Category Archives: Self Assessment & Tax Returns

Helping YOU keep your business on track

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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 and trying 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 business. 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 my 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

If you’d rather do anything than plod through your self-assessment forms or want to make sure your business tax demands don’t leave you open to penalties, you’re in exactly the right place.

Don’t wait until things get really tough!

Buying a property at auction?

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Buying a property at auction can be a great way of bagging a bargain, however, you will need to make sure your funds are ready to hand over should you be lucky enough to find a property you like.

Here are a few things to think about before you proceed:

Make sure your solicitor knows about their subject and is working in your best interest.

Make sure that there is no debt attached to the property as there are tax consequences to you if there is.Property-Auction-

Make sure you do the maths in terms of the work that is required to bring it up to standard actually warrants the investment.

If you need someone on side to make sure the numbers work or ask questions you have may not have thought about which may have a direct impact on your money, contact Jane on 07801 287 213 or book a meeting at a time that’s mutually beneficial.

Contact Number: 07801 287 213

Email: info@virtualtaxuk.com

TAX – Make sure you only pay what you HAVE to!!!

Book kepping, Capital Allowances for Commercial Property, Corporation Tax, H M R C Investigations, Income & Investments, Investors & City traders, Landlords & Rental Income, Partnerships, Professional services, Rental accounts, Self Assessment & Tax Returns, Self employed, Taxation & Self Employment, UK Tax Self Assessment, Uncategorized, Vat returns, , , , , ,

 

Make sure you only pay what you HAVE to

Even though the Self-Assessment form is supposed to make it easy for you to complete your personal return yourself all those boxes can be daunting. When it comes to business tax returns, whether that’s corporation tax, VAT or the ins and outs of the Construction Industry Scheme (CIS) all this paperwork can be a major headache and take over your life.

Tax services                                                         Tax photo Jan 2012

  • Prepare income and expenses for sole traders, partnerships in order to complete your personal self assessment tax return and file on line.
  • Landlords – Property income and expenses.
  • Prepare and file your VAT returns and advise on the best VAT scheme for your business.
  • Prepare the paperwork for corporation tax, if youre a limited company, and ensure you are getting the best tax option for your situation and file through IXBRL.
  • Company formation.
  • complete your self-assessment forms if youre an investor or city trader and ensure you don’t pay tax on anything you don’t need to – and that you claim all the allowances you should.

Let’s be honest, you’d far rather be doing what you do best, rather than poring over sheets of numbers, let alone working into the wee small hours trying to make sense of it all hoping for the best which can cost you in the long run.

If you need help with your paperwork or have managed to get yourself in a pickle, feel free to contact us on: Mb: 07801 287 213or Email: info@virtualtaxuk.comor visit our Website: www virtualtaxuk.com

 

 

 

Make sure you only pay what you HAVE to

Accountant, Book kepping, Corporation Tax, H M Revenue & Customs, Self Assessment & Tax Returns, Self employed, Tax filing dead lines, Taxation & Self Employment, UK Tax Self Assessment, Uncategorized, Vat returns, , , , ,

Even though the Self-Assessment form is supposed to make it easy for you to complete your personal self assessment tax return yourself all those boxes to complete can be daunting.

When it comes to your own personal tax return or those for your business such as corporation tax, VAT or the ins and outs of the Construction Industry Scheme (CIS) all this paperwork can be a major headache and take over your life.

If it’s all getting a bit too much for you, but you’re not ready for a fully-fledged accountancy service, you’ll find Virtual Tax UK offers a personalized service that will take the pressure off.

Returns are about making the correct declaration to H M Revenue & Customs as it can turn out to be quite a costly exercise if you get it wrong.

Feel free to contact us for a chat about how we can help alleviate any problems allowing you to get on with the daily running of your business or email us on

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.

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

Tax Returns Year 2012

Accountant, H M Revenue & Customs, Professional services, Rental accounts, Self Assessment & Tax Returns, Self Assessment-uk, Self employed, Tax filing dead lines, Taxation & Self Employment, , , ,

Just to remind you that HM Revenue & Customs are now sending out reminders about, filing your Self Assessment Tax return form for the year ended 05th April 2012.

The dates for filing your tax return are as follows:

Manual filing no later than 31st october 2012.

On line filing by 31st January 2012. 

 

Jane Cooper

Accountant, Book kepping, H M Revenue & Customs, Landlords & Rental Income, Rental accounts, Self Assessment & Tax Returns, Self Assessment-uk, Self employed, Tax filing dead lines, Taxation & Self Employment, Who needs to file a Self Assessment Tax Return?, , , , ,

Hello I am Jane Cooper, the owner and professional expert on Self assessment. My role is to educate and provide you with a service and solutions to filing your tax return to H M Revenue and Customs on line and on time. Pay the correct amount of tax and not a penny more, calculate what tax is due, how to pay and when to pay it.
Unless you understand the Self assessment system, put the right details on your tax return, and file on time, you leave yourself open to a huge amount of unnecessary problems and penalties that have the potential to cost you where it hurts – in you pocket.
I provide solutions so that it does not happen to you!