C&K Accountancy and Taxation Services

03/09/2024

HMRC launches VAT Registration Estimator

HMRC has launched a digital tool to help businesses estimate what registering for VAT may mean for them.

The VAT Registration Estimator helps to show businesses when their turnover could require them to register for VAT and its effect on profits.

A business must register for VAT if:

Total VAT taxable turnover for the previous 12 months is more than £90,000.
Turnover is expected to go over the £90,000 VAT threshold in the next 30 days.
They are an overseas business not based in the UK and supply goods or services to the UK (or expect to in the next 30 days) – regardless of VAT taxable turnover.
A VAT-registered business must charge VAT on eligible sales and can usually reclaim it on eligible purchases.

Jonathan Athow, HMRC Director General for Customer Strategy and Tax Design, said:

'We know that the majority of our customers want to get their tax right. We have listened to what businesses have said and the new tool is designed to help them understand VAT registration, including when they might be required to register.'

Internet link: GOV.UK

02/09/2024

If you’ve started working as self-employed, HMRC’s online sole trader step-by-step guide can help you check:

✅ How to register as a sole trader.
✅ What records you need to keep.
✅ What taxes may apply to you.
✅ How to plan for your tax bills.
✅ How to get help and support.

Find out more ⬇️

https://www.gov.uk/set-up-as-sole-trader?&utm_source=f.co_hmrcgovuk&utm_medium=social&utm_campaign=sole_trader&utm_content=self-employed

You’ll need additional support from an accountant / tax advisor to gain advice and guidance with running your business.

Contact us, we will be happy to assist you.

What you need to do if you set up as a sole trader - check your employment status, understand your obligations, and register for tax.

18/01/2024

The following Tax Events are due on 31st January 2024:

Personal Tax Events

Deadline for submitting your 2022/23 self assessment return (£100 automatic penalty if your return is late) and the balance of your 2022/23 liability together with the first payment on account for 2023/24 are also due

If we have already dealt with your self assessment return on your behalf you need take no action.

Is this relevant to you?

This deadline is relevant to individuals who need to complete a self assessment tax return and make direct payments to HMRC in respect of their income tax, Classes 2 and 4 NI, capital gains tax and High Income Child Benefit Charge liabilities.

There is a penalty of £100 if your return is not submitted on time, even if there is no tax due or your return shows that you are due a tax refund.

The balance of any outstanding income tax, Classes 2 and 4 NI, capital gains tax and High Income Child Benefit Charge for the year ended 5th April 2023 is due for payment by 31st January 2024. Where the payment is made late interest will be charged.

The first payment on account for 2022/23 in respect of income tax and any Class 4 NI or High Income Child Benefit Charge is also due for payment by 31st January 2024.

Kind regards,

CK Accountants

Tel 0116 482 2267
Email: [email protected]

Website:

Our friendly team of professionals are always on hand to offer a full range of accounting services, serving clients all over the Leicestershire area.

18/08/2023

If you have a tight budget, you probably think your business won’t be able to afford an accountant.

However, when you consider how much time and effort you spend on trying to manage your finances yourself, along with the possible errors you could incur during reporting, and related losses from poor financial decisions, the benefits certainly outweigh the cost.

You should be focused on running your business, not sorting out your finances. A professional accountant that can also be used as a business advisor who’ll assist you in making sure you’re on the track to achieving your business goals.

If you need help or supporting understanding your numbers, then get in touch today.

16/08/2023

Most business owners don’t really enjoy accounting.
They end up doing it late at night or on weekends, when they’d rather be spending time with their family and friends.

Yet, they carry on because they have a do-it-yourself (DIY) attitude and they think hiring an accountant is a luxury.
After all, why not work a little later and do the books yourself?
That attitude needs to change.

Getting an accountant is not a lifestyle decision, it’s a business decision. Investing in professionals – or changing the way you use them – can bring considerable returns.
They’ll keep control of your tax obligations, identify savings, and help you grow your business.
And yes, as a bonus, they’ll give you back your weekends.

You just need to use them in the right way to make sure your money is well spent.
Need an accountant for your business? Get in touch today!

14/08/2023

You cannot predict the future of your business, but you can reduce risk by eliminating the guesswork.

With accurate forecasting, you can make a systematic attempt to understand future performance. This will allow you to make better informed decisions and become more resistant to unforeseen financial requirements.

Without correctly estimating financial requirements and understanding changing markets, your business decisions will be guesswork which can result in insufferable damage.

Financial forecasts are a crucial part of any business plan and C&K Accountancy and Taxation Services can ensure these are both meaningful and robust.

Interested in discussing your options, contact us today.

11/08/2023

When business owners try to save money by doing their own bookkeeping or delegating it to another key employee, they are expending valuable time and energy that could be better used growing the business.

When they outsource their bookkeeping services, they free themselves up to spend their time doing what they do best.

Looking for a bookkeeping solution?

Contact us today.

09/08/2023

When running a business, it’s easy to get weighed down with day-to-day problems and miss the bigger picture.

Successful businesses allocate time to create and manage budgets, prepare and review business plans and regularly monitor their financial situation and business performance.

Budgeting identifies current available capital, provides an estimate of expenditure and anticipates incoming revenue.

By referring to the budget businesses can measure performance against expenditure and ensure that resources are available for initiatives that support business growth and development.

It enables the business owner to concentrate on cash flow, reducing costs, improving profits and increasing returns on investment.

Budgeting is the basis for all business success. It helps with planning and control of the finances of the business.

If there is no control over spending, planning is futile and if there is no planning there are no business objectives to achieve.

Contact our team to find out more information…

04/08/2023

Business is all about numbers, and your numbers are telling you a story.

And if you want to be in business for the long haul, you need to understand that story.

Maybe you find financial information intimidating or scary, you might feel that maybe you don't even need to know how the finances work

But have you considered how much better you could make your business if you know your numbers better?

Want to understand your business numbers better?

Contact us today.

02/08/2023

The intricate nature of VAT can frequently feel like walking into a minefield for organisations over an assortment of industries. Even something apparently easy like enrolling your organisation for VAT can be covered in problems, as firms don't understand they just are needed to enlist for VAT once their turnover on a year premise surpasses the threshold of £85,000 VATable supplies.

Preparing correct VAT returns, let alone understanding them can cause even the experienced stress.

We can take the pressure off you by lending a helping hand. From reviewing your workings, or doing it for you, you can be confident we will be there when you want us.

Contact our team to find out more information…