Your Local Accountant in
Southsea and Portsmouth

Local Accountancy Solutions for Local People & Local Buisnesses
In business for over 20 years , I offer a personal and cost effective service in all aspects of tax and accounting
and specialist Self Assessment Service

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Just Click to Call Me Now
07989 868448

Tax Returns

Personally prepared and filed for individuals and businesses

Accounts

Sole trader or limited company including corporation returns

Payroll

Small company PAYE including monthly pay slips and auto-enrolment pensions

About

Southsea based
Accountant

I have built up my practice over the last 20 years and now have many clients in the local area. My clients vary from individuals who want a basic tax return to those who run small businesses and want bookkeeping, annual accounts and payroll.

I am able to provide a competent professional service which is personal too. If you have a problem or question, I will always be available to respond to calls or emails without delay.

                
What is most important to you?You want to know your accounts are done and your tax is paid. Knowing that, you can sleep at night.  That’s why your accountant is just as important as your lawyer or your doctor.

Just a phone call away I offer a personalised service, no receptionists, no third parties so when you need to speak to me - you speak to me! 

ExpertiseTax can be eye wateringly complex.  I am a sole practitioner and have a good working knowledge of most taxes – like a financial GP. If I can’t answer your question, I will tell you and I’ll do my best to find out. If it’s too complex for me, I will also tell you – everyone should know their limits of expertise. 

Local to you...As local Accountant we know the area well and work with many local businesses, It helps that we are on your doorstep..

Fees

£175

Basic Tax Returns from...

£1000

Small Company Accounts including your personal Tax Return

Tax Tips

Business Expenses

Motor

….. Few businesses have company cars due to very high tax charges. Use the HMRC approved mileage rates system – that’s 45p per mile for the first 10,000 miles, 25p permille thereafter.

Travel

… You can’t claim for travel to work where this is a regular office or workshop

Subsistence

... If you’re ‘ travelling on business ‘ you can claim subsistence. Easiest to use the HMRC flat rate of £5 per day – no recording of bills.

Working from home

... HMRC has fixed flat rates that cover your business energy costs. You can only claim for the space you work in.

Insurance

... If you work for a contractor you may be covered under their insurance – check with them. If not , you need public liability or professional indemnity insurance. Google ‘ business insurance ‘ …. It’s easy to arrange.

Staff

... Are they employees or subbies ? If it walks like a duck, quacks like a duck …. You get the point. HMRC now has an ‘ employment indicator ‘ tool online. It’s up to a company to insist on employment status if required.

Working clothes

... Not much is allowable. Hard hats, high viz jackets, steel toe boots are fine …. But not great in the office. Anything you would wear ‘ on the street ‘ is generally not allowable.

Mobile

... If you run a company get company mobile contracts. All costs are then 100% deductible as long as private usage is not significant.

Tax Basics

Tax dates

… The tax year runs to 5th April. So the 2017/18 tax year ends 05/04/18. HMRC estimates your tax payable based on the previous year. For 2017/18 they expect you to pay half by 31/01/18 and half by 31/07/18. Any balance is due by 31/01/19 latest.

Tax types

…. The basic tax types are income tax, VAT, Capital gains tax, Corporation tax (companies only) , Inheritance tax. The government recently set up a unit called ‘ Office for tax simplification ‘ . This is a somewhat hopeless attempt to make tax more straight-forward. The truth is that it becomes ever more complicated as politicians cannot resist the temptation to make taxes ‘ fairer

PAYE

… Known as ‘ pay as you earn ‘ . Applies to employees who suffer income tax and national insurance on a monthly basis. Employers also pay employer national insurance which stands at 13.8% of gross pay and is known as a payroll tax.

Capital gains tax (CGT)

… . This is payable when you make a profit on personal possessions (only if the price is over £6000), property (not your home), shares (not ISAs) and business assets. Residential property gains are now taxed at 18% for basic rate taxpayers and 28% for higher rate taxpayers. Other assets are only taxed at 10% and 20% respectively. You receive an annual exemption of £11,300.

Inheritance tax

… If you die with an estate worth over £325,000 ,your estate pays 40% on the excess. If you leave everything to your spouse, then there is no tax and your £325,000 allowance passes to your spouse. There are now additional reliefs for the ‘ family home ‘ . Currently an additional £75,000 is exempt but this is set to rise to £150,000. .

Corporation tax

… Paid by companies only. The current UK rate is 19% and this is set to fall over coming years. Companies can only pay dividends out of ‘ post tax ‘ profits. The German corporation tax rate is almost 30% and the Irish rate is only 12.5%.

GDP

… Tax as % of Gross Domestic Product (GDP) - 2015 figures. UK 34.4%. Norway 54.8%. USA 26%. This is the percentage of total national revenue that the government spends.

Tax Rates

… Historic rates of tax. In Pre 1900 UK, USA, France and Sweden all had national tax rates less than 10%. Sweden and France now approach 50% - UK is 35% and US 26%. These rates seem to consistently rise as countries become increasingly socialist.

Testimonials

Mike has always helped me with my accounts and is patient when things need explaining. I would highly recommend Southsea Fianancial to all local SMEs - Thanks Mike

Steve / Director / Pan Sapience Ltd

Thank you for your assistance here you've made everything a breeze, very much appreciated!

Alex Bishop / Director / Local Business