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Planning the Perfect Staff Christmas Party: Budgeting and Beyond

The holiday season is fast approaching, and with it comes the opportunity to celebrate with colleagues at the annual staff Christmas party. Whether your company is large or small, organising a memorable event requires careful planning, especially when it comes to budgeting. ...

How Accountants in the UK Can Assist with Payroll Processing and Compliance

In today’s fast-paced business environment, payroll processing and compliance are essential components of any organisation, yet they can also be complex and time-consuming. Navigating through the legal requirements, tax obligations, and employee benefits can be overwhelming for many business owners. Outsourcing payroll services to accountants in the UK can significantly streamline your business operations and ensure compliance with complex payroll regulations.This is where accountants pla...

The Essential Guide to Accountants in London: Finding the Right Fit for Your Needs

London, a bustling hub of finance and business, is home to an impressive array of accountants catering to various needs. Whether you're a small business owner, a freelancer, or an individual looking for personal tax advice, choosing the right accountant in London can make all the difference. In this guide, we’ll explore the key types of accountants available, including traditional and online options, to help you make an informed decision.Related Article: The Importance of Cash Flow Manage...

Why do People Have to Make Payments on Account for Tax?

Navigating the world of taxes can be a complex and sometimes daunting task, especially when it comes to understanding the various requirements and deadlines involved. One aspect that often causes confusion is the need for payments on account.If you're self-employed, run a business, or have other income not taxed at source, you've likely encountered this term. But why do people have to make payments on account for tax?Related Article: Simplifying Payroll: Best Practices for Small Business Ow...

Simplifying Payroll: Best Practices for Small Business Owners

Running a small business involves numerous responsibilities, and one crucial aspect is managing payroll. While payroll can be complex and time-consuming, implementing efficient practices can simplify the process significantly.In this blog post, we will explore the best practices that small business owners can adopt to streamline their payroll operations.By following these guidelines, you can ensure accuracy, compliance with regulations, and overall efficiency in managing your employees' compe...

The Importance of Cash Flow Management: Tips for Small Businesses

In the dynamic world of small business operations, cash flow management reigns supreme as a critical factor for success. Cash flow, the movement of funds in and out of your business, serves as the heartbeat of your operations.Understanding and effectively managing your cash flow can spell the difference between sustained growth and financial turmoil.In this blog post, we'll delve into the significance of cash flow management for small businesses and provide valuable tips to navigate this e...

How to Choose the Right Accountant

Choosing the right accountant is crucial for your business's or personal finances' financial health. An accountant does more than just manage your books; they provide invaluable advice to help you save money, grow your business, and most importantly, ensure strict compliance with tax laws. Here are some key factors to consider when selecting the right accountant....

How can accountants help with VAT compliance in the UK?

In the intricate world of taxation, Value Added Tax (VAT) stands out as a pivotal component, and businesses operating in the UK are no strangers to its complexities. Navigating the VAT landscape requires a keen understanding of regulations, meticulous record-keeping, and a commitment to compliance....

What was announced at the Budget Summary March 2024?

The Budget Summary for March 2024 stands as a pivotal moment, revealing the latest measures and initiatives set forth by policymakers to navigate the challenges and opportunities ahead. From taxation adjustments to investment strategies, this summary encapsulates the government's vision for economic resilience and growth.From key announcements to their potential impact on businesses and individuals alike, this comprehensive overview aims to shed light on the policies shaping our financial future...

How is the tax worked out on a company car provided to a Director or Employee for a Limited Company?

If a Limited Company is providing a company car or fuel benefit for Directors or employees during the tax year 23/24 this is a Benefit In Kind and is taxable on the employee or Director who uses the vehicle....

What was announced in the AUTUMN STATEMENT – 22 NOVEMBER 2023?

Significant points• Cuts to employee NICs take effect from 6 January 2024 and self-employed NICs from 6 April 2024• 100% first year allowances (‘full expensing’) for companies made ‘permanent’ (originally due to expire 31 March 2026)• Extension of the ‘cash basis’ of computing taxable profits for unincorporated businesses • No changes announced to Income Tax, Inheritance Tax or Stamp Duty Land Tax – all remain fixed at levels previously announced...

Can I take money out of my sole trader bank account without paying further tax?

As a sole trader, you're not just the captain of your ship; you're also the navigator of your financial course. While the freedom and flexibility of being a sole trader can be exhilarating, it also comes with a host of responsibilities, including managing your finances and understanding the tax implications of your decisions.One question that often looms large in the minds of sole traders is, "Can I take money out of my sole trader bank account without incurring further taxes?”So, let's set sa...

Can my limited company pay for gym membership for Directors & staff?

