Secure Accounts Limited

Employment There are some Taxpayers who have to have a Self Assessment Tax return completed on their behalf or they can complete and file on their own through either 👇 HMRC Government Gateway Account Or Third Party Software We would advise to use an Accountant either locally or Nationally 1️⃣ of the issues that we usually deal with is usually Misplaced P45 Misplaced P60 Lost P45 Lost P60 Misplaced/Lost P11D On some occasions being informed that some Of the documents have never been received despite several requests There are 3 ways to retrieve this information ℹ️ for each Tax Year 👇 Telephone 📞 HMRC 03002003310 for the Employment History for the Tax Years required as well as copies of SA302 for Tax History (Please note that there is a long waiting time 🕰️ and even more as we approach closer to the Self Assessment Deadline) Or Setup a HMRC Personal Account 🛜 and access Employment History information split between the Tax Years Or Agent 🧑💼 👨💼 can request a Code to act on your behalf and have access to this information ℹ️ HMRC do accept Provisional Returns whilst a Taxpayer waits for the missing information ℹ️, however, until actual Tax is calculated and paid , there will be late interest 💴 accumulating We would encourage to immediately contact and provide information ℹ️ to your Accountant If you require assistance and either have not an appointed an Accountant yet or deciding on a change Please feel 🆓 to reach out Tel: 01212852534 Web: https://lnkd.in/dGpjEqM

Dear Accountants/Book Keepers & Tax Advisors The email 📧 👇 is legitimate Please bear in mind if no Agent Codes have changed for your Practice No Action is required Thank you Shaz

Thursday 21/11/24 @10am Mtd Making Tax Digital (MTD) Training Notes presentation by Sage & HMRC Start from April 2026 Be prepared and consider joining the pilot/beta scheme The more companies test, the more HMRC can check the smoothness of the system HMRC have confirmed that Making Tax Digital will not be delayed further Check criteria to be registered Will be mandatory and quarterly However, some can join on a voluntary basis Rules will apply to Sole Traders and Rental Steps 👇 1. Keep Digital records 2. Quarterly updates 3. Submit year end return to include all the income Sage but other software will have systems in place Mtd thresholds (sole trader and rental) April 2026 Gross income over £50k April 2027 Gross income over £30k Partnership MTD is not required and individual partners not required to report share of profit HMRC will write to taxpayers where they feel that MTD will apply them As specialists we also need to advise clients Accountants will be more active increasing deadlines and fees Mtd IT will be like the current MTD VAT quarterly reporting Prepare early

Self-Assessment Deadlines We have roughly 10 Weeks if that remaining to file our deadlines for the Tax Year 2023-2024 Why is it important to file the Tax Return Sooner🧐 - Better Tax Planning 🗒️ - Better organising 📝 - Better understanding 📕 - More time 🕰️ to pay and arrange the tax - Arrange for any Payment on Account 💲 - Prepare for Making Tax Digital (MTD), which May apply to you if you earn above a certain threshold - Avoid paying additional fees 💰 for providing records to your Accountant or Tax Advisor so close to the deadline - Guaranteed to have the return completed and submitted online 🛜 in 👍 time 🕰️ - Agent can advise and monitor in real-time if any current or past tax is still outstanding 💴 We write to each client specifically tailored request to their needs at the end of each Tax Year then we send reminders to provide the records If you feel that you are not being sent a request or a reminder to complete your tax return and would consider a switch Please feel free to reach out Tel: 01212852534 Web: https://lnkd.in/dGpjEqM

Corporation Tax 💰 Please note the following 👇 - If you have more than 1️⃣ Trading Limited Company then the Corporation Tax threshold is split between the companies - If a Limited Company period is less than 12 months then the profit threshold to determine the Corporation Tax Rate and the amount of Relief is reduced - Corporation Tax has to be calculated accurately ✅ taking into account the allowable/disallowable expenses and allowances Basic Rule 👇 if trade for 12 months and only operate 1️⃣ Limited Company - Corporation Tax starts from 19% for Profits up to £50,000 Profits but will be 25% if the Profits are over £250,000. If the Profits are between £50,000 to £250,000 then the Marginal Relief will be applied If you require an expert to prepare your Annual Accounts on time 🕰️ and CT600 to be filed 🗒️ then please reach out We have a wide reach and connections with other Accountants and Tax Advisors so if you prefer someone local, happy to pass their details in 🇬🇧 Tel: 01212852534 Web: https://lnkd.in/dGpjEqM

AGENTS Attention ‼️ Please be aware that you can now update your address details for your business/company taxes online This will speed up the process and enable your firm to receive the correspondence for your firm and for on behalf of your Authorised Clients There have been many instances where Agents have struggled to have their details updated so causing inconvenience Please share with other Accountants/Book Keepers/Tax Advisors

