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Accounts services

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Helping to keep your business on track.

When it comes to keeping your business numbers in order, it’s often an afterthought – until you run out of cash in the bank.  Even if your bank balance is in the black how much thought do you give to reaching specific financial targets each month?

As a small business it’s often difficult to put time aside to focus on this when you’re so busy running to keep all the balls in the air.  However, understanding what the numbers in your business are telling you can be an enormous help to growing a seriously profitable company.

Look at it as making money and keeping it, rather than scraping by or always surprised when you get big bills to pay.  Financial challenges don’t go away if you ignore them – they just get bigger and scarier!

With our help to focus on what numbers you need to know, what you need to watch and what you need to take action on, you’ll find it will all get a lot easier.  You’ll know what to do to stay on track to that profitable future you had in mind when you started out in business.

Landlords and renting your property

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Landlords, when renting out your property it remains in your best interest to make sure that when you undertake a tenant that you have completed your short hold tenancy agreement in full and obtained a satisfactory garanture which can proof they can cover the rent should the tenant default on their payment of rent for any reason.

Ensure all documentation has been signed.

Keep copies to back up what you have done for piece of mind.

If in any doubt at all check with someone who can advise you accordingly.

You are required to keep your income and expenditure up todate the ins and outs and will be required to register for self assessment tax program.

Feel free to contact us on 07801 287 213 to see how we can help
or email: info@virtualtaxuk.com

Tax Tips Renting out your own car space- taxable or non taxable?

Accountant, Book kepping, Business structure, H M Revenue & Customs, Legal documents, Professional services, Rental accounts, Self Assessment & Tax Returns, Self Assessment-uk, Self employed, Taxation & Self Employment, UK Tax Self Assessment, Uncategorized, Who needs to file a Self Assessment Tax Return?, , , , , , ,

TAX TIPs

How many of you who have rented out your own car park space knew the consequences?

Did you know that renting out your own car space and receiving income from that source is deemed as taxable income, even if that means that by doing so you have to rent a space yourself.

Renting out your own car park space on your own driveway means you are responsible for declaring that income on your own personal self assessment tax return when you file it to  H M Revenue and Customs. The entries should be made on the Land & Property pages

Remember to consider that should you enter into this type of arrangement make sure you prepare a contract and include a break clause in case the situation changes.

How care aware are you?

Business start ups and advice, Business structure, Landlords & Rental Income, Mental Capacity Act, Professional services, Rental accounts, UK Tax Self Assessment, Uncategorized, , , , , , , , , ,

CARE AWARE

In todays society amd from personal experience, I know how difficult it can be to decide what to do when a loved one is taken ill or diagnosed with chronic disease and the impact it can have on day to day running of your business.

The benefit of my experience is that I know what questions need to be asked to ensure YOU make the best decisions and what to consider, plan and structure for in the changing times ahead in regards to those old age problems and rising Care Costs. 

THIS NEW service “CARE AWARE” covers various topics such as:

  • Considerations of what you may have to prepare for when older family members need help and how it may affect you and or your business.
  • Health- Social Care – It’s impact.
    know the difference.
  • Lasting Power of Attorney Finance & Health & Wealth fare
  • The importance of making a will.
  • Considering A Care Home, Ask the right questions.
  • How to manage and cope and structure for changing times ahead when dealing with loved ones who are losing or have lost Mental Capacity.

LPA’S Lasting Power of Attorney

Business start ups and advice, Legal documents, Mental Capacity Act, Professional services, Self employed, , , ,

Lasting power of Attorneys is a legal document which allows the person ( the Doner) who may in the future lose “mental capacity“to make decisions for themsleves.

The Doner appoints an Attorney ( someone they trust ) to make decisions on their behalf.

The benefit of making both Lpa’s is really about making an advanced decision and making sure your affairs both in terms of finance and health & wealfare are taken care of why you are in a position to state your wishes and appoint someone you trust should something happen beyond, your control.

For further information on how we can help you contact Jane Cooper 07801 287 213.

Considering leasing space.

Accountant, Business start ups and advice, Business structure, Self Assessment & Tax Returns, Self employed, Taxation & Self Employment, Who needs to file a Self Assessment Tax Return?, , ,

Here are some thought and considerations on what questions you maywish to ask before it’s too late.

Consider that they have in their lease writen in their terms and conditions that they are able to sub let before they are in breach of contract.

Read the small print

I wish I had read all the terms

For new businesses consider building in to your agreement a break clause after say 6 months.

This protects both parties as not all businesses fly straight away. Life has a terrible way of bringing about unexpected changes. One can always re negotiate.

Consider terms of payment for rent and requires agreement from both parties concerned. Make sure you obtain a receipt for rent paid if it is cash as it will be required by your accountant for your year end accounts. A petty cash receipt should be sufficient.

Is your rent for space inclusive or light, heat and rates?

Remember information is free, advice is paid for

If some of these questions startto ring a bell in your ear and you are thinking of starting a business and wish an appointment to see how I can help you and save you money, please contact me on 07801 287 213. or email me on infor@virtualtaxuk.com. Fees to structure your business apply.

There is value investing in the right advice before you start your business.

Business start ups and advice, H M Revenue & Customs, Professional services, Self Assessment & Tax Returns, Self employed, ,

Starting a business new business venture is all well and good and has possibilities to provide you with a great living. However, all too many people start a business without doing their homework and believe that just because they love the idea have done no homework in making sure that there is a market for what they wish to offer.

Research is one of the fundamental considerations in any business if it is going to be fruitful, otherwise why bother it may as well remain a hobby.

Some people start their business from a passion with a hobby, but it is slow. The value in the slowness is insight into their customers and understanding what their customers want, smelling peak times and lean times.

Being able to smell a trend is also important as to what may be coming up for the line of business you are in. It helps you stay ahead of the curve.

If no one is prepared to pay you for what you are offering does this sound like a viable business or is the expectation of what you are offering perceived as if it should be free?

For further information of what we offer contact email info@virtualtaxuk.com– Topic- Consultation

Capital Allowances on Commercial property

Accountant, Business structure, Capital Allowances for Commercial Property, Commercial property, H M Revenue & Customs, Landlords & Rental Income, Professional services, Taxation & Self Employment, UK Tax Self Assessment, , , ,

A new directive soon to be released in the next few years on Capital Allowances on Commercial properties.

Training for my business commences with Simeon Parker on the 22nd November to help us stay ahead of the curve. If you want further information on this contact us through our website http//www.virtualtaxuk.com

Are you caliming the correct allowances?

 

Renting a Property

Accountant, Book kepping, Business start ups and advice, H M Revenue & Customs, Landlords & Rental Income, Rental accounts, , , , , ,

When you decide to rent out a property you have a responsibility to yourself and the tenant to have in place a tenancy agreement which sets out you the “land lord” and the tennant, stating the terms of the agreement.

When you declare your rental income on your personal self assessment tax return you are required by the rules of H M Revenue & Customs to declare the rent received as per the agreement and not just the rent received in the tax year. For further insight and information on this you are welcome to contact me.

How to obtain US Individual Taxpayer Identification Number)

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How to obtain a US Individual Taxpayer Identification Number)
If you are not a US citizen or resident in the US and you want to publish on Smash words, Amazon Kindle or Create Space, your earnings will be taxed unless you have an Individual Taxpayer Identification Number (ITIN).

Unkless you have an ITIN Number this means that Amazon will tax your royalties before paying you at a rate of  30% .

Contact Jane for further information into this service on 07801 287 213