Watch our video on Self Assessment.

The deadline is drawing in!

U-Tax Accountancy Services - Youtube channel

U-Tax now have a new Youtube account, featuring videos on all of our services on offer.
If you are based in the West Midlands, United Kingdom, and are looking for a local accountant or are interested in our services, get in touch today on 01564 732174.

Watch our videos here:
https://www.youtube.com/channel/UCALWO5j3ZGQ3dZ9soX6vk9w

Also, bear in mind that the Self Assessment Tax Return deadline is approaching. Paper based returns must be submitted to HMRC by October 31st at the latest.

Our Company Accounts Services

U-Tax are proud to offer three package deals regarding our company accounts services, and with the most competitive fees on the market, it is hard to resist becoming a part of our company.

In order to spread the cost of the fees, you can pay monthly; this way you know exactly where you stand. So take a look at some of our brilliant offers, all of which have a 2 year guaranteed deal available.

Not only this, but you will be assigned your own dedicated accountant who will be happy to look after all of your needs alongside dealing with any questions or queries you may have regarding our business, or your own accountancy affairs. Our aim is for you to develop confidence and trust in us.

(All prices exclusive of VAT)

Not only this, but if you are self-employed, we can offer you a price of £75+VAT to complete your Self Assessment Tax Return, corresponding with HMRC on your behalf.

For information on our company accounts, get in touch with us today on 01564 732174,
or for our Self Assessment services, call us on 01564 732178.
You can also visit our website www.u-taxaccountancyservices.co.uk.

U-Tax Accountancy Services

U-Tax Accountancy Services: A partner in your business

About U-Tax

With over 70 years’ experience in accountancy, and tax & financial planning, U-tax is a leading UK tax agent recognised by HM Revenue and Customs. We commit our time to helping small-medium sized businesses, limited companies and individuals with any tax and accountancy needs, including completing self-assessment tax returns for our self-employed customers.

Whilst offering some of the most competitive rates on the market, we aim to constantly update our services and evolve our business, ensuring you and your business gain confidence and trust in our facilities by openly communicating with our customers.

We want you to experience the real cost and time benefits!

So why choose us?

We guarantee that you will receive unlimited assistance throughout the year from your dedicated accountant along with the rest of the team, including regular email updates, tax briefings, and recommendations, assuring you that your business is tax efficient and well structured.

Our accountancy services include:

·         Annual Accounts

·         Annual Payroll Returns P14/P16

·         Annual Accounts – Companies House

·         Corporation Tax (Return & Computation)

·         HMRC Correspondence

·         PAYE Registration

·         Payroll

·         Self-Assessment

·         Tax Advice

·         VAT Computations

·         Tax Investigation Insurance

U-Tax will supply you with a timetable of your personalised key dates and events for you to consider, and as an added bonus, we also offer all of our clients commercial insurance, and a FREE piece of bookkeeping software; easy to use, and allowing you to keep all of your finances well organised.

Our deals

Not only does the business have an abundance of friendly staff, possessing a great deal of experience and qualifications from the major accountancy tax associations such as ACCA, AAT and ICAEW, we also guarantee that we can save you money on your current accountancy services. Whereas other accountants charge a fixed percentage on turnover, we don’t! We assess the work involved for your requirements and price respectively.

Buy a package that covers your needs with no hidden extras…

What do you need to do?

Call us today on 01564 732 174 where we will talk you through your options, explain your packages to you and establish if U-Tax is right for you. 

Self Assessment and the Construction Industry Scheme (CIS)

Tax Returns and the CIS

If you work in the construction industry then you will come under the Construction Industry Scheme. Working under this scheme means that you will pay your tax and receive returns differently to other businesses and trades.

As a contractor or subcontractor, your tax rate is generally 20% of your entire earnings, whereas under the PAYE system, taxpayers of various other trades are provided with a tax-free threshold, which is an inbuilt allowance into their earnings. Essentially, this means that contractors would be paying more tax annually than other workers, which is where the CIS returns come in. In order for HMRC to work out how much tax has been overpaid, contractors under the CIS are required to submit a tax return. This allows HMRC to work out how much you are owed back in a return; in essence repaying the ‘tax-free’ allowance that you would not have got prior to this.

These returns can be completed from April 6^th every year, and similarly to a self-assessment keeping records of expenses can help to maximise your refund. Contractors can receive help in completing and filing these returns, however the majority of accountants or CIS rebate firms will charge a figure upwards of £350 to do this for you.

Using U-Tax

U-Tax offers two choices of payment, both at a great price. The taxpayer can opt into paying £100 plus VAT upfront, or can choose to pay when the rebate has been received at a rate of 10% of rebate (subject to £100 minimum). Through using our services, U-Tax will offer:
 ·         Your CIS return completed by an accountant
·         Thorough and comprehensive return service
·         By using their knowledge, you will receive a maximum refund
·         Payments issued by HMRC
·         Your key account manager will always be on hand

Self Assessment Tax Returns: Self Employed Industries

Self-Assessment for Carers

If you are self-employed and have a job in the care industry, there are many reasons why you may be eligible to receive a tax rebate, but to do so it is important to fill out a self-assessment tax return first. The deadlines for self-assessment tax returns are closely drawing in, so be aware of how you want to submit yours: If this is going to be completed on paper, returns must be sent to HMRC by 31^st October at the latest. If it is an online submission, the deadline is 31^st January. It is important to be aware of the fines issued by HMRC if returns are not filed in due time. HMRC charge a fixed penalty of £100 for late submission, with increases on this dependent on the length of the delay.

