Self-assessment tax returns exist to ensure individuals report their annual earnings and the sources of these earnings to HMRC. It then allows HMRC to calculate how much tax you as an individual are liable to pay in the relevant tax year. As suggested by the name, self-assessment tax returns are the individual’s responsibility, so it is essential you understand if, how, and when to file the paperwork.

In the UK, if you are an employee of a company, your tax will be deducted via the PAYE system. This is a system by which your employer deducts a percentage of your wage in tax as per the relevant tax code. If your employer uses this method, you will not need to fill in a separate annual self-assessment unless you have a second source of income (i.e. a personal business on the side).

Self-assessment tax returns are mainly used by people who are self-employed, for example, freelance contractors, small business owners, and entrepreneurs. Another event where self-assessment tax returns would be required would be if you live in the UK but have income generated abroad. Likewise, if you live overseas and have an income in the UK, you will need to pay tax on this income. A good example of this is non-residential landlords. If you are unsure whether you qualify, you can take a short test on the government website to check if you need to fill out a self-assessment tax return.

It is essential you provide the following information accurately:

• Your national insurance number and if you have one, your employee reference number.
• Your P60 form (summary of income and tax deductions)
• Your P11D form (summary of expenses and benefits)
• A review of any personal profit or investment
• Capital gains summaries (for example from the sale shares or property)
• A list of taxable benefits you receive from employers or the government

It is vital you meet the deadline to send in your return and pay any tax you owe because if you don’t, you will face penalties. Here are the important deadlines:

• 5th October – Apply for self-assessment online
• 31st October – Paper tax return
• 30th December – Submit your online return by this date if you want HMRC to collect your tax
• 31st January – Online tax return (and pay tax you owe)

If you are a UK resident submitting a self-employed self-assessment, you can choose whether to submit it by post or online. If you are a non-resident and need to submit a non-resident tax return you cannot submit this return online, you will either need to post your personal tax returns or consider getting an accountant to submit this on your behalf.

At More Group, we can register and activate your account with HMRC. We can then handle your entire tax return, removing the annual anxiety. We can provide excellent self-assessment tax advice and will make sure your self-assessment is prepared accurately and submitted on time.

If you do not pay your tax owed for the previous year on time, you will face a penalty, which will increase the longer you leave it.

A one-day delay can result in a £100 penalty. If you are three months late, you can be charged £10 a day, with a maximum of £900. For submissions which are six months late you will need to pay a £300 fine or 5% of tax due, whichever is the higher amount. The penalty for submitting your return 12 months late is the same as for six months.

We can provide you with peace of mind that your HM revenue tax return will be completed correctly and filed on time. If you are a busy person and think you might miss the deadline, we can help. Contact More Group today so you can relax knowing your personal tax return is professionally managed.

Blog by Corporate Service Team – September 2018

Note: The information should not be construed as legal or other advice as it designed as an information source only © More Group 2018. All rights reserved.

The Certificate of Incorporation from Companies House confirms your business registration, but it does not prove you own the company. Additional legal documents must be completed to register company owners. These documents should include:

• A statutory register of members – This is a list of company shareholders including the original subscribers to the memorandum of association. The information listed should state the name, address, the number of shares, class share, and the date when they were issued.
• A statutory register of appointed directors – this should include the full names and addresses of directors and the director specific interests in company assets.
• A statutory register of charges on company assets – as well as being included on the company statutory books, a separate register of charges, mortgages and debentures must be kept by your business.

HMRC require you to register for Corporation Tax within three months of starting a business. Activities which identify your company is trading includes buying, selling, advertising, renting a property, and employing someone. So once any of these activities begins you have three months to register for corporation tax.

Once you have incorporated your business with Companies House, you should receive a 10-digit Unique Taxpayer Reference (UTR) within a few days; this will be posted to your company address. You need your UTR to register along with your company’s registration number, the date you started trading and the periods of your annual accounts.

Setting up a business bank account can help you manage your company’s cash flow. It is essential to have separate personal and business accounts; this will prevent them from interfering with each other and will make keeping financial records easier. It can be a lengthy process to open a bank account (depending on your company structure and personal circumstances), so be proactive and start the process as early as possible. Our consultants at More Group are highly talented business banking specialist who can help you complete this process efficiently.

