Total Accounting

25/12/2024

Merry Christmas to all from us at Total Accounting. We hope you have a great time over the festive period.

18/06/2024

‼️ Reminder ⚠️

The second payment on account for the 2023/24 tax year is due by 31 July.

Make sure its in your calendar!

17/03/2024

Do you feel ‘puzzled’ when you think about your next business move?

Are you looking to start or grow your business? Are you confused with what’s required?

Send us a message, we are specialists in this area for small businesses and love to help local start ups.

24/01/2024

🚨 𝐎𝐍𝐄 𝐖𝐄𝐄𝐊 𝐑𝐄𝐌𝐈𝐍𝐃𝐄𝐑 🚨

Have you submitted your Self-Assessment Tax return yet?

Important reminder that you MUST submit and pay your Self-Assessment Tax Return by midnight January 31st to avoid paying any fines.

If you need any support, please get in touch.

13/01/2024

Attention Online Traders‼️

You may or may not be aware that, as of 1st Jan 2024, HMRC has set out new rules, requiring platforms such as eBay, Vinted, Etsy, Airbnb and many more to record how much money people are making through their platforms and report it to HMRC.

They will also be obliged to share your personal details such as name, address, DOB and bank details. So, you may have traded before and not reported your earnings and haven’t been contacted. However, with this new requirement, it is advisable to keep good track of your income.

However, if you are an ‘occasional’ seller - defined as fewer than 30 transactions during the calendar year for which the total amount does not exceed £1,700 (approx.) or if the income from your activity is less than £1,000 (before deduction of the expenses) - the tax rules won’t apply to you. So an occasional wardrobe clear out is highly unlikely to fall within the scope.

It’s important to clarify that the tax rules here are not new. The requirement for the platforms to share information with HMRC is the new bit. So it is worth making sure you know your income and checking out your tax liability.

If you owe taxes on your trading, you will need to register for self-assessment to declare the income.

Feel free to get in touch if you have any questions. We don’t charge for a chat! ☎️

01/01/2024

🎆 Happy New Year! 🎇 We wish you happiness, health and prosperity in 2024 and hope to work with many more of our local people and businesses.

23/12/2023

Merry Christmas from us at Total Accounting. We hope you have the most amazing festive period with friends, family and anyone else you choose to spend it with 🎄 🎅

01/12/2023

LAUNCHED!
Our new website is now live!
Come and take a look! 💻📱

Innovative solutions for all your accounting needs.

27/11/2023

𝐌𝐀𝐊𝐈𝐍𝐆 𝐓𝐀𝐗 𝐃𝐈𝐆𝐈𝐓𝐀𝐋 𝐅𝐎𝐑 𝐈𝐍𝐂𝐎𝐌𝐄 𝐓𝐀𝐗 𝐒𝐄𝐋𝐅 𝐀𝐒𝐒𝐄𝐒𝐒𝐌𝐄𝐍𝐓

Making Tax Digital for Income Tax Self Assessment is a new way of reporting earnings to HMRC. You’ll need to use compatible accounting software to keep digital records and send Income Tax updates to HMRC, instead of filing a Self Assessment tax return. This will now be a series of quarterly submissions.

This will be mandatory from April 2026 with businesses, self employed individuals and landlords with an income of over £50,000.

You can sign up for it now using the link below.
https://www.gov.uk/guidance/sign-up-your-business-for-making-tax-digital-for-income-tax

Are you ready?

If you need any support, please get in touch. Exclusive offers available for digitising your systems.