Accounting Articles
The heated debate- should vat apply to all takeaways?
You would be forgiven for thinking that the position on prepared foods is clear-cut: if you cook or otherwise heat them up for consumption by the public, then standard rate VAT applies. But this is not always a black and white distinction: it can be a very grey area. If you are in any way involved in commercial food preparation then this is somethi...
Posted at 2018-05-26 22:40:27 by Odiri Tax Consultants & Accountants
Are you prepared to go fully VAT Digital?
As a small business owner, you will know that all VAT returns have been digital, i.e. online, for some time. But you may not realise that HMRC’s plans do not stop there. In under a year, you will have a very different set of requirements to fulfil. Phase One of the new Make Tax Digital process comes in as early as April 2019. So start planning in...
Posted at 2018-05-26 22:12:23 by Odiri Tax Consultants & Accountants
Autoenrolment for Employers
Auto Enrolment requires employers to enrol eligible workers into a workplace pension scheme. Every employer is affected even if you only employ 1 person. The new regulations will be enforced by the Pensions Regulator. When the UK government found too few workers were putting money into a pension, they introduced a new law – called automatic e...
Posted at 2017-08-26 23:52:26 by In2Accounting
Revenue Recognition in the Oil & Gas Industry under IFRS
From January 2018, there will be a new global standard for the way in which revenue is recognised and accounted for – IFRS 15 – Revenue from Contracts with Customers. The standard was issued back in May 2014 with amendments in April 2016 and will become effective for the annual reporting period beginning on or after 1 January 2018. Many are ...
Posted at 2017-08-03 15:09:05 by Upstreamly Ltd
Accounting for Decommissioning Provisions under IFRS
If your business is in the oil and gas industry, it’s understandable that you’d like to stay focused on exciting new opportunities in the present, rather than obligations in the distant future. But it’s important to plan ahead and consider how decommissioning large-scale assets such as rigs will be carried out in years to come. Specifically, ...
Posted at 2017-08-03 15:06:38 by Upstreamly Ltd
Are you contracting with the public sector? You need to know about proposed IR35 changes
It has long been a tax-efficient way of working that individual contractors supply their services through a limited company or partnership owned by them, drawing their earnings in a mixture of pay and dividends. But new proposals put forward by HMRC will, if implemented, threaten this arrangement, at least if your company is supplying services to t...
Posted at 2017-03-23 21:39:20 by Odiri Tax Consultants & Accountants
To be a Company or to be a Sole Trader: that is the question…
You have maybe left employment for a company and you are planning to start up on your own – or you want to add a new firm to an existing trade that you carry on – or perhaps you want to start out from the beginning of your career as an entrepreneur. What sort of a structure do you want to have around you – a self-employment model (sole trade...
Posted at 2017-03-23 20:49:59 by Odiri Tax Consultants & Accountants
The Impact of Flat Rate VAT changes on small businesses
Controversial new changes that are being made imminently will adversely affect many one-person and other small businesses. Here is an outline of what to expect. The Flat Rate Scheme for VAT (FRS) is being altered from April 2017. FRS is a scheme that has real benefits for hard-pressed owner-operator businesses and they can ill-afford new costs ...
Posted at 2017-03-23 20:16:01 by Odiri Tax Consultants & Accountants
SELF-ASSESSMENT TAX RETURN 2015/16
Each tax year runs from 6 April to the following 5 April. The tax return covering the year ended 5 April 2016 is sometimes called the '2016' tax return'. The deadline for sending your completed tax return back to HMRC depends on whether you submit a paper return (31st October 2016) or file it on-line (31st January 2017).
Posted at 2016-10-19 15:34:38 by Hudson & McCullum Limited
5 Things never to ignore with your business bank account
Business banking is not everyone’s idea of fun but as the business owner you have no choice but to be hot on the transactions in your accounts. Here we take a look at five things not to ignore with your business bank account. Account Fees Unless you are in your first year, it is highly unlikely that you will have a business account without f...
Posted at 2016-06-13 15:21:39 by Pros Assist
Minimum wage increase – How will it affect your business?
