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Knowing the right accounting service provider may spell the difference in maintaining your business’s financial health and growth. Running a small business, it is considered indispensable to maintain finances in an appropriate manner. In this blog, we will center our attention on what to look for from an Accounting Services For Small Businesses, key features to consider, how to find the best accountant for your needs, and benefits associated with partnering with a small business tax accountant. Understanding these factors and tips can definitely help in making a well-informed decision that will see your business grow. How to Choose the Right Accounting Services for Small Businesses Be sure to select a provider that will serve the needs of your small business best, taking into consideration exactly what those needs are. Consider seeking an accounting service provider experienced in handling small businesses, since they will be fully aware of challenges and opportunities that come across the way of small businesses. Ask other small business persons or professional associates for referrals to accounting services. Features to Look for in an Accounting Services Provider Following are some of the most important features one should consider when selecting an accounting service provider for a small business: Services Alignment Ensure the provider offers services that align with your business goals and objectives, such as budgeting, financial reporting, or tax planning. Technology Integration Look for a provider that utilizes technology to streamline processes and increase efficiency, such as cloud-based accounting software or digital receipt tracking. Customer Support Consider the level of customer support and communication the provider offers. As a responsive and accessible provider can help address any issues or concerns in a timely manner. These are definitely helpful in making a well-informed decision to further grow your business. How to Find the Right Accounting Service for Small Businesses Make sure you select a provider that best serves your small business needs. Keeping in mind precisely what those needs are. You can resort to services offered by a professional accounting service provider engaged in regular dealing with small businesses, as they will be fully aware of the challenges and opportunities that come in the way of small businesses. Ask other small business persons or professional associates for referrals to accounting services. What to Look for in an Accounting Services Provider Following is a listing of some of the most important features one should consider while choosing an accounting service provider for a small business: Pricing Structure and Service Fees Evaluate the pricing structure of the provider to ensure that it aligns with your budget and financial goals. Industry Knowledge and Experience Determine the level of industry experience and knowledge of the provider as it relates to your business, for example: knowledge of tax laws, bookkeeping conventions, and financial reporting requirements. History of Client Satisfaction Consider the provider history of client satisfaction and successes, including their ability to provide service within time limits, providing valid financial reporting, and their ability to provide proactive financial advice. By weighing these considerations with due care. You will reach a final decision on which accounting service provider will suit your needs and help you achieve your financial objectives. How Small Business Tax Accountants Can Help Your Company Thrive Small business tax accountants can help your business minimize tax liabilities and maximize deductions that would be allowed. Which also enables them to make sure all possible compliance about tax laws and regulations is pursued. How to Choose a Local Small Business Tax Accountant There are certain tips that can help a business owner find the right small business tax accountant for their company. A few of them are as follows: First, research the tax accountants locally in your area. Ask for referrals from other small business owners or professionals in your network. Set up a meeting with each of the potential tax accountants to discuss your business needs. Check their qualifications, experience, and expertise in small business tax matters. Shop around and compare the fees to the services offered among various tax accountants. Seek a tax accountant who is willing to actively give you tax planning advice applicable to your business. Consider their availability and accessibility to provide support throughout the year. Choose a tax accountant that offers personalized service and who understands your own unique goals for your finances. Conclusion The selection of the correct provider of accounting services for small business will determine the process of ensuring financial stability and success. Keeping in mind the specific needs of your business. The experience of the provider, key features being offered, and the qualification of the accountant all propose. A well-thought-out decision that serves your business long-term. Experienced small business tax accountants will ensure you obtain the maximum amount of deductions to minimize your tax liability while offering advice on your finances to keep your business running smoothly. Take all the time you need to research, compare, and pick a reputable accounting services provider that fits both your goals and budget for setting your small business up for success. Account-Ease specializes in providing tailored accounting and tax solutions to help small businesses achieve financial stability and growth. With a dedicated team of professionals, we ensure your business is supported every step of the way.

