OD accountants

Property letting by individuals – income and expenses 🏡

Different types of property letting have different rules about what expenses are allowable and the way tax relief is given.

The main types are:

✅Residential property letting (often known as Buy to Let to BTL)
Income is normally taxed on a cash basis i.e income is taxed upon receipt rather than apportioned according to due dates. Allowance may be claimed for expenses that you pay such as maintenance, repairs, utilities, insurance, letting fees, service charges etc, including replacing domestic items if supplied. Allowance cannot be claimed for the initial purchase of furniture and fittings or for improvements to the property. Tax relief is given on loan interest costs by reducing your overall tax liability but is restricted to the 20% tax rate.

✅Furnished holiday letting (until 5 April 2025)
The letting of property mainly on short term lets which complies with certain specific qualifying rules currently enjoys special tax treatment which allows for all mortgage interest costs to be deducted (effectively giving higher rate relief if applicable) and for capital allowances to be claimed on purchase of furniture and equipment. Such property also qualifies for the special CGT rate of 10% on disposal of property. All these special rules are being abolished from 5 April 2025 and such lettings will fall under the same rules as BTL property, although any unclaimed pool of capital allowances can continue to be claimed.

✅Commercial property letting
The rules for letting of commercial property are similar to those for residential property except that there is no restriction on loan interest relief and interest paid is allowable in full. Disposals of property are also subject to standard CGT rates as opposed to the higher rates applicable to residential property and there is no requirement to make online returns within 60 days of completion date.

If you want more information contact us at [email protected] or [email protected] phone numbers 01749 677989 or 020 3137 9887 📲📧

PERSONAL TAX SERVICES⬇️

When you are trying to deal with your Personal Tax, there are many potential pitfalls. We can make sure they don’t trip you up! 🤝

✅Prepare and filing personal tax returns
✅Checking tax calculations
✅Property Income, including long term (BTL) and holiday lets
✅Capital Gains tax
✅Tax planning advice
✅HMRC enquiries

Get in touch to find out more ⬇️

Telephone: 0203 137 9887 📞
Email: [email protected] 📧

OUR APP STACK

As you know, we are big on technology so we thought it would be only right to show you exactly what we use with our clients.

Every single is decision on which technology to use is based on the customers needs and what fits best.

Don’t get left behind the times.

Pick OD to look after your business.

Telephone: 0203 137 9887
Email: [email protected]

Wherever you are on your business journey, have you considered the idea of a grant to help support your growth as a company? There’s a good chance there’s one out there right for you as the government, local authorities and other organisations all have funds available covering everything from encouraging innovation to promoting sustainability.

Going online is a great place to start your search. For example, the Government’s business finance finder lists 126 possible schemes so is definitely worth a look.

Have you thought about your Local Growth Hub? The Growth Hubs networks are local public/private sector partnerships led by local business boards. They join up national and local business support making it easy for you to find the help you need. And with over 1.6 million businesses participating in the scheme last year they are not to be dismissed.

Other sources of grant funding to consider are small business and industry associations - you might already be a member of one. Ask if they have a grant awards process, or whether they have information they can share with you on grants elsewhere that might be relevant for you.

Another route to consider, if you are prepared to pay a subscription fee, is grant finder websites which can help identify potential funders - for example, Grant Finder is a database covering UK and European opportunities.

Have apprentices? Again, there’s a government scheme – this one is a fund to pay for apprenticeship training and assessment or an incentive payment for other costs. If your business pays the Apprenticeship Levy, you’ll get a grant to spend on training and assessing your apprentices and the government will add 10% to this.

Statistics show that men are up to 7 times more likely to get business funding than women, and there are many initiatives in place to work at redressing the balance if you happen to be a woman in business.

Think about you and your business needs and make a list of potential routes to explore. These can range from where you’re based, the sector you operate in, your commitment to the environment to your need for machinery or the people you employ.

Have a conversation with your accountant at any stage in the process if you need help. They will be able to advise on grant applications given it’s part of what they do. At ODA and ProBusiness we have the expertise to get you started and can support you through the application process and beyond.

