Address
Kings Lodge, London Road

West Kingsdown
Nr. Brands Hatch
Kent, 
TN15 6AR

Telephone
01474 853 856

 

© 2018 A4G LLP Chartered Accountants

TAX PLANNING & REDUCTION

As the famous quote says "In this world nothing can be said to be certain, except death and taxes…” To ensure you are compliant and are making use of any tax saving initiatives available, we have a tax team who are at your disposal. They will assess your individual circumstances and assist you in implementing non-aggressive tax planning structures.

It goes without saying that as accountants we deliver the following services to ensure you are always compliant

  • Accounts Preparation
  • Audit and Assurance
  • Company Secretarial 
  • Personal Tax
  • Year End Service
  • Business Tax

COMPLIANCE

PROFIT & CASH FLOW IMPROVEMENT

We have many years experience helping clients improve their profit and cash flow. We can help you:

  • Achieve profitable growth
  • Make your business more valuable to potential buyers
  • Increase your cash availability
  • Reduce your costs

Recent government changes mean that every employer now has to have a pension scheme in place for their employees, including those who are part-time. Our payroll experts can support you with your payroll process, as well as helping you develop and implement an auto enrolment scheme.

PAYROLL & AUTO ENROLMENT

Yes. If you make no changes to how you are currently operating or planning then this change will just be more deadlines for your business. And leave you at higher risk of an enquiry. 

But if you use this as an opportunity to automate some of your basic finances, review your profits, consider your tax planning on the go, then this will have a much more positive impact on your business. 

Basically, if you're on top of your figures, you should be less stressed. 

DOES THIS MEAN I'LL HAVE THE STRESS OF COMPLETING A TAX RETURN 4 TIMES A YEAR?

Making Tax Digital

PAYROLL & AUTO ENROLMENT

Coming April 2019.

No – you’ll still only be paying tax once, at the end of year. But by using cloud accounting software, like Xero, you’ll be able to calculate your tax bill throughout the year and save accordingly. This means you’ll be more organised when it comes to the end of year tax returns. 

It's likely you will actually pay less tax! Being more organised will allow you to remember expenses you've paid for personally and undertake your tax planning during various points in the year. 

DOES THIS MEAN I'LL PAY MORE TAX?

PAYROLL & AUTO ENROLMENT

  • More data will be passed to HMRC throughout the year than ever before

  • Any planning you do should be done throughout the year – big year-end adjustments are not going to look good anymore!

  • You will have to keep up-to-date and accurate records

  • You will want to know what you are sending to HMRC – at year-end we check over all the disclosures we make and think about how HMRC may view them. If you are submitting direct from the bookkeeping, HMRC could see this without our vetting

WHAT ARE THE CONCERNS?

PAYROLL & AUTO ENROLMENT

Book your free MTD Discovery Session

Use the button to the right to book your free Making Tax Digital Discovery session. This will include a consultation with one of our Principal Advisers and a demo of one or all of the following: Xero, Chaser and Receipt Bank. 

A4G LLP - Accountants in Kent

A4G LLP

Part of the A4G Group

01474 853 856

www.a4g-llp.co.uk

Making Tax Digital will be the biggest change to the taxation system in 20 years. This new government legislation will change the way that businesses submit their financial data to HMRC, meaning an end to the tax return for millions.

WHAT?

WHY?

The primary aim of Making Tax Digital is to ‘make it easier for individuals and businesses to get tax right and keep on top of their affairs'.

Other reasons include: allowing businesses to budget and plan effectively and knowing where they stand when it comes to tax affairs.

WHEN?

From April 2019, businesses with a turnover above the VAT threshold (£85,000) will be required to submit quarterly VAT information in this way. 

By April 2020, HMRC will widen the scope of MTD by including taxes for sole traders and partnerships and corporation tax for limited companies. 

DOES THIS MEAN I'LL HAVE THE STRESS OF COMPLETING A TAX RETURN 4 TIMES A YEAR?

The simple answer is no. Yes, you will have to update your tax records quarterly but this is not the same as filing four separate tax returns. In fact, you should be less stressed. 

Most people dread completing their tax returns because they leave it to the last minute, with mountains of receipts and invoices to work your way through. Frankly, it’s a nightmare.

