Secure Accounts Limited’s Post

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/ewYzdMs

Employment expenses HMRC have a list of organisations where subscriptions costs can be claimed There are other costs which can be claimed such as travel mileage and parking but there are strict rules around this Self employed have much more allowable expenses to be claimed HMRC have looked into this before but even more since HMRC have delayed releasing tax refunds to the taxpayers When it comes to the subscriptions costs HMRC would like the subscriptions costs to be apportioned over the tax years rather than Eg. If paid £415 on 13/3/23 to be included in the tax year 22-23 This should be apportioned split between 2 tax years in this case 22-23 and 23-24 HMRC will definitely look further into this when a refund is due If we can assist with your employment expenses claim and advise further Please feel free to get in touch Tel: 01212852534 Web: https://lnkd.in/ewYzdMs #accountants #taxes #bookkeeping #vat #paye #selfassessment #corporationtax #accounts #companies #pension #investments

Employment expenses HMRC have a list of organisations where subscriptions costs can be claimed There are other costs which can be claimed such as travel mileage and parking but there are strict rules around this Self employed have much more allowable expenses to be claimed HMRC have looked into this before but even more since HMRC have delayed releasing tax refunds to the taxpayers When it comes to the subscriptions costs HMRC would like the subscriptions costs to be apportioned over the tax years rather than Eg. If paid £415 on 13/3/23 to be included in the tax year 22-23 This should be apportioned split between 2 tax years in this case 22-23 and 23-24 HMRC will definitely look further into this when a refund is due If we can assist with your employment expenses claim and advise further Please feel free to get in touch Tel: 01212852534 Web: https://lnkd.in/dGpjEqM #accountants #taxes #bookkeeping #vat #paye #selfassessment #corporationtax #accounts #companies #pension #investments

Employee Tax Code We have been approached by a client recently who was highly concerned as HMRC have made request for outstanding Taxes The client is on PAYE roles only and earns less than £100,000 per year After reviewing the clients Employment History provided by HMRC We noticed that the following that the employee held 2 jobs at the same time in each tax year and HMRC have applied 1257L Tax Code to both jobs, which means that the employee has benefited from the Personal Allowance of £12,570 twice National Insurance can apply for more than 1️⃣ job but with the Personal Allowance there is only 1️⃣, which of course starts to reduce if earn over £100,000 My advice to the client immediately now and for the future to contact HMRC and make them aware of the job circumstances and the total expected Gross income from both jobs so at least they can provide a more accurate tax code to the employer The major concern here is the Employers and their finance department would have been receiving Tax Code Notices/Student Loan Notices but it is clear that they are not adjusting on their system and then the client has received P800T or Statement of taxes - Underpaid Amount We have reviewed the documents and did some calculations to determine that there has been underpaid taxes each year, which total up to a significant amount putting unnecessary pressure on the client If you are in a similar position or received similar letters Please feel free to reach out and we will be able to assist and advise further Tel: 01212852534 Web: https://lnkd.in/ewYzdMs #accountants #taxes #bookkeeping #vat #paye #selfassessment #corporationtax #accounts #companies #pension #investments #business #businessowner #SME #accountant #accountancy #director #soletrader #partnership #incorporation #taxadvice #Crypto

Employee Tax Code We have been approached by a client recently who was highly concerned as HMRC have made request for outstanding Taxes The client is on PAYE roles only and earns less than £100,000 per year After reviewing the clients Employment History provided by HMRC We noticed that the following that the employee held 2 jobs at the same time in each tax year and HMRC have applied 1257L Tax Code to both jobs, which means that the employee has benefited from the Personal Allowance of £12,570 twice National Insurance can apply for more than 1️⃣ job but with the Personal Allowance there is only 1️⃣, which of course starts to reduce if earn over £100,000 My advice to the client immediately now and for the future to contact HMRC and make them aware of the job circumstances and the total expected Gross income from both jobs so at least they can provide a more accurate tax code to the employer The major concern here is the Employers and their finance department would have been receiving Tax Code Notices/Student Loan Notices but it is clear that they are not adjusting on their system and then the client has received P800T or Statement of taxes - Underpaid Amount We have reviewed the documents and did some calculations to determine that there has been underpaid taxes each year, which total up to a significant amount putting unnecessary pressure on the client If you are in a similar position or received similar letters Please feel free to reach out and we will be able to assist and advise further 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

