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Hundreds of people filing their self-assessment form could also be missing out on claiming as much as £355 worth of expenses, according to GoSimpleTax. The most common expenses that people fail to claim for correctly are fuel, phone costs, car servicing, car insurance and use of a home office.
People who don’t know or forget about fuel expenses miss out on claiming an average of £600 year, those that leave phone costs out of their claim lose an average of £450, and those that forget to claim for car servicing, car insurance and the use of a home office neglect to claim around £303, £216 and £208 respectively, the firm said.

Are you a Company Director? Work out if you need to send a tax return.
If the person is a director, this tool helps a person decide whether they need to complete a return. As long as their income is below £50,000 and they have no other taxable income.

HMRC has extended its Making Tax Digital for VAT (MTD for VAT) pilot scheme to all eligible businesses.
MTD for VAT is set to come into effect from 1 April 2019 for businesses which have a taxable turnover above the current VAT registration threshold of £85,000. As part of the initiative, firms must keep some records digitally, and must submit their VAT returns via an Application Programming Interface (API).
Any business utilising MTD for VAT whose turnover subsequently falls... below the VAT threshold must stay in the regime, unless they deregister for VAT. Additionally, any firm exceeding the registration threshold after 1 April 2019 must comply with MTD for VAT, and is given 30 days to ensure that the appropriate digital software is in place.
As part of the pilot scheme, all eligible businesses are permitted to test out HMRC's MTD for VAT system. The pilot scheme was first launched in April 2018, and was subsequently opened to half a million UK firms in October 2018.
If you have any questions on Making Tax Digital, contact us to discuss your requirements 01622 758257. #MTD #tax #business
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Over the 2018 festive period, more then 10,000 self assessment tax returns were submitted. 2,616 individuals submitted their tax returns on Christmas Day, with a peak between 1pm and 2pm. On Boxing Day, 8,465 taxpayers submitted their tax returns, mostly filing between 8am and 4pm.
The deadline for submitting your 2017/18 self assessment tax return is midnight on 31 January 2019.
We can help with all aspects of self assessment, including filing your returns on your behalf.
... #tax #selfassessmenttaxreturns #selfassessment #taxreturns
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Your financial New Year's resolutions
Creating some financial New Year's resolutions is a good way to help ensure that you are on course for a successful and profitable year ahead.
It is important to ensure that you are making the most of your business and personal wealth, as well as capitalising on any available allowances and reliefs.
... Some of the areas that you may want to consider include: - making sure your business plan is up-to-date and still reflects your long-term goals; - minimising your liability to all major taxes; - updating your Will and estate plan; - implementing strategies to help boost your business's profits.
We are on hand to assist with all aspects of your business and personal finances.
To find out more about how we can be of assistance to you in 2019 and beyond, please contact us.
https://www.loucas.org.uk/contact-us/kent /maidstone
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Wishing everyone a prosperous and healthy New Year. Welcome to 2019. What are your 2019 resolutions?

Merry Christmas Everyone! Traditionally, we send Christmas cards to each other in the office. This year we have chosen Kent Air Ambulance to give our Christmas card fund to.

Merry Christmas from the Loucas Team!
Dresses in our #ChristmasJumpers, we celebrated in the office yesterday with an office secret Santa, buffet lunch and Ant's Christmas Quiz!
Share your Christmas Jumper Day pictures with us if you are joining in today?
... #ChristmasJumperDay
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For some people, running an offroad 10k on a gusty muddy Sunday morning is off putting enough. To do so the morning after the office Christmas party sounded like a challenge that Athos, Stuart and Anthony were all willing to take on.

The Institute of Chartered Accountants in England and Wales (ICAEW) has urged employers to consider the tax implications associated with a seasonal party.
A company end of year party can be a great way to celebrate the festive period, as well as employees' hard work. However, there are certain conditions to consider in order to ensure the event is as tax-efficient as possible.
The total cost per employee must not exceed £150 (including VAT, accommodation and transport). This ...also includes the costs for employees' guests, if they are invited.
If the party does cost more than £150 per employee, the full amount spent on the event will be liable to income tax and national insurance. The seasonal party must also be open to all employees based in that location (separate departmental parties are permissible).
The party must be an annual event: however, if you have more than one annual event (for example, a seasonal party and a summer party), the cumulative total must be £150 or less per employee.
The ICAEW added that, in regard to gifts for employees, only those deemed 'trivial' are exempt from tax.
http://qoo.ly/tv55i
#ChristmasParty #BusinessOwner #Tax #TrivialBenefits #Entrepreneur
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More and more businesses are discovering the benefits of benchmarking and of developing a plan of best practice. Would benchmarking your business be something that you would consider? Read the 3 minute blog here http://qoo.ly/tjhsz
#Benchmarking #Productivity #Improvement #Innovation #Creative