Telephone: 0203 137 9887 📞
Email: [email protected] 📧

HASSLE-FREE SELF ASSESSMENT FOR BUSY PROFESSIONALS ⬇️

ARE YOU:
✅Self-employed
✅A company director, minister, Lloyd’s name or member
✅In receipt of annual income of £100,000 or more
✅In receipt of income from savings, investment or property
✅Claiming for expenses or reliefs
✅Is your partner in receipt of child benefit and your income is over £50,000

Or do you pay income tax via PAYE and have additional income of:
✅£10,000 or more from taxed savings and investments
✅£2,500 or more from untaxed savings and investments
✅£10,000 or more from property (before deducting allowable expenses)
✅£2,500 or more from property (after deducting allowable expenses)

IF YOU HAVE ANSWERED “YES” TO ANY OF THE ABOVE, WE HAVE A SIMPLE AND PAINLESS PROCESS:
✅We send a two page form with yes/no questions and drop-down options to complete. Once you have returned it, we will send various pertinent questionnaires, each no longer than one page.
✅We will then calculate the tax position
✅We can then have a meeting in person, over the phone or virtually
✅Once everything is agreed, the tax return is submitted

OUR SERVICES INCLUDE:
‼️Registration with HMRC
‼️Submission of self-assessment
‼️Tax planning and advice
‼️Notification of due dates for submissions

This is an excellent hassle free service for all persons needing to complete a self-assessment 🤩

Telephone: 0203 137 9887 📞
Email: [email protected] 📧

PAYROLL SERVICES TO MEET YOUR NEEDS ⬇️

Payroll can be a minefield: never knowing what to pay, when to pay and how to file with HMRC.
At OD Accountants we can do all the work. Send us the basic information and we do the rest.

We provide a low cost efficient service to all types of businesses from small startups to large distribution companies.

SERVICES PROVIDED INCLUDE:

✅Registration with HMRC
✅Completion of weekly, monthly and directors’ payslips
✅Dealing with new staff and leavers
✅Posting and emailing payslips directly to employees
✅RTI returns
✅Monthly and quarterly returns to HMRC
✅Annual electronic filing of forms P35.
✅Completion of form P11d annual expense returns
✅Liaison with HMRC
✅Payment terms are designed to be flexible, in line with clients’ budgets and cashflow. We also offer monthly retainer options and fixed fee services.

To discuss all your payroll services call us on 020 3137 9887 📞

Running a business without an accountant is like navigating without a compass. The financial clarity, strategic insights, and compliance expertise they provide are essential for sustainable growth.

Don't let avoidable mistakes like the ones below cost you your success—partner with a professional accountant to steer your business in the right direction:

1. Financial Mismanagement: Without accurate financial tracking, you may mismanage cash flow, leading to liquidity issues or even insolvency.

2. Tax Compliance Issues: Accountants ensure that your business complies with tax regulations. Without them, you may face penalties, fines, or audits due to incorrect filings or missed deadlines.

3. Missed Deductions and Credits: Accountants identify eligible deductions and credits that can save your business money. Without their expertise, you might overpay taxes or miss out on financial benefits.

4. Inaccurate Financial Reporting: Poor financial records can result in inaccurate reports, affecting business decisions, investor relations, and the ability to secure loans.

5. Increased Stress and Time Consumption: Handling complex financial tasks without an accountant can be overwhelming, taking time away from core business activities.

6. Limited Strategic Planning: Accountants offer insights for long-term financial planning, helping you scale and grow your business. Without this guidance, you may miss strategic opportunities.

7. Risk of Fraud: Without proper financial oversight, there's a higher risk of fraud or errors going unnoticed, potentially leading to significant financial losses.

8. Difficulty in Decision-Making: Accurate financial data is critical for informed decision-making. Without an accountant, you may lack the clarity needed to make sound business choices.

