I have a limited company, what accountancy services would I need?

We offer the following services for limited companies:

  • Statutory accounts preparation
  • Company secretarial services
  • Corporation tax return preparation
  • Payroll
  • PIID
  • CIS contractor returns
  • VAT return preparation
  • Help with HMRC enquiries
  • Tax investigations insurance
  • Research & development claims
  • Capital allowances claims on commercial building
  • Tax efficiency reviews
  • Business restructuring
  • IR35 contractor reviews

For more information, please click here to contact us.

Did you know that we’re Gold Partners of Xero?

The Sky is your limit……with our Cloud nine accounting partner Xero.We are now Gold Partners of Xero, please follow the link to find out more, and to get special package pricing & services: Xero Online Accounting Software

What sort of accountants services do I need if I’m a Sole Trader?

We offer the following services for sole traders:

  • Accounts preparation
  • Self assessment tax return preparation
  • Payroll for employees
  • VAT returns preparation
  • CIS contractor returns
  • CIS subcontractor statements
  • Help with HMRC enquiries
  • Tax investigations insurance
  • PIID preparation for employees
  • Tax efficiency reviews
  • Child benefit higher income cha

Accountants in Stoke-on-Trent

We are tax specialists with experience in practice and industry and are registered with The Chartered Institute of Taxation as a firm of Chartered Tax Advisers.

We are a young team of tax specialists and accountants in Stoke-on-Trent who are passionate about what we do and are proactive in our approach. We will work closely with you to understand your business, your needs and understand what you want to get out of your business.

We constantly look for ways to save you tax and advise you throughout the year of ways to achieve this. Whether that is choosing the best accounting policy for you or choosing the best time to buy your capital assets. We will look to see if the business is structured in the best possible way to reduce your tax bill, to reduce your risk, to protect your assets and to extract money from the business.

Premier Tax Solutions join call to delay Construction VAT change

More than 150,000 construction companies are facing a 20% drop in cash flow when planned VAT changes come into force in October.

Premier Tax Solutions are joining other accountancy practices in calling on the Government to delay the changes for at least six months. The planned “domestic reverse charge” changes mean companies in the construction supply chain will no longer receive their 20% VAT payment when they submit bills. The VAT cash will instead be paid direct to HMRC by the customer receiving the service who will reclaim it in the normal way.

Several pressure groups, including the National Federation of Builders are warning the Chancellor of the Exchequer that this will damage an industry already struggling due to a fragile pre-Brexit economy.

“We work with several firms in the construction industry and it is clear this could hit cash flow at a time when some companies may be just about managing,” said Vanessa Fuller, Director of Premier Tax Solutions.

“We have just seen the demise of Pochin and the problems that has caused for sub-contractors and to work on the development of the Hilton Garden Inn, close to our two North Staffordshire offices.”

Premier Tax Solutions welcomed a statement from its industry professional body, the Chartered Institute of Taxation (CIOT), calling on HMRC to delay the change by six months.

“We now want to see a delay and a major awareness raising campaign to prepare the construction industry for the changes,” adds Vanessa.

“Without this deferment, the industry is predicting significant confusion among businesses, leading to disputes between suppliers and customers as to whether or not VAT should be charged.

“This will have a knock-on effect for the HMRC whose staff could be inundated with calls at the same time as they are currently dealing with the fall-out from Making Tax Digital, and the build up to Brexit.”

Linda Skilbeck, Vice-Chair of CIOT’s Indirect Taxes Sub-committee, said: “We are concerned about the combination of a substantial lack of awareness, and lack of preparedness even among those businesses who are aware of the measures.

“We urge the Government to delay the current implementation date. A start date of 1 April 2020 is more appropriate. This should allow time for a dedicated information campaign to be operated by HMRC, with the assistance of industry and professional bodies.

“The aim of the domestic reverse charge is to combat missing trader fraud in the construction sector. The CIOT supports actions to tackle tax evasion. However, there must be a balance between countering fraud and disrupting genuine business, and the CIOT considers there will be considerable burdens to affected taxpayers from this lack of publicity.”

Premier Tax Solutions has offices at Daisy Bank House business centre, Cheadle and at Raymond Street, Hanley, Stoke-on-Trent.

Time to fight the late payment culture which harms UK business

New research has revealed 37% of small businesses owners have considered closing their company because of cash flow issues caused by late payments.

