Paying your self assessment tax bill

Self assessment tax liabilities can be paid by various methods including:

  • by debit or credit card online
  • transfers from your bank account by Faster Payments, CHAPS or BACS
  • at your bank or building society branch, under some circumstances
  • via direct debit
  • via a budget payment plan
  • by cheque through the post
  • through your tax code.

From Friday 15 December 2017 taxpayers will not be able to pay their self-assessment tax bills at the Post Office

How do you view your accountant?

Clients often don’t see their accountant as someone who can help take their business forward.   We are often viewed at the numbers person who does the stuff that needs to be done, but which the business owner is not really interested in.  As a result we are seen as an expensive necessary evil.  We like our clients to see us as a business partner.  We are experts in helping businesses move forward in the direction the business owner wants.  Often the desire is growth – but not always.  Think of your accountant as someone with expertise to help you run your business efficiently and effectively.  Do that and the necessary boring stuff will be done, but without becoming the elephant in the room.

Fancy giving or receiving a discount for cash?

DON’T DO IT.  “Why not?”, you ask.  Read on ….

Do you know about the Criminal Finances Act 2017?  Probably not – 76% of UK businesses are unaware of the new measures.  Maybe you think it doesn’t affect you because you are very honest and have absolutely no intention of defrauding anyone.  Don’t be fooled – if you run a business you need to know what the implications for you could be.

The new law will make businesses liable of criminal acts committed by employees who encourage or assist tax evasion by other individuals eg customers and suppliers.  Businesses will be liable even in cases where senior management were either uninvolved or unaware of the acts.  They apply to UK and non-UK businesses.

So if anyone in the business encourages “cash in hand” transactions which mean a lower rate either to your business or their business, then you will be caught by the act.  It will result in a criminal prosecution and in many cases such action could ruin a business.  Other more complicated transactions with the purpose of evading tax will also be caught by this legislation.

This means as a business owner you not only have to ensure your business is run properly, you have to be aware of the actions of your staff.  You cannot hide behind the defence of ignorance and anything illegal, worst case scenario could destroy your business and send you to prison.

The Budget March 2017

The chancellor caused quite a stir by raising Class 4 national insurance for the self employed.  But that is of course, not the only change he made and the points likely to be of interest to you are included in our Guide to the Budget 2017 which you can download for free.  If you operate through a limited company, you won’t be too worried about the increase in national insurance for the self employed but you will be keen to know about the further increase in tax for those in receipt of dividends, by lowering the tax free amount from £5,000 to £2,000.    If you are aware of Making Tax Digital, and you are self employed or in a partnership with a turnover (sales)  below the VAT registration threshold (currently £83,000 per year) then you have an extra year before you have to comply with the MTD regulations.

Download our free Guide to the Budget 2017.

Download our free Tax rates and allowances 2017

If you want help with advice on anything in this budget please call Dionne on 07977 169206.