Vanessa Cresswell, Author at Three Kings Accounting

Data Security – General Data Protection Regulation

The General Data Protection Regulation (GDPR) replaced the Data Protection Act and applies from 25 May 2018. Whilst there are similarities between the Data Protection Act and the GDPR, there are some new elements and significant enhancements. The GDPR requires all organisations that deal with individuals living in an EU member state to protect the personal information belonging to those individuals and to have verified proof of such protection. Failure to comply with the regulation will result in significant fines.

Help With Late Tax Returns

Here at Three Kings Accounting, we cannot stress enough the importance of submitting your tax returns to HMRC on time. Many people aren’t fully aware of the implications of failing to do so by the deadline and so usually need help with late tax returns. In this article, we are going to look at the penalties that can apply to these situations and how you can get help with your tax liability to avoid these unnecessary penalties.

Should You Do Your Own Tax Return Or Hire An Accountant?

The 2018/19 tax year has just ended, which means you can now file your tax return online via the HMRC website. But, is this something that you should do yourself or should you hire an accountant? A lot of people do not want to spend their hard-earned cash on accounting services and would rather attempt it themselves. However, a simple mistake or oversight could end up costing you much more than paying an accountant would.

Are You Paying Too Much National Insurance?

Most people who earn £162 or more per week (or £6,205 or more a year if you’re self-employed) pay National Insurance. If you simply have one PAYE job, National Insurance is often fairly simple. However, there are some aspects that can complicate things and lead to you paying too much.

When Is The Earliest You Can File Taxes In 2019?

Are you wondering when is the earliest you can file taxes in 2019? The majority of people in the UK pay income tax through the PAYE system. If you’re employed, a portion of your salary will be taxed, and your tax contributions will usually be deducted from your monthly wage packet.

A Guide To UK Tax Codes For New Employees

When a new employee is hired, they will need a tax code. However, the tax code for the new employee will depend on whether or not a valid P45 has been handed to the new employer. In this article, we are going to talk about the UK tax codes for new employees. If the new employee has successfully provided the employer with a valid P45, then the employer should use the tax code that is stated on the P45.

Our Guide To Company Car Tax And Car Fuel Benefit

Company cars are a great perk, but they also come with obligations to HMRC. If you provide or receive a company car, you need to report any vehicles used on private journeys, the fuel used on those journeys, and any adaptations made for employees with disabilities. If you’re an employee, you may need to pay both the “company car and fuel benefit” – this is a benefit in kind (BIK) tax.

How Does VAT Work For Your Business

Value-added tax (VAT) is charged on most goods in the UK. Some goods are exempt, and others have lower rates added to them, but most are charged at the standard VAT rate of 20%. Many very small businesses don’t need to register for VAT, but once your annual turnover passes the threshold, which is currently £85,000, it’s compulsory. You can also voluntarily register before reaching the threshold, which is useful for some businesses so they can get in the habit of charging VAT. If you’re wondering how does VAT work, take a look at the information below.

VAT

What You Need To Know About Making Tax Digital

The UK government is making tax digital. From 2019, if you manage a VAT-registered company, and you have a turnover of more than £85,000 per year, you will be required to keep digital records and submit returns created using software that is compatible with Making Tax Digital (also known as MTD).

How To Register As Self-Employed

If you’re carrying out work or earning money independently (i.e. not as an employee), you need to register as self-employed. You could be a plumber or electrician, someone who sells on eBay or Etsy, or a virtual assistant. However you’re earning money, if it’s not being taxed through PAYE, it needs to be taxed through self-assessment.