Accountant for Self Assessment

Accountant for Self Assessment

Whilst there are no legal requirements to use the services of an accountant for self assessment, it can help to ease the burden of a tax return for busy professionals. Tax returns are a complicated matter and can be overwhelming for many people. Do not suffer in silence, contact an accountancy firm to get the expert guidance to ensure you are fully complying with tax regulations.

Self assessment involves accurately submitting your earnings to the government, along with the source of these earnings, and permitted expenses which may reduce your tax expenditure.  

Previously, taxpayers were not responsible for calculating the tax they owed, but since self assessment was implemented, there is a deadline to submit tax returns once the year is over. Hence, it is important that you get it right, or you will be penalised.    

What to look for in a self assessment tax return accountant

You need a tax return accountant trained on specialist self assessment software. The software makes the form completion significantly easier. Despite its availability to anyone, it can be tricky to get to grips with. Tax return accountants have the intricate knowledge of the software, meaning the job can be done faster and with guaranteed accuracy, saving you time and money.  

A good accountant should reduce your tax liability as simplistically as possible. Many business owners do not realise the amount of business-related expenses that can be claimed back. However, there are still delicate tax rules, so you must know absolutely what can and cannot be claimed. They will guide you on this.

You should be provided with clear guidance for what can be difficult financial decisions. You want a self assessment accountant that can offer a bespoke service to each individual client, with a flexible approach depending on business or personal needs.

If you’re seeking help with self assessment tax returns, there are a variety of high-quality firms across the UK, but it’s crucial to find one that fully understands your situation.  

Xero Accountants

Xero accounting software is trusted by over 2 million small businesses, due to its ability to make accounting transparent and easy for your company. It automates everyday business tasks, having all the time-saving tools you need to grow your business.

Tasks such as importing bank transaction, sending invoice reminders and bank reconciling are made simple and hassle-free. When you convert to Xero, your accounting process will become much quicker and accurate due to the level of automation.

Xero Accounting Software

There are many benefits to using Xero including:

  • Receive real-time updates on accounts status
  • Dedicated mobile app
  • Customised dashboards and reports
  • Get paid faster with online invoicing
  • Online Quotations/Sale invoicing & Purchase Orders & Invoicing
  • Connects directly to your bank
  • Integrated payroll facility
  • CIS software facility option
  • VAT Make Tax Digital submission facility
  • Extensive Add on App for your business needs

Add on software such as Receipt Bank allows you to keep track of business expenses that usually take the most time.

It is a secure cloud-based system, continually backed up so work and data won’t be lost. Most Xero Accountants will offer a complete setup of Xero, offering training as well as ongoing support at a discounted rate. There are several different packages to suit the size and requirements of your business.

Choosing a CCTV System

screen that is part of cctv system

If you have made the decision to have a CCTV system installed and are just about to contract a CCTV installation company to do the job, you have come to the right place. The next step would be to figure out what type of CCTV system would be most suitable for you. Here are a few tips/guidelines to get you started:

First off, you need to assess how large the area of surveillance is. This will determine what type of CCTV cameras you should have installed and how many cameras are ideal in order to cover the space that you wish to survey.

Secondly, you will also have to make a choice between fixed or moving cameras. In this regard, it may be best to consult with a CCTV installation company as they are professionals and thus they will be able to provide you with professional advice. There are fixed cameras and pan/tilt/zoom (PTZ) cameras. PTZ cameras give you the option of focusing on a subject.

One of the benefits of technological advancements is that now, it is possible to integrate CCTV use with other security systems. For instance, integration with an intruder alarm can be set up for a more enhanced security measure. What happens in this scenario is that when your alarm system is activated, your CCTV system automatically begins recording images at a higher resolution. For more information or assistance, consult with a CCTV installation company. They can provide you with the full 411 in order to maximize your CCTV system.

If you are on a budget, this is not a problem. This is why there is a wide range of cameras available that you can choose from so that you can both meet your needs as well as stay within your allotted budget. Again, it will be helpful to hire professionals to assist you.

Cold Room Installation

A Cold Room is a modular structure or walk-in room to keep given stock refrigerated at a cold temperature. The scale of cold rooms can vary from large commercial cold storage such as chillers and freezers to small cold rooms often used in labs, pharmacies and restaurants.

Key considerations for Cold Storage

When having a Cold Room Installation, you need to be clear about your requirements and needs. If for food storage for example, how much stock do you plan on keeping on-site daily, how often do you rotate stock or get deliveries? It’s key to give all the information to your chosen Cold Room supplier so they can offer the best choice to fit your requirements.

The location of your cold room installation is key. It needs to be functional and practical for the users of the stock. If the cold room is used daily, having it in an area easy to access will help your business run more efficiently. However, there needs to be a balance between not impacting the day-to-day running or taking away already utilised space. Often, in commercial kitchens, so the kitchen space isn’t taken away from, freezer rooms are located at the back of the building near the delivery bays which also helps transfer stock straight to the freezer once delivered.

You should always consider the option to scale your cold storage as your business expands. IS there any room to add another freezer or increase the size? Finding a new location can cost time and money, so it’s best to plan just in case, so you invest correctly the first time.

Settlement Agreements

A settlement agreement is a legally binding contract between an employer and employee which settles claims that the employee may have against their employer.

Settlement agreements are typically given to employees if they are being made redundant or are given money in return for certain conditions, such as not bringing a claim against their employer. Ideally, problems get resolved through talking or formal procedures but when an agreement still cannot be reached a settlement agreement can be used to end the relationship between employer and employee. They can also be used to settle disputes mid-contract.

Many settlement agreements may also include a reference for the employee, a reference could help the employee find a new job faster, reducing the stress and financial impact of their departure from a company.

An employer should give an employee enough time to consider a settlement agreement, usually a minimum of ten calendar days. An employer should be clear about the reasons behind the proposal and be prepared to meet and answer any questions from the employee. An employer should be sensitive about issues discussed with the employee with the main aim of reaching a mutual agreement.

When deciding on how much money to offer for a settlement agreement an employer should consider the potential cost of resolving the issue without a settlement agreement.

The tax rules on a settlement agreement are complex and should be checked by an accountant or financial advisor, generally, compensation paid under a settlement agreement can often be made free of tax and national insurance up to the value of £30,000.