For small and medium-sized enterprises (SMEs), the Autumn Budget provided only modest benefits. Small businesses employing four or fewer employees with income above the minimum wage will be significantly affected by the increase in Employers’ National Insurance contributions. Mandatory higher wages for these workers will quickly be outweighed by gains from increased employment allowances. Lower capital gains tax rates may provide some relief for small businesses planning closure. or for investors who wish to liquidate assets before the end of the tax year. Although a 40% business rates discount capped at £110,000 may seem beneficial. But it also means that many businesses will see their rates almost double, rather than quadrupling as previously expected without the extension. The lack of income tax and National Insurance thresholds increased due to decisions of the previous government resulting in a de facto increase in taxes. This causes the actual income received to decrease amid rising costs. Although adjusting the personal tax cap to the rate of inflation in 2028-2019 is a positive step – timed conveniently with the upcoming election.  timing that coincides conveniently with an upcoming election campaign. While some people may feel comfortable paying a fuel tax of 52.95p per liter. it’s important to note that this erection or reduction has been normal since 2011. If you look at it more optimistically the Budget indicates increased investment in various sectors. This may promote employment growth and create opportunities for small businesses and contractors. Even though budgets are seen as a burden on businesses. But it is important to realize that small organizations are largely protected. However, concerns about the lack of a coherent recovery strategy with long-term sustainable spending levels remain pressing. These issues will need to be examined carefully in the coming days and weeks. Key Announcements National Insurance Employers’ NI will increase from 1.2% to 15% from April 2025. The secondary limit has been reduced from £9,100 to £5,000. Employment allowance will increase from £5,000 to £10,500, meaning 865,000 people will not pay any National Insurance payments at all, effectively employing four people on minimum wage without requiring their employer to pay NI. Capital Gains Tax The standard rate increased from 10% to 18%, with the higher rate increasing to 24%. BADR will remain on a lifetime allowance of £1,000,000. BADR is expected to remain at 10% until 5 April 2025, increasing to 14% from 6 April 2025 to 5 April 2026, then increasing to 18% from 6 April 2026… The capital gains tax rate will increase to 32% from April 2025. From April 2026, the government will provide additional reforms. Inheritance Tax The extension of the inheritance tax limit will be postponed for a further two years, until 2030, meaning the first £325,000 of an estate can be inherited tax-free. This increases to £500,000 if the estate includes accommodation provided for direct descendants.  Therefore, there is a £1m tax-free allowance when the estate passes to a surviving spouse or civil partner. They will consolidate inheritance tax from April 2027 and reform agricultural property relief and commercial property relief. From April 2026, the first £1 million worth of farm joint venture land will not attract inheritance tax at all. But estates worth more than £1 million are subject to inheritance tax with a 50% discount to the effective rate of 20%, she said. Business Rates In April 2025, the government will replace the current 75% discount on business rates with a 40% discount, capped at a maximum of £110,000. Income Tax There has been no extension of the income tax and NI thresholds beyond previous government decisions. From 2028-29, the personal tax limit will increase in line with inflation. The minimum wage and living wage will increase from April 2025 to £12.21. Tobacco Tobacco tax escalator will renew at RPI +2%. Increase tax on rolled tobacco by 10% Introducing flat rate billing for all vaping liquids from 2026… Adding just one tobacco duty to maintain smokers’ incentive to quit Fuel Duty Frozen again, at 52.95p per litre. Alcohol Duty Draft Duty charged on drinks poured in a pub, will be cut by 1.7% Alcohol duty rates on non-draught products will increase in line with RPI from February next year. Stamp Duty: The government will increase land stamp duty fees on second homes from 2% to 5% tomorrow. Windfall Tax: The wind tax on oil and gas profits will increase to 38% and expire in March 2030. The government should remove the 29% investment allocation to ensure the oil and gas industry can help preserve jobs and support the UK’s energy security. Private school VAT: As expected, VAT will be charged on private school fees from January 2025. The government will introduce legislation to remove private school relief from commercial rates from April 2025 onwards. Education: The breakfast club should triple its investment. £2.3 billion in additional funding for teachers and £300 million for further education. £1.0 billion investment in special education £2.1 billion to upgrade school maintenance £1.4 billion to build 500 schools in “the greatest need” Defense: The increase in the total MOD budget beyond its commitment to NATO is 2.9bn… £3 billion to Ukraine ‘As long as it lasts’ Holocaust education charities will receive additional funding. Policeman: Waiver of immunity for low-level shoplifting. Presented by a conservative group Additional training for police officers Creating a specific offense to harm a store employee Devolved Governments: The government will support public services across the UK, Scotland, Wales and Northern Ireland. The Budget provides the largest long-term funding commitment to a devolved government. Since they donated £3.4 billion to the Scottish Government to improve public services in Scotland, £1.7 billion to the Welsh Government and £1.5 billion will go to the Northern Ireland Executive. Local Government: Funding for local government will increase significantly next year. Greater Manchester and the West Midlands will be the first mayoral authority to achieve integrated housing next year. By giving the mayor “Meaningful control over funding in their local area”. Space £1 billion investment

For sole traders, choosing the best business account for sole trader that suits your specific needs is essential. This article provides a straightforward guide to the top business bank accounts available, covering both traditional and digital options and comparing their features and fees. Key Factors to Consider When Choosing a Business Bank Account When evaluating business bank accounts, consider factors such as costs, free banking periods, integration capabilities, and overdraft options. Many banks offer introductory free banking periods, which can be especially appealing for new businesses aiming to minimize expenses. Leading traditional bank for sole traders Many leading banks offer services and features tailored to sole traders. Here’s an overview of some of the most popular options and their unique features. HSBC: Offers two options for sole traders, HSBC Kinetic mobile app-based service and traditional small business bank accounts. Barclays: Their start-up business account package is ideal for sole traders. Plus expert advice for growing your business and free invoicing software via FreshBooks. TSB: Business Plus accounts are designed with sole traders in mind. It offers benefits such as free access to income. It’s an app that makes customer payments and invoicing processes easier. Co-op Bank: A business powered account suitable for sole traders who rarely handle cash or check transactions. Metro Bank: This bank offers