The amount of VAT you pay, or whether you need to pay VAT at all, will make a big difference to how you price your product or service. Therefore, it is essential to investigate this early on and work out what VAT your business is liable to pay. VAT registration requirements and rates will fluctuate depending on where you are conducting business. If you are going to trading overseas in multiple locations, you might be paying different rates of VAT in different countries, so be extra vigilant. In the UK you only need to register for VAT once your turnover surpasses £85,000 per annum. Most countries in the EU do not have VAT registration thresholds, so in these countries, it is essential all businesses register for VAT. To ensure your business is compliant with VAT it can be helpful to consult a VAT specialist. At More Group we offer VAT services, so as a client you can feel confident you are paying the correct amount of VAT.

Whether this is paying yourself or staff, you will need to establish a payment system.

The Pay As You Earn (PAYE) system is a legal requirement for businesses. It is HMRC’s way of collecting taxes from employees. Under this system, you deduct income tax and national insurance from your employees before paying them their wage. You can choose to operate PAYE either by hiring an accountant or using payroll software to do it yourself. Many businesses find it beneficial to outsource payroll to specialists who are experienced in setting up and running payroll.

At More Group we can offer you expert payroll services, giving you one less thing to worry about as a business owner./p>

If you have shareholders in your business, you will need to set up dividend payments. These pay shareholders after-tax dividend profits set these up to keep your investors happy.

Every year your business will have to submit annual statements to Companies House. Failure to provide these documents will result in a penalty and if this persists your business could be shut down.

The documents that must be submitted include annual accounts, confirmation statement, and a corporate tax return. Be proactive as a business owner, research what requirements each of these documents should have and put the deadlines on your calendar. Alternatively, you could partner with a professional accountant at More Group who can complete and submit these documents on your behalf. We will ensure your documents are prepared to a professional standard and are submitted on time.

Many businesses find it beneficial to hire a company formation specialist early when setting up a company. Working with a professional can help you to give your business a better start. With expert help, you can build a robust business structure to suit the nature of your unique business. As your company develops you will be thankful that you invested

If you are interested in working with one of our experienced professionals to help build your business, contact us to book a for a free initial consultation.

Blog by Corporate Service Team

Note: The information should not be construed as legal or other advice as it designed as an information source only © More Group 2018. All rights reserved.

As the title suggests, these offices serve a single ultra-affluent family. The structure and function of single-family offices are ambiguous; this is because the individual interests of each family drive the service and no family is the same. Typically, to afford a single-family office, the wealth of a family’s investable assets must exceed £100 million. However commonly, this figure is closer to £250 million, with the wealthiest clients investing billions – for example, Bill Gates has a family office.

These offices serve many clients instead of an individual family. Multi-family offices can offer a broader range of services as they can share overhead costs between numerous families. This makes this type of family office a better option for families who want to invest less.

Multi-family office practices are closer to traditional wealth management practices. However, the structure and function of these offices are also hard to define. This is because many multi-family offices have evolved from different backgrounds. For example, sometimes single-family offices expand or entities such as law firms can choose to specialise in serving the ultra-wealthy.

Effectively, there is no ‘one size fits all’ when it comes to family office. Every family is different and will require personalised services. If you are looking into using a family office to manage your family fortune, it can be worth spending time researching the market thoroughly – and remember to check that they are regulated by the relevant authorised bodies.

• They serve as a central source of information and can advise on all aspects of family wealth
• Family offices specialise in services relevant to their clientele. Professionals who work in the family office are familiar with the usual client profiles, assets and investment preferences
• Family offices are more efficient than traditional firms as resources are usually under one roof

Traditionally, family offices were designed to cater for ultra-high net worth individuals with vast fortunes. In modern days, family office services are available from many professional service firms such as law firms, accountancy firms, and investment consultants.

By offering a range of additional services on top of the family office, these firms are better equipped to serve the ‘average’ family. At More Group we offer family office services, these are not just used by ultra-high net worth families but also by families with property and business locally or abroad. If you have assets in your family that you want to manage, then our experts can help you to secure the financial future you desire.

Blog by Trustee Services Team

Note: The information should not be construed as legal or other advice as it designed as an information source only © More Group 2018. All rights reserved.

Bookkeeping involves the organisation and processing of your business records. It encompasses payments, invoices, cash flow, profit and loss, balance sheets, forecasts, and future projections. These records form the backbone of a business, so keeping them up to date and accurate is essential to keep your business afloat. Additionally, business owners are required to keep these records, which have the potential to be audited, for a minimum of 6 years.

