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Are You Prepared For The Self-Assessment Deadline?

The deadline for filing your 2018/19 self-assessment tax return online is 31st January 2020. It is not normally possible to get an extension to the filing deadline.  Regardless of how you filed your tax return, any outstanding tax must be paid by 31st January 2020. What are the penalties for late tax returns?If HMRC asked you to complete a tax return for 2018/19 and you miss the deadline, you will automatically be fined regardless of how late the return is, even if there is no tax liability...

Christmas Open Times

Over the Christmas period the office will be closed from 4pm on 20th December 2019 to 9am on 2nd January 2020. Throughout this period it may not be possible for us to reply to any emails or telephone calls , so please plan for this closure and  advise us in good time, should you expect any advice will be needed, certainly with respect to payroll calculations and accounts filing. If you do require any urgent advice during this time please email simon@sas-accounting.co.uk and these emails wil...

FREE Xero Drop-In Clinic

Do you: Struggle with particular functions on Xero?Want to start using Xero but don't know where to start?Need help understanding how to use Xero to your advantage?On Tuesday 3rd December pop in and see us at Loofer's Food & Coffee Place anytime between 10am and 12pm in Colchester town. For anyone thinking of using Xero we can show you some of the key functions of the system or for those with a specific query, we will try and resolve this for you. This event is available to anyone...

Festive Workplace Dress-up

Whilst allowing staff to attend work in fancy dress for holidays such as Halloween and Christmas can be an effective way to motivate staff, boost morale and develop a sense of camaraderie, there are a few points to be considerate of to avoid possible negative situations. The most prominent concern with fancy dress in the workplace is the possibility of discrimination. Certain costumes could be seen as offensive; things as race, age or gender could be deemed offensive by employees of differe...

Your company's Christmas party!

Are you a limited company and want to save money on your company’s Christmas bash? Read this email to find out how!Whilst there isn’t an actual allowance for a Christmas party, HMRC does offer limited tax relief for the cost of an annual event for your company. Certain conditions must be met to obtain the tax relief and only applies to annual events, which is available to all staff and is set at £150 per person. However, if the cost exceeds £150, even by a penny, all costs are taxable. The...

Managing Business Expenses

Having an effective way of managing your expenses will help you to keep control of your expenditure in the simplest of ways. What are business expenses?A business expense is an expense paid by either of the following: the business, a director or an employee and is either physical items or services needed to run the business. HMRC make it very clear what constitutes a business expense; an expense that is necessary and is needed as a part of running your business on a day-to-day basis. HMRC have t...

Do you know your tax obligations as a landlord?

Due to the reduction in mortgage interest relief, we are experiencing an increase in the number of landlords required to complete a Self-Assessment Tax Return. When renting out a property you pay tax on any profit you make. Your profit is the amount of money left once all expenses have been paid. The amount of tax you will need to pay depends on: The amount of profit you makePersonal circumstances If your property income is under £1,000, you may not need to inform HMRC. If it's higher, you will...

Hiring Part-Time Workers

Hiring a part-time worker can be an advantage to the business as it could be an opportunity to gain skilled individuals who might not be able to offer their services full-time. This type of employment can be appealing to people who may have young children, or other responsibilities which could prevent them from being able to commit to a job with full-time employment hours. However, before you hire a part-time worker, it is crucial that you have a good understanding of their rights. It is un...

The New Reverse Charge Date Change

The New Reverse Charge Update Announced by HMRC in the Revenue and Customs Brief 10/2019, the new reverse charge, that was due to come into force at the beginning of next month,has been postponed until the 1st October 2020.HMRC has acknowledged that some clients have already started to work towards the new reverse charge.Some sub-contractors have began to make changes such as applying for monthly VAT Returns to make input tax recovery quicker. This can be reversed on the HMRC website. HMRC are a...

Mobile Phones in the Workplace

With mobile phones becoming more present in the workplace, many businesses may want to take a harsher action towards employees using their phones during work; and understandably so.While the employer has the authority to make rules regarding mobile phones at work, there should be a specific policy surrounding the subject. Any pre-existing policies, if there are any, should clearly state if an employee is allowed on their phone and under what conditions. If an employer wants to start confiscating...

