Welcome to TPP Accountants
Accounting - Tax - Business - Payroll - Bookkeeping - Property Rental Accounts
TPP Accountants is a firm of Chartered Certified Accountants established in 2013 in Bromborough, Wirral. Today we continue to provide a proactive and friendly service to a rapidly growing number of clients. We understand the needs and obligations of the small business owner and see ourselves as not just accountants but a complete business support team.
0151 346 2020
Thursby House, Croft Business Park, Bromborough, Wirral, CH62 3PW
Let Property Campaign
The Let Property Campaign is an opportunity for landlords who owe tax through letting out residential property, in the UK or abroad, to get up to date with their tax affairs in a simple way and take advantage of the best possible terms. If you’re a landlord and you have undisclosed income, you must tell HMRC about any unpaid tax now. You’ll then have 90 days to work out and pay what you owe.
The Let Property Campaign is an opportunity open to all residential property landlords with undisclosed taxes. This includes:
Those that have multiple properties;
Landlords with single rentals;
Specialist landlords with student or workforce rentals;
Renting out a room in your main home for more than the Rent a Room scheme threshold;
Those who live abroad or intend to live abroad for more than 6 months and rent out a property in the UK, as you may still be liable to UK taxes.
We can work out how much tax you owe, the penalties/interest chargeable and complete/submit the relevant HMRC disclosure form.
Over the years we have grown from a
small family business to one of the leading
independent accountants firms in Wirral.
Clients can log in to their Iris Openspace
account and Iris Kashflow account via the
client zone page. Making Tax Digital.
Annual and management accounts,
company and personal tax, bookkeeping,
property rental accounts and payroll.
We now offer 100% online accounting,
tax, property rental accounts, business,
payroll and bookkeeping services.
"We learnt more from TPP Accountants in
the first three weeks than we had learnt from
our previous Accountants in three years."
Call us on 0151 346 2020, email us, book a
free initial meeting/tax review or request a
no-obligation online quote.
Making Tax Digital
Making Tax Digital (MTD) is the most fundamental change to the administration of the tax system for at least 20 years.
The essential elements for businesses and organisations are:
Paper records will no longer be sufficient: It will become mandatory for almost all businesses and organisations (self-employed, partnerships; limited companies and others) to use software or a spreadsheet to keep accounting records. Paper accounting records will cease to meet the requirements of tax law.
Returns and quarterly reporting: There will be a requirement to submit VAT returns and income tax updates (quarterly and annual) to HMRC, directly from software.
Non-VAT registered businesses
When does it start?
VAT: MTD for VAT starts in April 2019. You are not currently VAT registered; MTD for VAT will be relevant to you only if you become VAT registered.
Income Tax (self-employed, partnerships, trusts and landlords who compete self assessment tax returns): MTD is expected to become mandatory for income tax reporting, but not before 2020. Pilots of MTD for income tax have started.
Corporation Tax (limited companies): The timings for MTD for corporation tax have yet to be confirmed but it will not become mandatory before April 2020.
When does it start?
VAT: As your business is registered for VAT and your turnover is above the VAT threshold you will be required to keep digital accounting records and to file your VAT returns using MTD compliant software from April 2019 (the first VAT period starting on or after 1 April 2019). The current online VAT return will no longer be available.
Voluntary VAT-registered businesses
When does it start?
VAT: Although your business is registered for VAT your turnover is currently below the VAT threshold and as it stands you will not be required to keep digital accounting records or to file your VAT returns using MTD compliant software until 2020 or later. However, you do need to monitor your annual turnover each month, as if it increases to above £85,000 you will be required to comply with MTD for VAT rules.
"We instructed TPP Accountants having lost faith in our previous accountants. They immediately struck us as being interested in the nature of our business and had actually carried out research into the various ways they could help us. We learnt more from TPP in the first three weeks than we had learnt from our previous Accountants in three years."
Hilary Roberts - Wirral Riding Centre
Sole Trader vs Limited Company...which is right for your business?
Lets look at some comparisons to help you decide.
As a sole trader you are personally liable for any debt of the business.
Sole traders pay tax on their business profits via a self-assessment tax return.
