admin You may have heard that you can save tax by running your business through a limited company, but is that really the case? There is no one correct answer as there are many factors to consider before deciding on the most beneficial trading style to suit your individual circumstances, but here a few of the … Read more
While you are not legally obliged to have a qualified accountant, or any accountant at all, choosing a qualified accountant will provide you with the peace of mind that your finances are being dealt with correctly by people whose professional knowledge is kept up to date. As qualified accountants, we have passed a number of … Read more
All workers of at least school-leaving age are entitled to a set level of minimum pay per hour known as the National Minimum Wage. Workers over 23 years of age are entitled to the National Living Wage, which is set at a higher level. It does not matter if they are part time, casual or … Read more
If you are thinking of starting your own business the first thing you should do is get some professional advice from an accountant, ideally BEFORE you start trading. We can advise on: If everything is set up correctly before you start trading, not only will you be saving tax but you will also have more … Read more
Following the introduction of Making Tax Digital (MTD), VAT-registered businesses are required to keep digital records and use software to submit their VAT returns. Since April 2022 this also includes businesses who are VAT registered but below the VAT threshold (currently £85,000) who were previously exempted. Even if you are not VAT registered at all … Read more
You must register for Value Added Tax if your VAT taxable turnover goes over the Government set threshold, or if you know that it will. The threshold currently stands at £85,000. VAT taxable turnover is made up of any goods or services sold that are not VAT exempt. If you have VAT taxable turnover of … Read more
VAT Returns For VAT there has been a change to the way penalties and interest are charged after 1st January 2023. The new penalties replace the default surcharge and now also apply to anyone submitting nil or repayment returns too! Late submission penalties now work on a points-based system. For each return you submit late, … Read more
You must complete and submit a tax return to HMRC if you are: You will not need to send a tax return if your only income is from employment or a pension (unless you earn over £100,000 per annum, or £50,000 per annum and are claiming Child Benefit). However, you may need to send one … Read more
The VAT domestic reverse charge moves the responsibility of reporting VAT away from the subcontractor and on to the contractor when working within the construction industry. Your business will be affected if: The end user, typically the private customer, will not be impacted by the use of the domestic VAT reverse charge. Supply Chain Normal … Read more
A capital gain arises when you dispose of an asset that has increased in value. You will pay tax on the profit you have earned i.e. the sale proceeds less the allowable cost. The most common types of asset on which Capital Gains Tax is payable are: Everyone is entitled to an annual tax-free allowance … Read more
Self employed / Partnership You must keep all your records of income and expenditure, along with supporting invoices etc., for at least 5 years after the 31st January submission deadline of that tax year. For example, for the tax year 6th April 2021 to 5th April 2022, the filing deadline is 31st January 2023 so … Read more
Whether staff are employed on a full-time, part-time, flexible or zero-hours contract, they are entitled to statutory holiday pay. This includes agency workers too. Most workers who work a 5-day week must receive at least 28 days’ paid annual leave a year. This is the equivalent of 5.6 weeks of holiday. Bank holidays are counted … Read more
…bookkeeping? Just give us access to your bookkeeping software (if you are not taking advantage of our FREE or discounted software packages), your bank statements and invoices for each period and we will take care of everything. We can also prepare and submit your VAT returns as a stand-alone service or as part of our … Read more
You may be affected by the off-payroll working rules if: An intermediary will usually be the worker’s own personal service company, but could also be another entity such as an agency. The rules look at whether, if the worker was providing their services directly to the end client without the intermediary, they would be classed … Read more