Michael Phillips’ Post

HMRC are really clamping down on R&D tax relief. and it's a good thing. Plenty of business owners I speak to tell me they do the claims themselves or via an accountant, which is great. They also tell me they do a heck of a lot of the work themselves which takes hours & hours because you have to submit a technical report to prove the R&D as well as the financial stuff. Some also tell me they already work with an agent, yet still have to do most of the work. The clampdown is good because too many took advantage of the scheme. A trusted partner like Grantica makes claiming a less time consuming chore. WE write the report for you, WE collate the financials and we make it legally compliant with HMRC's new regulations, with minimal time given by the client. And our USP. We certify that claim. We use chartered professionals to look at that claim as if they were HMRC themselves. If they aren't happy with it, we'll do it again until it meets the threshold (in our opinion) to be successful. We love to help, so get in touch for a helping hand. (do feel free to email me on michael@grantica.io or call 07500664383) #researchanddevelopment #taxcredit #taxcredits #ukbusinessowners #ukbusinesses #growth #cashflow #finance #entrepreneurs #ukbusinessgrowth #uktax #ukfinance

Here's the question of the week... Q: I’m a small business owner, and I’m not sure which HMRC forms I should be using. A: If your business type is not registered with the Companies House, then a sole trader is the default. This means that the sole trader pays income taxes through the self assessment tax return. In this case, Profit or Loss for a Small Business is used. B. If your business type is a partnership, then it must consist of at least 2 partners who must be registered with the HMRC using the form SA400. In this case, after your year end, an tax return on Form SA800 is filed. C. The last business type for small business owners is a Limited Liability Company (Ltd). If the LTD is made up of only one person, it’s a single-member shareholder Ltd and pays income in the form of corporation tax while individual director takes money out in form of dividend (allowable after company taxes have been taken into account). Have a question? Comment your questions below. #tax #taxes #taxtip #outsourcedaccounting #outsourcedbookkeeping #accounting #accountant #bookkeeping #bookkeeper #businesstaxes #finance #money #entrepreneur #business #smallbusiness #bookkeepingexpert #bookkeepingservices #constructionindustry #electricalservices #plumbingservices #ElectricalBusiness #TradeServices #CafeProfits #PubBusiness #localpub #localcafe #bellshillbookkeeper #bellshillaccountant #lanarkshirebookkeeper #bellshill #motherwell #hamiton #northlanarkshire #ems_accounting_services

Switching to Taxsure is quick and hassle-free! Here's a step-by-step look at how simple the process is: 1️⃣ We start with a free consultation to understand your current situation and what you need help with. This allows us to build an accounting package tailored to your needs and send you an electronic proposal. 2️⃣ Once you've e-signed your proposal, we will contact your previous accountant. From there, we request your financial records, tax filings, and anything else needed to ensure a smooth transition. 3️⃣ Once we receive the handover information from your previous accountant, we will arrange for HMRC to send you an authorisation code by post for each HMRC service we will manage on your behalf. Alternatively, you can authorise us online via Government Gateway. 4️⃣ Once the switch is complete, you'll immediately start benefiting from our proactive approach, minimising stress while maximising tax savings. Switching to Taxsure is designed to be easy, so you can focus on growing your business while we take care of the numbers! Feel free to book a free consultation via our website or reach out to us directly: 📞 01603 334100 📧 info@taxsure.co.uk 👨💻 www.taxsure.co.uk #accountant #accounting #uktax #taxes #hmrc #taxsavings #taxadvice #taxsure #taxadvice #smallbizuk #smallbusiness #uksmallbusiness #entrepreneur #newbusiness #taxreturn #vat #corporationtax #selfassessment #cgt #selfemployed

Collaboration is the new currency.   With HMRC actively looking into past claims and asking for companies to give them that benefit back, it's becoming more and more important to work with an expert in submitting R&D tax relief claims. The fear is real.   When working with a team that specialises, it gives peace of mind that the job will be done right. Grantica help companies in all industries and determine where your R&D qualifies, we talk to you about your projects, gain insight into what worked and what didn't - you're the expert in your field and your knowledge is key. 🔑 🔑 🔑 🔑 🔑   BUT with HMRC clamping down, legal compliance and report certification is now an essential ingredient we provide to ensure a robust claim and we provide this, as well as free enquiry support if anything should happen.   Experts should work together, don't you think? Ready to unlock the full potential of your R&D initiatives? Get in touch with us today, by dropping Shaun Bartle or Michael Phillips a DM now! 📩 #taxcredits #taxcredit #uktax #uktaxes #uktaxcredit #innovation #manufacturing #randd #efficiency #competitiveadvantage #sustainability #money #cashflow #ceo #managingdirector #financedirector #cfo #engineering #construction #businessstrategy #businessgrowth #growth

