HMRC Personal Tax Account

HMRC has taken the first step towards an automated tax assessment system by launchings its new Personal Tax Account

HMRC Personal Tax Account

It allows you to view your personal information, access HMRC’s tax forms and to estimate your PAYE bill; more functions will be added in the New Year.

HMRC New Website 2015

HMRC launched a test version in July of this year and it will soon be available to everyone who is taxed under the PAYE system.

Currently, it only allows you to:

  • View your personal details – name, NI number and address
  • Use HMRC’s Tax estimate Service, which tells you how much tax you’ll pay through PAYE, and to check the information your estimate is based upon
  • Use links to income tax related forms at GOV.UK

Keep an eye on the developments through the HMRC site and of course, our blogs. By following us om Twitter @OmnitasTax or liking our Facebook page, you will always be kept up to date with the latest tax and accountancy news!

HMRC Personal Tax Account

If you would like any advice regarding your tax affairs or would like to speak with us about our competitive accountancy services, call 01902 837 408 or click here and we will get back to you as soon as possible.

HMRC denies new business VAT refunds

HMRC denies new business VAT refundsHMRC has changed its interpretation of a key VAT rule – newly registered businesses are now being denied VAT refunds.

HMRC hasn’t publicly announced this change in practice, so tax advisers and taxpayers have been potentially over-claiming input VAT on new VAT registrations.

What’s changed?

When an established business registers for VAT, it may already hold some stock and assets which will be used after the registration date in connection with its ‘VATable’ sales.

For over 40 years, traders have been able to reclaim all the input VAT paid on those goods on their first VAT return, as long as the following conditions were met:

  • Goods were acquired in the four years before the date of registration
  • Items were still held at the date of registration

However, if you ring the VAT helpline you may now be told that you are unable to reclaim all of the input VAT paid on those goods.

HMRC says the input VAT should be reduced to take into account the use that has been made of the goods before the VAT registration date. There has been no change in practice for VAT reclaims on services, which must be provided in the six months before registration.

HMRC denies new business VAT refunds

If you would like to find out more information, or would like general business accounting advice, give Omni Chartered Accountants a call today! Our number is 01902 837408 or of you can request a free of charge call-back from our website!

Why Budget Tempers Optimism

Confidence among small businesses is cooling, according to the latest Federation of Small Business Index that was published in September.

Why Budget Tempers Optimism

While confidence levels remain firmly in positive territory, SMEs appear more cautious about their prospects than in recent quarters.

After an initial boost given by the clear outcome of the General Election, these results reflect the impact of recent changes announced at the Summer Budget, notably increased taxes on dividends and steep rises in the national living wage.

The number of businesses expecting to grow has also cooled but remains positive, with almost 6 in 10 small businesses (58.7%) anticipating expansion in the next 12 months.

Why Budget Tempers Optimism

How are you feeling about the future? If you need help or advice to ensure your business is as tax efficient that it can be, Omni Chartered Accountants can help!

Request a free of charge call back from our website or click here and we will get straight back to you!

How to avoid cashflow problems


Here are two startling statistics of start-up businesses:

  • One in four businesses don’t make it through the first year
  • More than half don’t survive past the fifth year of trading

There can many reasons for this, but one of the main reasons for this is down to cashflow – without it, a business simply cannot stay afloat. Below are some of the most common cashflow problems and some advice on preventing them from occurring in the first place.

Keeping accurate company records

Lots of new business owners put off bookkeeping duties as they are so busy with the huge workload that can be involved with setting up a new company.

The longer the books are neglected, the worse the problems will get; records and forecasts are pivotal to you knowing what is happening in your business.

It’s also important to ensure that you keep a proper record of what customers have and haven’t paid you to avoid significant sums of money that may owed to you getting overlooked. An effective accounting system is vital to manage your cashflow.

If you don’t have the time to do this yourself, an accountancy practice or bookkeeper will be able to do this for you.

How to manage company debts

Slow payers or bad debt is money that is owed but not paid.

This can be crippling for any new company but is usually preventable if a proper credit control system is put into place early on. If you discover that a customer has a poor credit record but you still want to take them on as a client, ask them for an upfront deposit or issue partial invoices so they can pay as portions of the work are completed. In other words, understand your customers and manage the risk.