The findings highlight the scale of the late payments challenge facing British small businesses, who are owed an average of £23,360 in overdue invoices on any one day and have to wait on average 14 days after the due date to be paid.

The research, by accounting software Xero, showed that the amount owed to small businesses in late payments on any given day in February 2019, was up 17% from the year before, demonstrating the startling growth in tardy payment practices.

At Premier Tax Solutions, we are a Xero Gold partner and are fully behind the campaign to highlight slow payment for smaller businesses, said Director Vanessa Fuller.

“The impact of late payments has a damaging effect across the whole UK economy as, on average in any given month, 48% of invoices issued by small businesses are paid late, and as a result a quarter of small business owners struggle to pay their own suppliers on time.

“Clearly, this has a direct impact on a company’s viability and cash flow, but late payments also negatively impact small business owners’ lives outside work. The research shows that over the last 12 months, over half have used personal savings or borrowed from friends and family to keep their business alive, while a quarter said they would enjoy better physical health if late payments were no longer an issue.”

“Over two fifths said that late payments caused them sleepless nights and affected their mental health.”

Vanessa also welcomed a recent initiative in which  Xero has teamed up with PayPal to help make it easier for customers to pay invoices. By adding PayPal as a payment option to an invoice, customers can get paid up to 21 days faster using their PayPal account or credit card.

If you’d like help with getting paid faster we can help you to set up payment systems that link with Xero that can take payments for you and can even build credit control into the process. For more information call us on 01782 479699.

What is the construction industry reverse charge scheme?

What is the construction industry reverse charge scheme?

 

From 1 Oct 2019 there will be a significant change in the way the vat system works for those in the construction industry due to the introduction of the reverse charge. Businesses that buy & sell construction services are likely to be affected however it will not apply to zero rated supplies of construction services.

 

It is being introduced as an anti fraud measure which should remove the opportunity for fraudsters to charge VAT and go missing before paying it over to HMRC.

 

Effectively the reverse charge is a mechanism where the customer charges themselves VAT rather than the supplier charging VAT. As the reverse charge makes it the customers responsibility to account for VAT there is no opportunity for the supplier to disappear without paying money over to HMRC.

 

The reverse charge will apply to business to business supplies of certain services between vat registered businesses where the recipient then makes an onward supply of the same construction services. Originally it was said to apply to labour only but HMRC state it will cover the provision of construction services which includes materials. The value of the reverse charge services received will not count towards the VAT registration threshold for the customer which is positive news for the smaller businesses.

 

The reverse charge will not apply to:

  • Zero rated supplies
  • Services that are supplied to an end user such as a property owner or directly to a main contractor that sells a newly completed building to a customer
  • Circumstances where the supplier and recipient are landlord and tenant
  • Circumstances where the recipient makes onward supplies of those construction services to a connected company

 

If you are wondering whether you’ll be affected by this or would like more information then please call us on 01782 479699 to speak with one of our construction industry tax specialists.

Getting ready for Making Tax Digital with Xero

Making Tax Digital is now here, but there’s no need to panic.

We know that there are still business owners who carry around a bag full of receipts but switching to online accounting with Premier Tax Solutions is simple and is guaranteed to make your business easy to manage.

All of our VAT registered clients use Xero online software. This means they have nothing to worry about now Making Tax Digital has come into force on 1st April – everything is done for you.

Xero takes care of the new quarterly tax reporting rules. Your VAT figures are relayed automatically to HMRC, you don’t have to lift a finger.

Premier Tax Solutions are Xero Gold partners and we are ready to support any businesses who have still not made the move to Cloud accounting.

We can even offer support to businesses looking to go digital, working alongside the company’s traditional account, if this suits your business needs.

Making Tax Digital means VAT-registered businesses with taxable turnover above the VAT threshold of £85,000 must use the service to keep records digitally and have compatible software to submit VAT returns.

But this could be good for your business as analysis from Xero suggests not using software means many small businesses lose out on growth in their early years as owners grapple to understand regulation and struggle to keep adequate financial records.

Xero say that nearly 90 per cent – or 4.9million – of small business owners admit feeling ‘overwhelmed’ by regulation when starting up. They also found two thirds of small firms admitted to having less than one day’s corporate financial experience or business education prior to the launch of their business.

