Taxation
Personal Taxation - around 6 April annually, we will write
to you with a Checklist of Documents that
we will need to prepare these, together with any other
useful data from our files. Most clients appreciate
the need to deal with this within a short time-frame to
enable them to collate (and often chase up) the third
parties. Most clients have their Self-Assessment Tax
Return filed well before 31 July annually. This
enables them to know with certainty, that the 31 July
Payment on Account, which is only a provisional sum, can, if
necessary, and beneficial, be replaced.
When we write to you we will tell you the precise sum you
will have to pay (or possibly receive) and when.
Business Tax - this service is how the accounting records
(often the free ABC Accounts Book*) are turned into
a set of Financial Accounts. This is essential as a
business tool, as it can be needed for other purposes, such
as loans, etc. Once Draft Financial Accounts are
prepared and sent, a Note of Fee will be raised, based upon
our time-costs. Naturally, we expect, under our Letter
of Engagement, that this is paid by return.
* NB - other suitably approved substitutes are acceptable,
provided our time-costs are also as economical as with
ABC Accounts Books.
Why I designed the ABC
Accounts Book
VAT Returns
VAT (Value Added Tax) is one of the most complex taxes
imposed on business - so complex that many businesses
inadvertently overpay or underpay.
The ever widening scope of VAT, the constant stream of
detailed changes to the regulations, plus the ever growing
demands of Her Majesty's Revenue & Customs (HMRC)
call for a trained professional eye to ensure that you
comply with the regulations.
Martin Levin provide a cost effective VAT service, which
includes
● Assistance with VAT registration
● Advice on VAT planning and administration
● VAT control and reconciliation
● Help with completing VAT returns
● Negotiating with Her Majesty's Revenue & Customs (HMRC)
in disputes and representing you at VAT tribunals Winning Before the VAT Tribunals
Book Keeping
The timely preparation of accurate accounts depends on
diligent bookkeeping and maintaining proper payroll and VAT
records.
Martin Levin can assist you and your business here by:
preparing VAT Returns and liaising, where necessary, with
HM Revenue & Customs
Typically we find that for growing clients there is a need
to outsource their bookkeeping to our freelance
book-keepers. This enables clients to save on our full
annual accounts services, which would otherwise increase
dis-proportionately.
- issuing you with a Free ABC Accounts Book on
which you are merely copying your business transactions in a
very simple and readable format. That way, YOU are
running your own business, and YOU are in a position of
CONTROL.
Why I designed the ABC Accounts Book
Alternatively should you wish to maintain other
traditional methods of keeping records, such as: sales day
book, cash & petty cash books, we will willingly oversee
this.
- Payroll - this can be arranged, at a separate costing
Annual Accounts
If you are in business, you will need to have Financial
Accounts prepared not only for the Taxman, the Bank Manager,
as well as possibly the VAT man but also for
yourself.
You will need to know how you are doing. Are your costing
correct? If you ask us to prepare accounts for you,
once you have completed your Free ABC Accounts Book,
and gathered in our checklist of key documentation,
you can pass them on to us in the satisfaction that the
Financial Accounts can rapidly be prepared from what are
proven to be good records.
If, however, you chose to give us all the raw
information (cheque stubs, bank statements paid bills,
till rolls etc.) this will, of course take longer, and be
more costly. It pays to get good records (and always
liaise with us if you are trying other forms of Accounting
Records, as often the ones most widely advertised are NOT
the easiest - and quickest - to prepare Financial Accounts.
Computer discs of Accounting Records are acceptable, providing that
they have been fully analysed (ask us for help on this).
You can e-mail your records to us to prepare your
accounts. Whichever way you choose to keep your
records, we will endeavour to prepare accounts for you
swiftly. We will always endeavour to give you an
estimate of what your tax bill is going to be.
Changes to the calculation might occur when we prepare a
separate Self-Assessment Tax Return. But then
as soon as we know of any changes, so will you
know of any tax-bill changes. You will receive
a bound set of Financial Accounts, together with an
additional copy for you to sign, and return to us (with our
Fee), so that we can send any approved copies to any
authorised third parties, including HM Revenue & Customs, in
support of any claims, etc. that might be needed in our
professional representation of you.