a Metro Bank business account specifically for businesses with annual revenue of less than £2 million. Virgin Money: The fee-free Virgin Money M account is designed for small businesses with a turnover of less than £1 million. The best business account for sole trader or Best Digital Banking Platforms Digital banking has transformed the banking business by providing a faster and more flexible alternative to traditional banking. Here are some of the top digital platforms for sole traders. Tide: Tide has many business accounting options to meet the needs of sole traders and freelancers. Starling Bank: Starling bank offers a free trading account with a suite of additional trading tools and has an impressive 4.7 star rating from more than 1,600 reviews. ANNA Money: ANNA money offers two optimized account options for early-stage sole traders and supporting charitable initiatives such as the Ukrainian Red Cross crisis appeal. Coconut: Strictly not a bank. Instead, it is a smart application/platform aimed at sole traders with banking, accounting, invoicing and tax features. Monzo: Provides low-cost options to suit different business needs. As mentioned they are under increasing pressure to make a profit. So our personal view is that their low prices will not last here. Metal: Offering a free business account as part of NatWest, they are currently offering £50 to open an account. If you make your first deposit within 90 days and use the code Mettle50! Amaze: Lesser-Known options but there are a few affordable packages with functionality like storing receipts using your phone’s camera. It’s also a very clear pricing page. Using Personal Bank Accounts as a Sole Trader While it’s possible to use a personal account as a sole trader, having a business bank account really pays off. It lets you clearly separate business and personal expenses, helps build your business’s credit score, and simplifies managing finances. Choosing the best business account for sole trader needs careful consideration, as a business account also makes it easier to set aside income for your salary, taxes, and any reinvestment to grow the business. Legal Protection Through a Business Bank Account One benefit that doesn’t always get enough attention is the legal protection a business bank account can offer. In situations like lawsuits or audits, having a clear boundary between personal and business finances can make all the difference. It’s also wise to consult a legal expert or use an AI-powered legal tool to keep everything in order. When you’re a sole trader, it’s easy to overlook the legal side of things, but even small details can have a big impact later on. Using an AI Legal Assistant can help make sure you’re covered legally. An AI Assistant can draft and review contracts, agreements, and other key documents. These agreements form the foundation of every business relationship, whether with clients or partners. Ensuring they’re solid can help protect you from disputes. On top of this, you can use the AI Assistant to help you negotiate better terms in contracts. Negotiation is vital in any business, and it’s even more important for legal agreements that set the terms for your business relationships. AI can offer valuable insights to help make your negotiations more effective. Plus, contract signing is now a lot simpler. Forget the days of printing, signing, and mailing documents—an AI Legal Assistant lets you handle these digitally, saving time and resources. Conclusion In conclusion, selecting the best business account for sole trader is a crucial step toward ensuring the success and efficiency of your business operations. By choosing the right account, you can effectively separate your personal and business finances, simplify financial management, and even enhance your business’s credit score. Whether you opt for a traditional bank or a digital banking platform, it’s essential to assess the unique features, costs, and benefits each option offers. As a sole trader, legal protection is another vital aspect to consider, as it safeguards your interests during audits or potential disputes. Leveraging tools like AI Legal Assistants can help you navigate legal complexities, ensuring that your contracts and agreements are robust and professionally handled. At Account-Ease, we understand the challenges faced by sole traders and are here to help you make informed decisions. Whether you need guidance on choosing the right bank account or assistance with financial management, our services are designed to support your journey and help you thrive.

As the year draws to a close, UK businesses face several critical tax and compliance deadlines. Staying ahead of these dates can prevent penalties and ensure your business remains compliant. Here’s a detailed look at the upcoming key tax deadlines from October to November 2024. 30 October 2024 Non-Resident Landlord Scheme – Payment Due Landlords who receive rental income while living abroad must pay tax under the non-resident landlord scheme. The payment for the quarter ending 30 September 2024 is due on this date. It’s essential to ensure timely payment to avoid interest charges or penalties. 31 October 2024 Plastic Packaging Tax – Return and Payment Due Businesses dealing with plastic packaging need to submit their tax return and payment for the quarter ending 30 September 2024. The Plastic Packaging Tax is designed to encourage the use of recycled materials, so ensure your returns reflect compliance with the environmental regulations. Corporation Tax Returns – Filing Deadline The deadline for filing Corporation Tax returns for businesses with accounting periods ending 31 October 2023 is on this date. Missing this deadline could lead to late filing penalties and interest on unpaid tax. Self-Assessment – Paper Returns Deadline If you’re submitting a Self Assessment tax return for the 2023-24 tax year, this is your final deadline. For those who prefer to file online, remember the deadline is 31 January 2025, giving you more time to prepare. Also Read: Self-Assessment Deadlines Made Easier: Making Tax Digital 01 November 2024 Corporation Tax Payment – Due Corporation Tax payments for businesses with accounting periods ending 31 January 2024 are due. Ensure that your corporation tax liability is settled by this date to avoid any interest or penalties. 02 November 2024 P46 (Car) Submission – Quarter to 5 October 2024 If your business provides company cars to employees, make sure the P46 (Car) form is submitted by this date. Whether submitted electronically or on paper, it must cover the quarter to 5 October 2024. 05 November 2024 Employment Intermediaries – Quarterly Reporting Deadline Employment intermediaries must submit their report for the quarter ending 5 October 2024. This report covers all workers provided to clients, ensuring transparency and compliance with tax obligations. Additionally, any corrections or removal of reports for the quarter ending 5 July 2024 must also be finalized by this date. 07 November 2024 VAT returns and payments – three months to 30 September 2024 Businesses with a VAT quarter ending on 30 September 2024 must file their VAT return and pay online by this date. Timely submission helps you stay compliant and avoid liability. November 19, 2024 PAYE, NIC and CIS payments (by post) – end of month 5 November 2024 Employers should ensure that PAYE, National Insurance Contributions (NICs) and Construction Industry Contributions (CIS) for the month ending 5 November 2024 are posted and received by HMRC by that date if you submit them online. You will have a few more days to complete your payment. Corporate tax return – deadline Corporation Tax returns for accounting periods ending 30 November 2023 must be submitted by this date. Filing on time helps you avoid HMRC penalties and maintains your company’s compliance. 