Gary Turner, co-founder of Xero, said: “Small business owners feel overwhelmed by paperwork and rules they don’t have time to get to grips with. Many may see Make Tax Digital as another thorn in their side, but our research also shows that once business owners get on top of their finances, these businesses often prosper more quickly.”

Research from Xero shows that more than three quarters of small business owners had never submitted a tax return before starting up. Furthermore, two thirds admit they’ve been hit with tax return fines – with the most common fine being between £300 and £400.

Around 50,000 SMEs fail each year due to cash flow issues.

According to more than a quarter of SMEs, using digital accounting has saved them time.

Meanwhile, 22 per cent say it has saved them money and has encouraged entrepreneurism, helping trigger future start-ups.

To find out more about how we can help, call us on 01782 479699 or email hello@premiertaxsolutions.co.uk

What is subsistence?

Subsistence is the accounting term used to describe food & drink and other incidental costs of travel such as accommodation. It is an allowable deduction when incurred by an employee or office holder in conjunction with a qualifying business journey such as business travel & overnight stays.

All claims must be backed up by receipts, unless you have agreed a scale rate system with HMRC.

From April 2019 there are some changes due in the area of subsistence for employees which we will take a look at along with some of the questions we most frequently get asked. Please note that the rule for employees are different than the self employed and so people can fall foul of this.

What is changing on 6th April 2019:

  • The employer will have to have a system in place to check the employee has undertaken a qualifying journey.
  • Employers will no longer need to check receipts where HMRC scale rates are used both in terms of UK and overseas scale rates

The Finance Act 2019 will put all of HMRC’s benchmark scale rates on a statutory footing.

Can I reimburse my employee for their lunch?

When they are travelling on business, entertaining customers, or when lunch is provided at a conference or meeting to ensure continuity of work it is ok to do so. For example if you have a training day and order pizza in for the staff then that would be deductible as it will ensure continuity of work.

How much can I reimburse for subsistence?

There is no upper limit however an employer can only reimburse expenses if there are actual expenses incurred. It can reimburse round sum amounts using scale rate payments

Can I claim VAT back on subsistence?

Yes provided the employee gives you a VAT receipt

If you are unsure about subsistence payments and would like more advice please call us on 01782 479699.

Don’t panic – we can ensure companies make a smooth transition to new Making Tax Digital rules

Many companies have come back to work after the Christmas break facing a race against time to get ready for new Making Tax Digital rules.

Around 400,000 companies are still not aware that they will have to file their VAT returns online from April 2019, according to a recent report from a Parliamentarycommittee.

But there’s no need to press the panic button if you use a Xero Cloud accountancy partner such as Premier Tax Solutions.

All of our current VAT registered clients are ready for Making Tax Digital and we are geared up to help many more take action before April 2019. The best way to become Making Tax Digital compliant is to convert to online Xero accountancy software as this means that a company will get automatic filing to HMRC four times a year, as required under the new rules.

Some pressure groups have called for the changes to be delayed. Suren Thiru, Head of Economics and Business Finance at the British Chambers of Commerce, says at a time when companies are also facing Brexit uncertainties, a 12- month pause may help ease the move to digital tax returns.

But, here at Premier Tax Solutions, we believe a delay can be avoided by using accountancy software. We are a Xero Gold partner and are ready to support any businesses who have still not made the move to Cloud accounting.

We can even offer support to businesses looking to go digital, working alongside the company’s traditional account.

Our message to companies who feel left behind is that there’s still time. It takes just a few hours to get you set up on Xero and you will automatically be ready for Making Tax Digital. Using the internet instead of installed software means you can access your accounts from any device and be able to see real-time finances, wherever you are in the world. New add on services are being released regularly and we can guide you through each one as they come onto the market.

What is Making Tax Digital?

Making Tax Digital is a Government initiative that sets out a vision for the ‘end of the tax return’.

Under MTD, taxpayers will send HMRC summaries of their income and expenditure at least four times a year. HMRC says this will enable a more ongoing and accurate projection of tax due, as opposed to the current system of one tax bill at the end of the year. To do this, taxpayers will need to integrate their accounts with software in some way, meaning many companies will move away from the use of spreadsheets for the first time.

If you would like advice or help on MTD and how it will affect your business please call us on 01782 479699