Category Archives: Self employed

People who work for themselves

Have YOU thought about renting out, your driveway?

Home owners and driveway rentals, Landlords & tenants, Profit and loss accounts, Property Auctions, Self employed, Tax services, ,

If, you have thought about renting out your driveway did you know that the income, you receive from that is taxable income.

That means you need to declare those earnings to HMRC.

You can do this as easy as phoning them, so they can ensure you are in the system which will soon cut over into Making Tax digital and you would fall into one of the first groups to be cut over into the new system.

Before you consider renting out your space think about the following:

Making a written contract ensure it sets out who is responsible for what and when and consider making sure you are not responsible for the vehicle.

Notify the neighbours

Make sure the council are not trying to issue with a planning application fee.

If you are taking on a long term agreement make sure you can provide what they need, a deposit or if you can’t think twice about entering into the arrangement in the first place.

If you wish to discuss anything about this with us we can be reached on our email at info@virtualtaxuk.com or call Jane on 07801 287 213

Helping YOU keep your business on track

Accountant, Business structure, Cis, Construction Industry Scheme Cis, Self Assessment & Tax Returns, Self employed, Tax services, Taxation & Self Employment, UK Tax Self Assessment, Uncategorized, Vat returns, , ,

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!

Run your business & focus on growth!!!

Accountant, Book kepping, Business structure, Commercial property, Corporation Tax, Income & Investments, Landlords & Rental Income, Landlords & tenants, Partnerships, Professional services, Self employed, Tax services, Tax specialists, Taxation & Self Employment, Vat returns, Who needs to file a Self Assessment Tax Return?, , , , ,

Getting your tax sorted so that you can run your business and focus on growth is what Virtual Tax UK specialise in.

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.

What you get when you come to Virtual Tax UK is:  

  • A thorough understanding of what is required so you don’t get fined.
  • A very personal service based on what you need, no matter how much or little support you need in getting your tax sorted out.
  • Hands on guidance to get you organized and make your accounts simpler to manage in future.
  • Claim what you are entitled to.

Whether you want some help with the basics of Self-Assessment or you have a business that needs to comply with the current legislation you’ll get just what you need. This leaves you free to get on with what you do best – running your business and focusing on growth.

You can be sure that you’ll get a bespoke service that will ensure your financial affairs are in order so that you sleep easy at night. You can find out more about how we can be of assistance by contacting us

Mb: 07801 287 213 or Email: info@virtualtaxuk.com or visit our Website: www virtualtaxuk.com

 

Happy New year from your flexible tax expert!

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

 

 

 

NEW YEAR & A NEW VENTURE

Business start ups and advice, Business structure, Self employed, Taxation & Self Employment, UK Tax Self Assessment, , , , , ,

 

NEW YEAR & A NEW VENTURE

Starting a new business venture can be a very exciting and thrilling time but have you thought about investing in any advice before you launch. It’s important to speak to the right people when it comes to structuring your new venture because at times you will need to exercise caution and shield yourself from any sudden misfortune.

Nurturing your strength of spirit so that you are strong enough to manage others and write a good pitch when winning business is just as important for you “The owner” as running the business on a daily basis.

So before you leap into your new venture here are some tips & thoughts to consider

TIPS & THOUGHTS

  • What research have you undertaken to check if there is a market for what you are offering which, will supply you with an indication that your venture is a viable one and has potential for growth?
  • Will your new venture be a seasonal business and what provisions have you built in for the other seasons to ensure you have a healthy cash flow?
  • win_icon(3) Pitch ImageWhen you have an opportunity to rent a room from someone on the high street already under a lease with a land lord make sure by proof of disclosure that they have the provision to sub- let. Failure to check and comply can lead to many problems for all parties concerned. This situation can be a costly one and should check before you leap.
  • When pitching and winning business ensure that you present yourself in a professional manner, dress professionally which will help you feel the part when selling your services to others which will put you ahead of your competitors.
  • Pitching your business requires you to practice, practice and practice until you can speak confidently. Videoing yourself in order that you can see how you come across can be a very useful tool because it will allow you to see what others see. If, you don’t like what you see or hear – change it.

You only have one chance to make a great impression so keep it simple and to the point and remember to deliver with confidence.

If this sounds like something you can do with some help with contact Jane by Calling Mb: 07801 287 213 or send her an email at: info@virtualtaxuk.com

Starting a business- speak to Virtual Tax

Business start ups and advice, Professional services, Self employed, Who needs to file a Self Assessment Tax Return?, , , ,

Starting a business can be very exciting and thrilling. Investing in the right advice from the beginning can save you a lot of heart ache down the line.But it’s important to speak to the right people when t come’s to structuring a new venture. The local man in the pub will not do.

When people start a business they can be very consumed at how wonderful their idea is and abdicate in finding out whether ot not there is a market for what they are offering.

If there is a market for what is on offer then the likely hood of it becoming a success is a fine one. Many people today start businesses without understanding the value in taking the right advise from day one. There is value in paying your tax adviser or person who does the number crunching who is experienced in their field to ask those ever important questions that have not yet even crossed your mind.

So here are a few tips to consider

Did you know that advertising your business venture on face book without first registering with HM Revenue & Customs can lead to a lot of problems.

Renting a room from someone on the high street already under a lease with their land lord requires them to check and prove that they have the provision of sub letting built into their contract/ lease.

What research have you undertaken to prove your venture is a viable one and has potential?

Here we have your best interest at heart will ask those uncomfortable questions, why. because we want to make sure you have done your homework and wish to see you be a success at what you love to do…..

If, this makes sense to you and you can see the benefit in acquiring the right information feel free to call us on Mb: 07801 287 213 to see how we can help you best!

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.

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.