Blog

Disposing of Personal Belongings

Selling or giving away personal belongings can sometimes have tax consequences and prior to the end of a tax year being aware of these consequences can help you make wise tax choices.

The two taxes to consider when disposing of personal belongings are Capital Gains Tax – a tax on the increase in value of a belonging, and Inheritance Tax – a tax on the overall value of your estate following your death.

Disposing of Personal Belongings – Capital Gains Tax (CGT)

When you dispose of one of your belongings CGT is calculated on the sale proceeds (if the item is sold) or the market value (if the item is given away) after deducting what it cost or the value when the item was first acquired, say for example the item was inherited.

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Self-Assessment Tax Return

Please find below a checklist of information required to prepare a self-assessment tax return. You can also download the Word Document here.

Please complete and return this list along with the relevant information to Together We Count Limited

Please Tick or mark N/A
General
The latest HMRC Self Assessment Tax Statement of Account, if you received one
Any change in your marital status
Details of any student loans you are liable to repay, including whether they fall under Plan A or Plan B
Income
Employment Form P60 or P45, copy of P11D. Details of any taxable lump sums; fixed deductions from employment and redundancy payments and any student loan deductions taken.
Are you a director or officeholder
Self-Employment & Partnership Accounting paperwork for your Accounting Period that ended in this tax year. Details of income and expenses arising or business accounts together with a note of any capital additions or disposals.
CIS Subcontractor All Tax Statements from Contractors between 6th April and 5th April in addition to Self Employment records
Pensions State Pension, private pensions and overseas pensions received, during the tax year.
Benefits State benefits or allowances received, during the tax year. Jobseekers allowance.
Child Benefit received by you or your partner (including any paid to someone else for a child, that lives with you), the number of children this was applicable to and your partners income and the date it ceased if applicable.
Income from Property Details of any rental income, rental statements and mortgage statements for the tax year including interest paid.
Bank/Building Society Accounts Interest received on any accounts from statements or certificates of interest received from your bank. Please indicate any Joint Accounts and enter Your Share of the income. (Include any interest received from PPI repayments)
UK Dividends Dividend vouchers and scrip dividend vouchers (where shares received in lieu of whole or part of dividend). Details of all UK shares held
Foreign Income Interest received on any foreign accounts. Dividend vouchers from any foreign holdings, details of all foreign shares held. Amounts in sterling
Foreign employment payslips covering the tax year. Details & dates overseas
Any other received or remitted income from overseas.
Life insurance Policies Income from insurance policies or deceased persons estates.
Other Sources Documentary evidence of any other income or details of source, when it first arose, amount received and if tax deducted.
Capital Transactions
Shares and Securities Documentary evidence of any other income or details of source, when it first arose, amount received and if tax deducted.
Share Options Documentation for options granted or exercised.
Chargeable Assets Full details of the cost/sale proceeds for any other assets. Whether in the UK or overseas
Life Assurance Investment Bonds All relevant Certificates.
Outgoings
Professional Subs & allowances Subscriptions paid to professional bodies or trade associations. Any other allowances or deductions
Pensions Details of all payments to pensions including any statements.
Gift Aid Donations Details of payments made under the gift aid scheme.
EIS/SEIS & VCT Details of subscriptions to the Enterprise Investment Scheme or SEED EIS or Venture Capital Trust. Copy of any forms EIS3 received.
Inheritance Tax Details of all gifts made over £250 including name of recipient
Other reliefs and deductions
Qualifying maintenance paid to a former spouse or civil partner
Post-cessation expenses, pre-incorporation losses, losses on relevant discounted securities.
Are you in receipt of a Marriage Allowance Transfer?
Have you made a Marriage Allowance Transfer to a partner or spouse?

Fiscal Year 2017-2018

Hello,

Fiscal YearHere we are again. We are approaching the end of another tax year. The Chancellor of the Exchequer has shown the country his plans and now some of us may need to make some changes in order to adapt to the new lay of the land! Key inclusions in this update are:

  • Claiming Capital Allowances – Tax planning
  • Changes in Cash-basis Accounting
  • Using up ISA Allowances
  • Changes in Dividend Allowances
  • Changes in Wear & Tear Allowances
  • Financial tax relief for Residential Landlords
  • Moving tax into the digital age

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One of the first-ever accounting firms in the UK to accept Bitcoin payments

Together We Count: is one of the first-ever accounting firms in the United Kingdom to accept Bitcoin payments.

Until now, you would have to pay for service via bank transfer, credit card or PayPal. When it comes to Internet-related services, PayPal had the main role. Together We Count one of the first accounting firms in the UK which accepts your payments in Bitcoin or other cryptocurrencies. Furthermore, we promise you the safety of each transaction and so much more.

