Recent Announcements


Free helping hand from the Governement?? Yes Please :)

posted 12 Sep 2016, 09:17 by Marie Delort


The flat rate scheme is ideal for businesses with:
1. a taxable turnover is less than £150 000.00
2. very few VATable expenses


Have a quick look below for the Government information:
https://www.gov.uk/government/publications/vat-notice-733-flat-rate-scheme-for-small-businesses/vat-notice-733-flat-rate-scheme-for-small-businesses#basics-of-the-flat-rate-scheme

Call us and we can discuss this further

Southbank House

posted 15 Aug 2016, 03:37 by Marie Delort

we have finally found a new home ... Southbank House in Vauxhall provides us with a central location and a beautiful building to work in:
come and visit us at
Southbank  House
Black Prince Road
London
SE1 7SJ

2016 Budget Highlights: What does it really mean for you? Not just fags, booze and sweets

posted 23 Mar 2016, 05:55 by Marie Delort

It’s that time of year when the chancellor drags out his briefcase and baffles the nation with savings, rises, cuts and increases.  Never fear Simply Office Solutions are here to demystify the budget and provide the bite size highlights.

 

ISAs

·         Lifetime ISA: This new ISA will be available from April 2017 for under 40s, with a maximum contribution and 25% bonus (essentially a secondary pension system).

·         Standard ISA:  The limit will rise to £20,000 in April 2017 (a reminder that you have £15,240 to invest up until 5th April 2016, and then the same for 2016/17)

Taxes

·         Capital Gains Tax: From 6th April 2016, there will be a cut in the main rates from 18% to 10% for lower rate tax payers, and from 28% to 20% for higher/additional rate taxpayers.  Do note though that the current rates remain for residential property and carried interests.

·         Personal Allowance: The lower rate threshold will rise from £11,000 in 2016/17 to £11,500 in 2017/18 and the higher rate threshold from £43,000 in 2016/17 to £45,000 in 2017/18.

·         Corporation Tax: A cut to 17% in 2020

·         New Tax-Free Allowances: Two new £1,000 tax-free allowances for property and trading income will be introduced in April 2017 and are aimed at “micro-entrepreneurs”

Business Rates

·         The chancellor has doubled the business rate relief meaning from April 2017 as many as 600,000 small businesses will not pay business rates and a further 250,000 will pay lower rates

NI

·         From April 2018, the self-employed will no longer have to pay Class 2 NIC

·         Employers will pay National Insurance on pay-offs above £30,000 from April 2018

 

You can read more about the sugar tax, motoring, cigarettes and alcohol in this Telegraph article

Business or pleasure?

posted 2 Mar 2016, 04:47 by Marie Delort

Business or Pleasure?


Often when you are self-employed, you live and breathe your work.

Despite this, you cannot claim all your expenses; general rule of thumb is:

IF IT IS NOT SPECIFICALLY FOR THE WORK YOU DO, YOU CAN’T CLAIM IT


This includes the coffees you get on your way to work, the gym to keep your stamina up, all your broadband and mobile costs.


Here is a brilliant link to an HMRC website which explains what you can and can’t claim:

https://www.gov.uk/expenses-if-youre-self-employed/overview


REMEMBER:

Mobile phone - you would have a mobile phone whether you worked for yourself or someone else - claim your work things only

Broadband - you would have the internet whether you worked for yourself or someone else - claim your work things only

Tea/Coffee/Food - if you could have made it at home, you can’t claim it!

Home expenses - if you have 4 rooms and you work in 1 of them, divide your bills by 4 and claim a quarter for work use

Stationery - all can be claimed if it is work related

Clothes - costumes or protective clothing can be claimed in full, BUT if you wear clothes to work or during work you cannot claim





KEEP ALL YOUR RECEIPTS IN DATE ORDER

(not category order)


This will save you and/or your bookkeeper so much time!!


All breakdown and budgeting is done month by month.

Every type of work has it's own expense and you will know what is bought for your work ie. paint, brushes, tools, printer cartridges, etc., but it worth remembering that the more tax you pay, the more money you are making!

Write to us if you need help

National Minimum Wage News

posted 25 Sep 2014, 03:46 by Marie Delort

As of 1st October 2014, the minimum wage will increase.