A customer at any cost?

Calculate very carefully if want to offer credit terms – does your business model support it? If it doesn’t work early on don’t do it; you can always introduce credit terms as and when the business can afford it.

If you are currently in this situation then re-negotiate terms with your customers and/or suppliers or consider factoring the debt.

No cashflow forecast

A cashflow forecast is vital for any new business and is something that a qualified accountant can put together for you. This will allow you to forecast the months you can expect to see a cash deficit and the months when you may experience a surplus.

It will allow you to plan ahead as well, as give you a pretty good idea of how much cash your business is going to need over the next 12 months in order to survive. It is a good idea to keep the forecast on a rolling 12 month basis.

Free of charge accounting advice from Chartered Accountants

Omni Chartered Accountants offer totally free of charge advice for any business – new or otherwise – that may be experiencing difficulties. We are also here if you or would like to find out more about our cost-effective solutions that are designed to help your company run smoothly.

How to avoid cashflow problems

Call us now on 01902 837 408 or request a free of charge call back from our website today!

Do I need an accountant?

Do I need an accountant?You might think that a start-up or small business isn’t big enough to warrant an accountant.

But unless you’re an expert in tax and finance – or in short, an accountant yourself – this simply isn’t the case. An accountant provides your business with a great deal of essential support.

If you are just starting a business, your accountant will take the form of another business adviser. They will be able to give advice on your business plan and the tax issues of registering a new business.

Some accountants offer book-keeping services, but if they don’t or if you wish to handle this yourself, you can get help with setting up manual or computerised book-keeping systems. And most importantly, you need an accountant to assist on things like whether it is necessary to register for VAT or PAYE and the procedures involved.

As your business grows

An accountant isn’t just there to help you manage your money. Whether you are starting up or a growing business, they can advise you on the best way to arrange additional finance without putting your business at risk.

Once you have the finance in place there needs to be some control to ensure growth of your business is handled in the right way. Many of your concerns will be financial – adequate working capital, good stock control, invoicing and so on – an experienced accountant’s advice will be invaluable in such matters.

Do I need an accountant?

And can you honestly say that you are on top of all the essential business tax issues? Well probably not – but that’s an accountant’s job. Taxation is a large business expense and an accountant can effectively minimise these costs.

Finding a competitive professional chartered accountant

Omni Chartered Accountants, Wolverhampton, offer a highly competitive and professional service to clients across the UK. We pride ourselves in giving advice on a one-to-one basis and we are very happy to provide you with a free initial consultation – you can request a free of charge call back from our website or call 01902 837 408 – alternatively, click here to contact us online and we will come straight back to you!

Top 5 bookkeeping tips

Top 5 bookkeeping tipsWe are often contacted by businesses that are in need of assistance with a bookkeeping clean up.

If you have found yourself in the middle of a bookkeeping nightmare take these five simple steps to clean up your mess.

1.  Get serious about bookkeeping

The first step is to identify that you have a business bookkeeping mess and that you are willing to do whatever it takes to get things cleaned up and caught up.

Nothing is more frustrating than working with someone that clearly is not serious about getting the job done.

2.   Get help from a bookkeeping professional

It is important to work with a bookkeeper or bookkeeping service that actually knows what they are doing.

It is always a good idea to check your business network to see who your colleagues use for their bookkeeping needs.

3. Bookkeeping software

If you are using recognised software you might consider contacting a specialist in that particular product, although most professionals will be familiar and used to working with the main products on the market.

4.  Follow Your Bookkeeper’s instructions

When you bookkeeper asks for something you should provide it or ask for help so you understand where it is or why it is needed.

Having your statements available online is probably the best thing you can do.  Make sure you have access to ALL your statements including bank accounts, credit cards, credit/debit balance and payroll reports.

5.  Stay on top of your bookkeeping

Once you have found an individual or business bookkeeping service to clean up the mess it is important to stay on top of your bookkeeping.

You don’t want to spend all your efforts on cleaning up your bookkeeping system if you don’t intend to maintain your bookkeeping on an ongoing basis.

