Advisory

Advisory

Self-Assessment Tax Returns Service for Landlords from £150 +VAT

Self-Assessment Tax Returns are completed by individuals, usually, those who have tax to pay on income in addition to income already taxed at source. This income is declared to HMRC by completing a Self-Assessment Tax Return.

There are numerous reasons for having to complete a tax return; the main ones are as follows:

You are a company director

You have un-taxed income

You have capital gains tax to pay

Your income is in excess of £100,000

You have income from self-employed trade either a sole trader or partnership

HMRC have sent you a tax return (for whatever reason).

This is not a definitive list of reasons why you may have to complete a return and a full list can be found on the HMRC website here. http://www.hmrc.gov.uk/sa/need-tax- return.htm

When completing the tax return you will have to include all income received in that tax year and all taxes paid on said income, the general sources of income are:

Employment income (salary, benefits in kind etc.) as per the P60/P45 and P11d

Dividends as per the dividend vouchers

Bank interest as per a statement from your bank

Pension income as per your P60 from the pension provider

State benefits (Job seekers allowance etc.)

Rental property income.

The above list is not definitive and any other sources of income would still normally need to be declared.

RHJ Accountants can prepare your tax return for you. The basic tax return, including employment pages, dividends, bank interest and a maximum of two rental properties.

Additional Charges will apply at £50 + VAT per property above two also charges may apply if you have capital gains, your SATR is relatively complex.

You need to complete our Self-Assessment Tax Return Questionnaire please ask for us to send one to you. If you require assistance completing the questionnaire, please contact us.

Once the form is completed RHJ Accountants will provide you with the draft tax return based on the information you provide, once this has been approved we will file the return with HMRC electronically and will provide you with a copy for your records.

Due Dates and Deadlines

The tax year runs from 6th  April to 5th  April each year and this will be the period covered by the tax return, for example, the 2015/16 tax year runs from 6th  April 2015 to 5th  April 2016.

The SATR is due by the later of 31 st  October and three months after the date the SATR was issued if submitting a paper return OR the later of 31st January and three months after the date the SATR was issued if you file it online.

Late returns will incur automatic penalties, varying in size depending on how late the return is.

The penalties are as follows:

1 day late £100 penalty

3 months late £10 penalty per day, up to a maximum of 90 days

6 months late £300 penalty or 5% of the tax due, whichever is greater

12 months late £300 penalty or 5% of the tax due, whichever is greater

In serious cases you may be asked to pay up to 100% of the tax due as a penalty instead.

The payment of any taxes due for the year need to reach HMRC by 31 st  January following the tax year end i.e. any tax due for 2015/16 is due by 31 st  January 2017. You may also have to make payments on account in advance of the next year’s liability, for further details please ask.

CIS Tax Returns Service from £200 + VAT

Construction industry workers in the UK

We at RHJ Accountants offer a fast and cost-effective tax return service for CIS subcontractors, including general builders, plasterers, carpenters, electricians, fitters, plumbers, painters and decorators, scaffolders, site managers, and laborers.

As we regularly deal with these construction industry sectors, we have a good understanding of what expenses and allowances can be claimed against tax.

Once your tax return is complete, we explain the end result to you, and how it has arisen. If you are due a CIS tax refund, we file your tax return securely over the internet so that you receive the rebate as quickly as possible. This will be repaid to your personal bank account and unlike most accountants or tax advisers, we will not increase our fees based on how much you are due to a refund.

If there is tax to pay we explain how much is due, when it is due and how the payment can be made.

To find out if you are due a CIS refund this year, give us a call on 0114 227 0070 or info@rhjaccountants.com.

What we need to complete your tax return.

To join as a client, you will need to complete the sections 1 & 2 of the Join us page on our website.

Please include your National Insurance number and your 10-digit CIS tax reference number. Plus any recent correspondence you have had from HM Revenue &; Customs.

It is also now a requirement for all accountants to obtain proof of identity of all new clients, and so we ask that you send ID that includes your address and a recent photo (passport or driving license).

For your accounting year, which usually ends on 5 April, we typically need:

All your CIS vouchers or statements of pay.

Details of any other income, such as work done for private households.

Details of your expenses, such as receipts or any expense records you keep. This normally includes all motor expenses, materials, tools, equipment, telephone, protective clothing and any admin expenses.

Agreements for any loans or hire-purchase agreements taken out.

Details of any vehicles you have bought or sold.

If you have kept any records on computer, then please email them to us or let us have a disk.

In addition, please let us have anything else that you think may be relevant to your tax return. For example, details of any employment income, bank interest received, or pension payments made.