Last month, the National Minimum Wage increased, with employers now required to pay all of their workers 21 years old and over a minimum of £6.70 per hour. This represents a 20p increase on the previous hourly rate of £6.50. Those between the age of 18 and 20 will now receive a minimum of £5.30 per hour compared to the previous rate of £5.1...
Posted at 2016-06-13 15:21:18 by Pros Assist
Self Assessment – Why do we Pay On Account?
Whether you are self employed or employed and receiving untaxed income, you would have had to, at some point, file a Self Assessment Tax Return, or atleast sign one that was prepared by your accountant. Within the UK, there are set deadlines for when you have to pay your taxes by to H M Revenue & Customs. The two main dates are 31st January ...
Posted at 2016-06-13 15:20:55 by Pros Assist
The Importance of Hiring a Great Accountant
Every business, big or small, needs to hire an accountant to protect the financial integrity of the organisation. Many business owners think that with the assistance of handy software such as QuickBooks, they can personally handle the accounting, and truth be told, that is the biggest mistake a business owner can make. When business owners deci...
Posted at 2016-06-13 15:20:15 by Pros Assist
VAT – will your business benefit from the Flat Rate Scheme?
As an SME, whether you are self employed or a limited company, if your turnover becomes above £82,000 (£81,000 2015) then you are obliged to register for VAT. You are therefore obliged to charge VAT on your sales, at the going rate, currently 20%, and claim VAT on your expenses accordingly. At the end of the month, quarter or year you must pr...
Posted at 2016-06-13 15:19:55 by Pros Assist
What Are My Options for Start-Up Investment?
If you’re looking to start up your own business it’s an incredibly exciting time, but there are a number of financial aspects to consider before you can get it fully up and running. Unless you have the capital yourself, you may be wondering what other options there are available for investment for your new business. Well, you’ll be please...
Posted at 2016-06-13 15:19:35 by Pros Assist
Use of Home as an Office is an allowable business expense
There has been a big increase in people becoming self-employed in the past couple of years. A lot of start-ups have begun in bedrooms and study rooms. Successful businesses are still being carried out at home after several years of trading. H M Revenue & Customs provides an entitlement for those that do not rent office space, or do rent offi...
Posted at 2016-06-13 15:19:13 by Pros Assist
Checking your payslip for errors
I always get told by people that they think ‘they are being taxed too much’ and the ‘employer is taking too much of their money’. It is the employers’ responsibility to pay HM Revenue & Customs the tax and National Insurance Contributions due by the employees. But it is the employees’ responsibility to inform HM Revenue & Cust...
Posted at 2016-06-13 15:18:53 by Pros Assist
How an accountant can help your business
Firstly, ask yourself, why do I need an accountant? You may have recently started up a new business either as a sole trader or a partnership, or have incorporated a company. You may have rental income from properties. You may have made a capital gain from selling a property. You may have foreign income that you wish to or are required to declar...
Posted at 2016-06-13 15:16:52 by Pros Assist
The Most Important Changes To This Year’s Personal Tax
Tax season is a stressful time that often leaves one wanting to put their head in the sand. So much paperwork, looming deadlines and the constant changes and confusion surrounding doing your taxes are enough to scare anyone off, however, it is a necessary evil. Knowledge is power, so we have put together a list of some of the more important changes...
Posted at 2016-06-13 15:16:24 by Pros Assist
Harrow is home of one of London’s top limited company contractor accountants
Harrow is home to one of London’s fastest growing, accountancy practices: DNS Accountants LLP. DNS’s free cloud-based technology has allowed this accountancy firm to grow quickly and effectively, and it will do the same for your business. DNS Accountants LLP specialises in contractor accounting and has branches in north-west London, central Lon...
Posted at 2015-12-27 07:44:06 by DNS Associates
6 Tips to avoid being defrauded
How to avoid being defrauded 1. Credit check your major customers with reputable agencies. 2. Maintain tight controls on the flow of cash in your business and who is handling it and when. 3. Use Merchant banking services to process card transactions. 4. Regularly review your bank statements and tie these upto your accounting records. 5. Mainta...
