1. I am thinking about becoming self employed what should I do?
Get in touch with us, P L Gauntlett Accounts Ltd. We can take over the full registration procedure for you. Give you help keeping your books, complete your Tax and VAT Returns and everything else you will need.
For further advice see page - Starting in business
2. I have received a Tax Return from the Inland Revenue must I send it back?
Yes, if it isnít returned by 31 January you will be fined. The maximum fine is £100 and, if the Return is still outstanding after another 6 months a further fine is added plus a surcharge. It wonít go away! The only way to deal with the problem is to complete the Return and send it back to the Inland Revenue. If you are struggling, just call or e mail us, we will deal with the Return for you and who knows, it may be that the Inland Revenue owe you some money rather than the other way round.
3. I think my tax code is wrong, I think I am paying too much tax, what can I do?
If you know what should be in your tax code and itís not there or, the code appears to high give your Tax Office a ring (the number is on your Notice of Coding). Alternatively, call or e mail us and we will deal with it for you. Most wrongly operated code numbers are too high so, once the code is amended you could get a nice little windfall in your next pay packet.
4. My employer wants me to become self employed, can he do this?
There are certain tests that you must pass before you can be legitimately be classed as self employed. Broadly, there must be a Master/ Servant relationship and you must be risking your own money. Lynne Gauntlett is an expert in this filed, call or e mail her and she will help you deal with this. Remember, if you get it wrong you can be penalised by the Inland Revenue.
For further advice see page Employment status indicator
5. I am thinking of forming a Limited Company what should I do?
For some businesses a Limited Company is the way forward. If this is for you call or e mail us. We can set up the Company for you and help you with all the necessary paperwork.
For further advice see page Starting a Company for what you need to know.
6. I find preparing weekly wage slips for my staff to time consuming what can I do?
P L Gauntlett Accounts Ltd can prepare your wage slips for you. Whether itís weekly or monthly payslips we can provide them and we also advise you of the correct amounts of PAYE to pay to the Inland Revenue every month. At the end of the year we will provide P60s for each employee and submit the P35 on line on your behalf.
For our costs for doing this work please see our Fee Information page HERE
7. I struggle with my VAT Returns, can you help?
Of course we can. We will complete your VAT Return every 3 months, file it on line and advise you how much VAT you have to pay. It really is as easy as that!
8. What is the deadline for submitting Tax Returns?
For paper Tax Returns it is 31 October. For Returns submitted on line it is 31 January. P L Gauntlett Accounts Ltd submits all Returns on line, it is quick, secure and we know receive acknowledgment of receipt from the Inland Revenue in minutes.
9. What are the changes to legislation about claiming for meals?
From 6 April 2009 the cost of meals claimed by employees whilst traveling on business can be claimed in your accounts. Please contact P L Gauntlett Accounts Ltd for further details HERE
10. What is going to happen with the proposed crackdown by the FSA on self employed people getting mortgages?
It has always been a bit harder for self employed people to get mortgages. There are a few things you can do to help yourself in advance of your application. Don't apply for any unnecessary credit in the run up to your application as this affects your credit rating. Pay all your bills on time. Don't exceed your credit limit on any cards you may have. Finally check your credit file (with Equifax or another similar organisation) and, if there is anything incorrect on it, get it changed.
Most financial institutions require a copy of your trading accounts for the last 3 years before they will offer you a mortgage. However, if you have had your accounts prepared by an accountant and, the accountant can provide some further figures and information about your business it usually makes things easier. If you are thinking about applying for a new mortgage soon then get in touch now and let P L Gauntlett Accounts ltd prepare your accounts.
11. In the news this week it said that many pensioners were paying too much tax, can you help?
Yes, get in touch with us here at P L Gauntlett Accounts Ltd. We will do an in depth review of your total income, review your notices of coding and decide whether or not you are due a tax refund for any of the last 6 years. If you are we will complete the forms for you, send them off and all you need to do is sit back and wait for the money!
12. Do you use professional payroll software.
Yes, we use Moneysoft payroll. http://www.moneysoft.co.uk/payroll-software/payroll-manager.htm
If you would like more details regarding this information then please Contact Us HERE