Tax Wired
Accounting and bookkeeping services in the UK

Payroll Year-End: Key Dates You Need to Know!
Payroll year-end is approaching! Here are the important deadlines to keep in mind:
🔹 5 April – Tax year 2024/25 ends
🔹 6 April – New tax year 2025/26 begins
🔹 19 April – Final payroll submission deadline
🔹 22 April – Month 12 PAYE & online payment submission deadline
🔹 31 May – By this date employees must receive their P60s
🔹 6 July – deadline to submit your P11D and P11D(b) forms
🔹 22 July – Class 1A NIC payment deadline (note that 19 July is the deadline if you are not using digital systems)
Avoid penalties by staying ahead of these key dates! Set reminders and update your payroll records in time.
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Are you in the early stages of running your own business?
I know how overwhelming it can be to juggle paperwork, taxes, and finances while trying to grow your business – but don’t worry, I’ve got your back!
I’m Brigitta, an AAT-licensed accountant specialising in helping new business owners like you navigate the financial side of things with ease. From setting up your company structure to managing your accounts, I’ll ensure your business gets off to the best possible start. ✅
What I Offer:
💬 Friendly, straightforward service – no confusing jargon!
💰 Clear, transparent pricing – no hidden surprises.
📈 Expert advice tailored to your business goals.
Whether you need help with your first corporation tax return, self-assessment, VAT, payroll, or simply understanding your financial options, I’m here to guide you every step of the way! 🤝
📩 Let’s chat about your new business and how I can help you grow it successfully! Drop me a message or comment below!

The deadline for your 2023/24 Tax Return and payment is tomorrow at midnight.
This is your final opportunity to submit your tax return and make your payment to HMRC without facing any penalties.
Payment options:
1️⃣ Online Banking: Simply log in to your online banking and make a direct payment to HMRC using their account details (as shown in the image).
2️⃣ Debit/Credit Card: Head to the HMRC website and pay securely using your preferred card.
Remember, submitting your tax return and making your payment on time will help you avoid penalties and give you peace of mind. Don’t wait any longer!
#2023/24

Exciting News!
I'm hosting a special FREE training session just for you: Self-Employed Pro: A complete guide
📅 Date: 29 Nov 2024
🕒 Time: 10:00 - 11:00
📍 Location: Online Event
Join us for a dynamic learning experience where we'll equip you with the tools and knowledge to thrive in the world of self-employment. From practical tips to expert advice.
We will cover the following topics:
🍀Introduction to Self-employment
🍀Registering as a self-employed
🍀Record Keeping
🍀Invoicing
🍀Allowable expenses
🍀Benefits of using an accounting software
🍀Key dates and deadlines
🍀Penalties
🍀Filing your tax return
🍀Tax and National Insurance
🍀Payment on account
Grab your spot now on Eventbrite:
https://www.eventbrite.co.uk/e/1092186141149?aff=oddtdtcreator
Self-Employed Pro: All you need to know about Registration, Records keeping Learn all the essentials of being self-employed, from registration to taxes, in one convenient online event!
Don’t miss the Self-Assessment deadline for the 2023/24 tax year!
If you haven't filed your tax return yet, now is the time. Get it done before Christmas! 🎄
Book your free consultation with us today and ensure everything is filed correctly.
👇
🔗 https://meetings-eu1.hubspot.com/brigitta-bors-feher
07728 299804
[email protected]
www.taxwired.co.uk

Chancellor Rachel Reeves unveiled the Autumn Budget on Wednesday. 🍂
Here are my key takeaways for small businesses:
🍂 Employer's National Insurance (Class 1 NI) will be increased to 15% and the threshold reduced to £5,000 from 6th April 2025
🍂 Employment Allowance, which reduces National Insurance for eligible employers, will be increased to £10,500 from 6th April 2025
🍂 Corporation Tax rate cap maintained at 25% and the small profits rate will also be maintained at 19%
🍂 National Living Wage will be increased to £12.21 per hour from April 2025
🍂 National Minimum Wage for 18 to 20 years olds will also rise from £8.60 to £10 an hour
🍂 From 30th October 2024 the lower rate of Capital Gains Tax (CGT) is increasing from 10% to 18% and the higher rate from 20% to 24%.
🍂 Business rates relief for retail, hospitality and leisure businesses in England will be reduced from 75% to 40% from 6th April 2025
🍂 Fuel duty will remain frozen for another year
These changes will impact small businesses in various ways—from increased wage costs to new rates for National Insurance and Capital Gains Tax.
What are your thoughts? How do you think these measures will affect your business plans? Let’s discuss! 👇