Posted at 2015-11-05 01:06:50 by AGA Partners Accountants and Tax Advisors
National Minimum Wage Increase
Remember, from 1 October 2015 the National Minimum Wage will be increasing as follows: £6.70 for workers aged 21 and over £5.30 for workers aged 18-20 years £3.87 for workers aged 16-17 years above school leaving age but under 18 £3.30 for apprentices in their first year of their apprenticeship Don’t forget, you are not required t...
Posted at 2015-09-11 07:57:17 by Parkers Accountants and Chartered Tax Advisers
Safe as Houses?
HMRC are still operating the Let Property Campaign which allows individuals with undeclared income from property to make a disclosure on favourable penalty terms. The campaign has been running for some time and Parkers Accountants and Chartered Tax Advisers confirmed with HMRC recently that the campaign does not yet have an end date scheduled...
Posted at 2015-09-11 07:56:39 by Parkers Accountants and Chartered Tax Advisers
Christmas Come Early (Well, for George)
Whilst the taxpaying public retreat to warmer climes for a well deserved break to lick their wounds following the Summer Budget 2015 the Government are working hard to give those well rested travellers a frosty welcome home. This is particularly so if you've been on holiday despite a tax debt hanging over you. Finance Act 2015 gave HM Revenu...
Posted at 2015-09-11 07:55:42 by Parkers Accountants and Chartered Tax Advisers
Connect the Dots
HMRC Connect: What is it? In the digital age HMRC have developed a super weapon in the detection of tax evasion. Connect compares, compiles and analyses data in databases that the government has access to providing HMRC with a list of taxpayers with anomalies in their records. Year on year HMRC are adding further resources to the system with the...
Posted at 2015-09-11 07:51:50 by Parkers Accountants and Chartered Tax Advisers
Paid too much or too little tax?
HMRC have issued a press release advising tax payers that they are sending out annual statements for the tax year to 5 April 2015. The statements are styled P800 forms and summarise income and allowances for the year and the calculation of tax due and tax paid. If you have over paid tax the statement will trigger a repayment in most cases. If ...
Posted at 2015-08-18 21:23:30 by Slaters Accountants in Staffordshire
Owner managed business accountants
At Slaters, Chartered Accountants we specialise in dealing with all aspects of owner-managed businesses, from sole-traders through to groups of limited companies. Our mission is to ensure our clients overall financial wellbeing, which we aim to achieve through offering a full range of services, including: Accounts Preparation Corporate Tax Pers...
Posted at 2015-08-18 21:07:24 by Slaters Accountants in Staffordshire
Landlord Tax Changes
Accountant notes for Landlords in Staffordshire There were a number of measures in the Summer Budget that will impact the taxation of property income. These include: the abolition of the 10% wear and tear allowance (see details below); the restriction of tax relief to the basic rate (20%) for loan interest on funds raised to purchase residenti...
Posted at 2015-08-18 21:03:06 by Slaters Accountants in Staffordshire
Small business changes
Tax Changes for Small Business from Accountant In Newcastle-under-Lyme Some of the key changes that will impact small businesses in particular are set out below: Taxation of dividend income from April 2016. The present 10% dividend tax credit is being abolished from April 2016. In its place an annual dividend tax allowance of £5,000 is bein...
Posted at 2015-08-18 20:54:45 by Slaters Accountants in Staffordshire
Who are Slaters Accountants?
Slaters Chartered Accountants is a successful and growing Chartered Accountants, dedicated to delivering excellent accountancy services to our clients in and near Newcastle-under-Lyme through our friendly but professional approach. Contact us now to get your free initial consultation. ...
Posted at 2015-08-16 21:47:06 by Slaters Accountants in Staffordshire
Tapered pensions annual allowance
Originally posted on the Accountant in Staffordshire, Slater's blog Legislation in Summer Finance Bill 2015 introduces a tapered reduction in the annual allowance from 6 April 2016, for those with an ‘adjusted income’ of over £150,000. The ‘adjusted income’ definition adds-back any pension contributions, to prevent individuals from...