REFER A FRIEND OR FELLOW CIS SUBCONTRACTOR AND RECEIVE £35 OFF YOUR FEE AND REFER

MORE THAN 3 FRIENDS IN THE SAME TAX YEAR AND YOU RECEIVE FREE ACCOUNTANCY!

Due Dates and Deadlines

The tax year runs from 6th April to 5th April each year and this will be the period covered by the tax return, for example, the 2014/15 tax year runs from 6th April 2014 to 5th April 2015.

The SATR is due by the later of 31st October and three months after the date the SATR was issued if submitting a paper return OR the later of 31st January and three months after the date the SATR was issued if you file it online.

Late returns will incur automatic penalties, varying in size depending on how late the return is. The penalties are as follows:

1 day late £100 penalty

3 months late £10 penalty per day, up to a maximum of 90 days

6 months late £300 penalty or 5% of the tax due, whichever is greater

12 months late £300 penalty or 5% of the tax due, whichever is greater

In serious cases, you may be asked to pay up to 100% of the tax due as a penalty instead.

The payment of any taxes due for the year needs to reach HMRC by 31st January following the tax year end i.e. any tax due for 2014/15 is due by 31st January 2016. You may also have to make payments on account in advance of the next year’s liability, for further details please ask.

RHJ Apostille Service

UK companies do not require UK business bank accounts

Whilst it may make sense to open a business bank account in the country in which your company is registered, it is possible to open a bank account for your business in your own country of residence.

This requires legalizing your company documents by having them ‘apostilled’.

Provided you reside in a country that is party to the 1961 Hague Convention, you have the option of applying for Apostille Certificates to legally authenticate your

Certificate of Incorporation and Memorandum and Articles of Association for use abroad.

This requires both documents being signed by a notary and legalised by the Foreign and Commonwealth Office in London. When your company documents have been legally confirmed as authentic, you will be issued with Apostille Certificates and you will be able to open a business bank account in your own country. This will certainly reduce the travel time required if you need to visit the bank!

RHJ Apostille Service

RHJ Accountants can provide assistance with the legalisation of your company documents. Our in-house notary will sign your Certificate of Incorporation and Memorandum and Articles of Association, forward them to the Foreign and Commonwealth Office for authentication, and deliver the Apostille Certificates by courier to your preferred address.

This service is available from £150 + VAT per certificate, which includes the cost of all postal and courier charges. Please contact us for further information about our Apostille Service.

Charity Annual Return Accounts & Filing

Charity's annual return accounts and filing

Submit your annual return and keep your charity’s registered details up to date.

What you need to know

Your charity must submit an annual return if its income is over £10,000.

If your charity’s income is under £10,000, you must still keep your registered details up to date, eg income, expenditure, trustees, contact details.

When to send your return

Your return must be sent within 10 months of the end of your financial year - you can’t get an extension.

If you submit your return late, your charity will be marked ‘overdue’ on the register. The charity may be removed from the register after 6 months and the Charity Commission may take further action.

What you need

You’ll need the:

registered charity number (and company number if applicable)

charity’s bank or building society details - account name, number and sort code

trustees’ details - name, date of birth and contact details

details of the main contact at the charity

number of volunteers and employees at the charity

Financial information

You’ll need the:

start and end dates of the financial period you’re reporting

total income and spending for the period (in pounds)

the amount spent outside England and Wales

Get this information from your charity’s accounts.

Information on your charity’s aims and activities

You’ll need:

a description of your charity’s activities in the reporting period (around 100 words)

information about what your charity does

locations where your charity worked in the period

Extra information from charities with an income over £25,000

You’ll need digital copies (PDF format) of your:

charity’s accounts, agreed by the trustees

independent examiner or auditor’s report

trustees’ annual report

You must list any serious incidents that took place in the year, even if you have already reported them to the Charity Commission.

You must file a return with Companies House and HM Revenue and Customs if your charity is a limited company.

Auto-enrolment is the biggest change to workplace pensions for generations.

The crux of it is about ensuring more and more employees are saving for retirement and that they have a pension. As a consequence of the changes to workplace pension legislation, all employers will be required to ensure more of their employees have a pension in place.

The term and phrase Auto-enrolment has come about and is being widely used as it refers to the process and requirement whereby employers will need to automatically enroll certain employees into a pension scheme.

Who does it affect?

In general terms, Auto-enrolment applies to all those organizations that employ people, regardless of the number of people they employ.

More specifically, Auto-enrolment relates to all employees aged between 22 and the state pension age, who currently earn more than £10,000 per year and who are not already in a qualifying workplace pension scheme.

