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How MI Accountants can Help to Complete the Self-Assessment Tax Return?

Tax /

Completing of HMRC self assessment tax returns is a challenge for private taxpayers and companies alike. We have put together a list of professional help providers if you are from Mayfair or Marylebone, London. We provide self assessment tax return service with solutions that will suit you. Local Expertise in Mayfair and Marylebone: Our nearest office is on the 3rd floor of Portman House, 2 Portman Street, London, W1H 6DU which will make access easy especially when located in the prestigious areas of Mayfair and Marylebone. We have insights into the atypical financial circumstances of these neighborhoods, meaning we can deliver what and how we should. Comprehensive Tax Solutions: We take care of the self assessment tax return process right from the discussion until the filing is done by our well-trained accountants. We keep on learning and investigating the new laws and regulations concerning taxes in order to help you avoid huge losses and increase the potential of your future profits. Personalized Service: We are aware at MI Accountants that no two clients are in exactly the same circumstances. From simple tax returns to complicated personal financial situations, we can cater to your needs regardless of whether you’re an individual contractor, a property owner, or have other sophisticated financial matters. Stress-Free Process: What a better way to relieve stress than by doing taxes together. We are very detail oriented to make sure your record is kept up-to-date and you are not going to miss any deadlines and be aware of all possible problems. Our Self Assessment Tax Return Services Include: Our Self Assessment Tax Return Services Include Initial Assessment and Planning: First, we establish the customer’s financial position and collect any required paperwork. Detailed Tax Calculations: Our professionals are able to accurately calculate your tax obligation with due consideration for all permissible costs and deductions. Filing and Submission: We manage the entire process of filing your tax return; this means that we make sure that the return is filled and correctly submitted on time. Ongoing Support: Think we missed something? Have a complaint? Our staffs are willing to assist and give advice even during summer breaks. Get in Touch Are you interested in making your self employment tax return easy? We are here today to help you with the scheduling of the consultation. Contact us via email: info@miaccountants or call 020 3982 5031. Our consultants are available at Portman House, 3rd Floor, 2 Portman Street, London, W1H 6DU for consultations. MI Accountants is a company offering self assessment tax return in Mayfair and Marylebone, London. Conclusion Looking after your self assessment tax return is not always an unpleasantly challenging task. MI Accountants provide the clients in Mayfair and Marylebone with the qualitative consultants and services suited to their individual needs. Call us today to make sure you are in safe hands when dealing with your tax.

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HMRC Self-Assessment Helpline Closure – What You Need to Know

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HM Revenue & Customs (HMRC) has announced that it will be closing its main self-assessment helpline over the summer. This means that taxpayers will not be able to get help over the phone from HMRC staff between 5 July and 3 September 2023. HMRC says that it is closing the helpline in order to redeploy staff to other areas of the business. The organisation is also advising people to use its chatbot instead. However, the Taxpayers Alliance has said that people trying to “do the right thing” will be “furious” about the closure of the helpline. The organisation has called on HMRC to reverse its decision. If you are a self-employed worker who needs help with your self-assessment tax return, you will need to use HMRC’s chatbot or online guidance. You can also contact your accountant for help. What is the chatbot? The chatbot is a computer program that can answer your questions about self-assessment. You can access the chatbot on the HMRC website. What is the online guidance? The online guidance is a set of documents that explain how to complete your self-assessment tax return. You can find the online guidance on the HMRC website. What if I need help with my self-assessment tax return? If you need help with your self-assessment tax return, you can contact us. You can also contact HMRC’s customer service team by email or post. FREE Telephone Consultation If you would like to discuss your personal tax with a qualified tax adviser, you can book a FREE telephone consultation with us. During the consultation, we will discuss your specific tax situation and how we can help you. To book a consultation, simply call us at 020 3755 2863 or contact us online. We look forward to hearing from you! Conclusion The closure of the HMRC self-assessment helpline is a major inconvenience for taxpayers. If you need help with your self-assessment tax return, you should use the chatbot or online guidance, call us We hope this article has been helpful. If you have any further questions, please do not hesitate to contact us.