If you would like help from the professionals with your bookkeeping, Omni Chartered Accountants are here to help – we can offer free advice and guidance and competitive rates to deal with your needs!

Call us on 01902 837 408 or you can request a free of charge call-back from our website – alternatively, click here to view our pricing structure.

Are keeping books and records a benefit or hindrance to your business?

Are keeping books and records a benefit or hindrance to your business?Are you confident and happy with your bookkeeping and records?

Do you see them as a hindrance or a benefit?

At Omni Chartered Accountants, we see many different levels and quality of the way businesses record and hold vital and pivotal information.

When records are poor, inaccurate or incorrect, it is imperative that they are reviewed and put right to ensure the correct numbers are available for all aspects of the business, not just the accounts.

Bespoke accounting solution for poor company records

Omni applies a very cost effective and totally bespoke approach to such situations. We will correct the information, show or train you how to ensure that the correct records are kept, or alternatively, we can take over the bookkeeping altogether if preferred, meaning that the level of involvement and assistance is very much tailored to your abilities, budget and circumstance.

It is so important, boring and dull, maybe!

But, it is important that you understand you have to keep proper and accurate records, not only for the tax and vat man, but also for yourself.

How else do you know who you owe, who owes you, what areas of your business are performing, underperforming, and what areas need your attention or are a priority? Crucially, how else do you know if you are actually making or losing money?

You need to look on your books as your very own window to viewing the health and wellbeing of your business.

So, now you know why you need to keep accurate books and records, just how confident are you with yours, do you want them health checked? If so get in touch by requesting a free of charge call back from our website or by clicking here to contact us.

Why not take the Accountancy Savings Challenge today!

10 ways to get the best value from your accountant

An accountant can sort out your tax return or your annual accounts and provide advice on a range of issues, but how do you get the best return on the fees you pay to an accountant? 

file17813425517541.   Choose carefully

Look for accountants with experience of your type of business. Anyone can set up as ‘an accountant’, so look for chartered or certified accountants, whose qualified status is backed by membership of professional bodies. A large firm suggests reliability, but a smaller one may respond better to your needs. Ask prospective accountants how they can help your business.

2.   Explain your expectations

Your accountant will summarise terms and conditions in a letter of engagement. Put your expectations in writing, too. Describe the level of service you require, for example, how quickly you need queries to be answered. Ask to deal with a specific contact, to help build a close professional relationship.

3.   Ask questions

Check what other services your accountant can offer. These could include guidance on setting up your business, preparation of financial forecasts, help with loan applications, audits, investment advice and other suggestions for minimising your tax liability.

4.   Use your accountants’ contacts

Accountants specialising in your type of business can often suggest good trade contacts. Perhaps your accountant knows a supplier who can offer you a great deal or maybe they know of a potential investor.

5.   Keep talking

Communicate regularly with your accountant to get the best possible value from the relationship. Schedule quarterly meetings to review your firm’s performance; this will help you plan better for the future. Be sure to meet before producing your end-of-year accounts or tax return.

6.   Keep user-friendly records

If necessary, ask your accountant for advice about how best to maintain your financial records. If your books are easier to read, you will save them time, which should mean a lower bill.

7.   Do the easy jobs yourself

To reduce your outgoings, take care of simple bookkeeping tasks yourself, possibly by using accounting software. You could then better focus your accountants’ efforts where they best serve your business.

8.   Delegate

If your time would be better spent concentrating on sales or product development, you could ask an accountant to take greater responsibility for your bookkeeping and payroll. This would free you up to make more profitable use of your time.

9.   Shop around

Armed with recommendations of good accountants, get a full breakdown of an accountant’s charges and services. Work out which one offers you best value for money (and that’s not necessarily the cheapest, of course). And, at least once a year, review the value for money you receive. If you believe you can get better advice and value elsewhere, go elsewhere.

10. Seek advice

An experienced accountant can offer sound advice in a number of areas. For example, they could help with your business plan, help you estimate the cost of new projects or advise on the levels of investment needed to achieve your business development goals.

We understand that all clients are individual and as such have different needs – our cost effective but personal approach gets results and ensures that customers always get the best out of their accountant if they choose Omni.

For more information, call 01902 837 408 today, request a call-back or contact us.