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If you are thinking of starting your own business the first thing you should do is get some professional advice from an accountant. We can advise on: The most appropriate business structure for you (sole trader/partnership/limited company) to ensure that you are not paying more tax than necessary right from the outset. What expenses you … Read more

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

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

VAT Returns VAT Returns must be submitted and paid one month and 7 days after the end of the VAT quarter. For example, the deadline for the VAT Period 1st April – 30th June will be 7th August. Payments must be made electronically. If you set up a direct debit with HMRC to pay your … 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

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 supply of services falls within the scope of the Construction Industry Scheme The supply is standard or reduced rated for VAT Both … 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

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 2020 to 5th April 2021, the filing deadline is 31st January 2022 so … Read more

You may be affected by the off-payroll working rules if: You are a worker providing services through your own limited company or other intermediary to an end client You are a client who receives services from a worker through their own limited company or other intermediary You are an agency providing another worker’s services through … 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

Whether staff are employed on a full-time, part-time, flexible or zero-hours contract, they are entitled to statutory holiday pay. All staff are entitled to 5.6 weeks of paid holiday a year, including bank holidays. If the worker is part time or works irregular hours, this figure is apportioned accordingly. If staff are off work through … Read more