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HMRC Helpline Closure

Government Extends Deadline for Voluntary National Insurance Contributions

NICs, National Insurance, Tax /

The UK government has extended the deadline for voluntary national insurance contributions (NICs), giving taxpayers more time to fill gaps in their contributions and boost their state pensions. The previous deadline of 5 April 2023 had caused concerns among members of the public, leading to the extension until 31 July 2023. The extension is part of transitional arrangements to the new state pension, which allows taxpayers to make voluntary contributions to any incomplete years in their national insurance record between April 2006 and April 2016. After an increase in customer contact, the government has decided to extend the deadline to give people more time to make their contributions. HM Revenue & Customs (HMRC) is urging taxpayers to take advantage of the extension and make the necessary contributions to avoid missing out on boosting their state pension. Any payments made will be at the lower 2022-2023 tax year rates. The Financial Secretary to the Treasury, Victoria Atkins, said, “We’ve listened to concerned members of the public and have acted. We recognize how important state pensions are for retired individuals, which is why we are giving people more time to fill any gaps in their national insurance record to help bolster their entitlement.” Boosting your state pension by making voluntary contributions to your national insurance record is an important decision that requires careful consideration. At MI Accountants and Tax Advisers, we have extensive experience in helping individuals navigate complex tax matters and make informed decisions about their finances. Our team is always ready to assist you with any tax-related issues and ensure you make the most of the extended deadline for voluntary national insurance contributions. Don’t miss out on the opportunity to boost your state pension. Contact us today on 0203 755 2863 or email us at [email protected] to learn more about how we can help you.

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A Summary of the Budget 2023

HM Government, Budget 2023, Tax /

BUDGET SUMMARY: Here are the key points from Chancellor Jeremy Hunt’s 2023 Budget Chancellor Jeremy Hunt presented his inaugural Budget to the House of Commons, with a primary focus on encouraging those who have left their jobs to re-enter the workforce and bolstering business investments. Below are the main highlights of his announcements. FUEL, ALCOHOL, PENSIONS, WAGES Abolishing the cap on the amount workers can accumulate in pension savings over their lifetime before paying extra tax (currently at £1.07m) Increasing the tax-free yearly allowance for pension pots from £40,000 to £60,000, after being frozen for nine years Freezing fuel duty, extending the 5p cut to fuel duty on petrol and diesel, which was set to end in April, for an additional year Implementing inflation-linked rises in alcohol taxes from August, with new tax reliefs for beer, cider, and wine sold in pubs Raising the tax on tobacco by 2% above inflation, and by 6% above inflation for hand-rolling tobacco ENERGY BILLS, PREPAYMENT METERS, AND NUCLEAR POWER Extending government subsidies that limit typical household energy bills to £2,500 a year for three more months, until the end of June Allocating £200m to align energy charges for prepayment meters with those for customers paying by direct debit, affecting four million households Pledging to invest £20bn over the next two decades in low-carbon energy projects, with a focus on carbon capture and storage Classifying nuclear energy as environmentally sustainable for investment purposes, with a commitment to additional public funding Providing £63m to assist leisure centers in dealing with increasing swimming pool heating costs and to invest in becoming more energy-efficient CHILDCARE, UNIVERSAL CREDIT, and BACK TO WORK PLANS Chancellor Jeremy Hunt has unveiled the contents of his 2023 Budget in the House of Commons. The budget focuses on promoting business investment and encouraging those who have left their jobs to return to the workforce. Here is a summary of the main announcements: 30 HOURS FREE CHILDCARE: The 30 hours of free childcare for working parents in England will be expanded to cover one and two-year-olds. This will be rolled out in stages from April 2024. UNIVERSAL CREDIT: Families on universal credit will receive childcare support up front instead of in arrears, and the £646-a-month per child cap will be raised to £951. CHILD CARE: To increase the number of childminders, the government will offer £600 “incentive payments” and relaxed rules in England to let childminders look after more children. BACK TO WORK: There will be a new fitness-to-work testing regime to qualify for health-related benefits, and a new voluntary employment scheme for disabled people in England and Wales, called Universal Support. Tougher requirements to look for work and increased job support for lead child carers on universal credit. RETIREES: £63m will be allocated for programmes to encourage retirees over 50 back to work, “returnerships” and skills boot camps. Immigration rules will be relaxed for five roles in the construction sector to ease labour shortages. GOVERNMENT DEBT, INFLATION, and ECONOMIC GROWTH The Office for Budget Responsibility predicts that the UK will avoid a recession in 2023, but the economy will shrink by 0.2%. A growth of 1.8% is predicted for next year, with 2.5% in 2025 and 2.1% in 2026. The UK’s inflation rate is expected to fall to 2.9% by the end of this year, down from 10.7% in the last three months of 2022. The underlying debt is forecast to be 92.4% of GDP this year, rising to 93.7% in 2024. CORPORATION TAX, INVESTMENT ZONES, and TAX BREAKS The main rate of corporation tax, paid by businesses on taxable profits over £250,000, is confirmed to increase from 19% to 25%. Companies with profits between £50,000 and £250,000 will pay between 19% and 25%. Companies can deduct investment in new machinery and technology to lower their taxable profits. Tax breaks and other benefits for 12 new Investment Zones across the UK will be funded by £80m each over the next five years. International traders will have reduced paperwork and longer to submit customs forms under streamlined rules. OTHER MEASURES The government will raise defence spending by £11bn over the next five years. Prison sentences will be imposed on those convicted of marketing tax avoidance schemes. £200m this year will be given to help local councils in England repair potholes. An extra £10m over the next two years will be allocated for charities in England helping to prevent suicide. A streamlined approvals process is promised for new medical products, and £900m will be provided for a new supercomputer facility to help the UK’s AI industry. As ever if you have any questions about this article then please do not hesitate to CONTACT US HERE