The deadline for filing online self-assessment returns to HMRC is
31 January after the end of the tax year. The personal allowance for the
tax year 2018/19 is £11,850.
The Basic rate of 20% is paid on income from £11,851 up to £46,350, the Higher rate of 40% is paid on income between £46,351 and £150,000 and the
additional rate of 45% is paid on income over £150,000.
Losses can be offset against other income in the same year, carried back
and offset against previous year's profits or carried forward and
offset against future profits.
National Insurance (NI)
A sole trader pays Class 2 NI contributions and Class 4 NI contributions of 9% on
profits in excess of £8,424 (2018/19).
Accounts and Tax Returns
Sole Traders and Partners are not legally required to file annual accounts.
They must, however, keep records of income and expenses for the
purpose of completing their tax returns.
A limited company is a separate legal entity, so as a shareholder your personal
liability is limited to your shareholding.
A director of a company may take a salary from a limited company and this is
taxed at source under the Pay As You Earn tax system (PAYE).
Unless they have absolutely no pay or benefits then a director MUST
file a tax return. This is regardless of whether tax is owed or not.
A limited company pays corporation tax on its profits which is charged
at 19% from 1 April 2018 and is payable 9 months and 1 day
after the accounting period end. A company tax return must be
filed 12 months after the accounting period end.
The dividend allowance (the value of dividends that shareholder can receive
tax free) currently stands at £2,000. For dividends above the dividend
allowance the following tax rates apply: 7.5% at the Basic rate, 32.5% at the
Higher rate and 38.1% at the Additional rate.
Losses can be carried forward and offset against future profits or carried back
and offset against the previous year's profits.
National Insurance (NI)
Class 1 National Insurance may be payable on directors' salaries and bonuses
depending on the level of income. Employers National Insurance at
13.8% may also be paid on directors' salaries and bonuses.
Accounts and Tax Returns
Please see below for more details of the legal requirements of a limited company.
"We chose TPP Accountants because of their approach to client relationship building and also their progressive use of technologies to aid us in developing and producing our accounts efficiently and without the worry which we had experienced with previous firms. We found Terry and his team to be extremely proactive - actively providing ideas and suggestions to improve our accounts preparation and most importantly our cash flow management. "
Ian Jamieson, Director - West Coast Ventures Limited
Thinking of setting up a Limited Company? Here's a brief outline of what is involved...
The following information must be provided to Companies House:
Memorandum of Association - limited company name, location, business type.
Director's names, addresses and registered limited company address.
The limited company must be said to comply with the terms and conditions
of the Companies Act.
Articles of Association - director's powers, shareholders right etc.
A director of a limited company has certain legal responsibilities, including:
Your newly set up limited company must be registered at Companies House.
Annual accounts and confirmation statements must be filed with Companies
House every year.
Statutory accounts must be filed with HMRC every year.
A Corporation tax return must be completed each year and filed with HMRC.
We can form your limited company and complete all necessary legal requirements, leaving you to get on with running your business.
Have a company name in mind? Click on the link below to see if it is available.
Latest Tax News
HMRC reveals 700,000 couples are 'missing out' on Marriage Allowance
HMRC has estimated that around 700,000 couples are 'missing out' on the Marriage Allowance, which could save them up to £238 in tax.
Introduced in April 2015, the Marriage Allowance enables spouses to transfer a fixed amount of their personal allowance (PA) to their partner. The option is available to couples where neither pays tax at the higher or additional rate. If eligible, one partner will be able to transfer 10% of their PA to the other partner (£1,190 for the 2018/19 tax year).
For those couples where one person does not use all of their PA, the benefit will be up to £238 (20% of £1,190).
UK small businesses spending more on tax and employment obligations
UK small businesses are spending 15% more on tax and employment obligations when compared to 2011, according to new research.
The Impact of Government Policy Index (IGPI), which was compiled jointly by the Federation of Small Businesses (FSB) and the Centre for Economics and Business Research (CEBR), found that the average UK small business spends £480,788 on complying with government policies, including business rates, auto-enrolment and Insurance Premium Tax (IPT).
