ealing accounting | G&C Accounting - Ealing, West London https://gnc-accounting.co.uk Local Accountants You Can Trust Mon, 15 Jan 2024 10:40:15 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.2 https://gnc-accounting.co.uk/wp-content/uploads/2017/05/160x160--65x65.jpg ealing accounting | G&C Accounting - Ealing, West London https://gnc-accounting.co.uk 32 32 HMRC Rental Income Investigations https://gnc-accounting.co.uk/1134-2/ Sun, 14 Jan 2024 22:50:10 +0000 https://gnc-accounting.co.uk/?p=1134

HMRC Rental Income Investigations

Recently, we have been hearing from our new and existing clients about letters they received from HMRC to investigate if they have been getting property income without declaring.

HMRC currently employs a system to investigate rental property income that hasn’t been declared by taxpayers. This process is part of their commitment to ensuring compliance with tax regulations and maintaining a fair and transparent tax system. HMRC utilises information from third parties and open-source materials, such as from news, social media, Companies House, Land Registry etc. to identify discrepancies in individuals’ tax declarations.

In cases where rental property income is suspected to be undeclared, HMRC initiates investigations, but first they will contact you to confirm in writing whether you have or have not received property income.

Depending on the information you provide, HMRC will decide how to proceed. Obviously, failure to comply with tax regulations and declare rental income can result in penalties, fines, and legal consequences.

If you have received a letter from HMRC and unsure what to do next, get in touch with us as soon as possible. We understand that it can cause some anxiety but rest assured, we would be able to provide you with the best support and advice how to proceed.

]]> Our Secret Weapon: XERO https://gnc-accounting.co.uk/our-secret-weapon-xero/ Mon, 29 May 2023 20:58:47 +0000 https://gnc-accounting.co.uk/?p=1056

Xero accounting software has become a top choice for accountants and small business owners over the last years, offering a host of advantages, which we also recommend. Get in touch with us if you want to learn more, as we are a Xero-certified bronze partner.

The advantages of using Xero are:

  • Real-time Financial Visibility:
    Access real-time financial data, effortlessly reconcile transactions, monitor cash flow, and track financial performance with automatic bank feeds.
  • Simplified Invoicing and Billing:
    Create professional invoices, track payments, and send automated reminders, eliminating paperwork and streamlining billing.
  • Efficient Expense Management:
    Capture, categorize, and securely store digital receipts, simplifying expense management and ensuring accurate reporting.
  • Seamless Integration with Third-Party Apps:
    Integrate Xero with payment gateways, inventory management systems, and payroll solutions, with less manual data entry.
  • Collaborative and Secure Environment:
    Collaborate in a secure cloud-based platform, allowing multiple users to access and work on financial data simultaneously, with robust security measures in place.
  • Time and Cost Savings:
    With Xero, you’ll be saving time and reducing errors. Xero’s affordability makes it suitable for businesses of all sizes.

We would recommend that small and medium businesses embrace Xero for efficient, accurate, and time-saving accounting practices – and we’re here to guide you.

]]> VAT and Brexit: Implications for you https://gnc-accounting.co.uk/vat-and-brexit-implications-for-you/ Thu, 19 Sep 2019 13:15:17 +0000 https://gnc-accounting.co.uk/?p=800

VAT and Brexit: Implications for you

Obviously Brexit has been the most often discussed topic in this country over the last few years, and especially this month, with the expected date of 31st October going ahead. Brexit creates a number of uncertainties for everyone, and one of them is the situation with taxes. Below we try to explain some basics how the firms and VAT they pay will be affected. It will be mainly dependant on the fact whether these are taxes defined in the EU legal framework or no.

Contact us if you want to learn more about specific aspects of it.

VAT is subject to total harmonisation in the EU and feeds into the EU budgets, so most Brexit scenarios will affect it. In case of no-deal Brexit, the UK companies cannot access a range of tools and measures used previously, such as

  • The EU Mini One Stop Shop (MOSS) portal to report and pay VAT on sales of services – and goods to private consumers in the EU
  • The foreign VAT reclaim procedures within the EU that use electronic portals. (This means that the UK companies will need to use another VAT reclaim procedure and we’re happy to support you if you need any help in this area)
  • Several simplification measures, for example, the ones for chain supplies etc.

Low value consignment relief (LVCR) would also be affected, meaning that packages below £135 sent into the UK would be subject to import VAT.

In case of no-deal, UK businesses should register for VAT through a representative in the EU.

While postponed accounting will be introduced for some of the UK businesses so VAT can be included in their next return, for many businesses it is a confusing and uncertain period and we are only happy to guide you through potential effects of various Brexit scenarios.

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