But with quarterly updates, you’ll instead update your figures throughout the year, reviewing your data and confirming that it’s accurate - so you won’t have that mad rush at the end of the year trying to get organised and on top of your books. 

DOES THIS MEAN I'LL PAY MORE TAX?

No – you’ll still only be paying tax once, at the end of year. But by using cloud accounting software, like Xero, you’ll be able to calculate your tax bill throughout the year and save accordingly. This means you’ll be more organised when it comes to the end of year tax returns.

HMRC do also have an option for businesses wishing to pay income taxes quarterly. You still won’t be paying more tax, but you can spread the costs across the year. 

WHAT ARE THE CONCERNS?


  • Access to your tax information in real time

  • All tax information and interactions in one place

  • Less form filing
     
  • Communication with HMRC will be easier than ever – with both the business and HMRC having a complete overview of all taxes in one place

  • Keep up to date with your business performance

  • Informative business decisions can be made 

  • You can budget better for upcoming tax liabilities 

CAN I STILL USE SPREADSHEETS?

You will still be able to continue using spreadsheets for record keeping, but you must ensure that they meet the requirements of MTD. This will involve combining spreadsheets with software. 

You will need to find an integration tool which can push the required data from the spreadsheet into a cloud-based accounting software, like Xero, which naturally links to HMRC’s system. This will however come with an added cost for subscribing to the software and a substantial amount of your time in changing your formatting to match this.  

Or you can, of course, just convert to a cloud-based software. It needn’t cost you a fortune. Many of our clients have moved from spreadsheets to Xero, which has proved to be easier and faster to use. In fact, we suspect that overall Xero will be cheaper to run than spreadsheets in terms of software linking and your time spent.

HMRC have confirmed that they will not be providing software directly. However, they “will ensure that free apps and software products are available", but we are yet to test a version that is any good!

PAYROLL & AUTO ENROLMENT

SO, HOW WILL IT BENEFIT ME?

  • More data will be passed to HMRC throughout the year than ever before

  • Any planning you do should be done throughout the year – big year-end adjustments are not going to look good anymore!

  • You will have to keep up-to-date and accurate records

  • You will want to know what you are sending to HMRC – at year-end we check over all the disclosures we make and think about how HMRC may view them. If you are submitting direct from the bookkeeping, HMRC could see this without our vetting

PAYROLL & AUTO ENROLMENT

ASK US A QUESTION

Do you still have any questions regarding Making Tax Digital and what you need to do to comply? Enter your details and ask us your question. We can arrange an informal chat with one of experts to help guide you with the next steps you need to take.

WILL MAKING TAX DIGITAL PUT YOU AT HIGHER RISK OF A TAX ENQUIRY?

  • Access to your tax information in real time

  • All tax information and interactions in one place

  • Less form filing
     
  • Communication with HMRC will be easier than ever – with both the business and HMRC having a complete overview of all taxes in one place

  • Keep up to date with your business performance

  • Informative business decisions can be made 

  • You can budget better for upcoming tax liabilities

SO, HOW WILL THIS BENEFIT ME?

PAYROLL & AUTO ENROLMENT

A4G's Cloud Accounting Expert and Partner, Emma, explains to you how Making Tax Digital is going to affect you, and why you need to act now. 

See what she has to say in the video to the right.

*By signing up, you agree to be added to our database and hear from us from time to time. You can unsubscribe at any time and we won't share your information with 3rd parties.

Choosing an accounts package is no longer about finding a software to simply tick a few boxes and make HMRC happy. Gone are the days of buying a box off the shelf and installing it on your PC. 

It's also no longer a choice. 

You absolutely must be using a software that is compatible with HMRC's digital demands. 

The problem is, you're now presented with a buffet of online options to choose from. Everything looks good and there are contradicting recommendations all over the web. You need a proper analysis. 

So, with that in mind, what's at the heart of this choice and what are your options?

Visit our website to read the full article

TAX PLANNING & REDUCTION

As the famous quote says "In this world nothing can be said to be certain, except death and taxes…” To ensure you are compliant and are making use of any tax saving initiatives available, we have a tax team who are at your disposal. They will assess your individual circumstances and assist you in implementing non-aggressive tax planning structures.