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HM Government Extends Mortgage Guarantee Scheme

Mortgage Guarantee Scheme, HM Government /

The UK government has announced that the Mortgage Guarantee Scheme will be extended by an additional year until December 2023. This program, which was launched in April 2021, is designed to help individuals with 5% deposits on a property purchase to enter the housing market. Under the scheme, the government provides lenders with the financial guarantees they need to offer mortgages that cover the remaining 95%, subject to affordability checks, for homes worth up to £600,000. To date, the Mortgage Guarantee Scheme has assisted over 24,000 households in achieving their homeownership goals. The extension of the program until the end of 2023 will provide even more opportunities for individuals and families to secure their first home or move into their dream property. Chief Secretary to the Treasury, John Glen MP, remarked that “extending this scheme means thousands more have the chance to benefit, and supports the market as we navigate through these difficult times.” At MI Accountants and Tax Advisers we offer exceptional client service in the areas of personal and business tax services. We understand the complexity and nuances of the tax laws, and our team is well-equipped to provide tailored advice and solutions to help you meet your tax obligations. We also specialize in providing high-quality services to non-domiciled individuals in the UK. Our team has deep expertise in navigating the unique tax and financial considerations faced by non-domiciled individuals, and we are dedicated to helping you achieve your goals and optimize your financial position For a FREE telephone consultation please get in touch HERE

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Mixed Reaction to the Autumn Budget