Posted at 2015-08-16 14:16:42 by Slaters Accountants in Staffordshire
Tax Diary August/September 2015
Taken from Staffordshire's Accountant, Slaters. 1 August 2015 – Due date for Corporation Tax due for the year ended 31 October 2014. 19 August 2015 – PAYE and NIC deductions due for month ended 5 August 2015. (If you pay your tax electronically the due date is 22 August 2015) 19 August 2015 – Filing deadline for the CIS300 monthly re...
Posted at 2015-08-16 14:11:07 by Slaters Accountants in Staffordshire
HMRC roadside fuel testing
From the Slaters Chartered Accountants, Stoke on Trent blog Treasury Minister Damian Hinds visited Belfast and Newry recently as HM Revenue and Customs (HMRC) unveiled new roadside fuel testing equipment to tackle the trade in illicit diesel. The hi-tech equipment has been introduced to allow officers to test vehicles at the roadside for the pres...
Posted at 2015-08-16 14:07:47 by Slaters Accountants in Staffordshire
HMRC to extend data gathering powers
From the Slaters Chartered Accountants, Stoke on Trent blog HMRC has had considerable success in using third party data to better target compliance activity and to tackle the hidden economy. A current consultation by HMRC proposes that these data gathering powers be extended in order to combat tax evasion. We have extracted the following comments ...
Posted at 2015-08-16 14:03:03 by Slaters Accountants in Staffordshire
HMRC takes back control of IT services
From the Slaters, Accountants in Staffordshire blog. HM Revenue and Customs (HMRC) announced earlier this month that it will bring some existing IT services under its direct control, while it continues to plan the transition to a new IT delivery model following the ending of the Aspire contract in 2017. These changes will ultimately enable HMRC t...
Posted at 2015-08-16 13:59:51 by Slaters Accountants in Staffordshire
Accounts House: Newsletter April 2015
Accounts House Chartered Certified Accountants UK Newsletter April 2015 This month’s newsletter highlights two changes mooted by George Osborne in his recent Budget. We have also flagged up increases in the National Minimum Wage from October 2015 and the pro’s and con’s of the present relaxation in pension rules. Goodbye tax returns, hello...
Posted at 2015-04-11 12:46:31 by Accounts House Chartered Certified Accountants UK
The Economic Outlook For The Southeast
Running a small business has always taken strong nerves and the tenacity of a pit bull. Running - or even starting - one in the eerie silence after a major financial crisis requires something more. With businesses all over the world nervously checking the ground under their feet, it's worth taking a moment to look realistically at the situation. It...
Posted at 2015-02-23 14:39:59 by Kennedys Accounting Ltd
RIFT Small Business Base Camp
Join us on 13th of May 2015, Kent Event Centre, Detling for Kent 2020 Base Camp. Setting up and running a small business is an exhilarating ascent into the unknown, but the right training and equipment can mean the difference between a successful assault on the peak and the uncontrolled plummets that claim the lives of so many promising young vent...
Posted at 2015-02-11 10:54:49 by Kennedys Accounting Ltd
Your Home and Capital Gains Tax
The Government seems to have a policy of whittling away at the traditional capital gains tax exemption for a homeowner’s own ‘principal private residence’. In April this year, the rule that the last three years of ownership qualified for exemption, even if the homeowner no longer lived in the property, was amended to halve the qualifying peri...
Posted at 2015-01-21 10:11:15 by Easterbrook Eaton Ltd
Don't Get In A VATMESS over VATMOSS
Okay, assuming you can hear us over the screaming and the panicking and the huge chunks of falling sky, it's time we talked about VAT MOSS, and how (or if) it affects you. Ignoring it and hoping it goes away, or that HMRC will not notice you, is not an option. Since the 1st of January, the rules on VAT have changed so that tax on digital services ...
Posted at 2015-01-20 11:56:19 by Kennedys Accounting Ltd
Tax Return 2013-2014 Deadline 31 January 2015
Who needs to submit the Tax Returns? If you have one or more of the following, then you must submit your tax returns You’re self-employed. You are a partner in a business Partnership You are a company director Your annual income more than £100,000 or more You have income from property You have income from savings or investment that has ...