Don’t wait until the last minute!🗓️
Submitting your tax return before the deadline has countless benefits. Here is why you should get it done now:
🍀Avoid Last-Minute Stress: Get peace of mind knowing your tax return is submitted on time.
🍀Plan Ahead: Understand your tax liabilities early and plan your finances better.
🍀Potential Refunds: If you’re due a refund, you’ll get it sooner!
🍀Avoid Penalties: Ensure you’re not hit with late submission fines or interest.
🍀Professional Help: More time means we can focus on maximizing your deductions and savings.
The deadline might seem far away, but time flies! Contact me today to get your tax return done professionally and stress-free.
📞 Contact: +44 (0) 7728299804
🌐 Website: www.taxwired.co.uk
✉️ Email: [email protected]

Do you need to do a Self Assessment tax return?
You might need to if you:
✅ Have earned more than £1,000 through a side-hustle.
✅ Are newly self-employed.
✅ Rent out a property.
✅ Use cryptoassets.
The deadline for registering is 5 October 2024.
Check if you need to register 🔗⬇️
https://www.gov.uk/check-if-you-need-tax-return?&utm_source=f.co_hmrcgovuk&utm_medium=social&utm_campaign=self_assessment_

Procrastination Alert!
Myth: You can wait until the end of the year to handle your taxes.
Truth Bomb: You can’t!
It’s not just about staying compliant—it’s about being smart with your money.
Planning ahead means:
- You make better business decisions
- Know where your money is going
- Spot opportunities for savings
Have questions or need a hand? Let's chat! Drop a 👋 in the comments, and I’ll message you.
Don’t forget to like this post if you found it helpful!

Spreadsheet vs Accounting Software: Pros & Cons! 🤔
Choosing the right tool to manage your business finances is key. Let’s weigh the pros and cons of using spreadsheets vs. accounting software to help you decide:
Spreadsheets
Pros:
✅ Familiar & easy to start
✅ Fully customizable
✅ No extra costs
Cons:
❌ Time-consuming manual entry
❌ Prone to errors 🙈
❌ No automation or reminders
❌ Limited reporting options
Accounting Software
Pros:
✅ Automates data entry
✅ Real-time insights & reports 📈
✅ Syncs with bank accounts
✅ Tax-ready, with less room for error
Cons:
❌ Subscription costs
❌ Learning curve to get started
Ultimately, spreadsheets may be fine for simple tasks, but accounting software is designed to streamline your finances and save you time.

Why is it important to file your accounts on time?
Late filing could affect your credit score and access to finance, it can affect how others view your company and whether they want to do business with you. There are also financial and legal consequences.
Read our blog about 'When and how to file your annual accounts with Companies House' ⬇️ https://companieshouse.blog.gov.uk/2021/09/07/when-and-how-to-file-your-annual-accounts-with-companies-house/

Hate doing taxes but need to file your return? Let us take that weight off your shoulders while you focus on what matters. We ensure you’ll pay exactly what you owe. No more, no less.
’veGotYouCovered

Reminder: We're just 3 weeks away from the deadline to pay the second Payment on Account to HMRC!
⏰ Deadline: 31st July
For those who are self-employed, if your tax bill was higher than £1,000 in the 2022/23 tax year, you’re required to make a Payment on Account. These payments are designed to help spread the cost of your tax bill over the year, with the first payment due on 31 January and the second on 31 July. Each payment is 50% of your previous year’s tax bill.
It’s crucial to ensure your finances are in order and that you’re prepared to meet this deadline. Proper planning can prevent any last-minute stress and avoid potential penalties.
💼 Need help with your tax return for the 2023/24 tax year? Or unsure about the Payment on Account process? We're here to assist you every step of the way!
Feel free to drop me a message to book a free consultation. Let's get your tax return sorted.
Contact details:
Tel.: 07728 299804
Email: [email protected]
www.taxwired.co.uk

Struggling to pay your Self Assessment tax bill?
You might want to SAVE this for later!
You can set up a Time to Pay arrangement with HMRC to spread the cost over manageable monthly installments.
If you owe less than £30,000, you can apply online through your Government Gateway accountif you:
➡️ have filed your latest tax return
➡️ owe £30,000 or less
➡️ are within 60 days of the payment deadline
➡️ do not have any other payment plans or debts with HMRC
If you cannot set up a payment plan online
You’ll need to contact HMRC on 0300 200 3820.
They will ask you:
👉 if you can pay in full
👉 how much you can repay each month
👉 if there are other taxes you need to pay
👉 how much money you earn
👉 how much you usually spend each month
👉 what savings or investments you have
If you have savings or assets, HMRC will expect you to use these to reduce your debt as much as possible.
To set up a payment plan you’ll need:
👉 your UTR number
👉 your UK bank account details
👉 details of any previous payments you’ve missed
Make sure your tax returns are up to date.
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Assets are crucial for any business.
There are two main category of assets: tangible and intangible.
👉Tangible assets include physical items like equipment and property.
👉Intangible assets are non-physical items like goodwill and intellectual property.
Both types of assets play a vital role in a company's financial health and long-term success. Keeping accurate records of your assets helps in managing them effectively and ensures your business remains financially sound.
Want to learn more about your business? Follow us for more useful tips.
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