For employees aged under 22 or over State Pension Age (SPA), should they wish or request to be part of enrolment then an employer must allow them to do so. There is no requirement for the employer to pay minimum contributions if such employees earn less than £5,772.

When does it come into effect?

To help manage the introduction of Auto-enrolment and allow time for organizations to put plans in place the government/pensions regulator has devised a timetable for take-up or staging dates. An employer’s staging date is determined by the number of employees forming their PAYE scheme as at 1st April 2012.

Whilst many of the larger employers have already been required to implement Auto-enrolment, many smaller employers are still to do so. There is a significant number of employers due to the stage in 2016 and The Pensions Regulator will be writing to them 12 months prior to their staging date. They will inform employers that they need to start preparing straight away with the nomination of a point of contact and the development of a plan.

Auto-enrolment staging dates

Employers with 50 to 249 people in their largest PAYE Scheme will be staged between 1 April 2014 and 1 April 2015 Employers with fewer than 50 people in their largest PAYE Scheme will be staged between 1 June 2015 and 1 April 2017

Some employers with fewer than 50 employees may have staging dates earlier than this – this may be because their PAYE includes nonworkers who are in receipt of pension benefits. Under such circumstances, it may be possible for an employer to move their staging date back to a prescribed date between 1st August 2015 and 1 April 2017.

New employers setting up a new business from 1st April 2012 up to and including 30th September 2017 will have a staging date between 1st May 2017 and 1st February 2018. Such dates are based on when the employer first pays PAYE and not the number of people employed.

How much are the contributions?

There is no minimum employee contribution. There is a minimum total of 2% of qualifying earnings of which the employer must pay 1%. If the employer chooses to pay the full 2%, say through salary exchange, then there is no minimum due from the employee. If the employer limits its contribution to its legal minimum then the employee will pay the balance.

The contributions payable relate to earnings bands ranging from, at present, £5,824 up to a maximum of £42,385. Therefore there is a ceiling for total payments under Auto–enrolment.

When do you need to take action?

Experience shows that ideally, you need to start looking at the implications and implementation of Auto-enrolment 12 months prior to your staging date, the date at which you are required to have a qualifying scheme in place.

Certainly, the time and work required to establish the process invariably takes longer and is much more involved than most first think, not least for the smaller organizations with greater demands on resources.

What if you already have a pension scheme?

You may already have an existing pension scheme in place, however, this might not be appropriate, in that it doesn’t include or is not open to all employees. You will need to check if it does or could comply and whether you can enroll other employees into it. It may be that an alternative appropriate pension scheme will need to be set up.

If you have an existing defined contribution scheme then you can assess whether such a scheme meets the minimum criteria for an automatic enrolment scheme by visiting www.tpr.gov.uk/DC-qualifying-scheme-tool

What if you don't have a pension scheme in place?

If like many organizations and employers, you don’t have a pensions scheme in place then you will need to find one. Such schemes include the National Employment Savings Trust (NEST), which has a public service obligation to accept all employers that apply to join it. This obligation is regardless of employee numbers or the overall value of contributions.

Details of other providers can be obtained by contacting RHJ accountants on 0114 2270070 or email info@rhjaccountants.com and we will put you in contact with our qualified and regulated IFA who can advise on this.

How do you go about implementing Auto-enrolment in your organisation?

The work involved in setting up an approved Auto-enrolment scheme should not be underestimated; for those employing a large workforce with dedicated staff and resources to deal with implementation, it is much easier to deal with than those with a much smaller number of employees who will undoubtedly find the task a significant chore and burden.

For more information about the process an employer needs to follow in order to be compliant in meeting their Auto-enrolment duties, please visit www.thepensionsregulator.gov.uk

Others, including those initially thinking they will do it themselves, may find it more appropriate to seek external advice and support.

What else does Auto-enrolment impact on in terms of your organization or business?

Payroll

Other than introducing the scheme itself the biggest impact on the organization will be that on its payroll procedures, processes and record keeping.

As part of planning for Auto-enrolment, you will no doubt have to look at your payroll software and processes to ascertain if they are robust enough to deal with the new guidelines. One key aspect will be the need to have records of those employees that have been informed of the pension scheme and have been given the option to opt out, with records kept of those choosing to opt out. In considering the implementation of Auto-enrolment in your organization, you may want to consider how you manage your payroll. If you currently manage it in-house, it may, given the increased compliance and burden of Real Time Information (RTI) and Auto-enrolment, be appropriate to look at outsourcing payroll. Use of a payroll bureau can offer the benefits of being more cost effective and give you peace of mind that you are compliant with the new regulations.

