awaccs.co.uk

Is my tax code right?

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

Get advice and plan early for the most tax opportunities

I have just signed up a client who has a limited company which he set up over a year ago although he did not start trading until the current tax tax.  From previous posts you will be aware that one of my recommendations for the biggest tax saving opportunities read more

Pre tax year end planning

This post comes as a result of looking at a couple of potential clients and checking whether they have considered a number of areas which will impact on their 2009/10 tax, particularly in respect of small limited companies:

1. Is the shareholding in the company arranged in the most tax efficient way? read more

Twitter Weekly Updates for 2009-12-21

• Setting up online filing codes and testing so I am ready to file payrolls on line at the end of the tax year #
• Completed pack for a new client (anyone need a dogwalker/sitter near Rochester?), not keen on trip to post office as snowing in Gravesend! #
• RT @ACCANews: FSA says financial advisers will not have to sit formal exams to continue to give advice post 2012 http://bit.ly/8XyCjL #
• Birthday thought for the day-Gifts up to £3k pa are exempt from Inheritance tax, and unlimited no of gifts of up to £250. #
• Meeting potential client then looking forward to networking with @KentBusinessDir and others at @RussellHotel later. #
• Setting up in business, sole trader, limited company or partnership? What is best for you? http://bit.ly/8WoFTz #
• Informative meeting with Nat West last night then putting up decs. Now back to work on latest blog about setting up your own company. #
• Seeing what Nat West can do for my clients, the buying Christmas tree later #
• Winter fuel payment, men over 60 may need to claim as not automatically received. http://bit.ly/7LmuaF #

Twitter Weekly Updates for 2009-12-07

• RT @efficiencycoach: about to start a new business? Must read article… http://bit.ly/NRz1K Some great advice here esp #2 and #10 #
• Visit to opticians today reminded me employers can pay for employees sight tests and glasses if solely related to VDU use. #
• @toggleuk Xmas cards look great, did you say you had some laptop sleeves like iPhone covers (my Garmin would like one too!) #
• @JonnieJensen Website looked great on @becomeknown iphone at Ship and Trades #chatham, not showing now – live later? in reply to JonnieJensen #
• Self employed in your 2nd year in growing business – beware of high tax bills in January because of tax catching up #
• Have been asked (or did I volunteer?) to do a presentation,to “Mum-preneurs” on setting up in business,in T Wells in Jan #
• Driving a company van? Make sure you have no significant private use and there will be no personal tax to pay http://ow.ly/IuMS #
• VAT increase on the cards post election (20%?), OU Bus School reckons not until 2012 as economy too fragile http://bit.ly/7IBZji #
• @thegovier As I drove home tonight there were a number of garages with prices around the 108 mark which is not far off #HMRC calcs in reply to thegovier #
• Company cars – updated advisory fuel rates from 1 December 2009 http://bit.ly/UP3A4 #
• To avoid penalties and VAT increase get your Tax Return done this month. #
• Great time with @jonniejensen looking at new AW Accounting website today, for any Wordpress queries ask him not me! Going live soon! #
• Staff entertaining rates for 2009/10 – max of £150pa providing all staff are invited #
• Gifts for customers-you can make gifts up to a value of £50 per year as long as they are not food/drink and marked with your Co name/logo #
• @yellowpark Not had a problem that I noticed except when unplugged USB during download. At #Tuttle 101 on Monday?? in reply to yellowpark #
• Great time at #Dartford FC networking this morning. More stories of accountants not communicating with their clients. Accountant=adviser! #
• @yellowpark Maplin just replaced my “£59.99″ USB weather station bought 11 months ago. Rain gauge stopped working #fail in reply to yellowpark #
• Still room for 4 at the Ellenor Lions #Gravesend networking event on Friday. Call Linda Trew 01322 422845, Linda.Trew@ellenorlions.org #
• @amyaccountant Twitter is really all about sharing ideas and collaboration – great to see you using to its potential. Will watch and learn! in reply to amyaccountant #
• Just recd Organ Donation Card, http://bit.ly/88nbWu got around to it as a friend Peter is having liver transplant v soon- Reg Now! #
• HMRC advice for businesses on the change of VAT rate to 17.5% from 1 Jan. Admin nightmare once again! http://bit.ly/558sEm #
• Existing businesses with turnover>£100k and all new regns after 1/4/10 will have to file VAT Ret online http://bit.ly/6oJnlP #