Biz Tip #10 is all about saving the pennies and pounds with your Accountant!
Here are some 'quick wins' to keep those accountancy fees down, and value received, up:
1: Books & Records: By far the most significant way you can reduce your fees is by doing the bookkeeping well. At its most basic level, this could be a simple spreadsheet of ins and outs. To get maximum savings, you must reconcile the bank.
2: Identify which specific services you need the accountant to provide. Good accountants will demonstrate clearly the impact that each service line has upon their fee.
3: Areas such as payroll can often be performed more economically by a specialised bureau, rather than your accountant. Can you outsource this particular task?
4: Keep in touch with your accountant! The accountant can't do a lot in the way of tax advice if he only finds out after the event that you've sold an investment property for instance. A lot more could be done in advance!
5: If you like and value your accountant, can you recommend business to them? The accountant will be mindful of this when performing fee reviews.
At TaxAssist Accountants in Plymouth we've recognised that getting value from us is fundamental to the service clients want. We price new work from a fixed price menu to demonstrate this, and then actively help clients progress to the right accounting solution for their business.
PS: SPECIAL FESTIVE OFFER
****We love online accounting so much, as a special Christmas pressie are including a full years Kashflow license at no extra cost throughout December for all new client sign ups****
There is a small amount of small print, pls email us at plymouth@taxassist.co.uk !
Showing posts with label accountant plymouth. Show all posts
Showing posts with label accountant plymouth. Show all posts
Tuesday, 14 December 2010
Tuesday, 23 March 2010
Compensation for loss of trade
As anyone driving in or around Plymouth at the moment will be only too acutely aware, the dozens of different sets of roadworks in the city are causing lots of driving delays for the poor old motorist.
But what about the traders on Mutley Plain, given 10 days notice that the 'Plain was being shut to everything bar buses for up to 6 weeks? It goes without saying that the utility company in question has acted grossly irresponsibly in this situation, with scant thought for the livelihoods of many small businesses, both on the 'Plain and the surrounding areas - North Hill and Hyde Park Road included.
So what can a small business do about it?
Considering Mutley Plain specifically, though applicable to a number of loss of trade scenario's, the reality of proving loss of income will be difficult to prove, as any small business owner knows, a whole host of factors influence trading income from one month to the next (think the weather / fashions / uni term times etc etc). So, to stand the best chance of securing compensation, quality evidence for lost trade is essential, and the more evidence in support of the claim, then the stronger the case will be. Quality financial evidence will be the best evidence of all - here are some tips:
1) Most important - keep records tidy and up to date. Information to assist with claims will be more easily extractable then.
2) Traders will need to be able to compare takings for the period of trade against takings during 'normal' periods (two years worth of comparison data has been suggested).
Firstly, traders will need to be able to identify the exact periods affected - no use doing the books quarterly - weekly takings if not daily takings summaries will be essential.
This means looking back at takings last year and the year before that. Dig prior years' 'Z' readings out the loft and do a year on year comparison. The more data the better.
Make this an 'intelligent' exercise - look at the data and consider whether other factors may have influenced takings in prior years (eg was scaffolding up, or did you close for holidays?) such factors may have artifically reduced takings making the comparison unreasonable. That all needs to form part of your case, and you can start building your case now.
3) Non-financial evidence: do you have other sources of evidence that could be used to substantiate a claim? Do you measure footfall through the doors with one of those beeper things? If not, is it worth getting one and taking daily readings for the period of work and after?
Deliveries - have deliveries of stock failed because of lack of access? Note each and everyone down, and the impact its had on the business.
4) Empirical evidence: Consider what is going on in Plymouth during the work - would you normally be benefiting from a particular event at the University, but sales haven't materialised as people can't get to you? Or with the work spanning Easter, is your planned Easter promo campaign ruined? If so, note it down, and include within your wider case.