We are proud to introduce this new method of payment possibilities. There are still plenty of the clients who prefer PayPal, but the transaction fees are high. For example, you will pay 2.9% of the total fees plus an additional £0.30p per transaction. In addition, PayPal may increase their fees at any given time and they differ for all users. In some cases, even 5% fee is payable.

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Air Conditioning & VAT

Working with air conditioning units?

Are you a builder, electrician, Gas Safe installer, renewables engineer or a Ref.com registered installer, repairer or supplier of air conditioning units?  Did you know that air conditioning units are eligible for reduced rate VAT if they’re supplied for a qualifying use?  Here we will explain the basics of how the reduced rate of VAT could apply to you, your business and your customers!

The government is keen to encourage energy efficiency as part of the Climate Change Programme and the Kyoto Protocol. With residential properties accountable for a quarter of all energy emissions, the only way for the UK to meet its obligations under Kyoto is for the government to encourage the uptake of lower cost, energy-saving solutions, including air source heat pumps and other air conditioning and refrigeration units.  HMRC has decided that one way to help consumers make the right choice is to provide a tax incentive in the form of reduced VAT on modern air conditioning and refrigeration units, such as air source heat pumps to residential customers.

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Increase Your Focus On Customer Data

At Together We Count we often meet small business owners and sole-traders who are desperate to grow their business but don’t realise that, in many cases, they already have many of the correct tools at their disposal.

We all know that it’s cheaper to maintain a client than to catch a new one- in the Plumbing and Heating Installation industry it’s essential to retain your clients and use them to grow new business.

Big companies like Amazon, Google and Facebook use “big data” to target their sales to their customers and to maximise their profits. But what is big data? It’s a buzz word you might have heard in the news, but it’s just a phrase used to describe the collection of information about all aspects of client interaction to mine for patterns and trends and so focus and target marketing and customer service. You might associate big data with the internet and technology but small companies can use a database to mimic and replicate many big data functions, big data for small businesses.

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Reducing your VAT bill: Working with energy-saving materials

Are you a builder, plumber, renewables engineer or gas engineer or another installer of energy saving materials?  This article will help you understand the basics of how the reduced rate of VAT could apply to you, your business and your customers!

Many people aren’t aware that if they are installing energy-saving materials they may be reduced-rated for VAT purposes, even if the installation is granted funded!  However, this tax saving rule only applies to installations, not supply-  you must be putting in place energy-saving materials, usually by the means of permanently fixing them, (although loft installation can just be unrolled and positioned and still be considered installed) to charge the reduced rate.  If you’re only supplying the products, then they are charged at standard rate.  The installation must be in, or in the curtilage of, residential accommodation, for example:

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Why you should outsource your accounting, bookkeeping and payroll?

As one of Brighton’s leading outsource accountancy firms, we have seen a deluge of enquires from businesses seeking advice on a variety of accountancy issues. At ‘Together We Count’ our clients range from start-up businesses to large corporate firms, but why should businesses consider outsourcing their accounts or payroll?

Firstly, statistics have been recorded that the average small business owner will spend up to 25 per cent of their working hours managing paperwork. Whilst outsourcing may seem daunting, it can certainly free up time for you to do what you love, running your business. However, an accountant is not just there for your general tax returns or payroll. Accountancy firms such as our fully qualified staff at ‘Together We Count’ can also offer solutions and provide methods to free-up cash flow and give advice on saving money.

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A guide to building a successful web presence for your business

A Simple Guide to Building Your Online Presence in an easy To Understand Guide!

Perhaps you own a new start-up business or have a business plan and need help implementing it? This simple guide designed by ‘Together We Count’ has been written to help your business develop a web presence without breaking the bank! So whether you wish to develop a successful website, produce a social media strategy or boost your google rankings we have an easy to understand guide.

BUILDING

Creating your website

Before constructing a website it is imperative that you make a plan. After all your website is the shop window of your business! So before you get started, grab a piece of paper and pen and think about the following:
Your Layout and Design- Your layout and design is essential! There is no point having a great product and then having a poor layout. You need to consider making the layout suitable for your product whilst having call to action requests, such as a purchase now button or an email subscription service.

The Content and Images

Your content that your website provides needs to attract and engage your audience. Therefore, using the correct language and using keywords will help people to understand your points. But don’t forget, that images and videos will be subject to copyright, so make sure you have permission to use a photo before adding it to your website! If you need images why not check out Bigstockphoto.com who offer image rights with competitive monthly plans http://www.bigstockphoto.com/

Not Just for computers

You may think that people and businesses only surf the web at home or in the office but statistics reveal that over 50% of the UK population use their mobiles to browse the internet and this is increasing! Therefore your website design needs to function on a mobile device just as well as it does on a desktop. Failure to provide this service will prevent your business from reaching your target audience.

The availability of the right domain name

Your domain is the online address of your website! Prices and availabilities will depend on what you are seeking but the most successful domains will include your business name with either .com or .co.uk. Your domain is essential, so make sure you get it right!

