Accountants Wirral | TPP Accountants | Bromborough

Welcome to TPP Accountants Wirral


Accounts - Tax - Property Rental Accounts - Bookkeeping - Payroll - Business Services - Fee Protection Insurance


TPP Accountants is a firm of Chartered Certified Accountants in Bromborough, Wirral. With over 30 years experience, we continue to provide a proactive and friendly service to a rapidly growing number of clients. We are proud to have grown from a small family business to one of the leading independent accountants firms in Wirral and we use the knowledge we have gained to help our clients not just as accountants but a complete business support team.



0151 346 2020



Thursby House, Croft Business Park, Bromborough, Wirral, CH62 3PW



CHESTER OFFICE


About Us | TPP Accountants Wirral

ABOUT US

Over the years we have grown from a

small family business to one of the leading

independent accountants firms in Wirral.

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Property Rental Accounts | TPP Accountants Wirral

PROPERTY RENTAL

We advise landlords on how to minimise

their tax liability whilst still ensuring that

they meet their compliance obligations.

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Services | TPP Accountants Wirral

SERVICES

The services we offer include: Annual

and management accounts, company and

personal tax, bookkeeping and payroll.

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Client Testimonials | TPP Accountants Wirral

TESTIMONIALS

"We learnt more from TPP Accountants in

the first three weeks than we learnt from

our previous Accountants in three years."

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Client Zone | TPP Accountants Wirral

CLIENT ZONE

Clients can log in to their Iris Openspace

account and Iris Kashflow account via the

client zone page. Making Tax Digital.

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Contact Us | TPP Accountants Wirral

CONTACT US

Call us on 0151 346 2020, email us, book a

free initial meeting/tax review or request a

no-obligation online quote.

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For more information call us on 0151 346 2020 or visit our contact page using the link below.

CONTACT US


Let Property Campaign

The Let Property Campaign is an opportunity for landlords who owe tax through letting out residential property, in the UK or abroad, to get up to date with their tax affairs in a simple way and take advantage of the best possible terms. If you’re a landlord and you have undisclosed income, you must tell HMRC about any unpaid tax now. You’ll then have 90 days to work out and pay what you owe.

The Let Property Campaign is an opportunity open to all residential property landlords with undisclosed taxes. This includes:

Those that have multiple properties;

Landlords with single rentals;

Specialist landlords with student or workforce rentals;

Holiday lettings;

Renting out a room in your main home for more than the Rent a Room scheme threshold;

Those who live abroad or intend to live abroad for more than 6 months and rent out a property in the UK, as you may still be liable to UK taxes.

We can work out how much tax you owe, the penalties/interest chargeable and complete/submit the relevant HMRC disclosure form.


"I have been extremely impressed with the service provided by TPP Accountants. They have been extremely prompt, clear and polite at all times and have helped to make sense of what at times can be very confusing. I could not recommend their services enough. Thanks!"

MZB Property Ltd,

Chester



Making Tax Digital

Making Tax Digital (MTD) is the most fundamental change to the administration of the tax system for at least 20 years.

The essential elements for businesses and organisations are:

Paper records will no longer be sufficient: It will become mandatory for almost all businesses and organisations (self-employed, partnerships; limited companies and others) to use software or a spreadsheet to keep accounting records. Paper accounting records will cease to meet the requirements of tax law.

Returns and quarterly reporting: There will be a requirement to submit VAT returns and income tax updates (quarterly and annual) to HMRC, directly from software.

Non-VAT registered businesses

When does it start?

VAT: MTD for VAT starts in April 2019. You are not currently VAT registered; MTD for VAT will be relevant to you only if you become VAT registered.

Income Tax (self-employed, partnerships, trusts and landlords who compete self assessment tax returns): MTD is expected to become mandatory for income tax reporting, but not before 2020. Pilots of MTD for income tax have started.

Corporation Tax (limited companies): The timings for MTD for corporation tax have yet to be confirmed but it will not become mandatory before April 2020.

VAT-registered businesses

When does it start?

VAT: As your business is registered for VAT and your turnover is above the VAT threshold you will be required to keep digital accounting records and to file your VAT returns using MTD compliant software from April 2019 (the first VAT period starting on or after 1 April 2019). The current online VAT return will no longer be available.

Voluntary VAT-registered businesses

When does it start?

VAT: Although your business is registered for VAT your turnover is currently below the VAT threshold and as it stands you will not be required to keep digital accounting records or to file your VAT returns using MTD compliant software until 2020 or later. However, you do need to monitor your annual turnover each month, as if it increases to above £85,000 you will be required to comply with MTD for VAT rules.