Posted at 2015-01-14 13:06:32 by Taxcare Accountancy
Self Assessment Deadline
The Self Assessment deadline for submission and payment for tax year 2013-2014 is 31st Jan. Self Assessment isn't just about checking for unwelcome lumps - although you should probably be doing that too. It's also the way HMRC gets you to do a load of their paperwork for them when you're paying yearly taxes for yourself or your business. To their...
Posted at 2015-01-06 09:24:30 by Kennedys Accounting Ltd
What Makes an Entrepreneur?
Despite the impression your TV is trying very hard to give you, there's a great deal more to building a successful business than having an improbably perfect haircut or winning a "reality" show. There are literally millions of small businesses in the UK alone, and very few of them can trace their continuing success back to a celebrity millionaire s...
Posted at 2015-01-06 09:22:25 by Kennedys Accounting Ltd
Accountants in Bromley - AW Accountancy & Bookkeeping
Welcome to AW Accountancy & Bookkeeping. We are accountants in Bromley specialising in small businesses, contractors, sub-contractors, self-employed Individuals and property income. We cover Bromley, London and the surrounding areas. We also have clients based further afield. If you would like to work with a pro-active, forward thinking accoun...
Posted at 2014-11-13 17:53:25 by AW Accountancy & Bookkeeping
Wanted: Adventurers, Thrill-Seekers and Troublemakers
Starting up in business is an exhilarating plunge into the unknown, and RIFT Accounting wants to take it with you. It's a jungle out there, and it takes a special kind of explorer to survive. You may stand to lose personal savings, and it could be years before you start to see a profit. The odds are stacked high, with one in five new businesses dy...
Posted at 2014-11-11 15:45:48 by Kennedys Accounting Ltd
Startmybiz Boot Camp: All You Ever Wanted to Know About Starting Up a Business But Were Too Afraid to Ask
Listen up, future magnates and first-time adventurers. RIFT Group's very own ex NASA-intern-super-scientist-MD, Jane Ollis, is about to drop a serious knowledge-bomb on your start-up ambitions. If you're a student, graduate or job seeker with a great idea and the drive to turn it into a business, you're going to want to hear what she has to say. F...
Posted at 2014-11-11 15:42:28 by Kennedys Accounting Ltd
NEW APPOINTMENT FOR RIFT GROUP
RIFT Group announces that Jane Ollis will lead their new division RIFT Accounting. Jane is moving on from her current role as CEO of business growth specialists BSK to begin her new role on the 10th November 2014. RIFT Accounting will be the Small Businesses’ Bodyguard: providing specialist accounting advice and support for start ups, sole trade...
Posted at 2014-10-09 09:08:37 by Kennedys Accounting Ltd
Fear of Failure: How to learn from others’ mistakes…
Do run your own business? Do you dream of becoming your own boss? Is a fear of failure holding you back? In a free workshop at Kent 2020 Vision Start-Up LIVE on 22nd October, Sue Nelson from RIFT Accounting will highlight the most common reasons for failure – so that you can avoid them. When reading the financial pages of the daily newspapers ...
Posted at 2014-09-24 15:31:34 by Kennedys Accounting Ltd
Subsistence and entertainment
This guide explains how tax relief works for subsistence and entertainment costs. Subsistence is a payment for an individual in relation to work-related travel, accommodation and meals beyond those normally required. Entertainment is when someone in business provides a meal or social event to a customer, potential customer or other person suc...
Posted at 2014-09-09 16:53:53 by Raj Consultancy Ltd
Financial planning for businesses
Financial planning for businesses This guide looks at how financial planning can help you and your business succeed. Financial planning is essential to the success of any business, whichever stage it is at. Having an accurate idea of your current and likely future finances can help reduce the impact of any unforeseen challenges and let you get on...
Posted at 2014-09-05 15:03:54 by Raj Consultancy Ltd
Our Philosophy
Our Philosophy Every client is unique and deserves a unique service. Our philosophy is to put our clients first - to understand their situation and provide a first class service tailored to their specific needs. Because we establish a one-to-one relationship with each client we are able to offer timely, individual advice on how to improve your bu...