Research and Development Tax Relief

Many Businesses are missing out on Research & Development Tax Relief. Are you?Recent studies suggest that, roughly, only 5% of Research and Development (R&D) tax reliefs are being claimed by eligible small businesses.What is Research & Development tax relief?In 2000 the government introduced Research & Development tax relief to allow small businesses to be innovative. It was established to help with the costs of starting a business and/or creating a new product.Who Can Claim It? Small companies ...

We're going paperless! Are you?

As SAS Accounting Services Limited works toward a paperless office, many of you could do the same! No matter the size of your business, or how new it is, going paperless will always have its advantages. Whilst complete removal of paper might not work for every business, even eliminating a small amount could create cost saving opportunities and efficiency and here’s some ideas; Organisation Saving documents onto a computer rather then keeping different types of paper is more efficient: instead ...

Corporation Tax rate to decrease from 1st April 2020 to…

Companies and unincorporated associations which pay Corporation Tax are most likely to benefit from the reduced rates.In the 2015 summer budget the government announced the main rate of Corporation Tax will be 19% for the years starting 1 April 2017, 2018 and 2019; with the rate decreasing to 17% for the year commencing 1 April 2020. The 17% Corporation Tax rate is an added 1% decrease as it was previously announced the Corporation Tax rate for the year beginning 1st April 2020 would be 18%...

Self Assessment Second Payment due 31 July 2019!

Just a quick reminder……self-assessment tax payers please remember that the second payment on accounts of your 2018-19 liability is due on or before midnight on 31 July 2019.The link to make the payment is as follows: https://www.gov.uk/pay-self-as...For our clients who require a reminder of the amount due, or relevant reference numbers please get in touch.Our contact details:admin@sas-accounting.co.uk01206 266702...

VAT Changes for the construction industry

From the 1st October 2019 a new set of VAT rules specifically for the construction industry will be introduced.  The aim of the new “Construction Reverse Charge” is to cut down on fraud in the sector and will have quite wide ranging effects for businesses....

Self Assessment Tax Return 2018/19 – Deadlines & Penalties

FILING DEADLINES31 October 2019 – Paper Returns: If you send a paper Tax Return it must reach HMRC by midnight on 31 October. The deadline may be later if it is after 31 July when HMRC sends you the letter telling you to complete a Tax Return. In this case the letter will tell you the deadline – it is usually three months from the date of the letter. Or if you are sending a Self Assessment Return for a registered pension scheme or non-resident company, you can only send paper Returns so...

Dogs in Work

Despite it not being a prominent feature for a workplace, it is slowly becoming more common for staff to bring their dogs to work with them. Though it is not obligatory for the business to allow this, there are some points to be taken into consideration before a decision is made.AdvantagesA big factor that businesses consider when making the decision to allow dogs in the workplace is the positive impact dogs have on the staff. Through several studies, it has been shown there are benefits for a p...

Optimum Salary and Dividends for 2019/20

When running your own limited company a key point of your tax planning should be ensuring that you pay yourself the optimum level of salary and dividends. This advice is most relevant to limited company freelancers, contractors and micro businesses with 1-2 directors or shareholders. ReminderDirectors and ShareholdersDirectors are appointed by the shareholders of a company and are paid a salary for acting as an officer to the company, doing day to day duties on behalf of the shareholders.Shareho...

Automatic Enrolment Pension Scheme – minimum contributions to increase on 6th April 2019

What you need to know From 6th April 2019, the total minimum contributions including employer and employee payments will be increasing from 5% to 8% of qualifying earnings.  As an employer you will need to pay a minimum of 3% with your staff making up the rest to 8%.  This increase is required by law. Date effectiveTotal Minimum ContributionEmployer Minimum ContributionStaff contribute to the remainder Current Rates5%2%Up to 3%6th April 20198%3%Up to 5% What you need to do next If...

1.17 Million businesses still to sign up to Making Tax Digital (MTD)

From a total 1.2 Million businesses, there are 1.17 Million which are still to sign up to Making Tax Digital for VAT; with only a month to go.  According to HMRC, however, 2,000 businesses are signing up daily.What is Making Tax Digital?Making Tax Digital plays a big part in the government’s plans to make it easier to ensure individuals and businesses get their tax correct and keep on top of their affairs. This means tax administration will be: more effectivemore efficienteasier for ...