HMRC Support Line HMRC have been receiving plenty of negative ❌ feedback and publicity over the last few years However, we have been dealing with quite a few PAYE and Corporation Tax issues on behalf of our clients over the last few months We can confirm in order to reassure other - Accountants - Book keepers - Tax Advisors - Businesses That the above helplines waiting time 🕰️ are much less ⬇️ and the HMRC Agents are very helpful and supportive 🤓 We note an example 👇 where a client paid incorrectly Corporation Tax using the Corporation Tax reference rather than their Self Assessment, which was due A phone 📞 call was made to the Corporation Tax office and the issue was resolved ☑️ in a matter of minutes and the payment was swiftly reallocated from the Corporation Tax account to the Self Assessment account Of course, there are other support lines, which require quite significant improvements but being able to know that all enquiries will not be dealt with in the same manner ✅ can hopefully increase some confidence in HMRC amongst the general community, experts and businesses. Please feel free to contact if you require any assistance in dealing with HMRC Tel: 01212852534 Web: https://lnkd.in/dGpjEqM #accountants #taxes #bookkeeping #vat #paye #selfassessment #corporationtax #accounts #companies #pension #investments

HMRC Support Line HMRC have been receiving plenty of negative ❌ feedback and publicity over the last few years However, we have been dealing with quite a few PAYE and Corporation Tax issues on behalf of our clients over the last few months We can confirm in order to reassure other - Accountants - Book keepers - Tax Advisors - Businesses That the above helplines waiting time 🕰️ are much less ⬇️ and the HMRC Agents are very helpful and supportive 🤓 We note an example 👇 where a client paid incorrectly Corporation Tax using the Corporation Tax reference rather than their Self Assessment, which was due A phone 📞 call was made to the Corporation Tax office and the issue was resolved ☑️ in a matter of minutes and the payment was swiftly reallocated from the Corporation Tax account to the Self Assessment account Of course, there are other support lines, which require quite significant improvements but being able to know that all enquiries will not be dealt with in the same manner ✅ can hopefully increase some confidence in HMRC amongst the general community, experts and businesses. Please feel free to contact if you require any assistance in dealing with HMRC Tel: 01212852534 Web: https://lnkd.in/ewYzdMs #accountants #taxes #bookkeeping #vat #paye #selfassessment #corporationtax #accounts #companies #pension #investments

P11D Benefit in kind submission This was due 6 July 2024 to file 📖 If this has not been filed there will be £100 late penalty 💰 The payment for the actual National Insurance Class 1A is 19 July 2024 (22 July 2024 if electronic) If the payment is not made on time there will be late interest until paid Usually either - Businesses ✅ - Payroll Bureau ✔️ - Tax Advisors 👍 - Accountants ✅ - Book keepers ☑️ Are responsible for the Payroll and at the same time prepare and file separate P11D Please note the submission for the payroll at the end of the Tax Year is 19 April each year If you are unsure in regards to P11D and whether it applies to you Or if you have a Self Assessment Return to complete and you have been given a P11D and require assistance and advice on where to enter certain figures Then please feel free to reach out to us Tel: 01212852534 Web: https://lnkd.in/dGpjEqM #accountants #taxes #bookkeeping #vat #paye #selfassessment #corporationtax #accounts #companies #pension #investments

Self-Assessment HMRC expects Self-Assessment Tax Return as well as any tax payment due to be completed for the Tax Year 2024/2025 - Paper form: 31 October 2024 - Online Submission: 31 January 2025 Nearly half of the 🕰️ has lapsed and if you or your Accountant have not completed your Tax Return as of yet We would suggest to prioritise this Some of the reasons as 👇 - Better planning and understanding of the taxes - Prepared to understand and pay any payment on Account for the following year (If applicable) - More accurately prepared rather than left until the last minute - Be able to raise any queries with HMRC Office if tax has been overpaid as a result of incorrect Tax Code - Less likely to submit the Tax Return late - Less likely to pay the Tax Late - Be prepared better for Making Tax Digital (Expected to begin in April 2026) and this will apply to many individuals If you require any assistance Please feel free to reach out to us Tel: 01212852534 Web: https://lnkd.in/ewYzdMs #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 23-24 Some tips to help save some tax and it is not too late ⏰ as long as as actioned before 5 April 2024 If you are a higher or an additional higher rate taxpayer you can get some tax relief resulting in an increase basic tax, which tax is paid on - Donations (Gift Aid) - Private Pensions Other claims (Employee) - Subscriptions (Expense) if hold an employment role and not reimbursed by the employer and part of the HMRC recognised lists of Regulatory Bodies - Mileage being reimbursed by employer less than 45p/25p with the difference claimed through a self assessment return - Working from home if work mainly from home usually claim up to £312 per year - Tools if use your own for work Other points - Only if Gross income is over £125,000 will a tax return 23-24 be required (£100,000: 22/23) - If the main source of income is employment and there is Dividends up to £10,000 then a Tax Return is not required but HMRC will need to be informed who will be able to calculate the tax due - Directors of a Limited Company are not required to register for Self Assessment unless they take salary and/or dividends from their OMB If you require further guidance or think a Self Assessment Return 23-24 will be required after 5 April 2024 Please feel free to get in touch Tel: 01212852534 Web: https://lnkd.in/dGpjEqM #accountants #taxes #bookkeeping #vat #paye #selfassessment #corporationtax #accounts #companies #pension #investments