Don’t fall into the trap ⬇️

Telephone: 0203 137 9887 📞
Email: [email protected] 📧

At OD and Pro Business Accountants we offer our clients a range of different services, from auto enrolment to payroll services and management accounts. We are forward-thinking accountants who strive to keep abreast of the latest innovations in modern accounting software.

We have partnered with a number of leading app developers whose products seamlessly integrate expenses, forecasting and management information, offering soft KPI and traditional reporting. With a push of a button, we can show historical and strategic forecast information in both numeric and chart formats geared to different audiences such as a management team or third parties (i.e. bankers or funders).

We act as virtual finance directors for some businesses, enabling our clients to focus on what they do best – growing their businesses, whilst we manage their finance function remotely.
Whatever your requirements, contact us on 0203 137 9887 to see how we can help your business grow.

Business Expenses Part 2 ⬇️

In the UK, small businesses can take advantage of various tax deductions to reduce their taxable income. Last week we brought you the first part of our series. Here are some more common tax deductions available:

Professional Fees and Subscriptions:
✅Accountant and solicitor fees
✅Subscriptions to professional bodies and trade associations

Marketing and Advertising:
✅Costs of advertising (online, print, radio, etc.)
✅Website development and maintenance
✅Marketing materials (brochures, business cards)

Equipment and Machinery:
✅Depreciation of assets (capital allowances)
✅Repairs and maintenance of equipment
✅Leasing and rental costs

Vehicle Costs:
✅Purchase costs (capital allowances)
✅Running costs (fuel, insurance, repairs)
✅Leasing costs

It's essential for small business owners to keep detailed records of all expenses and consult with an accountant or tax professional to ensure they are claiming all eligible deductions correctly. Tax laws can change, so staying updated with the latest regulations is crucial.

We will bring you more expenses in part 3!🤝

Telephone: 0203 137 9887 📞
Email: [email protected] 📧

STATUTORY ACCOUNTS - PROVIDING RELIABLE, AFFORDABLE, EFFICIENT SOLUTIONS ⬇️

We prepare and submit accounts to HMRC and Companies House for companies not requiring an audit.

Your company doesn’t need an audit if it meets any two of these criteria:
✅Turnover up to £10.2 million
✅Assets not greater than £5.1 million
✅Average of less than 50 staff

We also provide the following additional services to limited companies:

HMRC
✅Completion of Corporation Tax returns
✅Calculation of tax
✅R&D claims
✅Annual Investment Allowance claims

COMPANIES HOUSE
✅Company registration
✅Dealing with Companies House administration
✅Online filing services
✅Annual returns
✅Company officer details / appointment changes
✅Annual accounts or change of accounting reference date
✅Change of name
✅Capital and shareholder details
✅Preparation of abbreviated company accounts
✅iXBRL filing

ADMINISTRATION
✅Appointing a company secretary
✅Maintaining the registered office
✅Board meetings and the annual general meeting (AGM)
✅Complementary roles
✅Keeping company records and documents

Get in touch to find out more ⬇️

Telephone: 0203 137 9887 📞
Email: [email protected] 📧

Business expenses part 1 ⬇️

In the UK, small businesses can take advantage of various tax deductions to reduce their taxable income. Here are some common tax deductions available:

Office Expenses:
✅Rent for office space
✅Utility bills (electricity, water, gas)
✅Office supplies (stationery, printing)

Business Premises Costs:
✅Maintenance and repairs
✅Property insurance
✅Security costs

Travel and Subsistence:
✅Mileage allowance for business travel in personal vehicles
✅Public transport costs for business trips
✅Accommodation costs for business travel
✅Subsistence costs (meals and refreshments during business trips)

Staff Costs:
✅Salaries and wages
✅Employer's National Insurance contributions
✅Pension contributions
✅Training and development costs

There are too many to name in one post, so follow on for part 2 when we will continue to provide support on this.