It goes without saying that as accountants we deliver the following services to ensure you are always compliant

  • Accounts Preparation
  • Audit and Assurance
  • Company Secretarial 
  • Personal Tax
  • Year End Service
  • Business Tax

COMPLIANCE

PROFIT & CASH FLOW IMPROVEMENT

We have many years experience helping clients improve their profit and cash flow. We can help you:

  • Achieve profitable growth
  • Make your business more valuable to potential buyers
  • Increase your cash availability
  • Reduce your costs

Recent government changes mean that every employer now has to have a pension scheme in place for their employees, including those who are part-time. Our payroll experts can support you with your payroll process, as well as helping you develop and implement an auto enrolment scheme.

PAYROLL & AUTO ENROLMENT

WHAT IS MAKING TAX DIGITAL?

PAYROLL & AUTO ENROLMENT

HOW WILL MAKING TAX DIGITAL AFFECT YOU?

If you want things clearing up a little more, we asked A4G's Cloud Accounting Experts Joe and Luke to give us the lowdown on Making Tax Digital, and answer some of your frequently asked questions. 

See what they have to say in the video below.

MORE HELP & ADVICE

Making Tax Digital
Sign me up!

Book your free 1-2-1 MTD Discovery Session

Get in control of your business before HMRC starts poking around

Your free 1-2-1 
session is just 
one click away!

Our forward-thinking clients are taking advantage of the call for quarterly submissions by receiving management accounts from us on a quarterly basis.

Having regular understanding and analysis of your financial data in real time will allow you make key decisions and unlock the potential for growth in your business:


Take advantage of Making Tax Digital by: 

SMART BUSINESS ARE USING MAKING TAX DIGITAL TO GET AHEAD

PAYROLL & AUTO ENROLMENT

  • Being better informed all year round, putting you in the driving seat of your business
  • Seeing the early warning signs of cash-flow problems
  • Making long term strategic decisions based on real time performance 
  • Putting yourself in a more appealing position to potential lenders

Be smart and plan ahead

Get compliant and get ahead of the game 

YOU NEED TO BE USING A CLOUD ACCOUNTING SOFTWARE
But which one should you pick?

You will have no doubt have heard about HMRC’s plan to make tax digital (mostly from us!). To be brief, Making Tax Digital (MTD) is the government’s plan to transform the tax system and move it online. It will affect most businesses.

The primary aim is to make tax administration more effective, efficient, and easier for taxpayers. And of course, as
 we have suspected for some time, HMRC are making this move to get a closer look at your business data and reporting trends, putting you at higher risk of an enquiry. 

However, with improved and regular management accounts this change could be advantageous to you and to the growth of your business.

PHASE 1: FROM APRIL 2019

From April 2019, if you are VAT registered business, trading above the VAT limit of £85,000, you will be required to submit quarterly VAT information digitally. 

So if you’re VAT registered, or close to the threshold, and don’t currently use a digital accounting package (like Xero) to record you VAT information, you need to catch up - and fast. 

TAX PLANNING & REDUCTION

As the famous quote says "In this world nothing can be said to be certain, except death and taxes…” To ensure you are compliant and are making use of any tax saving initiatives available, we have a tax team who are at your disposal. They will assess your individual circumstances and assist you in implementing non-aggressive tax planning structures.

It goes without saying that as accountants we deliver the following services to ensure you are always compliant

  • Accounts Preparation
  • Audit and Assurance
  • Company Secretarial 
  • Personal Tax
  • Year End Service
  • Business Tax

COMPLIANCE

PROFIT & CASH FLOW IMPROVEMENT

We have many years experience helping clients improve their profit and cash flow. We can help you:

  • Achieve profitable growth
  • Make your business more valuable to potential buyers
  • Increase your cash availability
  • Reduce your costs

Recent government changes mean that every employer now has to have a pension scheme in place for their employees, including those who are part-time. Our payroll experts can support you with your payroll process, as well as helping you develop and implement an auto enrolment scheme.

PAYROLL & AUTO ENROLMENT

THE FACTS YOU NEED TO KNOW

PHASE 2: FROM APRIL 2020

From April 2020, HMRC will widen the scope of MTD by including all businesses (limited companies, LLPs, partnerships, sole traders and landlords receiving more than £10,000 income annually). 

This will likely include submitting a profit and loss report and balance sheet to HMRC quarterly, with the option to pay your tax as you go.

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