Older employees 'would welcome flexible working', survey suggests 20 Nov
A survey carried out on behalf of the Department for Business, Energy and Industrial Strategy (BEIS) has found that the majority of workers aged over 50 would 'welcome more flexibility' in the workplace.
... The survey, which polled more than 12,000 workers over the age of 50, revealed that 78% would like 'more flexible hours'. A further 73% want to see more part-time positions being offered, while 63% wish for more training schemes to help them use new technology and gain new skills.
According to the survey, flexible working hours for older workers can 'help them to balance their personal responsibilities and health concerns', and also enable them to remain in work for longer.
Currently, 10.2 million people aged over 50 are in employment. In order to help combat age discrimination and protect the rights of older workers, the government has unveiled its Ageing Society Grand Challenge, which aims to promote a 'vibrant and inclusive' job market.
Commenting on the issue, Small Business Minister, Kelly Tolhurst, said: 'We want to champion the role of older workers in the economy and ensure they have equal opportunities to both remain in and to find employment, so anyone who wants to can work for longer.'
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HMRC sends MTD for VAT communications to affected businesses HMRC recently started to send out so-called 'encouragement letters' to businesses within the scope of Making Tax Digital for VAT (MTD for VAT).
The letters are being sent to 200,000 businesses which are eligible to join the current MTD for VAT pilot.
... According to reports, HMRC is also sending letters to some VAT-registered businesses with a turnover just below the VAT registration threshold. However, the letters will not be sent to firms' agents. Read more tps://www.loucas.org.uk/news/business-new s/archive/article/2018/November/hmrc-sen ds-mtd-for-vat-communications-to-affecte d-businesses #VAT #HMRC #MTD
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Taxing the tech giants: the new Digital Services Tax In his 2018 Autumn Budget speech, Chancellor Philip Hammond unveiled a so-called 'Digital Services Tax' (DST), which is set to come into effect from April 2020. The DST will require specific digital businesses to pay tax on sales generated in the UK. Here, we outline what we know so far in regard to the DST.
Taxing international digital businesses: a background Over the past few years, a handful of large international compa...
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Remember remember the 5th of November... We hope everyone enjoys the fireworks tonight! Stay safe and have fun.
#Bonfirenight #GuyFawkes #fireworks #Tax #Accounting

***Voted Top 3 Accountants in Maidstone! ***
Loucas are proud to share that we have been awarded one of the Top Three Best Rated Accountants in Maidstone, Kent.
Using a 50-point inspection, The Three Best Rated team based the Top Three Accountants award on reputation, history, value for money and reviews from clients
... Read more: http://blog.loucas.org.uk/…/top-three-b est-rated-accountan…/
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The Loucas team is in the Spirit of #Halloween!
Happy Halloween 🎃
#Halloween #Work #Fun #Boo #Spiders #FancyDress

Its #NationalCatDay. To celebrate we share pictures from cat owners at Loucas. If your a cat owner or balled over with cat cuteness, show some love and tap 💖
#NationalCatDay is a time to celebrate cats and help with awareness for cats in shelters.

With less than 100 days until the online self-assessment tax return deadline, HMRC is urging taxpayers to complete their tax returns early, in order to avoid the last-minute rush.
The deadline for submitting your 2017/18 self-assessment tax return online and paying any tax you owe is 31 January 2019. An automatic penalty of £100 will apply if your return is late.
HMRC revealed that more than 11 million taxpayers completed a self-assessment tax return last year, with a total o...f 10.7 million finalising their returns on time. 758,707 individuals filed their returns on 31 January, the deadline day.
According to HMRC, a record 93% of taxpayers filed their tax returns online. Paper self-assessment tax returns must be filed by 31 October 2018.
Commenting on the matter, Angela MacDonald, Director General for Customer Services at HMRC, said: 'We want to help people get their tax returns right – starting the process early and giving yourself time to gather all the information you need will help avoid the last minute, stressful rush to complete it on time.'
At Loucas, we have an experienced tax team available to prepare and submit tax returns online ahead of the 31 January deadline to help you to avoid the minimum £100 penalty for late submissions and ease the burden of the filing process.
If you would like help with the preparation of your tax return, please contact us T: 01622 758257 E: enquiries@loucas.org.uk
http://qoo.ly/sye5c
#Tax #Selfassessment #Taxpreparation #Taxreturn
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My accountants and have been for the life of my business. Thorough, personable and save me way more than they cost me. A great asset.

I have been an employee with the firm for nineteen years.

I am the owner/founder of e-nGauge Limited. Loucas has managed my payroll and financial accounts since 1992. I spent 14 of those years offshore in South Africa. All of my service requests have always been dealt with promptly and efficiently in a friendly and helpful way. Loucas have always made my companies interests a priority. I would have struggled without them. I highly recommend this very professional firm accountants. :)

Great company with great personnel. Quick response and always kind. Happy to be with you guys! Top Top