RS Accountants

Are you on the correct flat rate VAT %

by Russell Smith | Jun 28, 2015 | Tax

Here are the flat rate VAT %s….. Remember the 1% discount in the first year. If you are not sure what I’m talking about feel free to email me at Russell@rsaccountancy.co.uk Type of business Current VAT flat rate (%) Accountancy or...

Why does HMRC fail to answer more than a quarter of phone calls?

by Russell Smith | Jun 26, 2015 | Tax

If there was ever one benefit to having an accountant it is this – you don’t have to speak to HMRC. The accountant will do it on your behalf. This is even more true today as we’ve learned of the HMRC telephone answering results last year. One in...

How to avoid doing a P11D…

by Russell Smith | Jun 24, 2015 | Tax

P11D forms are due to be submitted to HMRC on 6 July. You do need to complete a P11D if you have any ‘benefits-in-kind’. This is where your company pays taxable expenses on your behalf such as company cars and/or private healthcare. You then have to pay...

Don’t forget the 31 July personal tax payment on account…

by Russell Smith | Jun 23, 2015 | Tax

If you had a tax bill of over £1,000 at the end of January 2015, it is likely that you will have a payment on account due at the end of the month. This amount should be 50% of what your tax bill was last year. HMRC assume that your earnings are the same as last year...

Can I appeal against HMRC penalties?

by Russell Smith | Jun 20, 2015 | Tax

The quick answer to this is yes. You are always legally able to appeal our fine providing you have a ‘reasonable excuse’. Unfortunately, what HMRC say is a ‘reasonable excuse’ and what you say may be two different things. Generally, HMRC say...

How much do you need to pay to qualify for state pension?

by Russell Smith | Jun 19, 2015 | Tax

You need 30 qualifying years of National Insurance contributions or credits to get the full basic State Pension. If however you earn between £112-£155 per week, you can still qualify for state pensions. No National Insurance contributions (NICs) are actually payable...

Important changes to child care vouchers

by Russell Smith | Jun 18, 2015 | Tax

Child care vouchers are a very good way of getting some tax back on your child care payments. All directors of limited companies with children who use child care should make sure that they are set up on a voucher scheme. There are some big changes this Autumn to be...

Should I become VAT registered?

by Russell Smith | Jun 7, 2015 | Tax

The rules for VAT registration are the same for self-employed people as well as limited companies. The basic rule is if your sales is going to be more than £82,000 in the next 12 months you should register for VAT. You shouldn’t wait until you pass the £82,000 if...

How long did it take you to speak to HMRC on the phone?

by Russell Smith | May 27, 2015 | Tax

One of the aims of the government has been to cut down on tax avoidance schemes to raise extra money as well as cutting HMRC staff to save money. It’s called ‘more for less’ and a decent strategy for any business to adopt. However, it doesn’t always work and I’ve...

It’s P11D time! What does that mean and does it apply to you?

by Russell Smith | May 20, 2015 | Accounts, Tax

HMRC have released the 2014/15 benefits and expenses Form P11D plus updated guidance to go with it. What does this mean and should you care? A P11D is a form that is required to be submitted by 6 July 2015 to HM Revenue & Customs. The form is for employees...