Yorkshire Accountancy – A Firm You Can Trust

Another effective way of pay less tax for small business owners is to build up a retirement pension pot.

Most business owners are not aware that they can contribute up to £3,600 every year into a pot, regardless of their earning levels, and they can also contribute for their employed partner too....Click for Small Business Accountants

The law is very clear that you cannot access this pension pot before the age of 55, unless you have very special circumstances.

Consult with your accountant to see what they recommend, after all you are paying for their experience and advice. You may find that they recommend switching funds from low-paying interest accounts into a cash ISA which carry better rates and you will have access to the money in times of need.

It’s also important that you claim all of your expenses from your business, insure you and the business properly and to make sure you don’t pay yourself more than £100,000 a year.

Another obvious idea is to file your tax returns on time and avoid the fines that will be incurred and you should be working with an accountant to ensure that this happens on time and correctly.

Here at Yorkshire Accountancy we are always willing to help clients and potential clients with advice and to pay less tax, so contact us now to see what we can do for you. Call  us at 01482845750

Tips on How to Pay Less Tax

That, in itself, is no bad thing since business owners and the self-employed will soon realise that overpaying their tax needlessly eats into their profits. However, with some effort that tax bill can be reduced and the extra money used to develop the business.... Click here for Tax Advisor and Small Business Accountants

Find an accountant – and pay less tax

The easiest way to find out how to pay less tax is to find an accountant you can trust and here at Yorkshire Accountancy we have the necessary experience to save you ££££s.

The easiest way pay less tax is to spread any potential income tax payments among family members. This is easily done by employing your partner for instant and using their personal allowance, as well as yours.

The tax threshold for 2013/14 is £9,440, and this looks set to rise to £10,000 next year.
With the basic rate for income tax set at 20% you could employ your partner to do your books, invoicing and administration for your business.

Obviously, you have to pay National Insurance on that amount unless they earn less than £149 per week currently, then no NIC is due (though you should be aware that this rate of pay will exclude access to certain state benefits).

It’s also important to note that your paperwork should reflect the employment status of your partner or family member within your business and you will have to follow relevant legislation.

Advantages of Using Accounting Software

Starting a new business requires a lot of time and energy. After deciding on what you are going to sell or what kind of service you are going to offer, you will need to come up with a business plan in order to see if your idea will work. Once you determine that your idea will work, and then you will have to jump through all of the governmental red tape, secure financing, and determine where your business will be located. Another decision that you will have to make is to determine how you are going to keep your books.

Small Business Cheap Accounting

When it comes to maintaining your company’s books you have three options: hire a CPA firm to do it, purchase bookkeeping software or use a spreadsheet program such as Excel. The first option can be very expensive depending on how much time the CPA spends working on your financial results. The second option can range anywhere from inexpensive to hundreds of thousands of dollars. I would warn against using a spreadsheet program to keep track of your books unless you are an accountant and very good at using spreadsheets. For our small business, my wife and I decided to go with option two, purchasing software to keep track of our books because it is much simpler and it reduces the chance of making needless mistakes.

Purchasing Accounting Software

There are many different small business accountants solutions to choose from to handle your bookkeeping. It is easy to fall in love with solutions that have all of the bells and whistles, but for most of them you are paying for functionality that you will never use. I recommend purchasing CashPro to use as your accounting software. My wife and I use it for our small business and I use it professionally at the manufacturing company that I work for.

The Role of Tax and Accounting Services

Filing taxes is simply something that everybody needs to do, especially if they're making a specific amount of money within a year. However, the laws about government dues also change on almost a yearly basis and its difficult knowing what your tax filer status entitles you to or what added penalties you might have incurred. Reading about the instructions of even the easiest to understand form could be quite a hassle. Besides, you definitely have better things to attend to. So, getting assistance from a firm that offers preparation service doesn't mean you admit defeat because it means you're acknowledging your need in saving one of your most important resources, namely your time.

Tax and accounting is one of the most important functions of any business firm. Irrespective of their nature, size or scale of operations, organizations employ cheap accountants, pay roll managers, tax consultants and auditors to streamline the financial and regulatory records of their day to day transactions, bookkeeping processes and other in house accounting needs and requirements. With the increase in workload and number of business transactions, these firms are finding it more convenient to outsource this core function to professional tax advisor and cheap accounting services providers.

Apart from making diligent and experienced adjustments to accommodate client requests, they also provide access to state of the art infrastructure and software support to manage confidential accounting data-smartly and in a fast manner.

The outsourcing market is flush with accounting and tax outsourcing firms which boast of experienced teams of qualified accountants -trained in handling company accounts and regulatory compliances of varying proportions.

Tax preparation helps you in a quite a number of ways. Properly maintaining your accounting records is important in filing returns accurately. Your advisor can review as well as reconcile those bank accounts and those general ledgers. Your advisor can also prepare financial statements or even cash flow statements as well as help you in establishing both accounting support and reporting systems. Getting sales and use tax is equally important and your preparation expert could fill-out plus file those forms in the proper way. This will help you focus on your business instead of worrying about your dues.

Our tax accountant services are designed to remove the administrative drag from your growth initiatives.

How to Find a Good Tax Accountant

Think about it this way, would you rather purchase a cheap refrigerator that you will have to keep fixing and will give out in a few years, or would you prefer a reasonably priced refrigerator that will last 15-20 years longer? If you are being cheap about keeping your financials in order, you are cheap about the future of your business and are impeding it from growth..... Payroll Services

The first thing to do when hiring an cheap accountant is to check their credentials. Are they an accountant because of their degree in college or because they took a few QuickBooks courses? To become a CPA, a professional must spend a grueling year learning the backbones of Finance, Regulation, DCAA Audit, and Business. It is only a small percentage of the US population that can pass each of these tests the first time around. Once they do earn that title, the education is continued to maintain it with constant updates to the new regulations set forth by the Government every day. How can you trust that you won't get audited by the IRS if your accountant does not know what the IRS is looking for?

The next step after your candidate passes the credentials test is to evaluate their work. Once the first month of work is completed, ask them to explain to you how he came up with the numbers in the financial statements. The least you can do on your own is to make sure the expenses match up to your bank statements. The Internet is a powerful tool that can help you ask the right questions. Are you getting all the possible tax deductions you can? Do your homework and search for commonly overlooked deductions that you can point out at your next meeting.

The third step is to create a plausible time frame for the completion of these tasks. If you are a business owner, be aware that you have more expenses as well as multiple channels of income that an individual does not have. With that said, a corporate tax return should take at least a week to complete efficiently. Make sure that the accountant or CPA understands the structure of your company completely and has filled out the ownership section properly. In regards to an individual tax return, that can be done in a few hours provided you have with you your bank statements or receipts with your expenses. Once again, make sure you are receiving all the deductions and that you are meeting the tax deadlines.

Want your Cheap Accounting and Taxes done by the real experts? Call Business Wise Consulting at 01482845750 or email us at info@cheapaccountants.co.uk