Accountants can sometimes be seen as too expensive, or a luxury only needed for bigger companies, but there are a number of ways in which accountants are helpful for even the smallest of businesses. Saving Tax I was speaking to a business owner recently who had prepared his own accounts and tax return for a… Continue reading Why is an Accountant Good for my Small Business?
Having quality management accounts can be beneficial to your business as they can help you to grow by making it more efficient and hopefully more profitable. Management accounts are a set of detailed accounts prepared to illustrate the company’s performance. The goals of the accounts are to provide key financial information which will help with… Continue reading Would your business benefit from monthly or quarterly management accounts?
The government has decided not to proceed with plans to abolish Class 2 National Insurance Contributions (NICs) from April 2019. Class 2 NICs are currently paid at a rate of £2.95 per week by self-employed individuals with profits of £6,205 or more per year. The government had planned to scrap the Class 2 contribution and… Continue reading Self-employed Class 2 National Insurance will not be scrapped
HMRC has issued a warning to taxpayers regarding the latest tax refund scams. These scams are targeting individuals via email and SMS messages. HMRC is currently processing genuine tax refunds for the 2017/18 tax year and the fraudsters are sending scam messages which claim that taxpayers are entitled to a rebate. These messages go on… Continue reading Tax refund scams warning from HMRC
It is that time of year again when your organisation’s P11D forms will need to be prepared and submitted to the Inland Revenue. The most common entries being the car or van benefit, with or without fuel for private use. In addition to the above, directors/employees are sometimes provided with private health insurance. The best… Continue reading P11Ds – Return of Expenses and Benefits
Falling foul of the National Minimum Wage rules can be expensive – as well as having serious implications for employer reputation. Many firms have been named and shamed for getting it wrong - are you compliant? Employer errors The National Minimum Wage (NMW) keeps appearing in the headlines. Recently the Department for Business, Energy and… Continue reading National Minimum Wage – where are we now?
The following Tax Events are due on 31st January 2018: Personal Tax Events Deadline for submitting your 2016/17 self assessment return (£100 automatic penalty if your return is late) and the balance of your 2016/17 liability together with the first payment on account for 2017/18 are also due. This deadline is relevant to individuals who… Continue reading 14 Days left to submit your 2016/17 self assessment return
It's not important whether the vehicle is a van. What's important is that it's not a car. For VAT purposes it will be a car if: It is of a kind normally used on public roads, has three or more wheels and either: is constructed or adapted for carrying passengers; or has roofed and windowed… Continue reading When is a van not a van?
VAT: Overseas sales Below are some very basic rules of how to deal with VAT on overseas sales. If you ever come across these, please contact us as there are a lot more details which should be reviewed before anything is submitted to HMRC. The following are basic questions that need to be answered before… Continue reading VAT: Overseas sales
The Apprenticeship Levy is charged on employers’ “paybills” at a rate of 0.5%. The levy is payable through Pay as You Earn (PAYE) and is payable alongside income tax and National Insurance. To keep the process as simple as possible “paybill” will be based on total employee earnings subject to Class 1 secondary NICs. Each… Continue reading The Apprenticeship Levy