ACCOUNTANTS FOR CHELTENHAM & HAMMERSMITH

 

Chartered Management Accountants

Expert Accountants & Business Advisors

 

OUTSOURCING

Accountancy & Payroll

 

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MANAGED SOLUTIONS

Bespoke partial or fully managed solutions

 

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BOOKKEEPING

Bespoke bookkeeping solutions that work

 

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CONTRACTOR OR FREELANCER?

Contact us for more information on our monthly fixed price packages

 

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TAX RETURNS

A complete self assessment tax return service for directors, sole traders, business owners and private individuals.

 

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VIRTUAL FINANCE OFFICE

A bespoke service designed to meet all the accountancy & taxation requirements of your business.

An in-house accounts team without the administrative burden of direct employment.

 

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Welcome to Tax Compute

Leading Chartered Accountants Cheltenham and Hammersmith

We are a dedicated team of Chartered Management Accountants offering expert business advice, guidance, advice, and accountancy services for Cheltenham and Hammersmith and the surrounding areas.

Our mission is simply to provide:

The best possible business solutions.

Effective tax planning.

HMRC Compliance.

Sound business advice.

CONTRACTOR or freelancer?

 

We service a diverse portfolio of Contractors in Cheltenham, Hammersmith and Nationally.   As Chartered Management Accountants regulated by CIMA you can be sure your affairs and business are in safe hands.  

We provide a comprehensive range of bespoke support services to all our contractors and ensure that we provide:

The tax planning needed to maximise take-home pay.

The most effective accounting and business solutions.

Business Advisory.

Software Solutions & MTD.

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SETTING UP A NEW BUSINESS?

 

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NOT SURE WHAT TO DO?

 

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As Chartered Management Accountants we set our standards high.  We offer premium tailored accounting solutions for:

1. Start Ups
2. SMEs
3. Contractors
4. Sole Traders
5. Established Businesses

 

We have diversified and grown our expertise to help our clients in and around Cheltenham and Hammersmith as well as nationally.   We offer bespoke accounting solutions and tax services that really work and we provide our clients with optimal solutions. We place a high priority on the highest quality client service delivery as our Google Business Profile reviews attest. So whether you are a sole trader business owner or a company director of a number of limited companies, we can offer a tailored solution to suit your business needs. 

As practised and extensively experienced accountants in a variety of services, we take care of all your accountancy and tax requirements from tax returns and corporation tax to bookkeeping and HMRC.   Also, offering comprehensive account management and bookkeeping services, we can help your business optimise its processes in sales, purchases, payroll, tax, and more.   We understand how complicated and convoluted tax and accountancy processes are in the UK, and that’s why we are dedicated to ensuring you get a complete all-inclusive accountancy package.

We use advanced accounting analytics to audit your financial situation, tax position, structure, management, and strategies and provide you with a complete overview of the strengths and weaknesses in your business. We identify the issues and help you to solve them; leaving you with a smooth accountancy process to ensure you are set up to maximise your business potential.

Whichever accountancy service you choose; you know you’ll work with a standard of accountants you won’t find anywhere else.

Ready to see how we can help you? Reach out to your local branch of Tax Compute Accountants in Cheltenham, or Hammersmith, where our eager and friendly business advisory team is ready to provide you with complete end2end accountancy solutions.

Latest News

Taxable company benefits

As an employee, you pay tax on certain company benefits, such as cars, accommodation, and loans. Your employer calculates the

Student jobs paying tax

Students that work may need to pay Income Tax and National Insurance. Employers are required to calculate the amount of

Could you claim the Small Pool Allowance?

Writing-down allowances (WDAs) are a type of capital allowance that let you deduct a percentage of an asset’s value from

As an employee, you pay tax on certain company benefits, such as cars, accommodation, and loans. Your employer calculates the tax you owe and deducts it through Pay As You Earn (PAYE). The amount of tax depends on the type and value of the benefit.

Some company benefits are tax-free, including childcare support and meals provided in canteens. Cash payments, however, are treated as earnings and are always subject to tax and National Insurance contributions.

Other taxable benefits you will pay tax on include the following:

Medical Insurance

You usually pay tax on the cost of the insurance premiums if your employer pays for your medical insurance. However, some health benefits are tax-free, including medical insurance while you are working abroad and annual check-ups.

Loans

You may have to pay tax on low-interest or interest-free loans from your employer if the loan is more than £10,000. The tax is calculated on the difference between the interest rate you pay and the official rate of interest set by the Bank of England. You could also be liable for tax if your employer lends money to one of your relatives.

Living Accommodation

If you (or one of your relatives) lives in accommodation provided by your employer, you may need to pay tax. The calculation depends on whether the accommodation costs are more than £75,000. You might not have to pay tax if the accommodation is provided so you can perform your job or do it more effectively, for example, agricultural workers living on farms.

Students that work may need to pay Income Tax and National Insurance. Employers are required to calculate the amount of tax they need to pay on the basis that the students would be working for the rest of the tax year.

This means that an overpayment of income tax can often occur when a student or temporary worker earns more than their monthly tax-free allowance of £1,048 but over the course of the tax year earn less than their annual allowance. For example, a student only working over the summer and / or Christmas period and earning more than £1,048 a month may not have exceeded the current £12,570 tax free personal allowance. Students (and other temporary workers) are not required to pay any Income Tax if their earnings are below the tax-free personal allowance, currently £12,570.

A refund of overpaid tax can be requested online or using form P50 entitled Claim for repayment of tax. You can check your eligibility to make a claim for current or past tax years at https://www.gov.uk/claim-tax-refund/y

A refund claim for the current tax year can only be made if you meet the necessary conditions. Any students that are continuing to work for the rest of the tax year in part-time jobs should consider waiting until the end of the tax year in order to make a claim.

Writing-down allowances (WDAs) are a type of capital allowance that let you deduct a percentage of an asset’s value from your taxable profits each year. In some cases, you may be able to claim more relief using other capital allowances, such as the Annual Investment Allowance or first-year allowances.

There are two rates of WDA for plant and machinery. To calculate them, you first group your expenditure into separate pools:

• the main pool – this includes expenditure on most items – the rate is 18%; and
• the special rate pool includes special rate expenditure including long-life assets, integral features, certain thermal insulation and some cars – the rate is 6%.

Assets are grouped into pools, and WDAs are applied to the balance of each pool after adding new purchases, deducting disposal and accounting for any private use.

The Small Pools Allowance provides an alternative to WDAs. If the balance in the main or special rate pool is £1,000 or less, you can claim the entire amount in one year rather than applying the WDA percentage. The Small Pools Allowance cannot be used for single-asset pools and is prorated for accounting periods shorter or longer than 12 months. You can choose between claiming WDAs or the Small Pools Allowance, where possible, but cannot claim both.