Making Accounting Simple Transcripts

Posted by on Apr 10, 2019 in Uncategorized | No Comments

On 1st of April, the process of how you pay your taxes goes digital, are you ready?

CooperFaure – making accounting simple

Here at CooperFaure we aim to give you all the information you need to make informed decisions about accounting.

This video series will help you make the most out of your growing business.

First up, we’re going to explain the coming changes to how you do your VAT returns and what this means for your company.

I’m Emma

And I’m Harry, let’s make accountancy simple

Your VAT returns go digital on the 1st of April, but what does this mean and why is it important?

Previously you might have submitted your VAT returns using a format like Excel, unfortunately you’re going to need new software to connect to the digital age and modernise your business.

It’s important to make this change as from April 1st this will be the only way of submitting your VAT returns to HMRC if your registered earnings are above 85,000.

If all this seems a little daunting, don’t worry – Xero is one of several certified partners of HMRC that offer software for submitting your taxes digitally.

Xero is our choice of software and here’s why:

Its user friendly, inexpensive and comes with monthly updates to keep your business up to speed.

You might be wondering how to get hold of Xero and how to use it, that’s where CooperFaure come in.

We offer a discounted fee on (purchasing) Xero as well as a face to face 2 hour training session. All you have to do is email or call and one of our staff will handle your enquiry personally from start to finish.

After this training session you will be fully equipped to use Xero software and be ready for MTD in April.

After this training, you won’t just be walking away with your accounts set up, you’re walking away with a digital business.

Here at CooperFaure we pride ourselves as being an accountancy firm you can trust as we are a certified Xero advisor.

Thanks for listening to our video on getting your company ready for MTD. Be sure to follow us on Twitter, FB and instagran @cooperfaure

Episode 2:

CooperFaure – making accounting simple

Here at CooperFaure we aim to give you all the information you need to make informed decisions about accounting.

This video series will help you make the most out of your growing business.

In our second episode we’re going to be talking about Research and development tax relief and why we think your business could benefit from it.

I’m Emma

And I’m Harry,

let’s make accountancy simple

The Research and Development Tax Relief allows you to claim back 33% of the costs of conducting research for your company.

However, in line with the government’s changes to the budget, there will be a cap placed on the amount you are able to claim back on the 1st April 2020.

We believe that a lot more businesses are undertaking R&D than they think and therefore would be eligible for R&D tax relief.

Normally when people hear the phrase R&D, they tend to think of lab coats and scientist, however any business can conduct R&D.

To give you an example, one of our clients is creating new flavours for their ice cream company as evidence of research and development.

With our 100% success rate in getting R&D tax relief you can leave your application in capable hands.

We’ve heard some clients saying they have enough paperwork to deal with already.

Cooper Faure can take care of those worries for you, allow you to enjoy the benefits of the tax relief.

We mentioned earlier that there will soon be a cap placed on the total amount you can claim in relation to your payroll.

We believe that start-ups at the heart of innovation should not be penalised for this, and we are campaigning against this change.

To make your voice heard, please sign our Parliamentary Petition by clicking on the link provided.

Thanks for listening to our video on making the most out of R&D tax relief. Be sure to follow us on Twitter, FB and instagram @cooperfaure or give us a call on 020 8977 8655

R&D For Start – Ups

We’ve covered R&D Tax Relief before but this week we want to cover how it affects start up companies specifically.

In our previous videos we talked about how the Research and Development Tax Relief allows you to claim back 33% of the costs of conducting research for your company.

For start ups, the ability to recover 33% may only amount to a few thousand pounds but can provide vital oxygen to move the business to the next stage.

However, there will soon be a cap placed on the amount you are able to claim back. This will come into place on the 1st April 2020.

The tax credit calculation will be driven by the number of employees you have on your payroll.      

In more technical terms, the calculation for this incoming cap will be three times the company’s total income tax and national insurance contributions.

Therefore, especially if you’re a start up who contracts out a lot of work, you’ll want to make sure you claim R&D before it comes into place in 2020.

From our own client portfolio, roughly 25% can qualify for R&D across a wide profile of business sectors, from ice cream businesses to our own successful R&D tax relief claim.

Hello and welcome to Making Accounting Simple, today me and Pavi are going to be giving some advice to start ups about the different opportunities available to them.

There are numerous individuals and organisations that are looking to invest in businesses like yours. 

One of the schemes your company can take advantage of is the Seed Enterprise Investment Scheme to raise up to £150,000. Giving the investor tax relief on their investment.

If your company is not eligible for SEIS which is normally due to the size of the company EIS is another attractive option. You can raise up to £5 million per year.

Advanced Assurance is something we would recommend as it provides you with confirmation that you will be eligible for SEIS/EIS beforehand.

You can then use the Advanced Assurances as a mechanism to attract investors by showing that you will be eligible and in turn reassure the investor that they will receive their tax relief .

If your business is investing time and money into R&D, the UK government provides some generous tax reliefs.

Although the process to claim the R&D relief may look daunting, do not be deterred, especially as the average relief is £46,000.

The benefit can prove to be a huge help to cash flow as if your business has not generated a profit, the tax relief can be claimed as a cash payment to boost cashflow.

P: To get more advice on how R&D Tax Credits can help your business, check out our social media @cooperfaure or head to cooperfaure.co.uk/news

If you would like any personalised advice on how utilise any of the schemes outlined above please do not hesitate to contact us by emailing welcome@cooperfaure.co.uk