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Archive for the ‘Tax Advice’ 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 »

Tax Cuts for Limited Companies

A piece of good news has arisen as a result of the vote to leave the European Union. George Osborne has promised to cut corporation tax in order to continue encouraging business investment. As part of his plan to build a “super-competitive economy” the likelihood is that the chancellor will reduce corporation tax by 5%[...] 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 »

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 »

Iron (things out) while the strike is hot!

The Public and Commercial Services Union is on strike.  This might not be good news if you are in a hurry for a passport, but it has had one positive side effect for the millions of people who need to renew their applications for Working Tax Credit.  Due to the timing of the strike HMRC[...] 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 »

Limited company CIS refunded superquick!

Coastal Tax and Accountancy have managed to secure the refund of Construction Industry Scheme (CIS) tax payments incredibly quickly for a Limited Company Client. The CIS payments are a method HMRC uses to obtain tax payments from self-employed construction workers in advance of the submission of their tax return. It can often take a lot[...] 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 »