Taxation Accountants Services Stratford London

Taxation Accountants Services Stratford London

Business Tax

From basic compliance through to high-level structuring, YBSM’s expert business tax accountants can help your business streamline your tax. Our aim is simple: to help you avoid the pitfalls and innocent mistakes that other businesses make so you can derive the maximum benefit and advantages of our services. We advise on how best to structure a business and individual transactions in order to reduce your tax liability to the minimum. No matter the requirement of your business, if you would like to ensure that you are getting the most from the opportunities available to you then contact us.

Personal Tax

As successive budgets add layers of complexity to our already complex tax system, YBSM Partners can guide and help you to reduce your tax to a minimum. Our expert tax accountants in Stratford have experience in all areas of personal tax planning, from basic self-assessment assistance to help with an Inland Revenue enquiry.

As successive budgets add layers of complexity to our already complex tax system, YBSM Partners can guide and help you to reduce your tax to a minimum. Our expert tax accountants in Stratford have experience in all areas of personal tax planning, from basic self-assessment assistance to help with an Inland Revenue enquiry.We also provide our clients an investments service through our affiliates. This will ensure that all the money saved through efficient tax planning goes on to work as hard as possible.

Making Tax Digital (MTD)

Stress-free digital tax compliance for sole traders, landlords and VAT-registered businesses
Making Tax Digital is HMRC's programme to move the UK tax system online. Instead of a single tax return once a year, affected taxpayers keep digital records and send HMRC regular updates through approved software. MTD for VAT is already in force for every VAT-registered business, and MTD for Income Tax is now being phased in for sole traders and landlords.
At YBSM Partners we make the transition simple. We set up your software, keep your records compliant, submit every update on time and keep you informed of what you owe throughout the year, so there are no surprises in January.

What is Making Tax Digital?

Under MTD, you must:

1. Keep digital records. Keep records of your income and expenses in digital form, using MTD-compatible software or a spreadsheet linked to one.
2. Send quarterly updates to HMRC. Instead of one annual return, HMRC receives a summary of your income and expenses every three months.
3. Submit a final declaration. After the tax year ends, you confirm your figures, make any adjustments and claim reliefs in a final declaration, which replaces the Self-Assessment tax return.

The aim is to reduce errors, give you a clearer view of your tax position during the year and bring tax reporting closer to real time.

MTD for Income Tax — who needs to join and when

MTD for Income Tax applies to sole traders and landlords registered for Self-Assessment. Whether you must join, and when, depends on your "qualifying income": your combined gross income (turnover before expenses) from self-employment and property. HMRC looks at the tax return you filed for an earlier year to decide.

Note: for businesses with an accounting year ending 31 March, the relevant start date is 1 April rather than 6 April.

If your qualifying income is £20,000 or less you are not currently required to join, although you can sign up voluntarily. Partnerships and limited companies are not yet within MTD for Income Tax; HMRC has said they will be brought in at a later date.
Certain people can claim an exemption, for example where it is not reasonably practical to use digital tools because of age, disability, location or religious belief. We can assess whether you qualify and make the application to HMRC on your behalf.
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How Can YBSM Help You Navigate Making Tax Digital (MTD)?