As a taxpayer, you can claim back for up to four years, including rebates on…

• ·         Mileage

Many care workers will use their own vehicle for work; such as for visiting patients in their own homes or in care homes. If this is the case, you could be entitled to claim tax back at a rate of 45p per mile. Bear in mind however, that HMRC will not consider driving to and from work (i.e. normal commuting) as business mileage, so this is not something you will be able to claim on. To guarantee a rebate, ensure you log your mileage incorporating dates and distance. Keeping a record of such information is important for self-assessments to be completed.

• ·         Uniform

A second factor to take into consideration when self-employed in the care industry is uniform. If laundry facilities are not provided and you have to wash your own uniform at home, you are entitled to a rebate, but note that HMRC insist on it being a recognisable uniform only worn for work purposes, or a uniform with a specific logo on. Wearing your own clothes to work will not be considered. More information can be found on http://www.u-tax.co.uk/jobs/carers-allowance.

So what can U-Tax do?

For just £75+VAT, U-Tax will deal with all of your queries regarding self-assessment. This includes completing your tax return for you, calculating how much you can claim back, filing your return to HMRC, dealing with HMRC on your behalf, and being available to help with any issues or questions you may have.

Self Assessment Tax Returns: Self Employed Industries

Self-Assessment for Hairdressers

HMRC must be informed as soon as possible if you believe that you need to file a tax return. The best way to do this is online at www.hmrc.gov.uk, but you can also register on a paper form. For this you will need your personal details, including your National Insurance Number. It is also important to note that if you are self-employed, information regarding self-employment will be needed too, such as when you started up your business, and the nature of your trade.

Once this has been done and HMRC have sent you confirmation of registration for self-employment, you should have received your Unique Taxpayer’s Reference (UTR). This is imperative for completion of a self-assessment tax return. A return should inform HMRC of your taxable income, gains, and expenses. If you choose to submit your return on paper, this needs to be done by October 31^st following the end of the relevant tax year. However you can also opt into online submission, in which case the deadline is January 31^st.

Failure to file a tax return by the deadline date results in an automatic fixed penalty of £100 issued by HMRC, unless there is reason to believe you have a ‘reasonable excuse’ for late or lack of submission. More information can be found on the HMRC website. As a self-employed worker, it is important to keep all records of incomes and expenditure. HMRC will need this to work out how much tax you need to pay, but documentation of expenses is also important on your behalf as you will be able to claim back on some of this. 

As a hairdresser, the most common expenses you can claim on include:

• Beauty and hair products
• Consumable equipment
• Protective clothing and uniforms
• Courses attended
• Laundry and cleaning
• Computer for work
• Postage and stationary
• Advertising
• Fares and travelling expenses*

*If you use your own vehicle, the running costs will also need to be factored into your expenses. Information regarding HMRC’s Fixed Scale Mileage Rate can be found on their website.

U-TAX

If you are having trouble with completing your self-assessment tax return, get in touch. U-Tax will be able to do it for you at just £75+VAT, including liaising with HMRC on your behalf. With a fast turnaround rate; generally just 24 hours, have a look at www.u-taxaccountancyservices.co.uk for details on the services U-Tax offer, along with all contact details.

Self Assessment Tax Returns: Self Employed Industries

Self-Assessment for Taxi Drivers

All self-employed taxi drivers will need to complete an annual self-assessment. It is in the hands of the individual to decide whether they submit a paper based tax return, or opt into completing it online, but there are set deadlines for either choice. If you choose to complete a paper return, this must be filed by 31st October, whereas the deadline for online submission falls on 31^st January.  Failure to complete a self-assessment on time will result in a fine from HMRC; a day late can result in a £100 penalty fine.

It is important for a self-employed taxi driver to keep all documentation regarding their earnings, including records of all expenditure, fares, and tips, as HMRC may need to check this information in detail. A lack of such documentation may result in the process taking longer than necessary, along with the possibility of taxi drivers paying more tax than they ought to be. As self-employed workers are able to claim back on allowable expenses, it is worthwhile to file all relevant information.

These allowable expenses for taxi drivers include:

• Petrol or diesel costs
• The cost of servicing and running the taxi
• The costs of your annual road tax and your MOT test
• The cost of washing or cleaning your own taxi
• Interest on any bank or personal loans taken out to purchase your taxi
• Your license
• The cost of running your office including the payroll cost of any staff employed
• Vehicle insurance
• AA/RAC membership
• Radio hire
• Accountancy fees
• Advertising
• Phone usage for business use

It is important to note that if you are self-employed and using own vehicle for work purposes, you can claim back on your mileage, however for taxi drivers, this is not possible as fuel costs are already factored into allowable expenses.

So what can U-Tax do?

We can complete your self-assessment tax return for you. Our special offer of just £75+vat is guaranteed to beat other prices on the market. Our service is time-effective and stress free, working with HMRC on your behalf in order to leave you to concentrate on your other business matters.