At Octave, we’ve been up and down the scale of accountancy challenges, guiding companies from the size of a one-man band to that of several symphony orchestras, for more than 20 years.
We have the range of services – from accountancy and taxation, through bookkeeping, payroll and CIS services, to our outsourced Finance Director capability – as well as the track record and experience to help you to fulfil your business goals. We always hit the right note.
If we sound like the sort of accountants you could get along with, please call us today for a detailed, confidential and without-obligation discussion of your accountancy challenges and opportunities.
Octave – whatever the scale, we’re in tune with your financial needs.
Accountants have a reputation for being boring, inflexible and an obstacle to their clients’ business ambitions. That’s music to our ears when it’s about our competitors, because, at Octave, we dance to a different tune.
Sound us out! We can’t prove it here, but if you like the idea of actually enjoying your meetings with your accountant, please give us a call today and start to realise the resounding difference that Octave can make to your financial performance, precision and preparedness.
It’s your greatest hits, aka your core business, that earns you the money. It’s why you started your business, and it’s what you have a passion for. So, why does so much admin get in the way? Well, it need not. Our services extend well beyond strictly accountancy and taxation; they include many of the administrative tasks that are comparatively straightforward for us to accomplish, but which may be getting in the way of your business focus.
We can do your bookkeeping – we specialise in Xero, QuickBooks Online and Sage. We can undertake your payroll, running it weekly or monthly, including your auto enrolment submissions. And we can take care of the completion of CIS monthly returns and the production of CIS monthly certificates.
If these administrative tasks are interfering with your ability to focus on your core business, please give us a call today. We offer a free, detailed, confidential and without-obligation discussion of the ways in which we could be your invaluable support act.
Everyone would like their tax bill scaled down. No one wants to pay more tax than they have to. And no one wants an unpleasant surprise at the end of the year when their tax bill is calculated.
That is why, at Octave, we see our tax service as a continuous partnership: we don’t just appear at the end-of-year concert to tell you the bad news, we work with you through the year, advising on every aspect of tax, so that the final bills are predictable, planned for and minimised.
Our tax services cover personal tax, corporate tax, VAT and inheritance tax, but we can do as much or as little as you require. Whatever you ask us to do, our aim is always to keep you compliant, keep you comprehensively informed about your financial situation, and keep you clear and confident in your future planning and budgeting.
Give us an audition! If you feel that you are paying too much tax, or you can see the benefit of an accountant who works with you year-round, please give us a call today for a detailed, confidential and without-obligation discussion of taxation challenges and opportunities.
Every ambitious company needs a Finance Director. They’re not the front-man and they’re not the roadie; they’re the reliable rhythm section that keeps you financially up-to-the-beat and strategically on song.
The Finance Director (FD) sits between the accountancy function and the board of directors, analysing the company’s financial performance from a strategic point of view, in order to advise the board on what money can be spent to encourage growth and to fulfil business goals.
But an experienced full-time Finance Director is very expensive, which is why we offer outsourced FD support as part of our range of financial services. Working for you on a part-time, temporary, interim or ad hoc basis, our expert can provide your company with the strategic financial direction you need, whilst only costing your company a fraction of the salary of a full-time FD.
Scale up your performance! If you recognise the vital role that strategic financial advice should play in the fulfilment of your business plans, please call us in complete confidence today, to discuss whether our outsourced Finance Director services could be the enabler you require.
Making Tax Digital (MTD) is a major initiative from HMRC, purporting to make tax administration more automatic and therefore more accurate.
The revenue says that the change will help businesses – with ongoing digital records feeding directly into VAT and Income Tax returns, there is less work. On the other hand, of course, it will dramatically cut the amount of tax that the treasury loses through miscalculation and errors in transposition.
But there are many areas of confusion surrounding MTD........
These are all myths!
If you are struggling to hear the right notes through the white noise, and worry that you may be penalised for not harmonising with the revenue in time, please call us today in complete confidence, to discuss the realities of MTD for your business, and the possibility of our helping your ongoing compliance.
There are several online bookkeeping software packages that are available to you and your business, and we are going to discuss the best options here.
The most widely used packages are Quickbooks and Xero. Both of these are good and can benefit your company, and most of the time it’s personal preference as to which one you use. It can often depend on your accountant, as many will only work with one or the other. So, it is worth checking with your accountant before investing in one. In addition, many accountants will be able to provide you with the software at a discounted rate or even free of charge.
The benefits of using an online bookkeeping package instead of trying to do it manually – with something such as Excel – are:
The benefits of having bookkeeping software far outweigh any misgivings you may have about them. If you aren’t sure which one suits you best, please do give me a call and I will happily talk you through them.
tony@octaveaccountants.co.uk
02380 176190
Octave – ensuring that your bookkeeping plays all the right notes – in the right order!
The rules have changed this year and you need to act to avoid penalties
The rules on selling residential property in the UK have changed and I want to make sure that you have all the information that you need to remain compliant.