Posted at 2014-09-05 09:55:43 by William Hinton Limited
To Cloud or not to Cloud.....
Some of you will be busy packing your suitcases with swim gear, snorkels and sunglasses and the last thing you’ll want to hear about is cloud. But, not to worry, I’m not talking about the weather here. The type of cloud I mean is something most of you have heard of – cloud-based technology, typically associated with online data storage, but n...
Posted at 2014-08-19 00:09:37 by D.S Accounting
Do you want to GROW your business?
Deciding to grow your business can be an exciting and rewarding time. As well as being able to start enjoying the benefits of your success… it presents the opportunity to progress your company to the next level. But don’t forget that growing your business efficiently presents lots of challenges. Successful business development is all about...
Posted at 2014-08-15 10:05:25 by AVN Picktree
Different Ways An Accountant Can Help Your Business
More and more business owners begin to understand how a good accountant can help their business to succeed. As business managers and owners would say, "Accounting is the language of business". This is because an accountant can track and give insights of a company's financial performances. Contrary to what some may believe, the work of an accountant...
Posted at 2014-08-07 17:19:56 by
Directors’ Loan Accounts – who, what, where, when and why???!
So, what exactly is a Directors’ Loan Account (or DLA for short)? If you want to get all technical about it, it’s a creditor account that forms part of the balance sheet within the accounts. In my easy speaking world, it’s a special little pot that houses all transactions between a director and the company. Example: The company needs some ...
Posted at 2014-06-26 13:26:56 by Platform Accounting Ltd
Should You Change Your Accountant?
Should you change your accountant? Well the simple answer is maybe, but what you definitely should do is check if you need to. Legislation is changing constantly and technology is advancing, especially in the last few years, and not all accountants are up to speed on both or in some cases either. Yet legislative and technological changes both imp...
Posted at 2014-04-16 16:51:12 by Centrum Chartered Accountants
How to Choose an Accountant
How to Choose an Accountant Choosing an accountant can be difficult and daunting. It is a big decision and you want to get it right. You should first decide what it is you want and need from your accountant for example: Just bookkeeping or annual tax returns Assistance setting up a business Tax and VAT returns Tax appeals and enquires, or insu...
Posted at 2014-04-10 12:24:03 by Centrum Chartered Accountants
Reducing Inheritance Tax
Nobody wants to pay inheritance tax (IHT). If your estate is worth more than the Inheritance Tax threshold (£325,000 for the 2013-14 tax year) there are some important Inheritance Tax exemptions that allow you to make gifts to others and not have to pay tax on them when you die. Transferring an unused Inheritance Tax threshold Since Oc...
Posted at 2014-04-02 09:58:03 by Easterbrook Eaton Ltd
Moore Accountancy Budget 2014 update
Budget 2014 – Highlights Last week, George Osborne announced his 5th annual budget, hailed as a savers BUDGET; here are some of the highlights. Whilst there is not much for micro and small businesses, we have been urged to “export more, build more, invest more and manufacture more”. Business in enterprise zones (of which nearby is Manc...
Posted at 2014-03-24 15:09:30 by Moore Accountancy Limited
Accounting Made Easy!
It’s been a long time coming but Platform Accounting’s new website is finally here. For your benefit I’ve introduced a Knowledge Base that will be updated regularly with help files and answers to common questions and this blog, where I’ll answer your individual questions. I’m also pleased to announce that Platform has partnered with...
Posted at 2014-03-18 13:44:33 by Platform Accounting Ltd
Small and Medium Sized Enterprises yet to feel RTI benefits
New research has found that in the six months after HMRC launched the Real Time Information PAYE scheme, small and medium sized businesses are counting the cost of complying with the reforms and a third of them see these as “unnecessary”. Furthermore most of these businesses who expressed an opinion have yet to see any benefits...
Posted at 2013-09-18 14:07:26 by Shaikh & Co Ltd
Many Start-up loans are unlikely to be repaid!