Telephone: 0203 137 9887 📞
Email: [email protected] 📧

🗓 FINAL REMINDER - 31ST JULY PAYMENT 🗓

Most self-employed people have 2 payment days for their tax: 31st January & 31st July. Some of you might be thinking ‘31st July?!🤯’ because it often gets forgotten about. However, if you are self-employed, you must make these 2 payments unless:

✅your last Self Assessment tax bill was less than £1,000
✅you’ve already paid more than 80% of all the tax you owe, for example through your tax code or because your bank has already deducted interest on your savings

Why are 2️⃣ payments made?
Each payment is half your previous year’s tax bill. If you still have tax to pay after you’ve made your payments on account, you must make a ‘balancing payment’ by midnight on 31 January next year.

This is your last reminder, 31st July is the deadline, make sure it is paid to avoid fines!

Telephone: 0203 137 9887 📞
Email: [email protected] 📧

STREAMLINING YOUR BOOKKEEPING 🧾

For most of us bookkeeping isn’t exactly a favourite pastime, however with the right tools and a bit of technological knowhow, you can alleviate much of the pain associated with it whilst gaining invaluable management insights.

The first hurdle in bookkeeping often involves managing what feels like a small mountain of receipts and invoices which can turn up by post, email or after shopping. Luckily you can use technology rescue you: for hard copy receipts, simply scanning or taking a picture allows you to seamlessly upload them into your accounting software. Even easier, email receipts can be sent straight to your accounting software, bypassing the need for those photos altogether. What’s more, setting up rules within the software ensures that invoices are automatically assigned to the correct expense account, saving you time as well as avoiding all that tedious analysis.

When it comes to software solutions, there’s a myriad of options available depending on your accounting software of choice. QuickBooks Online users can take advantage of the built-in app, while Xero users can use Hubdoc. For those seeking a more robust solution that also caters to employee expenses, Dext Prepare offers a powerful suite of features.

Efficient bookkeeping doesn’t stop at receipt management. Managing payments can be equally time-consuming and there’s always a risk of mistakes. How often have we inadvertently paid the wrong amount to suppliers or staff? While recipients are quick to flag underpayments, overpayments often go unnoticed. Fortunately, solutions like Wise and Modulr offer streamlined payment processes, helping to minimise errors and streamline your financial operations.

If you’re interested in learning more about any of these solutions, don’t hesitate to contact us. We’d be happy to provide a demo and help you take that first step towards more efficient bookkeeping practices.

Telephone: 0203 137 9887
Email: [email protected]

What apps do we use at OD Accountants Part 2:

Last week we told you about the different software we use to for accounting and this week it’s what we are using for our payroll & supplier payments:

✅Brightpay
✅BP HR
✅Wise
✅Modulr

Software is always picked based on the needs of the client and is discussed prior.

Get in touch to find out more information ⬇️

Telephone: 0203 137 9887 📞
Email: [email protected] 📧

At OD we pride ourselves on providing the best possible service for all of our clients 🤝

This client review from Zia sums up our aims perfectly;

”I have been with OD Accountants for just over two years. They make sure that I am given plenty of notice of any accounts/information they need from me, which makes my life less stressful. All the accounts/forms are completed on time, meaning I do not have any extra worries when it comes to my business. I would recommend OD Accountants to any body who wants/needs a trustworthy accountant, that ensures their client’s businesses come first and who knows what they are doing.”

Whatever your requirements, contact us on 0203 137 9887 to see how we can help your business grow 📲

Telephone: 0203 137 9887
Email: [email protected]

Always good to end the week in a positive way, so we thought we would share one of our reviews from client Sonja ⬇️

"Niall did a great job at completing my tax return (and also my partner’s) at the last minute. He was responsive, knowledgeable and gave excellent advice.

I felt that he always had time to answer my questions and gave considered responses based on our circumstances.We will definitely be using him again in future.

Thank you Niall."

Reviews don’t come much better than that. It is of utmost importance to us to ensure that our clients feel fully supported and don’t feel they are just another number on a page.

If you feel like you need support, please don’t hesitate to get in touch with our friendly team.

Telephone: 0203 137 9887
Email: [email protected]

We often get asked ‘who do you work with?’ And the truth is we have a wealth of knowledge in servicing businesses in many sectors.

