The details provided below are in response to requests from clients of AW Accounting in Gravesend for details of what to provide at the year end. This specifically relates to Quickbooks read more
Some advice from Gravesend Accountants, AW Accounting. Accountants like banks tend to have loyal clients however the time may come where service or fee issue mean you have looked elsewhere and want to change. There is no easy way to say good bye to a longstanding business relationship read more
A tax code or what HMRC call a PAYE Coding Notice is the means by which your tax free allowance is allocated to the pay for your job if you are an employee. Every month a portion of your income will not be taxed, and the rest will be taxed at the basic rate of 20% for the next £37k then 40% and 50% thereafter (for 2010/11) depending on how high your income is. Many employees and employers will be aware of the number of tax code notices issued early in 2010 and with many of these being incorrect many people are concerned as to whether this is correct. read more
Clients are always telling me that they do not understand their accounts. Clearly they know their business, and how to price to make money so it is only a small step to actually understanding the end of year accounts:
Under self assessment anyone who has a tax liability must inform the Revenue and pay the additional tax. For the majority of employed taxpayers this does not apply as tax is collected by their employer every month and any adjustments are made in their tax code. The opposite rule however does not apply as the Revenue is not obliged to tell you if you have overpaid, so if you are in doubt it makes sense to check which you can do on the Revenue website or ask your accountant to do. Some people such as directors of companies and the self employed must complete a tax return. read more