Who does this affect? Unincorporated businesses (sole-traders, partnerships, and limited liability partnerships) whose accounts year does not end between 31st March and 5th April.  What is the present position? For a particular tax year, you are normally taxed on the net profit per the accounts which end in that tax year. Example of the Present Position Tom has been self-employed for several years and draws up accounts to 30th April each year. His accounts to 30th April 2021 show net profit of £30,000. That is taxable in the 2021/22 tax year. What may change? The Government intend that all self-employed will pay tax and national insurance based upon net profit aligned to the tax year itself and not the accounting year end. Do I have to move my accounting date? No, you can retain your present accounting year end if you want. However, if the change comes into effect, for tax purposes, you will need to report your self-employed income and expenditure incurred based upon the tax year a...

What could an accountant possibly know about running a plumbing and heating business? No doubt that's a question that has crossed your mind. Well let me explain. After completing his accountancy training in 2006, Aaron became the finance director of a large plumbing, heating and renewable energy firm. That is where his love of the industry started. In 2011 Aaron started Together We Count. An accountancy firm that specialises in the plumbing and heating industry. Aaron has encountered hundreds if not thousands of plumbing and heating companies. From start-ups to growing businesses, from failing to succeeding businesses, from sole traders to limited companies, from local to national companies and from zero employees to hundreds. As Aaron explains in this video, that level of access to so many different businesses has given him an insight into all the peaks and pits of this ever-changing industry. If you have a problem then there is a very good chance that Together We Count have the k...

Have you ever had that feeling of annoyance  when someone accepts a quote immediately and says something along the lines of: “oh wow I thought it would be more than that”  or “that’s well cheap” ?  On the other hand, have you had potential custom immediately decline your offer stating that they have had a cheaper quote elsewhere? You’re now kicking yourself for misjudging the situation. As Aaron says himself, the chance that you are going to offer the exact price the customer is willing to pay is pretty much zero. “Don’t leave money on the table”  So, what’s the solution?  Three prices. If you haven’t come across the concept before, let me explain. The three-price concept lets the customer decide what they want to pay. You essentially are providing them with three quotes. Three prices, three different levels of service and three different lists of features. That way you are catering for all types of shoppers. Those who live the highlife regardless of cost, those...

Did you know that as a plumbing and heating company, there are certain circumstances when you can charge 5% VAT?  This applies with the installation of many energy saving products, however there is criteria to be met. The information in the article was correct at the time of writing, but we recommend you check before you apply the reduction to your installations as conditions could change. You can find the most up to date information here for traders and here for consumers . In order for the consumer to qualify, they must not install the product themselves. That’s where you come in… The discount applies to residential installations and covers products such as: controls for central heating and hot water systems draught stripping, for example insulation fixed around windows and doors to reduce draughts insulation on walls, floors, ceilings and lofts solar panels ground-source heat pumps air-source heat pumps micro combined heat and power units wood-fuelled boilers Not all inst...

HMRC will be contacting those who are potentially eligible for the 5th round of SEISS grants. If you are contacted, it's important that you act on it because we cannot do this on your behalf. If you are contacted and you need assistance with figures then please get in touch and we will gladly help you out. Below is all you need to know about the 5th round of grants. What period does the 5th grant cover? May 2021 to September 2021 inclusive. When can the 5th grant claim be made? If you may be eligible, HMRC should contact you around mid-July 2021 to provide you with a date from which you can make the claim through the Gov.UK online portal. The final deadline for making the claim will be 30th September 2021. What are the eligibility criteria for the 5th grant? You must have been self-employed (S/e) during the 2019/20 and 2020/21 tax years. You must have submitted the 2019/20 Tax Return by 2nd March 2021. You must either be trading but impacted by reduced demand due to the pandemic or...