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February 13. 2019

Save your Valentine tax this year

Love is in the air, roses, wine and chocolates are everywhere and yet some of us are still thinking about tax. Although we would never give dating advice (trust me you really wouldn’t benefit), when it comes to tax, we really know our stuff. The Marriage Allowance is a little tax saving gift definitely worth having, a simple election could help you save around £238 in 2018/19, and while this may not seem like a lot, have you seen the price of roses, so every little helps.

I know we have made light of it here but please don’t read the above and think we are not serious, the days of huge tax savings are gone, so making as much of the little savings as you can is the best way to try and reduce you tax bill. If you or your partner aren’t making full use of your Personal Allowance, £11,850 in 2018/19, then this is something we would strongly recommend. The link below will take you to a HM Revenue and Customs website where you can make the election:

https://www.gov.uk/apply-marriage-allowance

If you are not sure about the election or would like to talk it over with someone please do call us, the team are here to help. 

February 8. 2019

FBTC Accountancy Services receives Feefo Gold Trusted Service Award 2019

For the third year running, FBTC have won the Feefo Gold Trusted Service award. The award is an independent seal of excellence that recognises businesses for delivering exceptional experiences, as rated by real clients.

 

Created by Feefo, Trusted Service is awarded only to those businesses that use Feefo to collect genuine reviews and insights. Those that meet the high standard, based on the number of reviews they have collected, and their average rating, receive the award. FBTC achieved a Feefo service rating of 4.8/5 throughout 2018.

 

As all reviews are verified as genuine, the accreditation is a true reflection of a business’ commitment to outstanding service.

 

Alan Gott, FBTC Manager commented: “At FBTC we want to be more than just a voice on the phone, we care about the people we talk to. For our clients to have picked up on this and for them to take the time to give us such great reviews is really appreciated by us all. Feefo enabled us to consistently improve throughout 2018 and now we’re looking forward to another successful year ahead.”

 

Congratulating FBTC Accountancy Services on winning this year’s award, Matt West, CEO at Feefo, commented: “The Trusted Service award has always been about recognising those companies that excel beyond the norm. I’m looking forward to the continual success of the businesses that work in partnership with us throughout 2019.”


About FBTC Accountancy Services

 

Established over 20 years ago, FBTC is a specialist accountancy service for Driving Instructors and the self-employed. Covering the whole of the UK, FBTC provides service to more than 2,000 clients. FBTC provide a totally comprehensive service:

   Self-employment registration

   Compilation of annual accounts

   Annual tax returns

   All communications with HM Revenue & Customs

   Access to members only area of FBTC website

   Tax and accountancy advice

   Free online cashbook

All for an affordable monthly fee.

 

For further information:

0344 984 2515

info@fbtc.co.uk

January 23. 2019

UK Driver Training Industry - Workload, earnings and job satisfaction

As an Accountancy Service that supports over 2,000 UK Driver Training professionals, FBTC are in a unique position to be able to comment on the health of the industry through the FBTC Annual UK Driving Instructor Review 2019.

This year’s study provides further insight into Driving Instructors’ workload, earnings and levels of job satisfaction in what is clearly a dynamic and evolving marketplace.

Read our full report to learn more about the inflation busting increase in the instructor's average hourly rate and remarkably high levels of job satisfaction

Click here for the full report 2019 Annual UK Driving Instructor.pdf (515KB)

December 3. 2018

Take a chance on yourself, You will love it...

FBTC client Sue, from www.HealingHandsInUk.com, is an alternative therapist - a Reiki Master, Teacher and Practitioner! Sue has shared her experience of self-employment; “It's a tough market and there are quite a few people in my business, like any other, who are very competitive in advertising”. 

What Sue loves the most about self-employment is being able to own and take pride in her hard work and achievements. Sue comments, “It feels very satisfying to take full credit and responsibility for my progress and success”. This is evidence for Sue as she has recently been voted into "The Top Three Therapists". This was done by an independent reviewer.

Sue continued with “Of course being my own boss and being able to choose my working hours is a massive bonus. I truly thrive on the challenges of being able to make a difference in people's lives by what I do. “It's tremendously motivating to see people feel healthier and being able to enjoy their lives by overcoming their most debilitating conditions such as stress, anxiety and depression or get rid of their addictions to smoking, alcohol or drugs”. 

