PAYROLL / CIS
One of the primary responsibilities of the employer is to make wages payments on time. The employer is OBLIGED to account for the proper charge and discharge of taxes and insurance premiums, the issuing of P60, P45.
All you need to do is call us or send us mail, with the income earned by the employee, and we will send you payslips together with a summary explaining how much tax must be paid to the tax office.
When the employee leaves the job, we will produce P45 and P60 for the ending fiscal year.
According to the rules of the CIS (Construction Industry Scheme) contractors are required to pay tax for subcontractors (sub-contractors) at 20% or 30 rate.
As a “contractor”, you are required to submit monthly reports to the 19th day of each month. Even if you are one day late, HM Revenue & Customs will charge you the penalty of £ 100.
Our fees are very competitive and depend on the number of employees and payout frequency (weekly / monthly); £ 25 per month (for 4 people).
- registration and deregistration of employees;
- calculation of salaries and issuing payslips;
- calculation of sick pay, maternity, student loans, etc.;
- sending PAYE / CIS reports to the tax office
Our services are selected individually to the needs of the company, on the basis of information provided by our client and individual arrangements.
The choice of service is determined by what will be most beneficial for your business.
Bookkeeping for self-employed
Any person registered as self-employed is required to complete their Self Assessment by 31 January of each year for the tax period from 6 to April 5.
- tax advice
Our prices are very competitive and start from £ 70.00 for the Self assessment tax return.
In the construction sector (CIS) subcontractors receive a net salary, which is the amount after deduction of tax by the contractor of 20% (30% if the person working has not been verified by the tax office). Each subcontractor working in CIS system should receive from his employer, a confirmation of income and the amount of the tax paid to HMRC.
Please note! If you work as a subcontractor on a construction site, you have a good chance of a tax refund!
LTD Tax Return not only involves careful study of revenues and expenditures, but also a thorough analysis of;
- the balance sheet,
- the company’s debt,
- value of inventory,
- assets and liabilities.
LTD Company has the responsibility to submit financial reports in (Companies House). Such reports must be prepared in the suitable format and according to the law.
Benefits of becoming LTD:
- If the company goes bankrupt, there is less danger of losing their wealth or family, than a one-person company. Personal wealth and assets are not at risk.
Businesses with the turnover not exceeding 5.6 million pounds do not need an audit.
- Directors who are shareholders of the company may lower taxes and labour by selecting a ” low salaries and high dividend payout.”.
- Limited liability company may be easier to sell rather than individual business.
- Limited liability companies are often more recognizable in the market than other businesses.
- LTD company at a profit below £ 300,000 are taxed at the rate of only 21% (20% from April 2011) as compared to the basic rate of tax for self-employed of 20% or higher 40%, 50% and 9% (from April 2011 ) social security tax (Self Employed National Insurance Contribution).
At The CHATAX Services Ltd we complete VAT returns on behalf of our clients for a low cost monthly fee from as little as £50. We send out regular reminders to ensure that our clients are never late with their returns.
We offer assistance with the paperwork associated with the VAT registration procedure.
Accounting for VAT is made quarterly.
Each VAT registered individual is obliged to issue invoices detailing the number, date of issue, VAT registration number, description of services, the amount of VAT on the service, giving the net and gross amount.
We advise our clients whether it is beneficial for him to register for VAT
We advise our clients whether it is beneficial for him to register for VAT and whether it is necessary in case the client’s turnover doesn’t exceed the threshold of £ 85.000*
* Gross in the last 12 months.
* Under current law, the owner of a company whose turnover during the year exceeds £85.000, is required to register as a VAT payer.
The client needs to provide information on their income and expenditure, (check books, receipts and book extracts from the account), and we calculate how much VAT is due and how much you can recover.
You will need to submit a self-assessment tax return to HMRC giving details of your rental income, even if you do not make a profit.
You can claim for a number of allowable expenses such as accountants, letting agency fees and mortgage interest payments.
Seek advice from our letting accountant to ensure you claim all your allowances.
Chatax Services Ltd has launched a fixed fee landlord accounting service designed for residential landlords starting at just £150 for landlords with one property.
Landlords with two properties can take advantage of our comprehensive accountancy service starting at £250.
This includes the preparation of rental accounts and the related Self Assessment Tax Return.
For landlords with three or more properties we will provide you with a fixed fee quote.
Please note that we do not charge VAT on top of our fees.
REQUEST A FREE CONSULTATION
Fill out the form below to recieve a free and confidential intial consultation.
Tel: 020 8422 4499
Mob: 079 8327 1437
49 Oldfields Circus,
Northolt, London UB5 4RR
Monday & Thursday: 10:30 – 16:30
Tuesday, Wednesday, Friday: 10:30 – 18:30
Saturday: 10:00 – 15:00