If this all sounds complicated, the reality is that for your accountant, the work could be done alongside existing services they provide. The work at Mutley will span two accounting years for many traders - a final tip from us is to get your books to your accountant asap after 31 March, and explain the scenario. As they do the normal year's work, it will be cost effective for them to prepare the additional financial info likely to be needed for a compensation claim.
In support of all the Mutley traders.
TAA
But what about the traders on Mutley Plain, given 10 days notice that the 'Plain was being shut to everything bar buses for up to 6 weeks? It goes without saying that the utility company in question has acted grossly irresponsibly in this situation, with scant thought for the livelihoods of many small businesses, both on the 'Plain and the surrounding areas - North Hill and Hyde Park Road included.
So what can a small business do about it?
Considering Mutley Plain specifically, though applicable to a number of loss of trade scenario's, the reality of proving loss of income will be difficult to prove, as any small business owner knows, a whole host of factors influence trading income from one month to the next (think the weather / fashions / uni term times etc etc). So, to stand the best chance of securing compensation, quality evidence for lost trade is essential, and the more evidence in support of the claim, then the stronger the case will be. Quality financial evidence will be the best evidence of all - here are some tips:
1) Most important - keep records tidy and up to date. Information to assist with claims will be more easily extractable then.
2) Traders will need to be able to compare takings for the period of trade against takings during 'normal' periods (two years worth of comparison data has been suggested).
Firstly, traders will need to be able to identify the exact periods affected - no use doing the books quarterly - weekly takings if not daily takings summaries will be essential.
This means looking back at takings last year and the year before that. Dig prior years' 'Z' readings out the loft and do a year on year comparison. The more data the better.
Make this an 'intelligent' exercise - look at the data and consider whether other factors may have influenced takings in prior years (eg was scaffolding up, or did you close for holidays?) such factors may have artifically reduced takings making the comparison unreasonable. That all needs to form part of your case, and you can start building your case now.
3) Non-financial evidence: do you have other sources of evidence that could be used to substantiate a claim? Do you measure footfall through the doors with one of those beeper things? If not, is it worth getting one and taking daily readings for the period of work and after?
Deliveries - have deliveries of stock failed because of lack of access? Note each and everyone down, and the impact its had on the business.
4) Empirical evidence: Consider what is going on in Plymouth during the work - would you normally be benefiting from a particular event at the University, but sales haven't materialised as people can't get to you? Or with the work spanning Easter, is your planned Easter promo campaign ruined? If so, note it down, and include within your wider case.
If this all sounds complicated, the reality is that for your accountant, the work could be done alongside existing services they provide. The work at Mutley will span two accounting years for many traders - a final tip from us is to get your books to your accountant asap after 31 March, and explain the scenario. As they do the normal year's work, it will be cost effective for them to prepare the additional financial info likely to be needed for a compensation claim.
In support of all the Mutley traders.
TAA
Tuesday, 24 November 2009
Employees and Use of own car for work Q&A
Relevant for Employees, Employers. Motor costs for small business owners will be the subject of a post in the near future.
Q: I understand that I can claim tax relief for using my own vehicle for work. My employer currently only reimburses me 20p per mile whilst on business travel. Can I claim more and how do I do it?
Michael, Ivybridge
A: If you use your own vehicle for business travel as an employee, you are entitled to receive tax free payments of up to 40p per mile for the first 10,000 miles in the tax year and 25p thereafter. These rates have been agreed under the HMRC Approved Mileage Allowance Payments (AMAPs) scheme. In order to qualify, the journeys you undertake must be made in the course of doing your job, for example delivering goods or visiting customers. Any private journeys unrelated to work, including most travel from home to work, cannot be paid tax free. If your employer reimburses you at a rate less than the tax free amount, you are entitled to claim Mileage Allowance Relief (MAR) on the difference. You will therefore be entitled to claim an additional 20p per mile for the first 10,000 miles you travel for business in the tax year, and a further 5p per mile thereafter.
