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MPs urge caution over IR35 tax reforms

MPs have issued a warning to the government that it needs to keep a close eye on the upcoming IR35 reforms to the tax system, and how they affect private companies.

These changes were (more…)

ACCOUNTING ON THE GO – DOWNLOAD OUR FREE APP

 

Wainwrights Accountants is one of the first accountancy practices on the Wirral to launch a free mobile app.  The great news is that this app can be downloaded on the go to your iPhone, iPad or Android device.  It is packed full of practical tax calculators, a receipt scanner and important financial dates, all of which you will be able to access for free, anywhere you have an internet connection on your device.

 

Get your free Wainwrights Accountants App here:

 

What will our app do for you?

We have designed this app in response to the growing use of smart phones used by our clients.  We wanted to develop a way to keep you up to date with the latest news, views and tips on the go.

Never lose a receipt again – using the receipt management tool

Using the latest app, you can track receipts and expenses at the touch of a button. Take a picture of any receipt and save it to your app, the receipts can be stored by amount, category, and date. It will help you track all your expenses with ease and enable us to interact digitally with you.

Keep track of journeys using the GPS mileage tracker logbook

When it comes to mileage tracking, half the battle is keeping an accurate tab on your journeys. Using the built-in GPS on your device, it will automatically help you to track mileage, helping you to record your trips at the touch of a button. Moreover, it manages your trips as well, by storing and allowing you to view, edit or email them with complete ease.

Keeping in touch via ‘Push Notifications’:

Here at Wainwrights we are committed to finding ways to efficiently communicate and interact with all our clients. Our new app,  enables us to send push notifications to all app users.  We will be using this feature to share important news, deadline reminders and financial updates with you.

We have put invaluable tools and features such as calculators, mileage logbooks, receipt and income management, instant access to the latest financial news and information and valuable company info, directly from us. With all these features in one place, our app will likely be your go-to tool in the future.

Why did we develop our own App?

We believe through being proactive, forward thinking accountants, helping companies and individuals to become more successful and more profitable, our app gives you a variety of content to maintain at the forefront of accountancy.

 

We hope you enjoy the new Wainwrights Accountants App!

IR35 reforms for contractors coming to the private sector

The IR35 tax reforms that are being introduced by HMRC have moved a step closer to being rolled out to firms in the private sector, following the publishing of a second consultation on this last week.

In this latest consultation (more…)

How to find good accountants in Liverpool

There are many reasons why business owners and the self-employed need the services of an accountant. They can lessen tax liability, help improve cash flow, help write business plans, sort out the new Making Tax Digital requirements and much more. So, how do you find good accountants in Liverpool?

Location

You may prefer to have an accountant based in Liverpool. Although communication between you and your accountant can be done through phone, letters and email, sometimes it is beneficial to meet face to face, which makes finding a local accountant important.

Qualifications

Chartered accountants are highly qualified professionals who have completed a degree level training and are subject to professional standard requirements.

You could save money by using a bookkeeper, but they will not have the breadth of financial knowledge of an accountant. If you want your company to grow, you will need the expert advice of an accountant. You may want detailed business plans with sales forecasts in order to get a loan or investment, or need to purchase new premises and equipment. These are many financial decisions to make when running a successful company. An accountant can help you make informed financial decisions.

Relevant experience

It is useful to use an accountant that has knowledge of your business sector. For example medical companies, doctors and dentists need an accountant who is familiar with NHS pensions and other financial issues in the health sector.

If you own a large company, you need an accountant who has experience with large company finances.

You can ask an account for a list of their clients to confirm that they have experience relevant to your business.

Recommendations

You can talk to business contacts and other business owners about which accountant they use and recommend.

At networking events, ask fellow business owners about the accountants in Liverpool they recommend.

Social

Ask your LinkedIn and Facebook connections about who they use. Many accountants have social media accounts, so check them out to get a sense of what they are like.

Face-to-face

When you have found what appears to be a good accountant, arrange a meeting to talk to them in person. Your relationship with your accountant can be a long one, so it helps to hire one that you get along with. At a face-to-face meeting you can establish if the accountant understands your business and its financial structure.

Fees

All accountants in Liverpool charge fees, some more than others, so don’t necessarily go for the cheapest accountant you can find. It is worth paying extra for a better accountant, especially if they can save you tax payments, and improve the financial stability of your business. The extra money you pay a top accountant can be recouped in the money they can save and the extra profits they can help you generate.

The are many accountants in Liverpool, and that’s not surprising when as a metropolitan area, it has a population in excess of two million. It is important to choose the best one for you and your business.

Four tax issues for contractors to be aware of

Liverpool is enjoying a surge of new SMEs and startups, but all contractors need to be aware of tax issues that may affect them. Contractor accountants in Liverpool will be able to deal with all these issues for them, but it helps to know what they are.

1. Section 660

Section 660 deals with situations where income given to one person is passed on to another. This is often referred to as a “settlement”.

An example where contractors have used this principle is when they set up two companies with their partners and transferred some of their income to the other company via dividends to non-working individuals.

HMRC believes that this arrangement is designed to evade tax, and can look at the accounts for the past six years and send a large tax bill to people who are swerving tax in this way.

If you are a contractor that has been paying money as dividends to a lower rate paying partner when they are a higher rate taxpayer, then it is important to get advice from an accountant who will help you deal with HMRC

2. IR35

IR35 is legislation that is designed to stop tax avoidance by workers who supply services to companies via an intermediary company, but who would be classed as an employee if they did not use the company. HMRC regards these as ‘disguised employees’. Changing the status to an employee can result in paying higher tax.

Genuine contractors, freelancers and consultants who have a legitimate business should not be affected by IR35. However, to make sure, consult a contractor accountant,

3. Childcare

Many contractors know most of the items and expenses that they can claim against their tax liability, but not everyone knows that childcare costs can be claimed for.

Tax rule changes in 2005 made childcare vouchers non-taxable. According to accountant Claire Jolly:

“Both contractors employed by their own limited company and umbrella company contractors can qualify for childcare vouchers. Yet many contractors with families don’t take advantage of this valuable tax break because the scheme isn’t widely publicised.”

Vouchers up to the value of £55 per week are tax free. To qualify, the child or stepchild must be maintained in full or part by the contractor or employee, and be resident with them.

4. Avoidance and evasion

Tax avoidance is the term for legal strategies for reducing tax. These can range from pension investing to offshore tax avoidance schemes. Some of them are controversial, but your contractor accountants can advise on the safe and worthwhile tax avoidance schemes.

Tax evasion, on the other hand, is illegal and no reputable accountant will advise you to do this.

Sometimes, tax avoidance schemes are declared invalid by HMRC and are shut down. The HMRC may claim back tax for the tax avoided.

Contractors need to be aware of any risks before using tax avoidance schemes. An accountant will be able to advise on this.

Tax is complicated,which is why it helps to use a contractor accountant in Liverpool and focus on earning a living, rather than tax issues.

UK tech firms still not claiming R&D tax credits

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HMRC gives firms one more chance to voluntarily comply with tax rules

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HMRC data suggests that a (more…)

Some SME owners waste eight working days a month on procedures and processes

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Year-end tax tips 2018

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