If you use an in-house payroll system then one of RHJ Accountants payroll specialists can provide advice and support as required.

If you wish to consider outsourcing your payroll, RHJ offers a comprehensive payroll service that is fully RTI and Auto-enrolment compliant. For a free quotation please contact your regular RHJ contact or email info@rhjaccountants.com

Employee status and contracts of employment

As part of the process of adopting Auto-enrolment, you will need to review contracts of employment, the employee handbook and your process of employee engagement to ensure they are compliant and that they take into account the changes.

It will not only be the obvious sections that need amending but policies such as those relating to

Data Protection may also need addressing.
What if employees do not wish to take part?
Employees that do not wish to enroll on or participate in a scheme can choose to opt out.
Can employers influence employees not to take part?
Employers cannot influence or prohibit entitled employees from participating in an Auto-enrolment
scheme. Employers are also not allowed to offer other employee incentives in place of or as a
substitute to Auto-enrolment.
What if you don't do anything and/ or don't comply?
The obligation and requirement to comply with Auto-enrolment rest with the employer. Those
employers who fail to comply or meet the regulator’s requirements will be required to rectify any
non-compliance. Those that fail to comply, whether unintentionally or not, will face the enforcement powers of the Pensions Regulator. Such enforcements can range from informal action and guidance, through to statutory notices to comply and ultimately financial penalties. Such penalties start with a fixed penalty fine of £400 escalating to daily fines of between £50 and £10,000 where employers have failed to comply.

Useful contacts

We are in partnership with a pensions specialist, who is able to guide and support you through the process of establishing an Auto-enrolment scheme that meets your needs and those of the pension’s regulator.

The work of the Pension specialist includes:

An initial consultation via email, telephone or face to face- an assessment is made of the workforce and a bespoke report is prepared to ascertain the impact Auto-enrolment will have on the organization from a financial and administrative perspective.

Research and Recommendations - our financial planners research and recommend an appropriate scheme to meet Auto-enrolment requirements.

Employee Clinic with Auto-enrolment Solutions/ Recommendations

Scheme Implementation - providing support and assistance with the full implementation process to integrate the scheme structure.

Fees for the above are charged on a time-spent basis with fee quotations provided on request and prior to commencement of any work

However, we do have three special packages for our clients as below:

Package 1 Exempt from Auto-enrolment.

If the business is made up of Directors only and they have no contract of employment they can be made exempt from the requirement to put an Auto-Enrolment Scheme in place by staging date.

The cost to certify and complete exemption with the regulator is £150.00.

Package 2 Auto-enroll company up to five employees.

To auto-enrol companies with up to 5 members of staff if using an off the peg solution £1,500.00 is the cost. This includes the following: Initial consultation with the company, explanation of Employer duties, assessment of workforce and costs involved, initial communication to the staff, sign up with

pensions provider, communication with payroll provider, certification with the regulator to say you have complied.

Package 3 Auto-enroll company Six to twenty employees.

To auto-enrol companies with Six to Twenty members of staff if using an off the peg solution £3,000.00 is the cost. This includes the following: Initial consultation with the company, explanation of Employer duties, assessment of workforce and costs involved, initial communication to the staff, sign up with pensions provider, communication with payroll provider, certification with the regulator to say you have complied.

Increased Payroll costs

As Auto-enrolment will be reported through payroll and RHJ process the payroll, all clients who choose to enroll there we be a monthly price plan as follows:

1. Company up to five employees monthly charge £5 per month

2. Company Six to Twenty employees monthly charge £10 per month

Free Business Health Check

Do you have an accountant?

Are they value for money?

DO they respond to your email and phone calls within 24 Hours?

DO you have one point of contact?

Are they saving you tax and proactive at doing this?

  1. These are just some of the questions you need ask yourself and why not have a second opinion from a tax saving expert like RHJ Accountants.

    The Free business health check is one hour free with a dedicated accountant to go through your business and personal tax affairs.

    We will look at how your current accountant is operating your affairs and come up with ways to reduce your tax liabilities and increase you net take home pay.

    If your current accountant is doing a good job and we cannot do any better we will tell you this and at least you can have a piece of mind.

    If not then our ways to reduce your tax can be something for you to think about and we could be the right choice for you. As it is better to put more money in your pocket than the taxman!

    Please note free business health check can work in a number of ways:

Face to face meeting

Telephone call

Email

Skype

  1. So if tax and numbers get in the way please call RHJ.

IR35 Accountancy Services, Contracts and Compliance

What is IR35

Commonly referred to as IR35, Intermediaries legislation was introduced on 06 April 2000. The aim of the legislation is to eliminate the avoidance of tax and national insurance contributions (NICs) through the use of intermediaries, such as personal service companies or partnerships, in circumstances where an individual worker would otherwise:

For tax purposes, be regarded as an employee of the client.