Tax investigations can be stressful, but timely action makes all the difference. Our experienced team is ready to assist you with a clear, practical approach to navigate the investigation process. Reach out today to safeguard your finances and confidently handle any HMRC inquiries. we’d love to hear from you! Please take a moment to fill out our quick survey to help us serve you better: https://lnkd.in/dux-76Af Contact us for more information Info@aczone.co.uk +44 7983 132304 #Feedback #CustomerSurvey #WeValueYourInput"#tax #fyp #accountant #accounting #businesssuccess #Taxation #Croydon #uk #taxseason #taxes #accountingservices #financetips #uk #fyp #entrepreneur #business #MYOB #Accounting" #QuickBooks #Productivity

The importance of carefully selecting your accountant - it could be the difference between success and bankruptcy! Case Study A client of ours had a previous accountant that wasn’t qualified as a financial accountant. It is a sad fact that anyone can set themselves up as an accountant and this can mean severe hardships for businesses when information isn’t processed correctly. The client paid thousands of pounds in tax over a period of years. When we became their accountant and did some cursory checks on information submitted to HMRC, we realised that no tax should have been paid and indeed, got a significant tax refund for the client amounting to more than £20,000. If you would like advice on tax or any other business related queries get in touch and we would be happy to help. #businessaccounting #businessbookkeeping #taxhelp #accountingservices #bookkeepingservices

This case study from JDH shows the benefits of having a good accountant!

🚨 LLC vs. Corporation: Which Business Structure Can Save You More in Taxes? 💼📊 Choosing the right structure for your business can make a significant difference in tax savings, legal protection, and future growth potential. Whether you're a U.S. expat running a business abroad or a small business owner looking to stay IRS-compliant, understanding the differences between an LLC and a corporation is key to making the best decision for your business. Here’s a quick breakdown of both: ✅ LLC (Limited Liability Company): - Flexible management structure, meaning fewer formalities and less red tape. - Pass-through taxation: profits and losses pass through to your personal income tax, meaning no corporate taxes. - Easier to set up and operate, perfect for smaller businesses or those looking for simplicity. - Personal assets are typically protected from business liabilities. ✅ Corporation: - Separate legal entity from the owners, providing strong legal protection and a professional structure. - Potential for double taxation (corporate and individual levels), unless you elect to be taxed as an S-Corp. - Ideal for businesses seeking to scale, raise capital, or attract investors. - More formalities, but with greater opportunities for growth and expansion. 💡 Choosing the right structure isn't just about liability—it's about how much you can save in taxes! Still unsure which option fits your business best? Get personalized advice tailored to your unique financial situation. 📩 Reach out to our founder & CPA, Anshul Goyal, at anshul@incencred.com for a comprehensive consultation to help you choose the optimal structure and ensure full IRS and FINCEN compliance. #LLCvsCorporation #TaxStrategy #Expats #BusinessStructure #IRSCompliance #CPA #SmallBusiness #USExpatTaxes #TaxPlanning #FINCEN

You may have seen in the news recently a story about an accountancy firm whose clients have been told to repay thousands of pounds to HMRC after the firm incorrectly filed tax refund claims. Understandably this has resulted in hardship for many of their clients suddenly having to find large sums of money to repay. This kind of malpractice amongst firms who purport to be "tax experts" concerns us. Your accountant should be someone qualified, experienced and trustworthy.  They will have access to all the information about your business' finances and hold responsibility for arranging your tax affairs and submitting important documents and accurate figures to HMRC. So how do you make sure that your accountant is trustworthy and competent? We have compiled a list of 5 questions you should ask your accountant before you engage their services: https://lnkd.in/e2Uvfr2W #biz #advice #finance #accountants #professional #qualified #experienced #reliable #accountancy #cambs

Are you trying to claim these? Tax returns are our bread and butter, but the olive bread that came with that client dinner, sadly doesn’t belong on your tax return. Let us explain. Here are three expenses that sole traders might mistakenly believe they can claim on their UK tax returns, but which are actually not allowable: Ordinary Clothing: While you can claim for uniforms and protective clothing necessary for your work, you cannot claim for everyday clothing that you might wear to work. This includes suits or general business attire that isn't specific to your job requirements. Entertainment Expenses: Costs incurred from entertaining clients, potential customers, or existing customers are not allowable for tax relief. This includes expenses for meals and events that businesses might believe help in building professional relationships. Legal Fines and Penalties: Any costs or fines incurred for breaking the law, including parking tickets or penalties for late filing of returns, cannot be claimed as allowable business expenses. These are considered personal responsibilities. If these examples have highlighted the importance of understanding which expenses you are allowed to claim to avoid errors in your tax returns or potential issues with HMRC, we’d love to chat with you about how we can give you the reassurance and peace of mind that you need. DM us the word CHAT and we’ll share our booking link. #bookkeeping #accounting #smallbusiness #business #taxes #accountant #tax #hmrc #finance #bookkeeper #entrepreneur #expenses #bookkeepingservices #accountingservices #businessowner #money #accountants #smallbusinessowner #taxprofessional #taxplanning #audit #taxrefund #taxpreparation #taxtips #startup