Why Should I use Total Tax Accountants?
We have a dedicated and professionally qualified team of Accountants with vast experience in practice.
How easy is it to switch to Total Tax Accountants?
Switching to us is easy and without any disruption. On client’s instruction we get Professional Clearance from previous Accountant.
What kind of support will I get with my accounting?
Extensive knowledge of business and both accountancy can help you grow. Matters relating to any trade or profession can be dealt with convenience.
How quickly can I be up and running?
Immediately on signing with us we will issue you Engagement Letter detailing our Terms of Conditions with Fees agreed and will request for all the necessary documents to be provided.
How much advice is included in my monthly fee?
Total Tax endeavour to assist their clients in all matters relating to accounts and taxation and this covered by monthly fee charged.
Does Total Tax do Book keeping?
YES we do.
Does Total Tax have a minimum term of contract?
NO, we do have any minimum contract.
Can I sign up online, due to my working hours?
Yes you contact us online and member of our team will be in touch to arrange setting up your account with us.
What are my responsibilities?
In order to meet deadlines and to keep your records within the requirements of HMRC rules we at Total Tax take responsibility to inform clients for all required paperwork. Any deadline to do with Companies house, HMRC payroll, VAT or directors own self assessment will be reminded by our software and communicated to client in time. Our systems allow ample time for clients to make payments and also relieve time to concentrate on business as Accounts preparation and submissions will be responsibility of Total Tax.
Do you do Self Assessments?
Yes we provide personal tax calculation and filing service at a reasonable price based on the quantity of work and sector client works in. We also register clients and act Agents for all communication on our client’s behalf with HMRC.
What has to be entered in the Self Assessment Tax return?
All forms of Directors income from investments, savings or any other form of business income has to be entered on the Self Assessment Tax Return. For contractors they are to declare their PAYE figures and the dividends they award themselves. All Self Assessments are to be filed with HMRC no later than the 31 January (each calendar year). Payments are carried out in two installments i.e. end of January and July Starting in the tax year.
What is income tax?
Every earning individual pays tax based upon their earnings including the benefit in tax years. Income tax normally comes from earnings as an employee and is paid to you after persona tax has been deducted.
Do you do payroll?
Yes, we offer payroll services. At Total Tax the payroll is fully RTI compliant and takes care of National Insurance and Tax and is well managed by our software. We provide payroll for two company directors within the agreed price, though with 5 or more employees we have set packages which can be discussed with us.
What is the tax on dividends?
Dividends paid from company are deemed to be paid net of 10% tax, for example your take £10,000 your tax return will show you received £11,000 even though in reality you have not paid anything you just retained the benefit of the credit. Dividends are taxed at 10% up to the higher
What is surplus cash?
Surplus cash is remaining cash balance after your business expenses, salary, corporation tax and declared dividends are deducted from your company income. The cash balance in the bank is not always the same as your cash balance as some invoices for the business expense or taxes that are still to be paid are to be accounted for. To look for the surplus cash look at your last year –end Balance sheet.
When do I need to register for VAT?
VAT registration is mandatory for companies who have made taxable sales in the last 12 months above the current threshold amount which is issued by HMRC every year on the 6th April. For example 2014/15 threshold is £81,000, though generally HMRC increases the threshold by around £1,000 each year. You are entitled to voluntarily register your company for VAT even though your sales are unlikely to reach the threshold. Companies and contractors may choose to do this as it can offer several advantages in claiming back VAT on invoices they receive. If you expect you are likely to exceed the threshold in the near future you should register as soon as possible in order to remain within the HMRC rules. Businesses can register on voluntary basis even though they not reached the threshold level. Some businesses can register for FLAT RATE VAT schemes for e.g. Contractors as this can be beneficial for them monetarily.
Can you help with VAT registrations?
Do you file VAT returns?
Yes we file on due course, Quarterly and Annual VAT returns depending on the size of the company and type VAT scheme chosen.
What is considered a reasonable mileage claim?
According to the guidance issued by HMRC, the maximum reasonable rate of reimbursements as a consequence any rate used to reimburse employees, is lower than or equal to. If it’s a company car and the employee pays for all the fuel, the claim will be for the business mileage and should not include any other costs. For HMRC advisory fuel rates follow the link below: https://www.gov.uk/government/publications/advisory-fuel-rates/current-rates
What mileage can I Claim?
Employers are entitled to reimburse any business related amount to employees if they have paid for it personally. Provided the claim is not unreasonably high and reimbursement is not taxable in the hands of the employee. These reimbursed costs are deductible as expenses in the company which reduce the company’s tax liability.