Initially, Sue did face some challenges, “The hardest part for me was to manage my accounting and knowing what I can or can't do. Thank goodness for FBTC's speciality with advising and managing my accounts. It was also tricky to finance and find an affordable and suitable premise to work from at first". 

Sue’s advice to anyone starting a business is to not fear hard work and challenges. Have a vision, believe in your abilities and follow your dreams.

November 30. 2018

Eat local, spend local, enjoy local!

Small Business Saturday takes place each year on the first Saturday of December, it is all about shopping locally, supporting small businesses and contributing towards their success. In 2017, £748 million was reportedly spent with small businesses in the UK, many actively participating by offering promotions and discounts to acknowledge the day.

Kelly Tolhurst, Small Business Minister commented: “With more than 1,000 starting up every day, the UK’s small businesses are the backbone of our economy and at the heart of our modern Industrial Strategy”.

Café Lush, owners Louisa and Sharon have been trading since April 2018 and stated; “We wanted to be able to work around our families, making the work life balance easier! We now have the flexibility and control over how we want to run our business and the rewards make it so worthwhile”.

Here at FBTC Accountancy Services we support a range of small businesses and sole traders, so we didn’t want to miss out on the opportunity to highlight this day. We wanted to send a virtual high 5 and well done to all those small businesses out there. Keep up the good work and remember the reasons why you decided to take the leap into self-employment in the first place.

We have decided to bring you a daily dose of small business motivation over the next 5 days. This will include comments from our clients, a bit about their business and why they became self-employed. 

November 27. 2018

Income Tax on Rental Properties


If you receive rental income from land or property, you will most likely have to pay tax on the profits made. Your profit is the amount left once you have added together your rental income from all sources in the tax year and deducted any allowable expenses or allowances. Tax relief on mortgage interest has changed significantly in recent years, the relief is moving from a deduction from profit to a general tax relief. The overall result should be the same for basic rate taxpayers, however, higher and additional rate taxpayers will see their tax increase. 

Rental income is the rent you receive from individuals, businesses, local authorities, national agency etc. It can also include lease premiums and the income element of leases granted, and this must be considered when granting a lease to anyone.

When preparing your return, income and expenditure from similar types of property are combined, the typical types are, residential, commercial, UK holiday let and overseas property. When calculating the tax, different tax laws may have to be followed.

A £1,000 allowance exists which means that if your rental income totals less than £1,000 per tax year you are now exempt from completing a Tax Return.  If you’re total rental income from UK property is less than £10,000 and your rental profit is less than £2,500 then you do not have to complete a tax return, however, you must notify HMRC of the profit figure every year so that the tax due can be calculated and collected through your PAYE code. Anything over this means you have to complete a tax return for as long as you own the property. 

The same tax rates apply; 0%, 20%, 40% or 45% dependent upon which band you fall into. Whether you have two business and a rental property, just one rental property or are thinking of buying your first property to rent the important element is to ensure you are compliant with HMRC, this is so that you avoid any unnecessarily penalties.

Having an accountant support you with your rental affairs is beneficial as they can advise on elements like carrying losses forward and if you come to sell the property, Capital Gains Tax. Watch out for our blog on Capital Gains Tax coming soon.

October 12. 2018

What about my tax?

By far, the most common question we get asked by new self-employed individuals is how much should I put aside for my tax bill. Unfortunately, this isn’t the easiest question to answer as every taxpayer is different and any answer must be very general. To try to give an answer is full of perils as we don’t want a client to put too much or worse, too little a side and get a very nasty shock in January. Years of experience tells us that between 15% - 20% of turnover should cover the Tax, National Insurance and a possible payment on account. However, it’s unusual for a first-year business to make an outright profit, initial set up costs can be high.

So, what is the best advice. The best advice anyone can give you is to get your accounts in early. The quicker we can prepare your accounts the sooner you find out what is due by the following 31st January but putting aside 15% - 20% isn’t the worst idea either.

 What happens if I can’t pay?

The best thing to do is let HM Revenue and Customs know as soon as you realise you’re going to struggle to pay your tax. HMRC understand that sometimes businesses have up and down periods and will normally try to create a payment plan that’s works for both sides. You can contact HMRC’s payment support team on 0300 200 3835. 

If you have any concerns about your tax bill or paying HMRC please do contact us on 0344 984 4445.