The IGPI also revealed that small firms lose an average of £5,000 per year to tax administration and paperwork.
'Come the beginning of April, small firms will not only have Brexit Day to worry about, but also Making Tax Digital (MTD), a higher living wage, rising employer auto-enrolment contributions and further business rate hikes,' said Mike Cherry, National Chairman of the FSB.
'The competition to attract entrepreneurs to the UK is more intense than ever. With Brexit on the horizon, it's critical that the government at all levels does its utmost to help, rather than hinder, the UK small business owners who are being tempted to other shores.'
Experts call for introduction of 'pudding tax' to combat sugar consumption
Public health experts have called for the government to introduce a so-called 'pudding tax' in order to help tackle high rates of sugar consumption amongst children.
The calls for the introduction of a pudding tax come following the recent publication of research which suggested that the average child consumes 18 years' worth of sugar by the time they reach the age of ten.
The tax would cover such foods as biscuits, sweets and cakes, and would aim to encourage manufacturers to reduce the sugar content in their products.
Confidence amongst small businesses 'falls to seven-year low'
Confidence amongst UK small businesses has 'fallen to its lowest point since 2011', the quarterly Small Business Index (SBI) published by the Federation of Small Businesses (FSB) has revealed.
The SBI currently stands at -9.9 – which, according to the FSB, reflects a 'level of pessimism not seen since the aftermath of the financial crash'.
The FSB also found that 43% of firms expect their performance to worsen over the coming months. A further 67% of businesses do not expect to increase capital investment in the next three months, according to the SBI.
Clients late payment of invoices leads to demise of many small and medium sized businesses
A new report published by the Business, Energy and Industrial Strategy (BEIS) Committee has highlighted how 'bad payment practices' have led to the 'failure' of many small and medium-sized enterprises (SMEs).
The government's Prompt Payment Code, which was created to address poor payment practices, has 'too often' been 'ineffective', according to the Committee.
A 'statutory requirement' for companies to pay within 30 days should be introduced, the Committee stated. It also recommends giving the Small Business Commissioner the power to fine large businesses who pay their suppliers late.
Commenting on the report, Mike Cherry, National Chairman of the Federation of Small Businesses (FSB), said: 'Eliminating the scourge of late payments would see 50,000 businesses saved each year, [and] add £2.5 billion to GDP, which would be a real boost to UK productivity.
'The government must respond to this report with tough action on late payments, supporting smaller businesses to further develop their leadership and management capability, and to improve the adoption of basic digital technologies that small businesses need to grow and become more productive.'
Capital Gains Tax on UK Property Sales
A capital gain by UK resident individuals on UK property sales is reportable through the self-assessment tax return regime. This means that, if an individual disposes of a property between say 6 April 2018 and 5 April 2019, it will be notified on his or her 2018/19 tax return, which will need to be submitted by 31 January 2020. The corresponding Capital Gains Tax (CGT) is payable on the same day.
Landlords Finance Cost Relief
Landlords will no longer be able to deduct all of their finance costs from their property income to arrive at their property profits. They will instead receive a basic rate reduction from their income tax liability for their finance costs.
Landlords will be able to obtain relief as follows:
in 2017 to 2018 the deduction from property income (as is currently allowed) will be restricted to 75% of finance costs, with the remaining 25% being available as a basic rate tax reduction
in 2018 to 2019, 50% finance costs deduction and 50% given as a basic rate tax reduction
in 2019 to 2020, 25% finance costs deduction and 75% given as a basic rate tax reduction
from 2020 to 2021 all financing costs incurred by a landlord will be given as a basic rate tax reduction.
Fee Protection Insurance
Our Tax Investigations Service is fully backed by an Insurance Policy, which we have taken out with Abbey Tax. The service offers
Fee Protection of up to £75,000 in the event of:
Full and Aspect Enquiries into:
Corporation Tax Returns;
Partnership Tax Returns;
Sole Trader Tax Returns;
Personal Tax Returns.
Employer Compliance (PAYE, P11D and NIC);
"TPP Accountants have been our accountants since we started trading 5 years ago. Exceptional service and nothing is too much trouble with a very prompt response to any questions. Highly recommended."