Here’s some of the sectors we are currently working with:

✅FMCG
✅Teach start ups
✅SAAS companies
✅Consultants
✅Retail
✅Hospitality
✅Services companies
✅Internet resellers

If you have any questions about whether we could support you, please feel free to get in touch with one of our friendly team using the details below:

Telephone: 0203 137 9887 📞
Email: [email protected] 📧

CUSTOMER REVIEW 🤝

This time linked to inheritance tax from Alekiki.

He had questions about this subject area, just like many of you do!

This is what he had to say about the service we provided him:

“Purchasing a property. Niall promptly got in touch and over the phone was able to answer the questions I had with regard to inheritance tax. He also suggested some further financial considerations I should keep in mind as I progress with my property purchase. Yes, thanks to Niall I now feel more comfortable knowing I understand the tax implications around my property purchase.”

If you are worried or concerned, please get in touch & we can guide you through the process.

Telephone: 0203 137 9887 📞
Email: [email protected] 📧

The final part of our accountancy misconception series is here! ⬇️

❌Accounting Is Only About Compliance:
✅Reality: Compliance is an important aspect, but accountants also play a critical role in business strategy, risk management, and performance improvement. They help organisations make informed financial decisions and achieve long-term goals.

❌Accountants Don't Need Creativity:
✅Reality: Creativity is essential in accounting for solving complex problems, designing financial strategies, and finding innovative solutions to improve efficiency and reduce costs. Accountants often need to think creatively to interpret data and provide valuable insights.

❌All Accountants Are the Same:
✅Reality: There are various types of accountants with different specialisations, such as public accountants, management accountants, government accountants, and internal auditors. Each type has a distinct role and set of responsibilities.

❌Accounting Is a Male-Dominated Field:
✅Reality: While historically male-dominated, the accounting profession has become more diverse. We also have lots of female staff here at OD!

By debunking these misconceptions, we can better understand the valuable and multifaceted role accountants play in the business world.

If you need any support, please feel free to reach out to our friendly team today ⬇️

Telephone: 0203 137 9887 📞
Email: [email protected] 📧

ACCOUNTANCY MISCONCEPTIONS PART 2 ⬇️

Last week, we told you about our accountancy misconception series! So here we are with part 2:

❌Accountants Are Only Needed During Tax Season:
✅Reality: Businesses need accountants year-round for budgeting, financial reporting, audits, and strategic planning. Accountants help manage cash flow, conduct financial analysis, and ensure regulatory compliance throughout the year.

❌Accountants Are Introverted and Work Alone:
✅Reality: Accountants often work in teams and interact regularly with clients, colleagues, and other stakeholders. They need strong communication and interpersonal skills to explain financial information and collaborate effectively.

❌Accountants Are Obsolete Due to Automation:
✅Reality: While technology has automated many routine tasks, it has also enhanced the role of accountants. Accountants now leverage advanced software for data analysis and forecasting, allowing them to focus more on strategic advisory roles.

Follow on for part 3!

Telephone: 0203 137 9887 📞
Email: [email protected] 📧

Sharing another great review from a start up business we recently helped. We absolutely love working with start ups & would say it is definitely one of our specialisms 👏🏼

"As a new start up and having never dealt with an accountant, Niall at OD Accountants has been very welcoming and supportive.

All our prior queries and issues have been resolved, and he is always available to meet the needs of our team.

If you are looking for a high-quality service from a friendly face to help with your business, then look no further!"

If you would like to work with accountant who is very welcoming & supportive, please feel free to get in touch ⬇️

Our contact details are as follows:

Telephone: 0203 137 9887 📞
Email: [email protected] 📧

ACCOUNTANCY MISCONCEPTIONS ⬇️

There are several common misconceptions about accountants and the accounting profession. Let's address some of these misconceptions over the next couple of weeks!

❌Accountants Are Just Number Crunchers:
✅Reality: While accountants do work with numbers, their role is much broader. They provide valuable insights into financial performance, help with strategic planning, ensure compliance with regulations, and can offer advice on cost-saving measures and investment opportunities.

