-making. Supporting Local Businesses: By choosing a local accountant, you are supporting local businesses and contributing to the growth of your community. You can also benefit from their local business connections and industry knowledge. At Account Ease, we are proud to be a local accounting firm that understands the unique needs of businesses in our community. Our team of experienced professionals provides personalised accounting services tailored to the specific needs of each of our clients. Contact us today to learn how we can help your business grow and succeed. Saving You Money, Time, and Stress: Hire Professional Local Accountants Near Me at Affordable Prices Our team of small business accountants is dedicated to helping you achieve financial success. We understand the challenges that come with running a small business, and we are here to provide the support and guidance you need. Whether you are just starting out or have been in business for years, we can help you navigate the complex world of accounting and finance. Bookkeeping and accounting Payroll management Tax preparation and planning Financial statement preparation Self Assessment Tax Return In UK VAT Return Services Landlord Accounting Services Account Ease, we believe in building long-term relationships with our clients. We take the time to get to know your business and your financial goals so that we can provide personalised solutions that meet your specific needs. Our dedicated team provides exceptional service and support to help you achieve financial success. So, if you are looking for a “small business accountant near me” or “small business accountants near me”, look no further than Account Ease. Contact us today to schedule a consultation and learn how we can help your business grow and thrive. Why Choose Account Ease for Hire Accountant Near Me For Small Bussiness? Choosing the right accountant can be a critical decision for any business owner. Account Ease, we believe that we offer our clients a range of advantages that set us apart from the competition. Affordable Rates: We provide top-quality accounting services at competitive rates that cater to the varying needs of businesses. We understand the financial challenges businesses face and strive to offer affordable rates without sacrificing quality. Experienced Professionals: Our team comprises highly skilled and experienced professionals committed to delivering exceptional services to our clients. We possess an in-depth understanding of the tax code and use our expertise to help you maximize your deductions and reduce your tax liabilities. Satisfaction Guaranteed: We want you to be 100% satisfied with our services. We offer a satisfaction guarantee and stand by our work to ensure that our clients are completely satisfied with the services we provide. Our expert accountants is dedicated to providing top-notch Accounting solutions that ensure your business runs smoothly. Our services include customized bookkeeping, Payroll management, Self Assessment Tax Return In UK, VAT Return Services and accounting assistance tailored to your unique requirements. With our professional approach to accounting, you can rest assured that your finances are in good hands. If you’re ready to make a business decision and need the expertise of an experienced accountant, we can help. We are here to assist you with our professional team and ensure that we meet your financial needs. 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If you’re thinking of starting your own sole trader business, it can be daunting to set it up in a way that will deliver the best results to you. However, there are solutions for you that will take a huge amount of workload away from managing finances, paperwork and sole trader bookkeeping associated with running a startup company. This article will show you why it may be a good option to look into hiring sole-trader accountants, and give you information on how they will function as a part of your new and growing business. What Are The Benefits Of Hiring A Sole-Trader Accountant? Easy and Quick Registration You can start working immediately after registering your business at Companies House. This also applies to the setup of your accounting. After you start working, there is only one legal requirement: declare yourself as a self-employed. It’s another simple process that your sole trader accounting firm or sole trader bookkeeper can handle. Saving Time & Money Even if you don’t have to deal with taxes and finances, starting a sole-trader business can be time-consuming. The sole trader accountant can take care of everything, from preparing your tax assessments to preparing and submitting your accounts. This will simplify your tasks and, most importantly, allow you to focus on your business. Accounting services are more expensive for other businesses, which may be more expensive. A good accountant will help you save money by using their knowledge and experience. It is because accountants for other types of businesses, like limited companies, will charge you more. Limited companies require more paperwork than sole traders, which means they will charge you higher prices. Complete Control As a sole-trader, you are the captain of your ship. You are the only one who can make decisions. There is no need for a board or an upper director. The same applies when you hire a sole trader accountant. You can now tell your accountant what you want and how you need them to help. You can save money by letting a sole trader bookkeeper use their experience to assist your business. Some sole-trader accountants are comfortable knowing that they have full control of their business if they ever need it. Moreover, the website of Companies House allows anyone to access information about every Limited Company registered with it, including its annual accounts. Due to their independence, sole traders do not display any information on this website. This allows you to run your business in complete privacy. Fewer Tax Responsibilities You are relieved of many tax obligations as a sole trader. Since your business isn’t incorporated, you don’t have to pay Corporation Tax and submit annual accounts to Companies House. You will instead be required to submit a self assessment tax return each year and quarterly payments once your business is tax registered. Sole-trader accountants can do these tasks at a lower cost than if you were to hire a large firm to handle your annual accounts. They will also be able, throughout the year to give you advice on how to maximize your income while lowering your costs. They might even show you that a limited business is better for your business. Maximise your income by forming a limited liability company. How Can Account Ease Accountants Help Your Sole Trader Business? Our sole-trader accountants are well-versed in helping to manage and optimise the finances of small independent businesses. The extensive accountancy services Account Ease provides are all designed to perfect the financial setup of your business, from helping clients set up their account on Companies House to filing the yearly tax return. Our team will provide clients with quality and game-changing assistance to accomplish a variety of accounting services. If you are looking for a new accountant or have never worked with an accounting firm before, contact our team today to get started.