01 December Company tax payment is due. Payment of corporate tax for the reporting period ending February 28, 2024 is due today. Make sure to pay to avoid interest or late payment penalties. Recommended fuel rates for drivers of the company’s cars. New guidelines for corporate drivers will be published on December 1, 2024. These rates help businesses Accurately calculate distance costs. and refund money to employees who use company cars Please stay tuned for new rates. 07 December Tax returns and tax payments (online) For businesses with a VAT quarter ending on 31 October 2024, the deadline for filing and repaying VAT online is 7 December 2024. Please ensure you file and pay VAT on time to avoid penalties or consequences profit.  19 December 2024  PAYE, NIC and CIS (postal) Payments Employers should ensure that PAYE, NIC and CIS payments for the month ending 5 December 2024 are posted and received by HMRC by this date. If you want to send an electronic message Remember, you have a few more days to comply. CIS Return – Payments to Subcontractors CIS reports on payments to employees through December 5, 2024 must also be submitted by December 19. This helps ensure that all construction-related costs are reported correctly. 22 December PAYE, NIC and CIS payments (electronic) Employers sending PAYE, NIC and CIS payments electronically for the month ending 5 December 2024 will need to ensure payments are made by the 22 December deadline to remain compliant. 30 December 2024  Self-Assessment – Pay taxes via PAYE Coding If you wish to pay your 2023-24 Self Assessment Tax with your PAYE code information, you will need to submit your tax return online by 30 December 2024. This will allow HMRC to adjust your tax code for the following year. Make your payments more efficient and Avoid large bills by the next filing deadline. Corporation Tax Return Deadline: What You Need to Know by 31 December 2024 As we approach the end of the year, businesses need to pay attention to the all-important tax deadline. One of the most important dates on the calendar is December 31, 2024, which is the deadline for filing corporate tax returns for the reporting period ending December 31, 2023. If you missed this deadline, This may result in penalties. Interest, unpaid taxes, and other product problems that arise. How to keep track of these deadlines? To avoid extreme stress Here are some ways to help you meet your upcoming tax obligations: Work with an accountant: A professional accountant can help you manage your tax deadlines smoothly and prevent non-compliance issues. Consider important dates: Make sure you have a system in place to remind you of these important deadlines. So that you can avoid guilt. How to meet these deadlines? With so many important dates approaching, it can be difficult for businesses

Choosing the best business bank account for startups is vital to your startup success. With many options Making decisions can be difficult. In this guide, we’ll explore the basic indicators. Compare account features Find the best banks for small businesses in UK. Check the fees Get higher fees Improved security Makes online transactions easier and rank customer service first. Finally to help you get best business bank account for startups. Important considerations for choosing a best business bank account for startups When choosing a business bank account for your startup. It is very important to consider the following important factors: Know your startup capital needs: Decide what type of checking account you need based on your business model and cash flow. Consider account-related fees: Consider fee opportunities and make sure they fit your budget and business size. Internet Banking Competency Assessment: Potential banks review the online banking services offered for convenience and efficiency. Check integration with accounting software: Make sure the bank integrates with accounting software to facilitate cash management. Check the bank’s reputation and trustworthiness: Check the bank’s reputation and trustworthiness for a safe financial relationship. Comparing operating accounting functions: What to look for When choosing a business bank account for starting a business It is important to study the features offered by different financial institutions. Here are some of the key points that å evaluates: Interest on business savings accounts Look for business accounts that offer competitive savings rates to maximize your profits and enjoy your account. Overdraft protection and account notification Evaluate accounts that offer overdraft protection to protect against unexpected expenses and report accounts for better financial control and management. Business loans and credit options Evaluate the availability of operating credit and credit options for potential growth opportunities and future financing needs. ATM network and branch access Check the availability of small banks and branches for practical banking services. This is especially true if your business requires personal transactions. Options for mobile allowance checking and invoice payments Choose an account that offers mobile bill checking and payment options for easy and efficient transactions while on the go. Finding or Best Bank for Small Business Needs To pick out or the high-quality bank to your small business? There are a few essential elements to take into account. Step-via-step manual to finding the right banking partner to start your business: A research financial institution that makes a speciality of small business services Look for banks that offer custom designed financing solutions for small businesses. These banks apprehend the precise desires of startups. And might offer the assist and assets you want to assist your enterprise develop. Compare the terms of traditional banks with the terms of online-simplest banks It is hardly worth thinking about the advantages and disadvantages of traditional banks in comparison to on-line banks. Online banks commonly provide low rates and better jury prices. Traditional banks, however, can provide face-to-face support and access to bodily businesses. Hiring a dedicated business courting bank manager Having a devoted enterprise relationship supervisor can make a vast difference to the level of carrier you receive. These managers can provide personalised assist and advice on financial issues specific for your enterprise. Check customer ratings and reviews Before you decide, research the patron opinions and ratings of the bank you are thinking about. This will offer him with precious statistics regarding his universal delight with the financial institution’s services. Consider accessibility and comfort. Finally, recollect the accessibility and convenience of the financial institution location. Choose a financial institution this is without difficulty handy on your banking desires, mainly in case you want to have interaction with the popularity for certain transactions. Guarantees security and fraud protection for your company’s finances Implementing strong security measures is essential to protecting your company’s finances from potential fraud and cyber threats. Follow these recommended practices to increase the security of your commercial bank account: Multi-factor authentication: It allows for multi-factor authentication to increase the security level of accessing your commercial bank accounts. This usually involves mixing signals. Security questions and unique verification code Strong Password Practices: Create a strong and unique feel for your commercial bank account and avoid easily guessed information. Consider using a