Here's a summary of the key points from the October 2024 UK Budget for small businesses and individuals: Tax Increases and Wage Adjustments Overall Tax Rise: A projected increase of £40 billion in taxes. Minimum Wage Increases: For over-21s: Rise from £11.44 to £12.21 per hour (6.7% increase). For ages 18-20: Rise from £8.60 to £10.00 per hour (16.3% increase). For ages 16-17 and apprentices: Rise from £6.40 to £7.55 per hour. State Pension: Set to increase by 4.1% in the 2025/26 fiscal year. National Insurance and Employment Allowances Employer National Insurance: Increase of 1.2%, bringing it to 15%. Threshold: Reduced from £9,100 to £5,000. Employment Allowance: Increased from £5,000 to £10,500, providing tax relief for smaller employers. Fiscal Drag and Income Tax Thresholds Fiscal Drag: Continued freezing of income tax thresholds will push more taxpayers into higher tax bands until 2028/29, when adjustments will be made in line with inflation. Income Tax, Employee NI, and VAT: Rates remain unchanged. Capital Gains and Business Asset Disposal Relief Capital Gains Tax: Lower rate: Rising from 10% to 18%. Higher rate: Increasing from 20% to 24%. Residential property gains remain taxed as before. Business Asset Disposal Relief: Lifetime limit retained at £1 million. Tax rate rising from 10% to 14% in 2025, then to 18% in 2026. Inheritance and Property Taxes Inheritance Tax: Threshold held at £325,000 until 2030, with inherited pensions now subject to inheritance tax. Stamp Duty Land Tax (SDLT): Increase to 5% for second homes, effective immediately. Electric Vehicles and Company Cars Electric Vehicle Tax: Company car tax rates maintained until 2028, incentivizing EV use. Business Rates 2025/26: Introduction of a new 40% reduction rate, capped at £110,000. However, businesses may lose their current 75% discount. Higher-Value Properties: Subject to increased tax rates. Hospitality and Retail: Reduced rates in 2026/27 to support these sectors. Corporation Tax and Investment Allowances Corporation Tax: Capped at 25%, with “full expensing” preserved. Annual Investment Allowance: Set at £1 million, encouraging business investments. Other Notable Changes VAT on Private School Fees: Introduced from January 1, 2025. Non-Dom Tax Regime: Removal of non-dom status in favor of a residence-based tax scheme. 100% First Year Allowance (FYA): Maintained for capital expenditures. The government hinted at "hard decisions to come" for public service funding, potentially signaling further tax measures in the future.

BUDGET Wednesday 31 October 2024 @ 12:30pm Many are speculating Tax increases 🆙

ICO There are many businesses which, are required to be registered for ICO as Mandatory with most businesses paying £40 per year (£35 per year if auto dd) - Have and hold access/information to third party and customer - CCTV use in the business - Processing personal data Fees will depend on the size of the business ICO write to the business, which applies to sole trader and ltd co directly - Either take self-assessment question and apply for exemption if the ICO is not applicable Or - Complete the Registration (Takes around 15 minutes) and pay the fees Please find attached a screenshot of the consequences of not cooperating and failing to update ICO If you would like further advice or guidance in regards to ICO Subscription Please reach out to us Tel: 01212852534 Web: https://lnkd.in/dGpjEqM #accountants #taxes #bookkeeping #vat #paye #selfassessment #corporationtax #accounts #companies #pension #investments #business #businessowner #SME #accountant #accountancy #director #soletrader #partnership #incorporation #taxadvice #Crypto

Self Assessment Tax Return 2023-2024 Paper 📄 Return ‼️ Only just over 2 weeks to file the Paper Return If you are filing your own Tax Return then please ensure that you post the Return on time 🕰️ or in fact a few days before 31 October 2024 so it is not treated as late and receive an unnecessary late filing penalty of £100 If you require assistance with your Paper Tax Return then please feel free to reach out We have connections with Accountants all over 🇬🇧 if you wish to appoint someone local Benefits of Filing Online rather than through the Post - Additional time 🕰️ to file 31 January 2025 rather than 31 October 2024 - More time 🕰️ to prepare and calculate the taxes - Prepare and be able to have the funds available for the taxes plus any payment on accounts - Tax Calculations due immediately available online before filing to view before submitting - Most taxpayers can set up their own Government Gateway Account to file - If by using an Accountant, the Tax Return will be more complete and accurate if the Tax Return has several different sources of income Please take action urgently to file the Paper Return or ensure that you benefit from The Online Filing facilities and longer deadline Tel: 01212852534 Web: https://lnkd.in/dGpjEqM