We recently shared how our client Kate Mills’ healing business has improved the lives of 2 people suffering with cancer and auto immune conditions. Click here for more information on Kate's healing business.
We have been asked what we do to support Kate. Kate is self-employed, for a couple of years we just processed and submitted her tax returns once a year. Following a review of our work together, we realised that Kate would benefit with a more regular service so now we provide regular bookkeeping and provide her with the Trip Catcher app which records business mileage.
This has made a big, positive impact for Kate’s business. She now knows the financial position of the business in real time and can make important decisions for the business knowing she has an up-to-date picture of how she is doing.
The Trip Catcher app has also helped her a lot, she doesn’t have to keep track of her mileage now, the app needs to be downloaded on to her phone and she just needs to press start and finish when she undertakes any business journeys and we take care of the rest. The app also offers the ability to input a journey manually in case you forget to start the app or there is a problem with the phone.
Then, in April we ask Kate to answer some questions we HMRC need to know about her finances and we are good to go with processing and submitting her tax return.
Submitting your tax return early has many benefits:
- The payment deadline of 31st January remains the same regardless of the submission date
- Knowing your tax liability to manage your cash flow and budget accurately for the year
- More time to set aside sufficient funds to cover your tax bill
- Avoid penalties
- Allows us time to support you in any tax planning opportunities leading to savings
- Refunds are paid soon after submission
- Longer time to find and organise expenses and paperwork
So How Does It Work
Our regular tax return service consists of:
- Purchase invoices are sent to us by the client regularly
- We process the purchase invoices for the client
- Weekly/ monthly reconciliation reconciliation
- Queries are sent weekly to the client for any remaining transactions (queries can be asked by any medium that you need for example Whats App, e mail, phone call or text message)
- Monthly TripCatcher processing
- Monthly Cashtrak bill
- In April a tax return questionaire is sent
- Tax return questions then processed
- As we are already doing the regular bookkeeping we get the figures we need from the bookkeeping software so no need for anything else from you
- Tax return sent to client for review
- Once agreed we then submit it to HMRC
Stress and hassle free!
Contact us for more details today by clicking here.