ESB offers Gloucestershire businesses tax advice suggested by HMRC
ESB Accountancy and HMRC suggest that you get your affairs in order swiftly.
HMRC are currently running a number of campaigns to encourage taxpayers who have undeclared income to come forward and bring their tax affairs up to date in return for lower penalties. In particular, campaigns are available in respect of let property, second incomes and credit card sales.
If you have income from any of these sources which you need to tell HMRC about, please talk to your adviser as to how you can get the best possible deal under the available campaigns.
Other undeclared tax income
If you have undeclared income and gains from a source not currently covered by an HMRC campaign, speak to your adviser or ESB Accountancy about making a disclosure.
HMRC deal more favourably with people who come to them than with those who wait to be found out.
This post deals with a number of topics which, it is hoped, will be of general interest to clients. However, in the space available it is impossible to mention all the points which may be relevant in individual cases, so please contact us at ESB Accountancy for personal advice on your own affairs.
If you are an unincorporated business or landlord with an annual turnover below £10,000 you will be exempt from the digital tax obligations.
Cash basis for larger traders
If your turnover is below the VAT registration threshold (currently £83,000) you can opt to prepare your accounts using the cash basis (money in and money out) rather than using the more usual accruals basis. The opportunity to use the cash basis is to be extended to larger unincorporated business as part of the proposals for moving to a digital tax world. Speak to your adviser to discuss whether a move to the cash basis is for you.
Cash basis for landlords
The opportunity to use the cash basis is to be extended to some landlords in order to simplify the tax rules under Making Tax Digital. If you are an individual business, or a partnership where all the partners are individuals, you count as an unincorporated property business and you will be able to opt to use the cash basis. Speak to your adviser to find out what is involved and if this is likely to be for you.
Pay as you go
Once Making Tax Digital is up and running, taxpayers will be able to make voluntary payments on account of their tax liabilities throughout the year. This may help you in managing your cashflow and ensuring that you are able to meet your tax liabilities on time.
Please talk to us at ESB Accountancy to discuss making the most of your family business tax rates – with several decades of financial experience here in Gloucestershire you can either ring us now on – email us on email@example.com or click the Contact Us buttonor please fill the form at the bottom of the contact us page.