Best Accounting firm in Guildford

  The self-assessment process is the bane of people  contractors  and their families. On the other hand, it takes a considerable amount of the time required, there are numerous mistakes that are made that could lead to having to do it again or a penalty. Some mistakes do not result in penalties, but they could cause more tax to be paid than is necessary. Did You Make a Defect on Your Self-Assessment Tax Form? What to do: A mistake on your self-assessment tax form is a simple mistake to make. If you discover an error after having submitted it there are ways to correct it. If you have filed the tax return online in the past twelve months, you can submit an online modification form. Once you log in to the HMRC online account, you will see your self-assessment tax return. If you open this form, there is an option to edit the form. If you choose this option, you'll be presented with an array of sections and parts of the form that are avai...

  The UK self assessment tax return filing deadline for 2020/21 has been extended by a month to the end of February 22 with all payments being required by 1 April 2022. Late filing penalties will be waived for one month. HMRC  took this decision due to the Covid-19 pandemic putting additional pressures on to taxpayers. It is expected that 12.2m taxpayers will need to submit a self assessment tax return with currently only about 50% of these returns having been submitted.

 Should you leave full-time employment behind and start your own business? There are pros and cons to both options, and, in this article, we’re taking a look at what they are – and whether you’re ready to dive into self-employment. As contractor accountants , we can help you in your sole trader, locum or limited company journey. So, let us handle your accounts and maximise your profit, no matter the type of venture you’re running – or if you’re still thinking about setting up your own business. Should You Stay Employed? Although there are numerous benefits of working for yourself as a sole trader but there are also numerous reasons to continue to work full-time.   Check out these reasons and see whether any of these are in line with your current situation. You’re Not Sure if Self-Employment is Right for You A great way to try your hand at self-employment while you're not certain whether it's the right choice appropriate for you is to start an additional job, while ...

Hiring an accountant for sole trader is an expense, and you may be trying to minimize those. It’s therefore natural to wonder if, as a self-employed person, you HAVE to hire an accountant at all. When you’re a sole trader, you’ll be responsible for a lot of things. You, for example, will be responsible for finding jobs and interacting with clients directly. It will also be your obligation to file tax returns, which you will have to do every year. You will, in particular, need to manage your own business accounts, just like any other enterprise. This is not as simple as it may appear, and it is one of the primary reasons why many sole traders like to engage an accountant. Is it, nevertheless, necessary for sole traders to hire an accountant? No, that is not the case. There is no regulatory requirement that self-employed individuals have an accountant on their payroll. This is a choice you can make yourself. But there are plenty of good reasons why it’s something you should give s...

  The UK self assessment tax return filing deadline for 2020/21 has been extended by a month to the end of February 22 with all payments being required by 1 April 2022. Late filing penalties will be waived for one month. HMRC  took this decision due to the Covid-19 pandemic putting additional pressures on to taxpayers. It is expected that 12.2m taxpayers will need to submit a self assessment tax return with currently only about 50% of these returns having been submitted.

  Stamp duty receipts hit a record high of nearly £3bn in the last quarter of 2021. The British obsession with properly continued in 2021, with stamp duty receipts in the last quarter of 2021 nearly reaching £3bn, a nice windfall for the Government from the pandemics boom in the housing market. The stamp duty receipts of £2.95bn beat the previous record of £2.6bn from the third quarter of 2017. Higher prices are a significant driver of stamp duty receipts with the covid pandemic driving prices up. Economists are predicting this will abate with affordability becoming stretched and expected interest rates rises, estate agents are also reporting a lack of supply of houses and an oversupply of flats. Also the deposit required by an average first time buyer is now at a record high of total  gross annual earnings , this is expected this to dampen price growth.

Sole Trader Accountant- Do you Need One? Sole trading  has become a go-to business option in the UK lately. According to the statistics, there are 5.6 million private sector businesses, and of this, 3.2 million are sole proprietorships. Sole traders’ numbers are increasing rapidly in the UK. While these statistics are impressive, the amount of effort that is required to operate in this way is significant. What is a sole trader? Firstly, let’s understand what sole trader means. A sole trader means one person running an entire business by themselves, this can also be considered self- employment. One person will be donning various hats: the business, the boss, accountant, marketing manager, sales executive, and every other hat needed to run the business. That person will also take all the business profits after paying the tax. It is what makes sole trading unique. However, that one person is also liable for any losses and will bear them alone. A sole trader is one of the simplest busi...