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The Chancellor announced a raft pledges and support for businesses, but there was mixed reaction to the Autumn Budget Several business groups have doubt whether the measures contained within the Budget go far enough for millions of SMEs. Sure at first glance the wide range of spending announcements made sure there was plenty to discuss. The trouble is there are tax rises on the way and rising inflation will possibly out a dampener on the Chancellors Autumn Budget. What about a long awaited change to the business rate regime ? It appears that there will not be any significant reform anytime soon. There are some short term fixes that may help some high street businesses but they are surely not enough to provide any real sustained support. The High Street needs more than a quick fix when it comes to the stiff competition afforded by the online shopping giants. What’s the overall view from business? Well it’s mixed to say the least. Here’s what the UK’s leading business groups had to say about the Autumn Budget: From Kitty Ussher Chief Economist of the Institute of Directors….. “The crucial test for this Budget was whether it gave business the confidence to invest. The chancellor’s business rates and R&D tax credit reforms are welcome but with hefty hikes in other taxation on the horizon, that may not be enough to convince business leaders to press go on their plans for growth”. “He had an opportunity to partially reverse his previous decisions on employment and profit taxes, made in tougher times, but he chose not to do so”. “While promising a ‘skills revolution’, the actual measures that were announced, while welcome, felt piecemeal, and will not give business confidence that we have a coherent plan to prevent future labour shortages for our post-pandemic era outside the EU.” Mike Cheer National Chair of Federation of Small Businesses….. “This Budget has delivered some measures that should help to arrest the current decline in small business confidence. But, against a backdrop of spiralling costs, supply chain disruption and labour shortages, is there enough here to deliver the government’s vision for a low-tax, high-productivity economy? Unfortunately not. Where inflation and forthcoming tax hikes are concerned, the clouds are gathering”. “It’s good to see the chancellor embrace our recommendation for business rates reform, changing the system so it stops hitting small firms that invest to make their premises more sustainable with higher bills”. “That said, much more will be needed to support small employers in the months ahead … If the OBR’s concerning inflation forecasts come to pass at the same moment when national insurance contributions and the living wage rise significantly, many small firms will be considering their futures – we’ve already lost close to half a million over the last year.” Liz Barclay, Small Business Commissioner….. “Many of the measures announced may improve the small business environment. The cuts to Business Rates were the star of the show for small businesses …, but with inflation predicted to hit 4%, there really is fear in small business hearts. So it’s all the more important that bigger customers pay small suppliers quickly for the work that they’re doing so that those small suppliers can pay their costs and keep their labour and then eventually invest and create jobs. That’s what we need to see because we need our small businesses at the forefront of driving this recovery.” Shevaun Haviland – Director General – British Chambers of Commerce….. “The chancellor has listened to Chambers’ long-standing calls for changes to the business rates system and this will be good news for many firms. This will provide much needed relief for businesses across the country, giving many firms renewed confidence to invest and grow”. “Additional investment in skills, infrastructure and better access to finance will be key drivers for our economic recovery and will provide longer-term benefits and opportunities for businesses across the country”. “Businesses have been battered by 18 months of the pandemic and … there may still be difficult months ahead. If firms face unexpected bumps in the road, the chancellor must be prepared to take further action to enable the economy to fire on all cylinders again.” Ian Cass Managing Director – Forum of Private Businesses….. “The relief provided to businesses during the pandemic by postponing business rates saved many businesses from closing. To save our high streets those same businesses need that relief to continue.The 50% allowance for hospitality sector businesses is clearly welcomed, and providing reliefs for green investment is fine, but many of the retail shops that our communities rely on still face what they see as unfair business rates, and deferring the reviews until 2023 risks kicking the can down empty high streets.” “The use of online services accelerated during the pandemic, quite understandably, and it is a shame that the Chancellor has not similarly accelerated a fair Business Rates regime across all levels of business.” Tony Danker, Director General – Confederation of British Industry….. “Today, the chancellor has shown a genuine willingness to listen to business with measures that will get firms innovating and help the economy to grow. It takes several positive steps forward,but isn’t bold enough to deliver the high investment, high productivity economy the government seeks”. “On business rates, the chancellor made real strides in making the system more palatable for businesses in the shorter term … But the hard truth is that wholesale reform to unlock investment was rejected today.The government missed the opportunity to truly reform a business rates system that diminishes Britain’s high streets and factories”. “This Budget alone won’t seize the moment and transform the UK economy for a post-Brexit post-COVID world. Businesses remain in a high tax, low productivity economy with concerns about inflation.But the Budget will have a positive impact across the economy and makes several changes that will be welcomed by UK businesses.” Michelle Ovens, Founder – Small Business Britain….. “This is a ‘back to business’ budget. However, many small businesses still have

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New Business Rates Reforms – How Will They Effect You?

