6th April 2016 Posted by - Alexander Accountancy
Small Businesses and Self Assessment tax payers.
Are you ready for the changes?
Major changes are happening in the small business and individual tax payer world over the next couple of years, and it is essential to be prepared in advance to avoid the traps and pitfalls that seem to be appearing.
Remuneration planning
Personal tax allowances are increasing, but dividend tax rules are being tightened up, yet corporation tax is being reduced and there are Research and Development relief’s where applicable. So exactly what should your remuneration planning strategy look like?
At Alexander Accountancy we offer a free tax planning review.
Auto Enrolment and the New Living (minimum) Wage
These are costs that will now hit small businesses with a vengeance. Are you ready for this? Have you calculated what the cost is going to be? Have you planned a strategy to cope with these changes?
Alexander Accountancy is a leading Auto Enrolment compliance specialist. We have senior partners in the practice who have worked in industry with hands on experience and expertise in budgeting and strategic planning for small businesses. This makes us the ideal advisory partner for most small businesses.
Simplified Assessment
HM Revenue & Customs will issues estimated tax assessments for tax payers with “simple tax affairs” based on the records they hold and previous history, rather than the tax payer having to file a self assessment tax return. Once the simple assessment is issued the tax payer will have 30 days to check the figures and advise HM Revenue & Customs if the tax charged is not correct, which means too little as well as too much.
We believe this creates some problems. Some of the “simple assessment” clients will find the tax assessments confusing. What are the odds of these assessments being correct in every case? What is the likelihood of every individual understanding how to check their tax calculations? If the tax is too much, what happens if the 30 day deadline is missed? If the tax is too little, will HM Revenue & Customs be able to ignore the 30 day deadline?
To help, Alexander Accountancy will be offering a fixed fee checking service for “simple assessment” clients to help avoid the confusion and pitfalls.
Other future delights
Look like they will include Digital Tax Accounts where all tax payers will need to submit records on-line. Quarterly tax submissions that appear as though they are intended to be done by the tax payer and replace the annual tax return. Real time payments that will help the tax payer avoid having cash flow problems when there tax is due.
Alexander Accountancy will be monitoring developments with regard to the above and any other developments as part of our commitment to keep you ahead of the game.
If you would like to learn more about the above or any other developments that affect small businesses please email us with contact details on in**@al*******************.uk or telephone us on Burton on Trent 01283 743851.
Or come and meet us, some of our clients and some of our other contacts, by booking on to our next Workshop being held at Branston Golf and Country Club on Wednesday 20th April 2016.
