At Davis Grant it’s not just about providing our clients with amazing service. We occasionally get out together to celebrate the summer. In what is becoming a regular occasion, this month we again took to the rooftop of Stratford to battle it out at Crazy Golf.
We were glad to welcome four new team members Dylan, Gareth, Justine and Nyree. The team is growing including two ACCA student trainees amongst this cohort.
Welcome to September’s Tax Tips & News, our easy to digest article designed to bring you tips and news to keep you one step ahead of the taxman.
If you need further assistance just let us know or you can send us a question for our Question and Answer Section.
We are committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year.
Please contact us for advice on your own specific circumstances. We’re here to help!
This Month (September 2017)
· New anti-money laundering regulations take effect
· Paying Class 2 NICs
· Double glazing salesman was self-employed
· Making Tax Digital for Business: update
· September questions and answers
· September key tax dates
News has been released that HMRC has re-phased the timescale of it’s Making Tax Digital (MTD) initiative, giving small business owners and their accountants extra time to get ready. The initial timetable had scheduled a gradual introduction starting as early as next year.
How will Digital Tax affect you?
Once introduced businesses must keep digital records and make quarterly “update submissions” of these records to HMRC.
Businesses with a turnover above the VAT threshold (currently £85,000) will now have to do this from 2019 but only for VAT purposes (a year later than previously planned).
From 2020 other businesses and companies will then be subject to the initiative but can take part on a voluntary basis before then. Information beyond VAT returns will start to be submitted to HMRC.
What this means for you…
VAT Registered? – Quarterly submissions may be nothing new to you. But remember that you will have to ensure data is stored digitally. If you aren’t using a software system for your accounts you will need to start to do so.
Not VAT Registered? –submitting information to HMRC every quarter rather than annually is likely to cause a massive change in the way you manage your business. Don’t bury your head in the sand – get the help of a good accountant as early as possible so you can rest easy, be prepared and avoid penalties.
Get Ahead and adopt Cloud Accounting Now! – The good news is that at Davis Grant we specialise in helping our clients get to grips with new computerised accounting systems and practices. Confidently lead your business into the future with the support of our team.
A lot of the detailed regulations are yet to be determined but what we know for sure is that digital tax is coming, whether we like it or not.
We think it is potentially the most radical change the tax system has undergone EVER. We are getting ready… are you?
If you have any concerns or questions please get in touch with our expert team. Contact Us
Get our free cheat sheet on surviving the changes…
At the beginning of the summer Neil Driver, Partner at Davis Grant set out to ride three races, each over 100 miles in a day in aid of Prostate Cancer UK. He takes on his last ride this weekend – please support him with a donation if you can!
Neil has now completed two out of his the three endurance challenges. The first was a distance of 131 miles mirroring the “Grand Depart” of the Tour de France from Dusseldorf to Liege which set a new personal record for him as he joined 75 other riders for Prostate Cancer UK to take on 15 mph headwinds!
The most recent challenge was the overnight “Dunwich Dynamo” riding from the East End of London up to the Suffolk coast. Neil said:
It was great fun in the dark with a constant flow of cyclists, some lit up brighter that a Xmas tree! Surprisingly perky for riding through the night but caffeine is a wonderful thing!
Support Neil in his remaining challenge
This weekend he takes on the final hurdle of “just” 100 miles in the Prudential RideLondon-Surrey 100 riding from the London Stadium in the Olympic Park through Surrey to The Mall in central London. A route made famous by the world’s best cyclists at the London 2012 Olympics.
I’ve trained and taken on this challenge to push myself and raise funds for Prostate Cancer UK. I have been amazed to raise £3,500 so far and I’d love to get more. Please help me in supporting this cause by donating whatever you can.
Read Neil’s full appeal and give generously if you can…
Prostate Cancer UK fights to help more men survive prostate cancer and enjoy a better quality of life. Thank you for your support. Learn MoreDonate Now
To enable us to protect your interests it is important you submit your information to us as soon as possible after your accounting period end (and within at least four months).
This timescale is designed to ensure there is adequate time to draft your accounts and tax return and then resolve any outstanding points in good time before the deadline for submission. This will help reduce your exposure to inaccuracies and error whilst also demonstrating reasonable care has been taken.
We require access to all the business’s financial records for the year. This may include:
a copy of your records either paper or in a spreadsheet.
a year-end backup of your computerised accounting system data.
access to Cloud systems such as Xero, Sage or Quickbooks.
All the entries for the period should be confirmed as posted and reconciled.
When all your relevant records and documentation for the period are collated please either forward them to us or contact your Partner or Manager.
This will enable us to schedule and make any arrangements with you to carry out the work. Should you have any specific date (other than the statutory filing date) when the accounts need to be completed, then please let us know.
When completing your records please include the following for the accounting period (where applicable)…
A list of stock and work in progress, valued at the lower of cost or sales value
A list of any income to be accrued for the period e.g. goods sold or services rendered but not yet invoiced
The amount of any physical cash held
A list of any fixed assets bought or disposed of during the period
All other relevant documentation
HM Revenue & Customs now penalises taxpayers who do not take reasonable care with the record keeping and accuracy of their tax affairs.
If you have any questions about this process, require explanations of what documentation is necessary or need any additional help, please contact us.
Research and Development tax credits are an incentive offered by the UK government to encourage innovation. In the most recent year reported they gave out over £2.4 billion to UK companies. The average claim last year we made for our clients last year was £70,000 with total claims of over £1 million.
See what this means to our clients including…
Launching a new business after a successful venture is acquired by a big-name rival.
Investing in the future of your business with guaranteed returns.
How the credit was widened so that many more businesses can make claims.