Starting a business

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

Do I need a qualified accountant?

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

What bookkeeping do I need to do and do I need software?

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

What is Capital Gains Tax?

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 cost. The most common types of asset on which Capital Gains Tax is payable are: Personal possessions worth £6,000 or more, excluding your car … Read more

Do I need to register for VAT?

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

What is the VAT domestic reverse charge for construction services and how will it affect my business?

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

What are off-payroll working rules, sometimes called IR35?

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

Do I have to pay the National Minimum Wage?

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

Do I have to give my employees paid holiday?

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