Making Tax Digital | TPP Accountants Wirral

"We instructed TPP Accountants having lost faith in our previous accountants. They immediately struck us as being interested in the nature of our business and had actually carried out research into the various ways they could help us. We learnt more from TPP in the first three weeks than we had learnt from our previous Accountants in three years."

Hilary Roberts - Wirral Riding Centre

For more information call us on 0151 346 2020 or visit our contact page using the link below.

CONTACT US

Sole Trader vs Limited Company...which is right for your business?

Lets look at some comparisons to help you decide.

Sole Trader

Liability

As a sole trader you are personally liable for any debt of the business.


Tax

Sole traders pay tax on their business profits via a self-assessment tax return.

The deadline for filing online self-assessment returns to HMRC is

31 January after the end of the tax year. The personal allowance for the

tax year 2018/19 is £11,850.

The Basic rate of 20% is paid on income from £11,851 up to £46,350, the Higher rate of 40% is paid on income between £46,351 and £150,000 and the

additional rate of 45% is paid on income over £150,000.

Losses can be offset against other income in the same year, carried back

and offset against previous year's profits or carried forward and

offset against future profits.


National Insurance (NI)

A sole trader pays Class 2 NI contributions and Class 4 NI contributions of 9% on

profits in excess of £8,424 (2018/19).


Accounts and Tax Returns

Sole Traders and Partners are not legally required to file annual accounts.

They must, however, keep records of income and expenses for the

purpose of completing their tax returns.

Limited Company

Liability

A limited company is a separate legal entity, so as a shareholder your personal

liability is limited to your shareholding.


Tax

A director of a company may take a salary from a limited company and this is

taxed at source under the Pay As You Earn tax system (PAYE).

Unless they have absolutely no pay or benefits then a director MUST

file a tax return. This is regardless of whether tax is owed or not.

A limited company pays corporation tax on its profits which is charged

at 19% from 1 April 2018 and is payable 9 months and 1 day

after the accounting period end. A company tax return must be

filed 12 months after the accounting period end.


The dividend allowance (the value of dividends that shareholder can receive

tax free) currently stands at £2,000. For dividends above the dividend

allowance the following tax rates apply: 7.5% at the Basic rate, 32.5% at the

Higher rate and 38.1% at the Additional rate.


Losses can be carried forward and offset against future profits or carried back

and offset against the previous year's profits.


National Insurance (NI)

Class 1 National Insurance may be payable on directors' salaries and bonuses

depending on the level of income. Employers National Insurance at

13.8% may also be paid on directors' salaries and bonuses.


Accounts and Tax Returns

Please see below for more details of the legal requirements of a limited company.

"We chose TPP Accountants because of their approach to client relationship building and also their progressive use of technologies to aid us in developing and producing our accounts efficiently and without the worry which we had experienced with previous firms. We found Terry and his team to be extremely proactive - actively providing ideas and suggestions to improve our accounts preparation and most importantly our cash flow management. "

Ian Jamieson, Director - West Coast Ventures Limited

Thinking of setting up a Limited Company? Here's a brief outline of what is involved...


Incorporation

The following information must be provided to Companies House:


Memorandum of Association - limited company name, location, business type.

Director's names, addresses and registered limited company address.

The limited company must be said to comply with the terms and conditions

of the Companies Act.

Articles of Association - director's powers, shareholders right etc.

Legal Requirements

A director of a limited company has certain legal responsibilities, including:


Your newly set up limited company must be registered at Companies House.

Annual accounts and confirmation statements must be filed with Companies

House every year.

Statutory accounts must be filed with HMRC every year.

A Corporation tax return must be completed each year and filed with HMRC.



We can form your limited company and complete all necessary legal requirements, leaving you to get on with running your business.


Have a company name in mind? Click on the link below to see if it is available.

COMPANY NAME CHECKER

For more information call us on 0151 346 2020 or visit our contact page using the link below.

CONTACT US


Latest Tax News


Lettings Relief to be scrapped?

04/03/2019

Lettings relief is a capital gains tax break that is available to anyone who lets out a property that is, or was in the past, their primary residence.

It has been possible to claim a maximum £40,000 in letting relief against capital gains tax when a let property is sold, rising to £80,000 for a couple, if you ever lived in it. This was in addition to principal private residence relief.

