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Archive for the ‘Self Assessment’ Category

Price wars between Quickbooks and Xero – good news for small businesses

On the day that Xero have increased their pricing plans, Quickbooks have launched a 4-day price drop. This could be the ideal time to sign-up to this online accounting software. A package which includes unlimited invoices and automatic importing of transactions from your bank costs just £5.00 plus VAT for the next 6 months. Quickbooks[...] Read more »

QuickBooks and GoCardless integration makes accounting even easier!

One of the keys to being an efficient business is ensuring that managing your financial information is as simple and painless as possible.  The more integrated your systems, the smoother the transition from invoice, to payment, to financial recording. Here at Coastal Tax we are working very closely with QuickBooks, and so it is great[...] Read more »

Now that the dust has settled on the Budget 2015…

What does it actually mean for individuals? The Minimum Wage The current rate for people over 21 is £6.50 p/h.  The new rate in 2016 will be the ‘living wage’ for those over 25 and will be set at £7.20 from April 2016 rising to £9.00 by 2020. At this stage it is unclear how[...] Read more »

Cloud accountancy is on the rise.

Since its first roots in 2005 cloud accounting has really taken off, with key companies like Xero, Clearbooks, Sage and Quickbooks all offering online services that can make the life of small business owners considerably easier. Xero in particular has been lauded as it recently achieved 500,000 clients. Michael Wood of Receipt Bank, in his[...] Read more »

HMRC self assessment late returns fines amnesty

If you are one of the nearly 900,000 individuals who sent in their self-assessment tax return after the January 31st 2015 deadline, you may have had a lucky escape from the £100 fine. A report in the Telegraph newspaper says that tax officials at HMRC have been instructed not to make any checks on appeals[...] Read more »

Getting your tax return done is a numbers game

When it’s this late in January and you haven’t yet submitted your self-assessment tax return, it can feel like HMRC is breathing down your neck.  It’s not too late to get your figures to the taxman but you do need to be quick and thorough to avoid the automatic £100 fine. Remember; even if you[...] Read more »

Are you an easy target for the taxman?

Accountancy firms are naturally keen to promote their success in saving their self-assessment clients money in their tax returns. Certainly from the point of view of an individual with complex tax affairs, or a sole trader, this is a key reason for employing a good accountant. You don’t want to pay any more tax than[...] Read more »

Don’t panic! Your tax return is due!

Your heart rate increases, your palms begin to sweat, the fight or flight reflex goes into full gear…a letter from HMRC is always a bit ominous.  A great many people will have experienced this reaction over the past few days as the annual reminders to complete a self assessment tax return are being distributed. According[...] Read more »

Extension of tax return date in some circumstances

The following news item has been put up on the Tolley Tax Intelligence website regarding an extension of the tax return deadline. “Filing extension for those submitting a 2012/13 Tax Return using free HMRC software Anyone who has ever used the free HMRC software to file, or help a friend or family member to file,[...] Read more »

All I want for Christmas is a Government Gateway reference number

The frosts are getting harder, there’s a chill in the air and we are all starting to turn our minds urgently to that special time of year. That’s right – it’s nearly time for those without an accountant to submit an online Self Assessment tax return! This is a critical time for those running small[...] Read more »