Business Rates Reform /

For years businesses on the British high street have been calling for reforms to the business rates system. Hopefully these New Business Rate Reforms will help. The Chancellor finally announced new measures in the Autumn Budget that he claims will reduce the burden of business rates in England by over £7 billion over the next five years. The reforms are intended to make the business rates system “fairer, more responsive and more supportive of investment.” Based on the conclusions of the Government’s review of business rates, the reforms include six measures that seek to minimise the costs of business rates. Here are the key points….. Temporary retail, hospitality and leisure discount  A new temporary business rates relief will be made available to eligible retail, hospitality and leisure properties for 2022/23. Eligible properties will receive 50 per cent relief, up to a £110,000 per business cap. Critics have pointed out that the cap may limit the effectiveness of this relief for businesses with multiple sites. The business rates multiplier This will remain frozen for a second year, from 1 April 2022 until 31 March 2023. This means that the small business multiplier will be 49.9p (for businesses with a rateable value below £51,000) and the standard multiplier 51.2p (for businesses with a rateable value of £51,000 or more). Multiply your rateable value by your multiplier to show how much you will have to pay in business rates (before any relief is deducted). Improvement relief This will offer 12 months of relief from higher bills for occupiers where eligible improvements to an existing property increase the rateable value. The Government has said it will launch a consultation on this relief with it coming into effect in 2023. Targeted business rate exemptions Introduced from 1 April 2023 until 31 March 2035, these will support eligible plant and machinery used in on-site renewable energy generation and storage and offer a 100 per cent relief for eligible ‘heat networks’, as part of plans to decarbonise non-domestic buildings. Revaluations One of the key criticisms of the business rates system is the infrequency of revaluations. From 2023, the Government will increase the frequency of business rates revaluations so that they take place every three years instead of every five. This should ensure rateable values are more accurate and reflect the market better. The Government will provide additional funding to the Valuation Office Agency to support the delivery of the new revaluation cycle. Transitional relief for small and medium-sized businesses and small business scheme extension These schemes will be extended for another year and will restrict bill increases to 15 per cent for small properties (up to a rateable value of £20,000 or £28,000 in Greater London) and 25 per cent for medium properties (up to a rateable value of £100,000), subject to subsidy control limits. What about the online sales tax (OST)? Part of the earlier review looked at ways of implementing an OST to make the retail business space more competitive. At the moment the likes of Amazon benefit from selling the same goods as high street retailers but with lower business rates due to where their warehouses are located. The OST proposals would look to address this imbalance by taxing goods sold online. In its report alongside the Autumn Budget, the Government said it will continue to explore the arguments for and against a UK-wide OST and will publish a consultation shortly. If such a measure were introduced, the revenue generated from it would be used to reduce business rates for physical retailers in England. If you are unsure how these new business rate reforms will affect your business costs you should speak with us, as it may be possible to plan investments around the reliefs and exemptions that are introduced You can get in touch HERE.

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Tax Planning for the End of the Tax Year

