Tax impacts all of us in all our business and private activities. Tax is seldom black and white and there will frequently be a range of options for every decision relating to tax. To ensure that you see the full picture and understand all the issues to allow you to make the right decision just ask us and we will explain it to you in simple English.
The range of services that we provide goes beyond the preparation and presentation of financial information. We are able to become actively involved in your business, so as to assist you in achieving your goals.
One of the key objectives in accounts preparation is to identify areas where we can assist in minimising your tax liability. We take the time to explain your accounts clearly to you so that you understand what is going on financially within your business, helping you to plan for the future. Every business has a statutory obligation to produce accounts annually for the relevant authorities, typically HM Revenue & Customs and Companies House.
By law, every charity must prepare a set of accounts. Registered charities must prepare a Trustees’ Annual Report, a set of accounts, and an Annual Return. The aim of accounts and reports is to provide a clear picture of your charity’s activities and financial position. The Trustees’ Annual Report is also an opportunity to describe your work to the public and to funding bodies.
Rashid Accountants is Your local accountants offering Accountancy, Advice and Consultations. We offer Book Keeping, VAT completions and Computerised Accountancy systems Installations & Training. If you would like a free consultation to discuss your needs then please contact us. We serve mainly Stoke on Trent & Newcastle Under Lyme.
Assistance in completing your self-assessment return and submitting it in-time online to avoid interest and penalties. Expert advice on all tax matters, including corporation tax, capital gains tax, PAYE and national insurance
Business plans, Starup advice.
Registered to carry on Independent Examination
Expert advice on all VAT & PAYE matters
Who is likely to be affected Individuals that receive rental income on residential property in the UK or elsewhere and incur finance costs (such as mortgage interest), excluding where the property meets all the criteria to be a furnished holiday letting. General description of the measure This measure will restrict relief for finance costs on Read more about Restricting finance cost relief for individual landlords[…]
The Rent a Room Scheme lets you earn up to a threshold of £7,500 per year tax-free from letting out furnished accommodation in your home. This is halved if you share the income with your partner or someone else. You can let out as much of your home as you want. How it works The Read more about The Rent a Room Scheme[…]
Let Property Campaign – Gives residential landlords the opportunity to bring their tax affairs up to date
You can report previously undisclosed taxes on rental income to HMRC under the Let Property Campaign if you’re an individual landlord renting out residential property. This includes you if you’re: renting out a single property renting out multiple properties a specialist landlord, eg student or workforce rentals renting out a room in your main home Read more about Let Property Campaign – Gives residential landlords the opportunity to bring their tax affairs up to date[…]
State benefits that are taxable The most common benefits that you pay Income Tax on are: the State Pension Jobseeker’s Allowance Carer’s Allowance Employment and Support Allowance (contribution based) Incapacity Benefit (from the 29th week you get it) Bereavement Allowance pensions paid by the Industrial Death Benefit scheme Widowed Parent’s Allowance Widow’s pension Tax-free state Read more about List of Tax-free and taxable state benefits in UK[…]
In this particular trade the stylist as they are skilled people, the owner of the salon knows that it would be best for all the parties to stay as self employed to overcome the burdon of PAYE and VAT registration hurdles. HMRC even acknowledge the fact and have teamed up with the National Federation of Read more about The Barber, The Stylist & The Salon[…]