However, April 2020, subject to a consultation, owners will only qualify for this relief if they occupy the let home alongside the tenant, in other words, effectively letting out rooms.

Also, whilst currently, sellers receive capital gains tax relief for the last 18 months that they own the property, from 2020 this “final period exemption” may be halved to nine months.

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Parents failing to make use of tax-free childcare

20/02/2019

According to data published by the government, its Tax-Free Childcare (TFC) scheme ‘has not had the uptake expected’, with only 22% of eligible families making use of it.

Official figures have suggested that the government had planned and budgeted for 415,000 families to be using the TFC scheme by October 2017. However, the data has revealed that, by December 2018, only 91,000 families had signed up to the scheme.

The TFC initiative replaced the Employer Supported Childcare (ESC) scheme, which closed to new entrants on 4 October 2018. TFC is available to both employed and self-employed individuals, and is paid per child rather than per parent, allowing single parents to benefit.

Under the initiative, tax relief of up to 20% is available for childcare costs, up to a total of £10,000. The scheme is therefore worth a maximum of £2,000 per child (£4,000 for a disabled child). Children aged under 12 are eligible for the scheme, as well as disabled children aged up to 17.

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HMRC reveals 700,000 couples are 'missing out' on Marriage Allowance

18/02/2019

HMRC has estimated that around 700,000 couples are 'missing out' on the Marriage Allowance, which could save them up to £238 in tax.

Introduced in April 2015, the Marriage Allowance enables spouses to transfer a fixed amount of their personal allowance (PA) to their partner. The option is available to couples where neither pays tax at the higher or additional rate. If eligible, one partner will be able to transfer 10% of their PA to the other partner (£1,190 for the 2018/19 tax year).

For those couples where one person does not use all of their PA, the benefit will be up to £238 (20% of £1,190).


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Experts call for introduction of 'pudding tax' to combat sugar consumption

11/01/2019

Public health experts have called for the government to introduce a so-called 'pudding tax' in order to help tackle high rates of sugar consumption amongst children.

The calls for the introduction of a pudding tax come following the recent publication of research which suggested that the average child consumes 18 years' worth of sugar by the time they reach the age of ten.

The tax would cover such foods as biscuits, sweets and cakes, and would aim to encourage manufacturers to reduce the sugar content in their products.


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Capital Gains Tax on UK Property Sales

22/11/2018

A capital gain by UK resident individuals on UK property sales is reportable through the self-assessment tax return regime. This means that, if an individual disposes of a property between say 6 April 2018 and 5 April 2019, it will be notified on his or her 2018/19 tax return, which will need to be submitted by 31 January 2020. The corresponding Capital Gains Tax (CGT) is payable on the same day.


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Landlords Finance Cost Relief

26/10/2018

Landlords will no longer be able to deduct all of their finance costs from their property income to arrive at their property profits. They will instead receive a basic rate reduction from their income tax liability for their finance costs.

Landlords will be able to obtain relief as follows:

in 2017 to 2018 the deduction from property income (as is currently allowed) will be restricted to 75% of finance costs, with the remaining 25% being available as a basic rate tax reduction
in 2018 to 2019, 50% finance costs deduction and 50% given as a basic rate tax reduction
in 2019 to 2020, 25% finance costs deduction and 75% given as a basic rate tax reduction
from 2020 to 2021 all financing costs incurred by a landlord will be given as a basic rate tax reduction.

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Fee Protection Insurance | TPP Accountants Wirral

Fee Protection Insurance


Our Tax Investigations Service is fully backed by an Insurance Policy, which we have taken out with Abbey Tax. The service offers

Fee Protection of up to £75,000 in the event of:

Full and Aspect Enquiries into:

Corporation Tax Returns;

Partnership Tax Returns;

Sole Trader Tax Returns;

Personal Tax Returns.

Disputes into:

VAT;

Employer Compliance (PAYE, P11D and NIC);

IR35.


For more information call us on 0151 346 2020 or visit our contact page using the link below.

CONTACT US


"TPP Accountants have been our accountants since we started trading 5 years ago. Exceptional service and nothing is too much trouble with a very prompt response to any questions. Highly recommended."

Melanie Joynes T/A Isabelles


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Accountants Wirral | TPP Accountants | Bromborough
Accountants Wirral | TPP Accountants | Bromborough
Accountants Wirral | TPP Accountants | Bromborough
Accountants Wirral | TPP Accountants | Bromborough
Accountants Wirral | TPP Accountants | Bromborough
Accountants Wirral | TPP Accountants | Bromborough