A wealth of knowledge about Tax Laws

It pays to find a tax advisor in London that has worked extensively within the tax sector and has developed a wealth of knowledge about tax laws. Also, it pays well if your tax advisor can show you examples of their work. The Internet is a good source of information on tax professionals in London. The online medium stream is the fastest and easiest way to reach many people.

Recommendations from Friends, Colleagues or Even Past Clients

You can also seek recommendations from friends, colleagues, or even past clients. If you have friends who worked with any tax accounting firms before, then ask them for names of reliable tax advisors in London. This would help you filter out those tax consultants that are not up to the mark. If you do not have any family or friends who can recommend reliable tax accountants in London, use the online mediums to gather enough information about the firm. You can read reviews and testimonials posted by people who have availed of the tax services of that firm.

Go and Meet the People Running those Firms

After gathering enough information about different tax accounting firms in London:

1. Go and meet the people running those firms.
2. Most importantly, see how your tax accountant in London treats you as a client.
3. See how cooperative they are.

Some tax advisors in London may even take the time to meet with every client personally. A tax advisor interested in building a long-lasting relationship with his clients will be a trustworthy one.

Experienced Enough to Handle your Tax Affairs

When you consider hiring a tax advisor, make sure they are experienced enough to handle your tax affairs. An expert tax advisor will know about tax laws and tax codes in all countries. He will be well versed with the latest tax accounting software in the UK. The tax advisor should also be up-to-date with the newest tax regulations enforced across the country. Thus, it would be prudent to hire someone with an MBA in tax accounting.

Meet Your Professional and Personal Needs

If you are looking for a tax advisor in London that can meet your professional and personal needs, you need to look for someone with strong computer and net banking skills. Also, the tax advisor you hire should have the necessary accounting background and practical experience. A tax accountant in London can handle the whole affairs of your tax accounting or at least keep you informed of any changes in the system. For instance, if a new tax regulation is implemented, you will need a tax accountant in London to tell you of the implications of such law. The tax advisor should be able to provide you with valuable tips and advice on tax planning and filing, as well as options to resolve tax-related issues.

Local Tax Accountant in London

Some smaller business owners will outsource their accounting and tax issues to a local tax accountant in London. This way, they are assured that their taxes are being dealt with properly and their tax liability will not be overlooked. By handing this responsibility over to an accounting firm, small businesses are less likely not to have their tax liability taken care of. In addition, many small businesses cannot hire several professionals to deal with all of their tax issues, so they sometimes prefer outsourcing such matters.

Trustworthy with all the Tax Rules and Regulations

If you plan to hire a tax advisor in London, look for someone familiar and trustworthy with all the tax rules and regulations in all countries. If you are a businessman, you would want a tax accountant in London who knows the ins and outs of countries like England, Canada, the US, the UK, and others. If you are a company owner, you need a tax accountant in London who can handle all your tax accounting issues and data requests. The tax accountant in London should also be adept at handling issues like compliance, audit, collection, and other legal matters about tax matters.

Conclusion

The tax advisor in London should be reliable and trustworthy. Do not compromise on the quality of the service provided by a tax advisor, as tax planning is one of the most important decisions you can make for your business. Find out how long the tax accountant in London has been working as a tax advisor. Ensure that their expertise and credentials are backed by a valid license from a government body like the Chartered Institute of Tax Administration. Also, ensure that the tax advisor in London has the necessary operational experience and background. You may even want to find out about testimonials from clients of the advisor in London.

Advatax Accountant is an online accounting service provider Firm in Southall – UK. We can help you with your payroll and other taxes issues; for more detail, call us at 07985 689912 or get a free quote.

The post How to Choose a Tax Advisor in London? appeared first on Accountants in Southall, Ealing & Uxbridge.

Personal Allowance

This change from £10,600 to £11,000 is one to be celebrated for many. To add to the good news, a rise to £11,500 will come the following tax year. From 6^th April the amount of money an individual can earn before incurring Income Tax (aca the Personal Allowance) will rise to £11,500 in April 2017.

Income Tax Higher Rate Increase

Another small change to look at is the amount of money you earn before having to pay the high rate income tax of 40% increases from £42,385 to£43,000. And by April 2017 it will rise to £45,000.

Tax changes on Savings

Personal Savings Allowance is introduced for the 2016/17 tax year, so those who pay basic rate tax (earning less than £43,000 a year) will not have any tax charged on the first £1000 of savings interest. Higher rates payers are still entitled to the new scheme, but from them the threshold is £500.

Government link extensive explanation

The Chancellor also announced in 2016 Budget the new Lifetime ISAs that allow people under 40 years old to save up to £4,000 annually and receive a 25% on top from the Government.

Life time ISA

ISA limit will also rise to £20,000.

These announcements will go live in April 2017.

VAT Registration Threshold

Not new for 2017 but worth to mention VAT Registration threshold of £83,000 from April 1^st

Business relief from 1^st April 2017:

Small Business Rate Relief from 50% to 100%.

Business with property rateable up to £12,000 will receive 100% relief.

From £15,000 to £12,000 will receive tapered relief.

Increase threshold for the standard business rates multiplier to a rateable value of £51,000. This will reduce business rates for many small businesses.

Business tax road map

Employment Allowance

By claiming the Employment Allowance the employers can reduce their National Insurance Contributions increase to £3,000

More Employment Allowance info Here

National Insurance Contributions

Employees earning more from £155 to £825 a week and under Class 1 National Insurance Category letter A will pay 12% rate.

Contribution rates explained

New Increase in National Living Wage

The Government has increased the minimum wage to £7.20 for over 25’s and on April 2017 will rise to £7.50 per hour.

Minimum Wage rates 

Dividend tax allowance

A new dividend tax allowance will affect all individuals in receipt of dividends. Dividend tax credit rules is replaced with a tax free allowance. This tax changes entitles all individuals to the first £5,000 of income from dividends each year to be tax free. Dividends over £5,000 will be subject to taxation for basic rate taxpayers of 7.5% or 32.5% for higher rate taxpayers.

Tax Dividend extra explained

Tax free childcare scheme

It will be introduced early 2017. Working parents will be able to get up to £2,000 annual per child, in tax relief to help cover childcare costs. It replaces the “childcare vouchers” systems that enable to pay for childcare worth up to £243 a month.

If you are still using “childcare vouchers” systems, you don’t need to move to Tax free childcare. But if you move to new system, you can’t go back again

Childcare things that every parent should know

What to do if you want to be on top of tax advice and news?

To find out more: if you need more help with tax, or any other aspect of your finances, savings, accountancy, contact us to get individual help. Give us a call on 07478 645331 or send us an email to info@ataas.co.uk or if you prefer you can visit our office in Southall, London.

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