The website builder and the monthly costs

There are a variety of website builders to use, however, a great place to create and design your website is www.squarespace.com. All the website builders will provide templates and help you with domains and layouts etc. Just remember you will be tied into a contract so choose carefully!
So now your plan is ready, just remember building your website takes time! Your website is a virtual shop window and therefore, the success of your online portal depends on the professionalism and the time you put in. Good Luck!

Get Blogging!

Blogs are increasing in popularity and they are created to document a particular topic or promote a business or service. Blogs need to have innovative ideas but they consume a significant amount of time and investment. It is all too easy to tire of updating a blog week after week. Moreover, you might become disillusioned because of low page views or run out of ideas for your next blog title. Regardless of the motive behind a blog, all blogs require motivation and dedication to be successful. The more contact you have with your audience then the greater the opportunity to engage with your audience! To find out about how to become an expert blog writer check out this post  http://www.socialmediatoday.com/marketing/2015-04-07/our-top-10-strategies-becoming-expert-blogger

BUILDING

Going Social

Social media networks are perhaps the most important resource for businesses looking to promote their brand online. Whilst sites such as Facebook and Twitter are free to use, they also offer the opportunity for paid advertising. This gives your business the opportunity to promote your business to a targeted and wider audience.

BUILDING

There are many different social media platforms but it is important that you choose the right accounts for your business! For example an accountancy firm won’t require an Instagram account. Popular sites such as Facebook, Twitter and Google+ are used by almost every company and it’s essential you use the social media tools in the correct method that helps you connect with your followers.
A successful social media account should help your business with the following:

  • Increase users to your website
  • Help to increase sales of your product
  • Provide product awareness
  • Improving communication and interaction with key audiences

Setting Up Your Social Media Sites

Setting up social media profiles regardless of the site can be a lot of work. If you’re starting from scratch, you may get disheartened by the long hours but your investment will be rewarded!

To set up your business Facebook account follow the link:https://en-gb.facebook.com/business

Again to setup your Twitter account follow the link:https://business.twitter.com/en/basics/create-a-twitter-business-profile.html

Content Is King

Content reigns king when it comes to social media! Therefore, it is imperative that you produce content which is engaging and rewarding for your audience. By creating a variety of content which includes images and videos it will help to make your text-based content more appealing.

Advertising Your Business Online

Your website and social media accounts are not the only ways to advertise your business. Do you remember those Yellow Pages adverts? These directories now feature online! Connecting with business directories such as http://www.yell.com and http://www.thomsonlocal.com will immediately help your business attract a wider audience. Promoting your business on these directories is easy! Complete an application form on the websites and allow your business to become more visible!

Getting To Grips with Google

With 88% of UK internet users using Google as it primary search engine it is imperative your business understands how to use the search engine correctly.

Making sure your SEO friendly

Search Engine Optimization is crucial for your website! To ensure you rank high in the search engine rankings using keywords and the correct website layout helps towards making it on page one of Google search. The higher up the search rankings, the more users will view your site and this can lead to a higher conversion of sales. To find out more about SEO check out this excellent free to download book https://moz.com/beginners-guide-to-seo

Listing your business on Google

It is essential you have a Gmail account to register your business with Google. By signing up to Google you can automatically create a landing page which includes all your businesses details as well as photographs and videos! This is a must for any business! Plus you have the options of Google Analytics and Google+. All for free! To register follow the link: https://www.google.co.uk/business/

Advertising on Google

If you have a popular business then it may not be easy to achieve the first page of Google. So you made need to advertise to become successful or get noticed. Signing up for Google AdWords service is free however it requires you to set up a budget. Google AdWords charges your business when someone clicks on your ad, it really is that simple. So if your advert engages then you will be charged! To find out more check out https://www.google.co.uk/adwords/

Need More Help?

If you are serious about developing your business then the information provided is just the starting point. At ‘Together We Count’ we are an established accountancy practice based in Brighton. As a specialist accountancy firm, we can assist in ensuring you follow the right practices for your business.  To find out more check out our website http://www.togetherwecount.co.uk/

Further Reading Material

For further reading please check the following books which can be purchased through Amazon and remember that planning your business is essential for success!

The Google Checklist: Marketing Edition 2016: SEO, Web Design, Paid Advertising, Social Media, PR.

https://www.amazon.co.uk/Google-Checklist-Marketing-Design-Advertising/dp/1530607515/ref=sr_1_3?ie=UTF8&qid=1469121566&sr=8-3&keywords=internet+marketing

Profitable Social Media Marketing: How To Grow Your Business Using Facebook, Twitter, Instagram, LinkedIn And More

https://www.amazon.co.uk/Profitable-Social-Media-Marketing-Instagram/dp/1519611927/ref=sr_1_1?ie=UTF8&qid=1469121639&sr=8-1&keywords=internet+marketing