database manager to securely store and manage your login credentials. Account Notifications: Configure account alerts for suspicious or high-risk transactions. Receive notifications via email or text whenever there is unusual activity on your trading account. Check your bank’s security protocols: Check with your bank that it has strong encryption protocols and data protection schemes to protect your account information. Verify that the bank adheres to required security guidelines. Education of officers: Educate your employees about common phishing and fraud prevention techniques. Treat us to recognize suspicious emails or messages that may lead to security breaches. Report and correction: If you suspect fraud on your trading account Report it to your bank immediately. Take immediate action to resolve the issue and prevent further unauthorized access to your finances. Simplify business banking with online and mobile options. Use an online banking platform for account management and real-time transaction monitoring. Download the mobile banking app for on-t. Conclusion Choosing the best business bank account for startups is a crucial decision that can impact your financial management for years to come. By carefully considering factors like account features, fees, security, customer service, and convenience, you can ensure that your business banking needs are met effectively. Remember to regularly review your account performance and reassess your requirements as your startup grows and evolves. With the right business bank account in place, you can streamline your financial operations and focus on growing your business with confidence. At Account Ease, we can help you make informed financial decisions, including selecting the best business bank account for startups. Our expert advice and accounting services ensure that your financial foundation is solid from the start, allowing you to focus on what matters most—growing your business. Reach out to Account Ease for personalized support and guidance as you navigate the complexities

Here’s how a professional service firm & small business owner, like many of you who may be preparing for your next tax return can manage your tax efficiently. Each year approximately 12 million individuals in the UK are served with a self-assessment tax return and although it may be an annual chore for many, for many others it is the first time they have been faced with it. It is however important to point out that the people who for instance need to submit self-assessment forms are not necessarily self-employed. But, the process becomes even more cumbersome for the self-employed persons as they are generally pressed for time for any bookkeeping exercise, updating themselves with the existing tax laws and making sure that their tax return is filed in the right way as well as at the right time. The purpose of a self-assessment is to report your earnings as well as any deductions to HMRC so they can calculate your tax liability and issue you with a tax bill. Penalties for non-compliance, whether through errors and inaccuracies, filing late, or both, can be costly and should be avoided. If you’re struggling with your self-assessment tax return and need help, HMRC offers various resources such as webinars and videos. You can also contact an HMRC advisor through online chat, through social media, by submitting an enquiry through the HMRC site or by calling their helpline. But understandably if you approach HMRC for help you’ll still have to complete and file the tax return yourself and as the submission deadline gets close, they can be extremely busy and you might have a lengthy wait for a response. Why Might The Self-Employed Need Tax Return Help? Being self-employed comes with plenty of perks, but there’s a downside: unlike employees on PAYE, your taxes aren’t automatically deducted. That means it’s up to you to manage your own tax responsibilities. Here’s a look at some of the key challenges self-employed people face when it comes to staying on top of their taxes. Making Sense of the Tax Regulations Tax regulations can be complicated, and for most people. The terminology and how it applies to your tax return can be tricky to navigate. Finding the time to research and fully understand them isn’t always practical. On top of that, tax laws frequently change, and keeping up with those changes can be tough. Missing an update or misinterpreting the rules can easily lead to non-compliance, and that could mean facing penalties. Keeping Accurate and Organized Records If you’re self-employed, you need to keep track of all your income and expenses throughout the year. This includes maintaining records like receipts, invoices, and bank statements, which are essential for filing your self-assessment and calculating what you owe. Staying on top of this can be a lot of work, and it’s easy to fall behind. But it’s important to keep everything accurate and organized, as any mistakes in your records will affect the accuracy of your tax return. Claiming all Allowable Expenses As a self-employed person, you’re allowed to claim certain expenses that are directly related to running your business. These are tax-deductible, meaning they help reduce your taxable income and, ultimately, your tax bill—while keeping you compliant with HMRC. However, knowing which expenses you can claim isn’t always straightforward. This confusion can lead to either paying more tax than you should or mistakenly claiming something that’s not allowed, which can attract unwanted attention from HMRC. Filing Your Tax Return Most people file their self-assessment tax return online, which is generally easier than doing it on paper. But that doesn’t mean it’s a breeze—there’s still a lot of information to input correctly on HMRC’s portal, and you need to make sure everything is accurate before you hit submit. Your return is only as good as the records you’ve kept throughout the year. Filing on paper increases the chance of making mistakes, which is why most prefer to file online. Plus, paper forms take longer to complete and process. Staying on Top of Deadlines There are a few key deadlines for the self-assessment process—registering, filing, and paying your tax bill. When you’re managing a business and juggling client work. It can be easy to let these dates slip through the cracks. Missing a deadline typically leads to fines. But even cutting it close could leave you in a rush to get everything done in time. Using an Accountant for a One-Off Tax Return Service A lot of self-employed people turn to professional help for their tax returns, and that’s where we come in. We offer a straightforward, fixed-fee self-assessment service that takes all the stress off your hands. We handle everything—from reviewing your financial records to preparing and filing your return with HMRC. Here’s why using an accountant for a one-off self-assessment is a smart move: Stay Compliant We’ll make sure your return is accurate, submitted on time, and that you’re fully compliant with all your tax obligations, so you can avoid any fines. Maximize Your Deductions We’ll help you claim every allowable expense, lowering your tax bill and putting more money in your pocket. Take the Pressure Off It’s not just about filing your return—it’s about peace of mind. Let us handle the paperwork while you focus on what matters most: your business. Save Time Completing a tax return is time-consuming. Let us take care of it so you can concentrate on running and growing your business. Account Ease handle the entire process for you, wherever you are in the UK. All we need are your financial records. Our self-assessment service starts at £30. Just fill out our personal tax questionnaire to get started.