Tax /

Tax Planning With the End of the Tax Year in Mind With the end of the 2021/22 tax year coming up, it’s important to ensure that your tax affairs are in order, and you’ve utilised all available allowances and exemptions. Our tax specialist Mateen Imtiaz sets out some of the tax reliefs that you should seek to use before 5 April 2022. Personal Allowance and Capital Gains Tax (CGT) Exemption  The personal allowance is £12,570 so income up to this amount is not liable for income tax.If any of your family have income that is below the £12,750 limit, you can use the personal allowance by, for example, paying them dividends above the dividend allowance or making trust income distributions. The CGT (Capital Gains Tax) annual exemption allows up to £12,300 of gains to be tax free. Pension Contributions Pension contributions can be extremely tax efficient if your pension fund does not exceed your lifetime allowance, which is currently £1,073,100. The maximum annual pension contribution allowance is £40,000, but you can carry forward unused allowances for up to three years. Inheritance Tax Everyone in the 2021-22 tax year has a £3,000 annual inheritance tax gift exemption which can be carried forward one year.  You can use the inheritance tax exemption to make gifts to family and friends of up to £6,000 every other year.  Generally, if a gift is made more than seven years before your death to an individual, there will be no tax payable. Enterprise Investment Schemes (EIS) and Seed Enterprise Investment Schemes (SEIS) If HMRC’s approval is obtained, tax relief is given for certain qualifying investments in growing companies. Enterprise Investment Schemes (EIS) aimed at medium sized start-ups allow individuals to receive a 30% tax break and Seed Enterprise Investment Schemes (SEIS) receive a 50% tax break  on the amount invested. Enterprise Investment Schemes (EIS) and Seed Enterprise Investment Schemes (SEIS) are exempt from Capital Gains Tax on gains when the shares are sold. These are very important reliefs, if you meet the requirements, as CGT is charged at 20%. If you do not meet the requirements for a Enterprise Investment Scheme (EIS) and Seed Enterprise Schemes (SEIS) you might alternatively be able to claim investors’ relief. Capital Gains Tax (CGT) is charged at 10% on gains up to a lifetime limit of £10m. Amongst other requirements, to claim the relief, the shares disposed of must be unlisted ordinary shares issued on or after 17 March 2016.   You must have subscribed and paid for them fully in cash at the time of issue and they must have been held continuously for a minimum of 3 years and neither you nor a person connected to you must be a relevant employee. Charitable Donations If you are a higher rate tax payer, charities can receive tax relief by extending your individual’s basic rate tax band.  For example, a 40% tax payer could donate £100 to charity, of which the charity gets £125 and the tax payer can claim back £25. This area of tax is very complex and advice must be taken. Further Information If you would like further information about any tax planning opportunities before year end, or to review your estate planning, please contact us HERE before 6 April 2022.

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Crypto Tax Advice

Tax /

Investing in cryptocurrencies can be a dangerous business if you do not know what you are doing. It can also be just as risky if you do not includeany tax planning as part of your Will arrangements. Obtaining crypto tax advice should form a crucial part of your strategy. You really must think about making a plan for when you pass ways, as your legacy could cause severe tax problems for your loved ones. Maybe you should spend time considering this Instead of worrying the ups and downs of the crypto world. You may be of an age when thinking about the obvious is near the bottom of your action list, however figures from The Financial Conduct Authority’s (FCA) show that over 70% of crypto users are over the age of 35. Individual investors in these age groups should consider making or amending their Wills to ensure that their digital assets are handled properly in the case of their death. Your Tax Liability From a tax perspective, HMRC has confirmed that crypto assets can be subject to inheritance tax at death, at a rate of up to 40% on their value immediately before the investor’s death. Without a digital Will providing instructions, the executors of your estate face the potentially bleak prospect of trying to establish how to gain access to your digital wallets and their cryptocurrency exchange accounts. Executors may not be able to access the cryptocurrencies at all, making it an impossible assignment. In these cases, the executors will need to show HMRC that those digital assets are irrecoverable and thus worthless. It’s unclear whether HMRC would accept such an argument without question. The crypto assets are still on the blockchain and may still have value; the only difference is that they can’t be accessed. It’s likely that the executors will have the burden of evidence in convincing HMRC that the secret key cannot be recovered. Volatility is another source of danger for the executors of a crypto investor’s inheritance. This is a regular occurrence. Executors may finally gain access to your cryptocurrency holdings, only to discover that the value of the assets in your crypto wallet has plummeted. Unlike investments in stocks and property, there are no inheritance tax exemptions for your crypto losses. If you want to avoid your executors getting slapped with a tax bill that wipes away the value of the estate, you should invest in a digital Will. For crypto tax advice, and any other tax assistance, please get in touch HERE of you can call 0203 755 2863

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