The main point to know is that, if you have sold a residential property in the UK after April 2020, then you must report it and pay any tax due on the property using a ‘Capital Gains Tax on UK property’ account within 30 days of selling it. If you do not report the gains on the property within this timeframe, you may also have to pay interest and a penalty fee.
This reporting applies to:
You must report and pay non-resident Capital Gains Tax if you are a:
Again, for all of the above, the capital gains must be reported within 30 days of the sale.
If you fall into any of the above categories and want some support or guidance, or if you are not sure whether the above applies to you, then please do not hesitate to send me an email or give me a call.
tony@octaveaccountants.co.uk
02380 176190
Octave – your resident tax expert
Do I need to complete a self-assessment tax return?
You must complete one if you earned more than £1,000 from self-employment, if you rent out a property that earned you more than £2,500, if you earned £2,500 or more from untaxed income, if your gross income from savings or investments was more than £10,000, if you’re a company director (unless it’s a non-profit organisation), if you or your partner’s income was over £50,000 and you claim Child Benefit, if you have income from overseas and need to pay tax, if you live overseas but have an income in the UK, if your taxable income was £100,000 or more, if you earn £50,001 or more and pay pension contributions, if you are a trustee of a pension scheme or trust, if your State Pension was your sole source of income and was more than your taxable allowance, or if you received a P800 from HMRC because you did not pay enough tax last year. (You are liable for Capital Gains Tax on profits from selling such things as works of art, shares or a second home.)
What are the important self-assessment dates?
You must register as self-employed by early October. (In 2020, it was 5th October.) If your self-assessment is paper based, you must submit it by the end of October; if online, by the end of January. And 31st January is also the deadline for paying any tax owed.
How do I complete self-assessment?
You will need your 10 digit Unique Tax Reference (UTR), your National Insurance Number, data relating to your untaxed income, self-employed income, share dividends, pensions and so on, records of all expenses related to self-employment, details of pension or charity contributions, P60 or other records of income on which you’ve already paid tax. You do not need to complete the self-assessment at one sitting, and there is a lot of help online on the government websites.
I am worried about expenses
It is very important that you calculate self-employed expenses correctly. Again, there is guidance online. You do not have to submit receipts but you should keep these for five years.
How do I pay my tax bill?
You will be told how much tax and National Insurance you need to pay, and you must pay this by 31st January, via BACS, CHAPS, online banking, a company credit or debit card, direct debit or cheque.
What if I miss the deadline?
You will have to pay a penalty. Up to three months late, it’s £100, and after that, it increases.
What if I make a mistake?
You have until the filing deadline next year to make changes.
What if I can’t pay?
If that is because of the pandemic, look at the help that the government has provided for businesses. If you don’t think you’re eligible, contact HMRC and ask their advice. If you simply can’t afford to pay, contact the HMRC Business Payment Support Service: they will consider if you should have more time to pay.
If you still think that you need more help, please do contact us (we would say that, wouldn’t we?!) – we can advise you and even perhaps take on the burden of self-assessment for you, leaving you to get on with making more money, free from stress, knowing that your assessment will be accurate and on time, and that your company will be compliant in the eyes of the government.
Making Tax Digital (MTD) is a government programme that aims to move businesses and individuals in the UK away from using paper records and towards digital record keeping. It will make it easier to get your tax right and for you to have a clearer picture of your financial position. It is more effective, more efficient and will make paying your tax bill more straightforward, meaning it’s less likely that mistakes will be made.
MTD means that all businesses will be required to use digital record keeping tools and will need to submit their tax return from those tools. There are lots of tools that you can use to keep your records up to date and, depending on your needs, you should choose the appropriate one for you and your business. Studies have also shown that using these tools increases your productivity, as well as that of your accountant and bookkeeper (meaning our bills may be lower!)
There are four phases to MTD, so here is your timeline:
Some businesses may not be able to go digital, and, if they are unable to, they will not be required to do so. Businesses that choose to use spreadsheets to maintain their records and perform their tax calculations, will need their spreadsheets to interface with some form of bridging software, that will allow their VAT return data to be sent to HMRC from the spreadsheet. Due to Coronavirus, the launch dates for MTD for 2020 have been extended to 31st March 2021.
What does MTD mean for you?
MTD has some major advantages, but may be tricky for smaller businesses, particularly those who do not currently work with an accountant. This is because you will need to understand all of the small print, as well as learning to use new software. The best piece of advice I can give you is to work with a professional on this, not your mate down the pub who says he understands MTD!
Of course, I am one of those qualified accountants who knows the ins and outs of MTD, so if you want to get ahead of the game, and ensure it’s all done right first time, then please do get in touch.
tony@octaveaccountants.co.uk
02380 176190
Octave – making sure you’re perfectly in tune with MTD
Unit 6 Basepoint, Andersons Road, Southampton SO14 5FE
Office: 02380 176190
Email: enquiries@octaveaccountants.co.uk
Web: www.octaveaccountants.co.uk