There is no universal pricing model for Self Assessment Tax Returns. What truly matters is receiving services tailored to your needs while feeling confident that you’re getting high-quality support at a price that works for you. Cost vs. service When it comes to Self Assessment Tax Returns, the cheapest option isn’t always the best value. Hiring an accountant to handle your tax return offers numerous benefits and is an investment in both you and your business. Here’s how using a professional accountant can help you: Save Time: Free up hours to focus on running your business. Improve Tax Efficiency: Maximize deductions and save money. Peace of Mind: Know that a qualified expert is managing your Self Assessment Tax Returns. Stay Compliant: No need to keep up with ever-changing tax laws. Personalized Support: Benefit from one-on-one advice tailored to your financial situation. A professional accountant can: Spot missed deductions and additional claims you may be entitled to. Provide proactive advice based on your financial data. Stay up to date on tax laws, ensuring you receive the best guidance. Help you meet filing deadlines. Offer expert support if you face a tax investigation. The cost of tax return services can vary. A survey by Iris Software Group found that prices can range from £126 to over £600. Several factors, including the complexity of your return, can impact the price you’re quoted. When should I consider using an accountant for my Self Assessment Tax Returns? You should consider hiring an accountant if: You have a complex financial situation with multiple income streams, such as rental properties, foreign income, or large investments. You are self-employed and need help managing business accounts and tax planning. You want to minimize the risk of errors and avoid penalties on your tax return. You’re looking for additional support beyond just tax return preparation. How to find a reliable accountant To find a reliable professional accountant: Ask for referrals from friends, family, or business colleagues. Prioritize accountants with substantial practical experience and a long history of service. Look for relevant certifications and professional memberships, such as ACA, ACCA, AAT, or CIOT. Review online feedback and testimonials for additional insights. How Account-Ease can help At Account-Ease, we understand that every tax situation is unique, which is why we offer personalized Self Assessment Tax Returns services tailored to your specific needs. Our team of experienced accountants is dedicated to helping you navigate the complexities of tax laws while maximizing your deductions and ensuring compliance. Here’s how we can assist you: Expert Tax Preparation: Our professionals are equipped to handle both simple and complex Self Assessment Tax Returns, ensuring every detail is accurately completed. Time-Saving Solutions: By entrusting your tax return to us, you’ll save valuable time that can be reinvested into growing your business or managing your personal priorities. Tax Efficiency: We’re committed to optimizing your tax efficiency, spotting deductions and reliefs you might otherwise miss. Ongoing Compliance: With ever-changing tax regulations, we stay up to date so you don’t have to, keeping you fully compliant. Personalized Guidance: Our one-on-one consultations ensure that you get advice specific to your financial circumstances, making sure you feel confident in every decision. Account-Ease takes the stress out of tax season, providing the expert support and peace of mind you need at a cost that fits your budget.

When you’re self-employed, it’s your responsibility to manage all aspects of your taxes, including keeping records, filing tax returns, and paying any amounts due. One key part of this is submitting a self-assessment tax return each year to report your income. People sometimes refer to this as a “self-employment tax return,” but that’s not quite right. While the two terms are often used interchangeably, there isn’t really a “self-employment tax return.” It’s the self-assessment tax return that you need to use when reporting income to HMRC, whether from self-employment or any other untaxed sources. Now that we’ve cleared that up, let’s dive a bit deeper into what a self-assessment tax return involves. What is a Self-Assessment Tax Return? Self-assessment tax returns are an important part of the UK tax system. Each year, if you’re required to file one, you’ll report your earnings to HMRC. This includes any income from self-employment, making sure all your taxable income is included, along with any reliefs or deductions you’re entitled to claim. Based on this, HMRC calculates how much tax you owe and sends you a bill. Most people file their self-assessment online, which has a lot of advantages, but there’s also the option to do it on paper. It’s really important to file correctly and on time, as HMRC can issue hefty penalties for errors, inaccuracies, or late submissions. Even being one day late triggers an automatic £100 fine. If you need to register for self-assessment, the deadline is October 5th after the tax year you’re reporting for. The deadline to file is October 31st if you’re using a paper form, and January 31st for online returns. You also need to pay your tax bill by January 31st. Who Needs to File a Self-Assessment Tax Return? More than 12 million people in the UK are required to complete a self-assessment tax return each year, so it’s important to know if you’re one of them to stay on top of your tax obligations. You’ll generally need to file a self-assessment if any of the following apply to you: You’re self-employed and earn more than £1,000. You claim child benefit, and you or your partner earn over £60,000. You’re a partner in a business partnership. You earn taxable income from investments or savings above the £1,000 personal savings allowance. Your total taxable income exceeds £150,000. You receive over £10,000 in rental income or dividends. You made a capital gain above the tax-free capital gains allowance. If you’re not sure whether you need to file, HMRC offers an online tool to help you check. Tips For Successfully Completing Your Self-Assessment Tax Return Completing your self-assessment accurately and filing it on time can be challenging so here are some tips to make the process less onerous. Keep Meticulous and Organised Records Maintaining detailed and organized records of your business income and expenses is essential for accurately completing your self-assessment tax return. Staying on top of your bookkeeping and doing regular reconciliations can save you a lot of stress, as opposed to scrambling to get everything in order just before the filing deadline. In addition to maintaining good records, it’s important not to leave your self-assessment