If you pay tax at the higher rate of 40p, this equates to a tax reduction of 8p per mile for the first 10,000 miles and 2p per mile thereafter. A basic rate tax payer would see reductions per mile of 4p and 1p per mile accordingly.To claim tax relief, you can include details on the employment pages of your self assessment tax return. If you are not required to fill out a tax return, you can write to HMRC to make a claim, or complete and file a form P87. Alex at TaxAssist Accountants Plymouth can help with its preparation.
AS
Q: I understand that I can claim tax relief for using my own vehicle for work. My employer currently only reimburses me 20p per mile whilst on business travel. Can I claim more and how do I do it?
Michael, Ivybridge
A: If you use your own vehicle for business travel as an employee, you are entitled to receive tax free payments of up to 40p per mile for the first 10,000 miles in the tax year and 25p thereafter. These rates have been agreed under the HMRC Approved Mileage Allowance Payments (AMAPs) scheme. In order to qualify, the journeys you undertake must be made in the course of doing your job, for example delivering goods or visiting customers. Any private journeys unrelated to work, including most travel from home to work, cannot be paid tax free. If your employer reimburses you at a rate less than the tax free amount, you are entitled to claim Mileage Allowance Relief (MAR) on the difference. You will therefore be entitled to claim an additional 20p per mile for the first 10,000 miles you travel for business in the tax year, and a further 5p per mile thereafter.
If you pay tax at the higher rate of 40p, this equates to a tax reduction of 8p per mile for the first 10,000 miles and 2p per mile thereafter. A basic rate tax payer would see reductions per mile of 4p and 1p per mile accordingly.To claim tax relief, you can include details on the employment pages of your self assessment tax return. If you are not required to fill out a tax return, you can write to HMRC to make a claim, or complete and file a form P87. Alex at TaxAssist Accountants Plymouth can help with its preparation.
AS
Sunday, 22 November 2009
That time of year again....Silly Season Approaches
Most non accountants won't have a clue what I mean by 'silly season'. But for us accountants and tax advisors, that time of year is approaching once again...
Silly season is the period in which we tackle the flood of last minute tax work that hits us before the January 31 deadline. Last week, we did a final ring round to those clients who we've not heard from to try and coax the work in before Christmas. Its human nature, doing stuff at the last minute, and we never expect it to go away, but if this sounds like your approach to the whole tax return thing then maybe I can persuade you that getting it done early has its pluspoints.......
The final deadline for getting returns in is 31 January 2010, if you are planning on using an accountant do consider the disadvantages in presenting information so close to the deadline:
Silly season is the period in which we tackle the flood of last minute tax work that hits us before the January 31 deadline. Last week, we did a final ring round to those clients who we've not heard from to try and coax the work in before Christmas. Its human nature, doing stuff at the last minute, and we never expect it to go away, but if this sounds like your approach to the whole tax return thing then maybe I can persuade you that getting it done early has its pluspoints.......
The final deadline for getting returns in is 31 January 2010, if you are planning on using an accountant do consider the disadvantages in presenting information so close to the deadline:
- You will not know you tax bill until the last minute leaving you no time to save up to pay it.
- If information is missing you have the stress of rushing to provide it / get duplicates
- The accountant may not have enough time to work to reduce you tax bill because there is insufficient time to check things
- Because it is peak filing season some accountants will charge a premium.
- 'Issues' are identified late int the following tax year - if there is a better way to do something (for example treat motor costs), you will have missed 8/9 months worth of additional tax relief
If doing the return yourself, bear in mind that in January HMRC helplines are busy and overstretched, and you should leave yourself a minimum of 14 days to get registered with the government gateway and HMRC if its your first return.
In previous years, filing tax returns as close to the deadline as possible was routine as it limited the period during which the taxman could raise a tax enquiry. This is no longer the case - the 'enquiry' window' as its known is now one year from date of filing.
If your self-employed, have property or other investments, in fact if you have a tax return for any reason whatsoever, do consider giving us a call, first meeting is always free, easy free parking at City Business Park and chances are we'll be able to save on the tax bill and take all the stress of getting the return done in the process.
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