leaves turning brown, darker evenings, it is time to bring out the quilts and
cosy up in front of the fire as Autumn is here. It is one of our favourite
times of the year as the horrors of Halloween and the blasts of Bonfire night approach.
A great time to spend with family and friends to have fun.
During this time,
you want to avoid a fright and get the benefits of filing your tax return as
early as possible. This will ease any pressure off as it is one task out of the
way and you can solely focus on your business, giving it the final push to end
2018 on a high. The deadline of 31st January never changes and HMRC
reported last year that an estimated 2.6 million people had not filed their tax
return two days before the deadline.
You risk an
automatic £100 fine if you miss the deadline and there are more consequences
for more delayed time. If your tax return becomes more than 3 months late then
£10 daily penalties will accumulate. This is a situation you do not really want
to be in as the penalties can be massive.
helps filing your tax return earlier, just because you do this early does not
mean that the tax liability will have to paid over straight away. It is still
the normal due date of January, so you have plenty of time to budget for
however much you may need to pay over to HMRC. If you are due any refunds, then
you will also get this earlier, where as any returns done in January, will take
a lot longer for HMRC to process any refunds as it is their busiest time.
With a bit
of organisation, you can get your paperwork in order and get your tax return
over and done with all the while enjoying your Christmas and New Year’s plan stress
free. You could pay too much or even too little tax, so the help of an advisor
is vital. Contact us on www.crossaccountingservice.co.uk
if you have any concerns regarding you tax return as we are always here to
months are coming to an end as autumn closes in. Everyone is returning from
their summer break, the children will be heading back to school its back to
great to plan ahead, so this time we talk about the new Making Tax Digital
(MTD) that HMRC are set to introduce from April 2019, this has been going back
and forth in consultation for some time now, HMRC now have communicated the
This will be
mandatory for businesses registered for VAT with a turnover above the VAT
registration threshold of £85,000. Businesses will need to keep VAT records
digitally and their VAT returns using MTD compatible software. This will start
from their first VAT period starting on or after 01 April 2019.
submit a quarterly return for the period 01 March to 31 May 2019 then you will
have to comply with MTD rules for the period starting 01 June 2019. Businesses
under the VAT threshold will not have to operate MTD but can choose to do so
voluntarily, which we would recommend.
forward the use of compatible accounts software will be mandatory. The use of
spreadsheets can no longer be used.
trying to reduce the number of VAT inspection on businesses that are complying
and MTD will make this clearer for all. If you’re struggling and not
understanding what to do and how to be ready for the April 2019 deadline, do
not panic and contact us, as we are always here to help.
our latest blog. Summer has been in full swing here and we have now had great
weather for several weeks. There are lots of activities that happen during the
summer months and its always great to support your local businesses.
This time of
year, we are noticing a larger number of people investing towards a property.
This may be a change to the current house or a house to rent. Whatever the
reason may be, you might need help financing in the way of a mortgage.
So, what is
a mortgage? A mortgage is a loan taken out to buy a property. The loan is
secured against the property until it is fully paid off. If you can’t keep up
with repayments, the mortgage provider can repossess the house so its extremely
vital to crunch the numbers and know if a mortgage is right for you.
are taken in to consideration to approve a mortgage. Proving your income is usually
the deciding factor as the lender needs to know you can repay the mortgage.
Here at Cross Accounting we provide our clients with their SA302 to prove their
earnings. You can obtain the last three years proof of earnings if you file for
self-assessment through your HMRC’s online account, with a tax year
overview. Mortgage companies like to
see you are on time when paying your taxes.
have an online calculator to estimate the interest payment you will need to
make, it does help you budget for the new property.
authorised and can help obtain a mortgage, please do get in touch to discuss
your situation and see how we can help you. A house is one of the largest single
purchase you’ll likely make so you want to take care and get it right from the
arrived! We have had some beautiful weather recently and the sun has been
shining. But just like the sun, you need to make sure you are shining as well.
You need to give yourself some TLC, if you don’t, then your business can suffer
because of this.
summer season, the public generally cuts back. People save for holidays, the
children have exam season and it is normally quieter. However, this opportunity
should be taken to recharge your batteries. Take time off to de-stress and put
a plan in action to set your business off for the rest of the calendar year.
As well as
building your business, you should build on your staff. This is perfect time to
train or retrain your staff. Improving their abilities will only compliment
yourself a breather and to come up with some fresh ideas but remember to take
some time off and relax, spend time with family and friends. You’ll be surprised as how much energy and
inspiration you achieve when you come back to work.
We’ve had a
lovely few days of weather and summer is around the corner. As the weather
heats up this time around we talk about the hottest topic at the moment. By now
you probably have heard everyone mention about General Data Protection
regulation has been passed to protect an individual’s privacy. If you hold a person’s
name, email address, address or contact details, you will now need their
permission to hold these types of data. If you do not have permission, then you
will have to delete the data you hold. This will be law by the end of this week
(25th May 2018) and there are fines that will be imposed for any
sort of breach. If you are worried about GDPR you can read up about it here.
Cross Accounting, we are currently password protecting documents containing
sensitive information when sending internally and externally. Since the document
has an individual’s data on this ensures we are complying with GDPR rules. All
our clients will have their own unique password to open their documents. This
ensures privacy in case it is sent to an unintended recipient or a breach in
security from hackers. Encryption is the key to adhering to the regulations.
May is when all this starts to kick off, there are companies that can help and
provide training for GDPR but it is making sure you’re being responsible with
the data you hold. People have the right to be forgotten, so any contacts that
you do not have their permission, you cannot keep. If you take car in to
applying security to your business, then your are ready to tackle GDPR.