tax return to the last minute. Starting early gives you time to gather all the necessary documents and complete each section properly. Waiting until the deadline approaches increases the risk of errors, omissions, or even missing the deadline altogether, which could lead to fines and penalties from HMRC. Stay Updated on Tax Legislation Tax rules change frequently, including updates on deductions, reliefs, and rates. Keeping yourself informed about any legislative changes that may impact you ensures you remain compliant and don’t miss out on potential reliefs, which could result in you paying more tax than necessary. How an Accountant Can Help with Your Self-Assessment One of the easiest ways to make self-assessment stress-free and avoid errors or penalties is by working with an accountant. At Account-Ease, we specialize in self-assessment tax returns. As one of the UK’s most trusted accountancy firms, you can count on us to help you meet your tax obligations. If you’re a Account-Ease client, your annual self-assessment tax return is included in our accountancy packages. You’ll have a dedicated accountant managing both your personal and business finances, offering unlimited support and advice with a same-day response guarantee. We also conduct quarterly reviews to ensure you’re maximizing tax efficiency and increasing your take-home pay. For advice on your self-assessment or to learn more about our accounting services, call us at 0208 133 4599 or request a callback at your convenience.

With the new Labour government now in place, many self-employed workers anxiously await changes that could impact them and their businesses. This week, the new Chancellor, Rachel Reeves, announced that the Autumn Budget 2024 will be delivered on October 30th, 2024. As the first Budget presented by a Labour Chancellor since 2010, there is considerable anticipation among contractors and small business owners about potential new measures. 2010 Chancellor Alistair Darling targeted contractor tax schemes under the previous Labour government. Reeves has already hinted at potential tax increases, stating that public finances are worse than Labour had anticipated before taking over from the Conservatives. In the months leading up to the election and subsequent change of government, the previous administration had promised not to raise national insurance, VAT, or income tax. These taxes account for two-thirds of UK tax revenue, and with the public finances in worse shape. Than expected, balancing the Budget may prove more challenging for Reeves than initially thought. One of the key manifesto promises expected to be included in the upcoming. Budget is the removal of the VAT exemption on private school fees, a measure projected to raise £1.5 billion. However, this amount is minor compared to the £22 billion deficit that Labour has inherited. Which has already been earmarked for funding education policies, including the recruitment of 6,500 new teachers. Labour’s manifesto promises to close the carried interest tax loophole and intensify efforts to combat tax avoidance. Additionally, Reeves has committed to holding only one major fiscal event each year, ending the era of “surprise budgets” that have become commonplace. She has only one opportunity to outline the government’s agenda for the next 12 months. Will IR35 be addressed in the Autumn Budget 2024? Ideally, contractors would see the Off-Payroll Working Rules repealed, ending the mishandling of IR35 determinations by organizations that engage contractors. Many tax experts are hopeful for a return to Labour’s original IR35 framework from 2000, but this seems unlikely. In 1999, Gordon Brown announced plans to introduce legislation addressing “avoidance in the area of personal service provision.” At that time, the government was concerned about the growing trend of ‘disguised employment,’ where individuals provide services to an organization like employees but operate as limited companies. This arrangement allows contractors to benefit from a lower tax liability than traditional employees. As a result, IR35 was introduced in April 2000. These tax rules ensured that individuals who would ordinarily be classified as ‘employed’ by HMRC are taxed accordingly rather than as ‘self-employed.’ Since its introduction, IR35 has faced significant criticism, leading to the formation of. The Professional Contractors Group (now known as IPSE) to oppose the legislation. The IR35 rules have pushed many contractors back into traditional employment, increasing PAYE and National Insurance contributions for HMRC. Because of this, some experts believe that a move towards a ‘Single Work Status’ approach might be more likely than a return to the original IR35 framework. What is Single Work Status for Limited Companies? Some experts believe that the introduction of the Single Worker Status could impact how IR35 status is determined. In Labour’s ‘Plan to Make Work Pay,’ published in May, the concept of Single Worker Status involves creating a new, unified worker classification as part of broader efforts to enhance pay and working conditions. This initiative also aims to simplify resourcing and compliance for businesses. Particularly for those who are self-employed but operate as limited companies. The new framework is expected to clearly distinguish between genuinely self-employed individuals and other workers. Currently, the three tiers of worker status—employees, self-employed individuals, and other workers—come with different rights, most notably in how taxes are paid. With the increasing prevalence of short-term contracts, often associated with the “gig economy,” determining an individual’s worker status has become more challenging, creating a grey area that has raised government concerns. What changes would Labour’s Single Worker Status Provide? Contractors would be reclassified as ‘workers,’ entitling them to employee benefits and protections like holiday pay, sick pay, redundancy rights, and protection against unfair dismissal. They could also become eligible for statutory benefits such as family leave and the ability to request flexible working arrangements. While many self-employed individuals value their current flexibility, this change may introduce more restrictive conditions regarding project selection and working hours. This could impact contractors’ ability to work with multiple clients simultaneously, especially considering the potential for increased liabilities with HMRC. Additionally, contractors may face increased administrative burdens, including dealing with legal complexities and more extensive bookkeeping. Do you need to hire a Limited Company Accountant? With potential changes on the horizon following the Autumn Budget 2024 announcement. Now is an ideal time to