❌Accounting Is Boring:
✅Reality: Accounting can be dynamic and interesting, involving problem-solving, data analysis, and strategic decision-making. Accountants work in various industries and can specialize in areas such as forensic accounting, environmental accounting, and financial planning, making the field diverse and engaging.

❌All Accountants Do Taxes:
✅Reality: Tax accounting is just one specialty within the field. Many accountants work in audit, management accounting, financial analysis, consulting, and other areas. Not all accountants handle tax-related work.


Follow on for part 2!

Telephone: 0203 137 9887 📞
Email: [email protected] 📧

🗓 31ST JULY PAYMENT 🗓

Most self-employed people have 2 payment days for their tax: 31st January & 31st July. Some of you might be thinking ‘31st July?!🤯’ because it often gets forgotten about. However, if you are self-employed, you must make these 2 payments unless:

✅your last Self Assessment tax bill was less than £1,000
✅you’ve already paid more than 80% of all the tax you owe, for example through your tax code or because your bank has already deducted interest on your savings

Why are 2️⃣ payments made?
Each payment is half your previous year’s tax bill. If you still have tax to pay after you’ve made your payments on account, you must make a ‘balancing payment’ by midnight on 31 January next year.

If you have any questions or concerns about this payment, please feel free to contact one of our team today 💫

Telephone: 0203 137 9887 📞
Email: [email protected] 📧

FAQ: Should I claim petrol or mileage? 🚗

Whether you should claim petrol or mileage depends on your individual circumstances and needs. Both options have their advantages and disadvantages, so you should weigh them carefully before making a decision.

Claiming petrol involves keeping track of your fuel expenses and then claiming them back from your employer. The advantage of this method is that it is easy to calculate and you can claim back the exact amount you spend on fuel. However, it can become complicated if you use your vehicle for both personal and business use.

On the other hand, claiming mileage involves keeping track of the number of miles you drive for business purposes and then claiming back a set rate per mile from your employer. This method is less complicated than claiming petrol, but you may end up claiming less than you actually spend on fuel if you have a fuel-efficient car or if you don't drive very far.

Ultimately, the decision of whether to claim petrol or mileage depends on your individual circumstances and preferences.

Get in touch & we can support you in ensuring you make the correct decision.

Telephone: 0203 137 9887 📞
Email: [email protected] 📧

📖 STREAMLINING YOUR BOOKKEEPING 📖

For most of us bookkeeping isn’t exactly a favourite pastime, however with the right tools and a bit of technological knowhow, you can alleviate much of the pain associated with it whilst gaining invaluable management insights.

The first hurdle in bookkeeping often involves managing what feels like a small mountain of receipts and invoices which can turn up by post, email or after shopping. Luckily you can use technology rescue you: for hard copy receipts, simply scanning or taking a picture allows you to seamlessly upload them into your accounting software. Even easier, email receipts can be sent straight to your accounting software, bypassing the need for those photos altogether. What’s more, setting up rules within the software ensures that invoices are automatically assigned to the correct expense account, saving you time as well as avoiding all that tedious analysis.

When it comes to software solutions, there’s a myriad of options available depending on your accounting software of choice. QuickBooks Online users can take advantage of the built-in app, while Xero users can use Hubdoc. For those seeking a more robust solution that also caters to employee expenses, Dext Prepare offers a powerful suite of features.

Efficient bookkeeping doesn’t stop at receipt management. Managing payments can be equally time-consuming and there’s always a risk of mistakes. How often have we inadvertently paid the wrong amount to suppliers or staff? While recipients are quick to flag underpayments, overpayments often go unnoticed. Fortunately, solutions like Wise and Modulr offer streamlined payment processes, helping to minimise errors and streamline your financial operations.

If you’re interested in learning more about any of these solutions, don’t hesitate to contact us. We’d be happy to provide a demo and help you take that first step towards more efficient bookkeeping practices.

Telephone: 0203 137 9887
Email: [email protected]