In the modern corporate landscape, employee well-being has taken centre stage as a pivotal factor in driving productivity, engagement, and overall success. As companies seek innovative ways to support their team's physical and mental health, the question arises: Can your limited company cover gym memberships for directors and staff? Providing a benefit in kind to Directors or staff is a great way to make them feel valued and appreciated.  A limited company can provide a benefit in...

Can I purchase an electric vehicle through my Limited Company?

In the era of sustainability and innovation, electric vehicles (EVs) have taken the automotive industry by storm. As individuals and businesses alike strive to reduce their carbon footprint and embrace cutting-edge technology. Whether you're a small startup or an established enterprise, understanding the intricacies of acquiring an EV under your company's name can bring forth financial, environmental, and operational advantages. A limited company can purchase an electric vehicle. ...

Tax Free allowances for 06/04/2023 to 05/04/2024

Taxes are an inevitable part of our financial landscape, but did you know that there are legitimate ways to reduce your tax liability? Enter the realm of tax-free allowances, where you can uncover opportunities to save your hard-earned money within the bounds of the law. In this blog post, we'll take a deep dive into the world of tax-free allowances, from personal allowances to income tax bands, let's explore the smart path to keeping more of your money in your pocket.The below are the...

What help is available to households, due to increased living costs for 2022?

With the ever-increasing cost of living in 2022, on 26/5/2022 the Chancellor announced grants for all households, to help with the increasing costs of heating homes.  There will be different levels of help categorised as: Low-income householdsPensioner householdsDisability householdsAll households ...

Tax Rates & Minimum Wage for 2022/2023

Minimum wage for 2022/2023 is dependent on the employees age: Age                     Rates from April 2022 23 and over          £9.50 21 to 22                £9.18 18 to 20                £6.83 Under 18          &nbs...

How do I add sales to Quickbooks if the customer has already paid me?

A sales invoice is the document you raise in bookkeeping when you are asking a client to pay you for your goods or services.  Normally the sales invoice is raised and sent to your client, then your client pays you, and then you can mark the sales invoice as payment received.  In some circumstances your customer might know your fee in advance and send the money to you before you have raised the sales invoice.  In this case you can raise a sales receipt.  A sales receipt is the...

Changes to NI & Tax to cover Health and Social Care

From April 2022: The Prime Minister announced on 07/09/2021 there will be an increase in tax from April 2022 to cover the shortfall in funding for the NHS due to the pandemic, and to cover social care funding.  As of April 2022, the extra tax will be as follows: 1.25% tax increase on employees national insurance1.25% tax increase on employers national insurance1.25% tax increase on class 4 self-employed national insurance1.25% increase on dividend tax For April 2022 to March 2023 working pe...

What are the penalties for filing tax returns late?

Individual tax returns                     due by 31st January.Partnership tax returns                  due by 31st January.CT600 Corporation tax returns      due 9 months and 1 day after the companies’ year end....

What is the most tax efficient wage for a Director for 2021/2022?

Each year most people get an amount that you can earn tax free.  For the year 6.4.2021 to 5.4.2022 this amount is £12570.  A limited company does not get a tax-free amount it can earn, it pays corporation tax on all profit.  Taking an income from a limited company purely as a dividend will mean you pay corporation tax on the entire amount.  To claim some income tax free, it has to go through payroll as a Directors salary (Director remuneration)....

How do I clear an overdrawn Directors’ loan account?

A Director/Shareholder might put money into their own limited company and then later they pay themselves back.  This movement is shown in the accounts as money coming into the limited company as a loan from the Director, and then money going out of the limited company to pay the Director back.  A Director/Shareholder earns income from the limited company by running some income through payroll, and then taking other income as a dividend.  The payroll amount should be the most tax e...

Work out if someone is self employed or should be on payroll.

If you appoint a contractor or subcontractor to work with you, and they are not genuinely self-employed, you can become liable for the tax and employers’ national insurance of that person.  Simply registering with HMRC as self-employed Is not enough.  HMRC will check if the way the person works is in line with being self-employed....

Changes to IR35 off payroll working from 6th April 2021.

For medium and large sized businesses, (you meet 2 of the 3 conditions below to be a medium or large sized business): You have an annual turnover of more than £10.2 million.You have assets before deducting liabilities on your balance sheet of £5.1 million.You have more than 50 employees. You will need to complete a Status Determination Statement (SDS) for each subcontractor you appoint, to decide how the tax and national insurance is to be dealt with for the subcontractor.  Is it the resp...

Chancellor Budget announced on 03/03/2021 & Tax Rates 2021/2022

The furlough scheme was due to end in April 2021 but has now been extended to end of September 2021.  Employees will continue getting 80% of salary for hours not worked, up to £2500 per month. The scheme will now close at the end of September 2021: Up to June 2021                                         Government pays 80% of hours not worked. July 2021         ...