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Self Employed

Our aim is to provide a service that is fast & affordable by utilizing available technology to put us at competitive to other tax service providers.

Why Hicks Stephens?

Our prices starts at only £59.99, this includes

Complete your annual Tax Return
Discuss any queries you or us might have by telephone and email
Calculate your tax position
Look for ways to reduce the tax you pay
Submit your accounts to H.M. Revenue & Customs
Liaise with the HMRC regarding your Return and your tax account through the year

News

Self Assessment News

New Self Assessment three line account limit (TLA)

For the tax year to 5 April 2010 onwards, if you are completing the self-employed section of your tax return or have income from property, the limit for providing details of just your turnover, total expenses and profit or loss (the ‘Three Line Account’) has been increased from £30,000 for self employment income, and £15,000 for property income, to permanently line up with the VAT registration threshold (£68,000 for 2009-10).

This means that if your annual turnover (or takings) are below the limit you no longer need to provide the HMRC on your tax return with a detailed breakdown for your business or property expenses. All you need to provide on the relevant pages of your tax return are the following:

business details
turnover
total allowable business expenses
net profit or loss
details of any adjustments, allowances and losses.

The TLA facility is optional - you can give a breakdown of your expenses if you want to.

Small business budget report

What does the budget hold in store for Business Start-ups

The Coalition government has now put together their first budget and while there has been rumblings in political circles about what will be increased and what will be cut, the actual budget shows the levels of austerity the government is willing to impose on the economy to ensure the UK 156 billion deficit is substantially reduced over the next 3 years.

How does it affect Business Start-ups and Entrepreneurship?

The government has gone to great lengths to try to encourage growth in the private sector while cutting the public sector spending emulating the approach taken by the Canadians in the 1990’s, although it must be noted that previous chancellor to the Exchequer, Alistair Darling, believes this is the incorrect approach as the current economic crisis is of a global nature and the dampened demand can be looked as a mitigating factor to any expected growth unlike the Canadian crisis which had American demand to drive growth in the business sector.

The aim is to in of the budget is to encourage enterprise, competition and reduce regulation and taxation on existing and start-up business while refocusing support towards infrastructure, the low-carbon economy, and regional development.

Possible Changes to Capital Gains Tax

With the New Government now in place, many people are awaiting the Emergency budget with much speculation. One such concern is Capital Gains Tax (A capital gains tax is a tax charged on the profit gained from the sale of a non-inventory asset)

In 2008 Alastair Darling then Chancellor of the Exchequer simplified Capital Gains Tax by taking away some reliefs in exchange for a low flat rate 0f 18%. It seems CGT could be as it was prior to 2008 with a possible return of taper relief and CGT close to income tax, basic rate 20%, higher rate 40% and Additional rate of 50%.

It would be confusing to have two different tax codes in one tax year so the changes if implemented in the June 22^nd emergency budget, should take effect at the beginning of the new tax year 6^th April 2011.

If you invest in “non-business assets” such as buy-to-let properties or second homes you would see the effect when you file your tax returns in the new tax year. At present annual gains of £10,100 is tax exempted.

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About Hicks Stephens

taxes Hicks Stephens will sort out your Tax Returns at an affordable price. There are nearly 5 million registered business in the UK, of these, just over 99 percent are considered to be “small” with turnover of £5.6 million or less and employees of fewer than 50, so you are not alone in your ventures and there will be other who are having the same problems as yourself.