Looming tax and account deadlines can be stressful for business owners. Research these dates at the beginning of the year and put them on your calendar. To stay on top of these deadlines, you should be proactive and complete the paperwork in advance. By being organised, you can reduce stress and the risk of running into unexpected fees and fines.

Most businesses will be able to recall slow periods in their business cycles. The economy is unpredictable, and you usually don’t need to feel disheartened by these slow periods. However, it is essential to plan for them. Most financial analysists recommend having a cash reserve to cover at least three months of necessary operating costs, however, the more you can afford to put to one side the better.

As a business owner, you may find you do not have the time or energy to research and complete all the procedures involved. Professional tax and accounting services are a gamechanger when it comes to running a small business. While many business owners can be reluctant to spend money on a small business accountant, it can be an investment which saves many businesses money in the long run. Accountants have the expertise to organise your accounts accurately and efficiently. This helps reduce the chance of incurring fees or fines for incorrect information. Experts can also use their knowledge to structure your business to help mitigate tax liability. When a professional takes care of your business formalities, you will also find you have more time to spend on income generating business tasks.

An accountant will be able to:

• Ensure your business is legally compliant
• Inform you of tax changes and mitigate your tax liability
• Prepare and submit annual statements
• Maintain business records
• Set up and handle your payroll
• Assist with finance applications
• Advise you on business plans and future forecasts
• Educate you on some of these processes

In this new digital age, you can download software to help you organise your accounts. Software should make the task of accounting more straightforward but could be more difficult for those who are not familiar with technology. Having digital accounts is more convenient for storing, organising and accessing files (it is also better for the environment as it saves paper). The software can be expensive, so it might be worth weighing up the benefits of this versus an accountant before proceeding.

If you own a small business, you probably find your business formalities are a nuisance. Accountants can help you with many financial and compliance administrative business procedures. They are trained to make your life easier by helping you to build and maintain a robust business structure.

Working with an accountant is not the big deal some people make it out to be. You do not have to commit to hiring an accountant full time; you can try hiring one for a set period to assess whether their services will be beneficial to your business. Accountants are also great advisors to help you learn about the procedures you need to undertake as a business owner.

Blog by Accounting Team

Note: The information should not be construed as legal or other advice as it designed as an information source only © More Group 2018. All rights reserved.

• Increasing property prices have reduced profits on rental properties
• A 3% increase in Stamp Duty for those buying second homes (a tax which is applicable if you buy a property or land over a certain price in England or Northern Ireland)
• Abolished ‘’wear and tear’’ allowance for landlords renting furnished homes
• No more mortgage interest relief
• Extra restrictions placed on banks to carry out stricter checks on buy-to-let borrowers
• The recent increase in interest rate by Bank of England (+0.25%) will make buy-to-let mortgages more expensive

These changes have scuppered profits, driving many new landlords to cut their losses and leave the market. More experienced established investors appear to be less influenced by these changes and remain in the market. There not a need for huge concern as the housing market is stable, particularly at the national level. We will however be seeing a redistribution of homeowners, especially in London and the South East which are being affected most by these changes.

It is estimated 1 in 30 adults are landlords. Roughly 33% of landlords are retirees who invested in property due to poor interest rates. In the UK rent collected from buy-to-let properties is estimated to be £55-65 billion annually, equating to the combined salaries from the financial and insurance industries.

With a thriving buy-to-let market, it is no wonder first-time buyers are finding it increasingly difficult to get onto the property ladder. Government intervention aims to limit the growth of the buy-to-let market, sending this boom into reverse by making market conditions more favourable towards young homeowners.

The tax changes being implemented are having the intended effect and appear to be rebalancing the housing market. In May 2018 we saw the number of first-time buyers was up 8.1% compared to 2017. Conversely, the number of new buy-to-let mortgages fell by 9.8% in the same period. Unfortunately, in situations like these, there will be people who benefit and those who don’t. For tenants who would rather have their own home and mortgage, this is a positive step. However, for those who like the flexibility of renting or who don’t have the means to buy this is disadvantageous.

If you are a landlord struggling with recent changes in the laws, we can help. At More Group, our expert tax accountants can provide clear and practical solutions to try and maximise your wealth while complying with new tax regulations. Services you may find helpful includes: tax returns, non-residential landlords, service charge accounts and custodian trustee services.

Blog by Accounting Team

Note: The information should not be construed as legal or other advice as it designed as an information source only © More Group 2018. All rights reserved.