For NICs purposes, be regarded as employed in employed earner’s employment by the client.

Private Wealth Planning

Will & Document Storage

Asset Protection

Property & Family Lifetime Trusts

Estate Administration Advice

Lasting Power of Attorney

Severance of Tenancy

Client Bank Accounts

Client Bank Accounts...we introduce our clients to our Private Banking associates.

RHJ have a network of Private Banking associates. We introduce our clients to our Private Banking associates and assist in finding suitable banking packages for trading and private clients.

If you would like further information, please contact us to enquire about a bank account.

Company Formation Services

When setting up in business deciding on the structure can be complicated, to say the least.

Here at RHJ Accountants, we can give you the best advice in helping you make a decision.

Operating through a Limited company is more often than not the best way to help reduce your tax liability and increase your take home pay.

We do understand that each individual circumstance is different, hence we make sure our advice is tailored to suit you.

Have a look at our take home pay calculator to see what the benefit is to you.

Company Formation for £150

Form a Limited company at Companies House

Register your business for PAYE

Register your business for VAT

Register your business for Corporation Tax or Business Tax

Register your business for the VAT Flat Rate Scheme

Assist with opening a Business bank account within five working days with Cater Allen

Assist with finding Professional Indemnity insurance, Public liability and Employers liability insurance

Produce and estimate of your potential profit and tax liabilities

UK Company Formation Services

When setting up in business deciding on the structure can be complicated, to say the least.

Our company formation services include:

Form a Limited company at Companies House

Register your business for PAYE

Register your business for VAT

Register your business for Corporation Tax or Business Tax

Register your business for the VAT Flat Rate Scheme

Assist with opening a Business bank account within five working days with Cater Allen

Assist with finding Professional Indemnity insurance, Public liability and Employers liability insurance

Produce and estimate of your potential profit and tax liabilities

Call us to discuss your new company requirements and we will help you set-up the right formation that suits you.

Registered Offices Services

Many companies will not want to use an owner's home address for their registered office so they choose to use a registered office service.

We can set-up your registered office at one of our prestige offices in the UK and worldwide. Basically wherever in the world, you require a registered business address.

Our services include:

Registered office address

Acceptance of all mail, including that for which a signature is required (e.g. registered post)

Notification of receipt of mail by telephone or email within 24 hours of receipt

Storage of post in secure location

Mail Forwarding of all Mail including Letters from HMRC and Companies House

Telephony services and electronic call forwarding to your smartphone or email

Call us to discuss your registered office requirements

Dormant Company Accounts File Only Service

Have a dormant company? Let RHJ Accountants file your company for you....

We offer dormant company services including:

Dormant Company Accounts File Only Service
Dormant v Non-Trading
Dormant Accounts
HMRC updates about your Dormant Companies
CT41G form submissions

Contact us to discuss how we can manage your dormant companies for you.

Book Keeping Services

HMRC require all businesses to keep accurate and up to date records including details of sales, purchases, and expenditure

Our Bookkeeping Services means keeping a record of your business transactions on a spreadsheet, software package or in accounting books.

 Are your receipts in a mess? Invoices all over the place? Does VAT return cause you stress? If so don't worry. We know you've got better things to do, and that's why we're here.

We'll keep on top of your income, expenditure, and VAT records so that you don't have to. Get rid of your accounts headaches once and for all!

We will ensure that your records are maintained to the highest standard and comply with current legislation and HM Revenue & Customs requirements. We also make sure that your VAT returns are kept in order and filed on time!

Contact us to arrange a meeting and let’s begin doing the boring job we love ...your books.

Mortgages

RHJ Accountants have partnered with specialist mortgage brokerage, Contractor Mortgages Made Easy to offer professional and impartial mortgage advice to contractors.

They understand the difficulties contractors can come across when going through the mortgage process, as lenders tend to assume that contractors are high risk. That is why CMME have spent years ensuring that temporary workers are treated fairly.

They have access to a bespoke underwriting arrangement with a variety of recognized mortgage lenders, meaning you are not penalized for the way you are paid. Unlike traditional methods of applying for mortgage funding, bespoke underwriting negates the need for unnecessary documents like HMRC tax returns.

CMME’s team of expert consultants provide specialized guidance from the whole of the market to guarantee you find the most competitive deal. In addition to this, contractors will be able to obtain the same rates as the permanently employed with no bias against the way they choose to work.

Please click here for further information: www.contractormortgagesuk.com/partner/rhj