Total Accounting Network is licensed, regulated and supervised by the AAT, which is one of the largest of the professional accounting bodies. Therefore you have the reassurance of knowing business is conducted to the highest standards of professionalism and ethics. You are obliged to submit tax return to HMRC if you are running a business or have rental income.
There may also other circumstances which make it necessary to do so. You can however offset expenditure or claim for certain work-related payments if your employer does not reimburse these. Please contact us for advice. Where required we will deal with the registration process, advise on the best VAT scheme for your business, as well as compile and complete your returns.
There may also other circumstances which make it necessary to do so. You can however offset expenditure or claim for certain work-related payments if your employer does not reimburse these. Please contact us for advice. Where required we will deal with the registration process, advise on the best VAT scheme for your business, as well as compile and complete your returns.
Services
With the advent of MTD (Making Tax Digital) almost all businesses and landlords will be required to maintain their books using digital records. HMRC will require updates of income and expenditure every three months using suitable software. As part of our service, from the information you provide, we can compile and submit fully compliant quarterly returns on your behalf.
Accounts are really helpful in looking at the performance of your business. They don't have to run a full year but can be on a quarterly or monthly basis. However for statutory annual accounts, which are a legal requirement for limited companies, a number of rules, accounting standards and concepts are involved.
Although not legally required, it's always best to have a completely separate account for your business. Apart from distinguishing between personal and business transactions, it will reduce the possibility of HMRC delving into your personal affairs. Bank statements are essential accounting tools, enabling the information in your accounts to be confirmed and reconciled.
Tax rules are subject to change regularly and frequently. They can be dramatic in some cases, which make it more important than ever for business owners to get professional advice they can count on. Just for example take the farcical u-turn on National Insurance only 1 week after the March budget We will complete accounts and tax returns from your own records.
National Insurance is not strictly a tax. It was originally a contributions-based system of insurance for support from the government in times of need such as ill-health, disability or retirement, paid by workers and employers.
The link between individual contributions and benefits has gradually weakened, but the number of years for which you make National Insurance contributions still affects some welfare benefits, including your entitlement to the state pension.National Insurance contributions (NIC) help to pay for some state benefits including retirement pensions.
The link between individual contributions and benefits has gradually weakened, but the number of years for which you make National Insurance contributions still affects some welfare benefits, including your entitlement to the state pension.National Insurance contributions (NIC) help to pay for some state benefits including retirement pensions.
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