* £6.50 main rate for workers aged £21 and over
* £5.13 the 18-20 rate
* £3.79 the rate for workers above school leaving age but under 18
* £2.73 the apprentice rate, for apprentices under 19 or 19 or over and are in the first year of their apprenticeship

All other apprentices are entitled to the National Minimum Wage.


Margin Scheme - 2nd hand goods

posted 16 Sep 2014, 04:48 by Marie Delort

You know that if you have bought from a private seller you have to apply the Margin Scheme for your VAT return or you will pay a lot more VAT than you should!

We have devised a stock book which will make your quarterly workings a lot easier.
Call us to find out about that.
Below is a very well written link from gov.uk:
https://www.gov.uk/vat-margin-schemes/overview


to VAT or not to VAT?

posted 8 Aug 2014, 06:25 by Marie Delort   [ updated 23 Mar 2016, 05:36 ]


As you may know, the current VAT threshold is £82,000.00: at this level of gross turnover you have to register.

However, you may wish to register for VAT voluntarily.


What are the implications of registering for VAT voluntarily?

 

You can reclaim the VAT on your expenses;

You must charge VAT on your sales;

You must prepare and submit VAT returns, ensuring you have followed all the VAT rules

 Pros vs Cons

 The obvious upside of registering for VAT is that you can reclaim VAT on your expenses, thus making them cheaper.  There is no downside on your sales as you will be charging VAT on the amount you are already charging.

 If your customers are mainly non-VAT registered private individuals, they cannot reclaim the cost of the VAT which you have charged them on your sale price. This means that your product or service becomes 20% more expensive for them to use. Therefore, you must either ask them to pay more for your product or services, or alternatively you have to reduce your price so that the cost is no more expensive to your customers, but in doing this, it means you are reducing your own profits. This can be a tough decision to make. Obviously you would would rather not reduce your own profits, and indeed doing so may not even be financial viable in some cases. 

 If however your customer base are primarily VAT registered businesses, you do not have any of these concerns. Your customers won't be concerned that they are being charged VAT on your product or service as they will simply reclaim this amount from the Revenue, resulting in no additional cost to them.

Don't forget that additional work will be needed to prepare the VAT return in a timely fashion.

 How Do I Decide?

 The points to consider are:

1. are your customers VAT registered?

2. is the value of your expenses very high, including the VAT amount?

3. Is the VAT reclaimed enough to warrant extra work, possibly done by a bookkeeper/accountant?

4. Will being VAT registered add to the intrinsic value of your company in the eyes of your customers?

5. Can you cope with the extra workload to complete a correct return, or do you have help at hand?


Research and Development (R&D)

posted 7 Jul 2014, 08:14 by Marie Delort

Research and Development (R&D) Relief is a Corporation Tax (CT) relief that may reduce your company or organisation's tax bill.

Alternatively, if your company or organisation is small or medium-sized, you may be able to choose to receive a tax credit instead, by way of a cash sum paid by HM Revenue & Customs (HMRC)

But your company or organisation can only claim R&D Relief if it's liable for CT.

From 1st April 2014, the rate for loss making SMEs was increased from11% to 14.5%

New Office

posted 7 Jul 2014, 07:52 by Marie Delort

Our office has moved to:
HMS President
Victoria Embankment
London
EC4Y 0HJ

The location is one of the best in London and we are very lucky to have had the opportunity to be there.
If you pop is to see us, we can go on deck during the summer and enjoy a coffee or Pimms!

Come by to discuss your bookkeeping needs, you are sure of a warm welcome

Fancy bookkeeping part-time?

posted 31 May 2014, 06:26 by Marie Delort

Come and join us, the work is growing and growing ...
I would love to take on a new part-time bookkeeper to help us cope.
Ideally, you will have:
1. Bookkeeping experience
2. Working knowledge of French and/or Italian
3. Experience in Excel, TAS, QuickBooks and Sage
4. 2-3 days free per week, around 10-15 hrs

If you do not have the above, but think working with numbers is the way forward for you, then complete the "contact us" form and let us know what you've been up to.  The important thing is to have the right attitude, be self-motivating, care about the client and be very precise.

The office is based in central London.
You could be either self-employed or on our payroll.

we look forward to meeting you!


1-10 of 16