Latest News from Davies Archytas Accountants Redditch

Stay up to date with accountancy news, events and key insights from within the financial & accounting industry from Davies Archytas, Redditch based Accountants.

Please check out our Facebook news feed below for all our latest accountancy news updates.

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Here's some more steps to successfully starting your small business accounting

• Determine how you'll pay yourself.
• Set up a payroll system.
• Understand your tax obligations.
• Understand your turnover, profit, and cashflow.

If you need some help talk to our professional, friendly team on 01527 362070

#accountingtips #businessmanagement #accountingservices #accountants #accountant #accountantlife
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Who struggles to do their Tax Return?

Don't forget we are here to help you with your business accounting requirements. We offer self-assessment tax returns, so if you'd like to avoid the hassle of completing it yourself and managing it throughout the year, as well as having a professional eye on your business finances. Talk to us!

01527 362070 for a no commitment chat.

#accountingsoftware #accountingtips #businessmanagement #bookkeepingservices #accountingservices #bookkeeper #accountants #accountant #accountantlife
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With cloud-based accounting, all data is hosted in the cloud (as opposed to a specific device or server). This provides better security and remote accessibility. We have a cloud-based solution for your accounts, which means your accounting system grows with you.

Talk to our professional, friendly team on 01527 362070 for a no commitment chat.

#accountingsoftware #accountingtips #businessmanagement #bookkeepingservices #accountingservices #accountants #accountant #accountantlife
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The Government has announced it is introducing mandatory climate change reporting rules for the largest companies from April 2022.

These companies will be required to disclose climate-related financial information, ensuring they consider the risks and opportunities they face as a result of climate change.
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Talk to us, we have cloud based compatible software for you to use! Watch the video below:

www.youtube.com/watch?v=BbH8e5dEBt8&list=PL8EcnheDt1zi1ipk1qexrwdAU5O6LS84a&index=9
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If you are looking for a professional, friendly accountancy that genuinely cares about its clients, our Facebook page offers many tips and advice to support businesses. ...

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New month, new start. Perhaps it's time to look at your finances and accounting strategy? Talk to us for support! [email protected]

Follow us on Facebook ➡️ @daviesarchytas
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Happy Halloween all! 👻🎃👻🎃 ...

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Currently, electric vehicles are much cheaper to drive and you pay virtually no tax, with the average electric vehicle costing just £320 a year to run, compared to £1,100 a year for a typical petrol or diesel car. ...

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If there’s one thing that stresses small business owners out, it’s accounting. But the irony is that accounting is actually very simple…when it’s done properly. Just simplify your approach and develop the right system for your business!

#accounting #accountant
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Just a word of warning if you are new to doing your own tax return. It's likely to cost you more money for an accountant to fix it, if it's incorrect, than for them to do it right for you in the first instance.

[email protected]

#Taxreturn #Tax #accounts
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These steps can help you reduce your risk of using non-compliant umbrella companies:

🔹 Perform due diligence on your whole supply chain.

🔹 Find out what you need to do when you engage a worker.

🔹 Consider adding clauses in your contracts with umbrella companies.

🔹 Check payslips to make sure PAYE is being operated on the full amount received by the worker.

🔹Be extremely cautious about working with umbrella companies that are offshore or offer financial incentives.

🔹 Check the umbrella companies details and returns filed with Companies House to make sure details such as its financial position, location and trading history are consistent with what you have been told.

🔹 Educate your workers by sharing information with them about tax avoidance schemes.
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Timeline PhotosSome disguised remuneration schemes involve a worker becoming employed by a non-compliant umbrella company operating an avoidance scheme.

The umbrella company will operate Pay As You Earn (PAYE) on part of the amounts paid to the worker, while the remaining amounts paid are treated as non-taxable and so not subject to PAYE.

These untaxed payments may be referred to as:

🔹 loans
🔹 grants
🔹 salary advances
🔹 capital payments
🔹 credit facilities
🔹 annuities
🔹 profit shares
🔹 shares and bonuses
🔹amounts held in a fiduciary capacity

In all cases, these schemes involve untaxed payments being made to workers by a non-compliant umbrella company to increase their take-home pay.

If you engage with an umbrella company operating an avoidance scheme, you become part of the supply chain of the scheme.

Talk to us for advice on this.
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Some disguised remuneration schemes involve a worker becoming employed by a non-compliant umbrella company operating an avoidance scheme.

The umbrella company will operate Pay As You Earn (PAYE) on part of the amounts paid to the worker, while the remaining amounts paid are treated as non-taxable and so not subject to PAYE.

These untaxed payments may be referred to as:

🔹 loans
🔹 grants
🔹 salary advances
🔹 capital payments
🔹 credit facilities
🔹 annuities
🔹 profit shares
🔹 shares and bonuses
🔹amounts held in a fiduciary capacity

In all cases, these schemes involve untaxed payments being made to workers by a non-compliant umbrella company to increase their take-home pay.

If you engage with an umbrella company operating an avoidance scheme, you become part of the supply chain of the scheme.

Talk to us for advice on this.
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Millions of trustees need to register details of their trusts before next Autumn, following the launch of a new trust registration service.

The service was originally announced in draft form in 2017, at a time when it would only have applied to taxable-relevant trusts.

Since then it has been expanded to include all UK-resident express trusts, with a few exemptions for pension trusts and charity trusts.

As such, details of up to two million trusts must be registered with HMRC on or before 1 September 2022.

Trustees who fail to do this will run the risk of a fine, with the potential for large penalties if the tax authority deems the behaviour to be deliberate.

Speak to us about planning your estate.
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Timeline PhotosThe stamp duty land tax holiday in England and Northern Ireland has come to an end, more than 14 months after it first came into effect.

The tax break saw most buyers who purchased residential homes for £500,000 or less pay no stamp duty land tax until 30 June 2021, although landlords still had to pay the 3% surcharge.

HMRC collected £5.7 billion in stamp duty between April and July 2021, £2.2bn more than the same pandemic-affected period in 2020.
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The stamp duty land tax holiday in England and Northern Ireland has come to an end, more than 14 months after it first came into effect.

The tax break saw most buyers who purchased residential homes for £500,000 or less pay no stamp duty land tax until 30 June 2021, although landlords still had to pay the 3% surcharge.

HMRC collected £5.7 billion in stamp duty between April and July 2021, £2.2bn more than the same pandemic-affected period in 2020.
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There’s still time for you to share all of your records or spreadsheets with us to process and upload your 2020/21 tax return digitally – our preferred method – in plenty of time.

We are already running the rule over clients’ records, applying any reliefs and reclaiming any allowable expenses before we calculate their taxable profits to ensure they only pay what they need to.

With 'Making Tax Digital' #MTD for income tax self-assessment (ITSA) also on the horizon, we are also introducing HMRC-approved software to our clients and showing them how to use it within their business.

The sooner you embrace this, the easier this process will be when MTD for ITSA becomes mandatory.

We handle every aspect of self-assessment.
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