consider partnering with a limited company accountant like Account Ease. While running your own limited company can be an exciting and rewarding experience, many self-employed individuals prefer to manage it independently. However, enlisting the help of a professional to free up your time and provide expert guidance is crucial for long-term success. A limited company accountant specializes in handling the financial affairs of limited companies. Our experienced team is well-versed in the intricacies of UK tax law. Company regulations, and accounting standards, ensuring you stay ahead of any changes 2024 may bring. Their expertise is invaluable in maintaining your business’s compliance, efficiency, and financial health. Benefits of Hiring a Limited Company Accountant Expertise in Tax and Compliance: Navigating UK tax laws and company regulations can be challenging due to their complexity. A limited company accountant stays current with the latest regulations and can manage Corporation Tax, VAT, and other financial obligations on your behalf. They ensure you claim all eligible allowances and deductions, which could result in substantial savings for your business. Time Management: Balancing the demands of running a business while handling accounting tasks can be overwhelming and time-consuming. An accountant can relieve you of these responsibilities, allowing you to concentrate on your core business activities. Financial Reporting: Accurate and timely financial reporting is essential for making well-informed business decisions. Accountants can

Understanding the different methods of Directors Pay is crucial for maximizing earnings and effectively managing tax liabilities, both personally and for the company Salary: A salary is a routine payment provided by the company to a director and is the most prevalent form of compensation for directors. Advantages State pension years that qualify for it: Having a regular income that is greater than the earning limit of earnings means director earns qualifying years towards their state pension. Contributions to personal pensions: Allow for higher tax relief for personal pension contributions since your applicable UK income will be greater Income proof: A regular income may make it easier to bring the evidence needed to obtain loans or for insurance against critical illness. The eligibility for redundancy: Having been paid a salary could be a sign that director’s eligibility for redundancy payouts Disadvantages Income tax and NICs: Directors’ salaries are subject to income tax and National Insurance Contributions (NICs) Tax Rates and Considerations In the UK, the tax rates for different types of income vary: Bonus The term “bonus” refers to a single amount paid to directors. They may be annual or could be linked on the achievements of directors. They can be non-contractual or contractual. A contractual bonus implies that directors and employees are aware of their rights to receive a bonus. It is typically calculated on the performance. A contract might also provide the guarantee of a specific amount. A non-contractual reward is a situation where a company can decide how much a bonus is paid out and in what amount. Bonuses are tax-exempt and NICs when applicable. Dividends Dividends are the payments to shareholders using the company’s earnings. Directors who are shareholders may also receive dividends. Advantages Tax rates that are lower Tax rates for dividend income: The tax rate for dividends may be lower than that of income tax. There are no NICs No National Insurance contribution is due on dividends Dividend allowance The majority of people in the UK are entitled to an allowance for dividends, which payoff with tax-free income as high as PS500 per year. Disadvantages Reserves for distributable distribution Dividends are only able to be paid out of profits from the company and the company must be able to have enough reserves for distribution. Reimbursement of costs Costs paid directly through the director’s behalf on company can be reimbursed. Examples of personal expenses can include subsistence and travel as well as other equipment and services. Drawings Contrary to a sole trader business, a limited company an entirely separate business entity from its managers and owners. This means that, unlike the case of a sole trader company, you are not able to take any drawing. In the case of taking a payment from a restricted company that isn’t dividend, bonus or salary is declared as an unpaid loan to director. Directors loans must be managed in a manner that is appropriate to the situation.   How to select directors’ compensation Dividend vs salary Many factors impact the choice of the way a director will be paid. In general, directors of owned companies are paid an equal amount of salary. Dividends as well as bonuses in the most tax efficient manner. There are a few things to take into consideration when determining which is the perfect way to pay and the balance payment. Efficiency in taxation: Asking your accountant to create calculations can benefit you reduce your tax burden. The calculations could contain several different choices to think about and you can select the tax-efficient mode of payment. Financials for business: It is crucial to warrant the business has enough profits to pay dividends. And be able to pay for bonus and salary payouts. If your bonus and salary have wiped out company profits there could be no distribution reserve to pay dividends to shareholders. Personal circumstances: A different consideration is the personal situation of directors. For instance, they have financial targets, obligations and other sources of income. Taxable benefits in the form In in addition to bonuses, salary and dividends Directors may also be eligible for tax-deductible benefits. These may include company vehicles as well as medical insurance, fuel, and other advantages. Benefits that aren’t tax-free (such such as parking at work, mobile phones and beverages at the workplace) are subject to income tax as well as the NICs. Directors’ Pension As a director in a limited company, registering in a pension scheme for the company. Lets you plan for your future. Contributions to pensions made by the company are also an allowed expense for limited companies. Saving for a pension can be an excellent method to make money from your company that you’re happy to deposit into a retirement account which you can access upon retirement. What Account-Ease accountants can do to benefit Our experts are able to benefit you with regards to organizing your pay in the desirable way that suits the individual, taking into consideration your specific situation as well as tax efficiency. Contact our helpful team by giving us a call at 0208 133 4599 or fill out our on-line Contact form.