According to the Financial Times official projections have revealed that it is expected that more than one third of the £150m in public funds that is being lent as start-up loans could potentially be lost. The newspaper claims that £549,000 is already in arrears and that 40% of loans are unlikely to be repaid. The same do...
Posted at 2013-09-18 14:06:24 by Shaikh & Co Ltd
Research and Development claims
Did you know there is a tax relief for companies which invent stuff? The process of inventing and solving the associated problems is called research and development (R&D). Companies can more than double the tax deduction given for the costs of R&D. The new ‘stuff’ could be a product, a material or a process which has...
Posted at 2013-09-16 14:15:32 by Shaikh & Co Ltd
RTI Relaxation Extended!
The temporary relaxation of the RTI reporting requirements for small employers has been extended to 5 April 2014. It was due to apply only until 5 October 2013. Under RTI you are supposed to send a full payment submission (FPS) report to HMRC every time you pay employees, on or before the date of payment. This could mean sending a FPS e...
Posted at 2013-09-16 14:14:33 by Shaikh & Co Ltd
Machine Games Duty
If you run a pub or other establishment which contains gaming machines, you should have already registered to pay machine games duty (MGD), which replaced the amusement machine licence duty (AMLD) from 1 February 2013. MGD duty is charged at 5% or 20% on the machine’s net takings, but VAT is not also due on those takings. The lower rat...
Posted at 2013-09-16 14:13:36 by Shaikh & Co Ltd
Should LLPs incorporate?
A consultation document has been published on an HMRC attempt to stop what they believe are aritificial profit and loss allocation schemes involving members of LLPs (and indeed other partnerships) where some of the members are chargeable to income tax but others are not. What they do not like is allocating to a limited company member of the ...
Posted at 2013-09-16 14:12:24 by Shaikh & Co Ltd
Do you let Property furnished or unfurnished?
This has always been an important distinction, as only furnished lettings entitle you to the valuable annual wear and tear allowance of 10% of the rents. Now it is definitely worth reviewing whether you could show the property is furnished given that the renewals basis for replacing items in commercial or residential properties let unfurnished c...
Posted at 2013-09-16 14:11:27 by Shaikh & Co Ltd
Self-employed Entertainers and NICs
This controversial issue revolves around the fact that whilst self-employed for income tax purposes, an entertainer is generally deemed to be an employed earner for National Insurance Contribution purposes. Up for consultation is a choice of action to take effect from 6th April 2014, with the choices being: do nothing – enterta...
Posted at 2013-09-16 14:10:37 by Shaikh & Co Ltd
Is Property Letting a business or a trading activity?
This is often a moot point, but following a recent tax tribunal decision (Elizabeth Moyne Ramsey v HMRC UKUT266) we now know that it is a business for the purposes of claiming Capital Gains Tax roll-over relief on incorporation of a property letting activity. That means no immediate tax charge on incorporation. That could be very handy if it...
Posted at 2013-09-16 14:08:31 by Shaikh & Co Ltd
Is your Turnover below the VAT threshold?
There is no need to go to the trouble and expense of completing the full Self-Employment Supplementary pages (SA103F) and detailing all your expenses if your self-employment turnover is less than the VAT registration threshold (£79,000 for 2013/14) You can complete the short Self-Employment Supplementary pages (SA103s; available on the...
Posted at 2013-09-16 14:07:00 by Shaikh & Co Ltd
Capital Items – short life assets
Capital items that you expect to keep for no more than eight years from the end of the accounting period in which you acquired them can be treated as short life assets by making a relevant election. This means the asset is not added to the general capital allowances pool and, if disposed of within this period, then the loss on scrapping or s...
Posted at 2013-09-16 14:05:57 by Shaikh & Co Ltd
CGT PRIVATE RESIDENCE RELIEF – Is it a residence?
To stand any chance of the gain on the sale of a residential property being wholly or partly exempt from tax, one of the requirements is that you can show it was used as your only or main residence. There are a growing number of tax tribunal cases on this issue, where whether or not a property has been used as s residence is a question of fa...
Posted at 2013-09-16 14:05:02 by Shaikh & Co Ltd
EXTRA CORPORATION TAX RELIEF FOR THE CREATIVE SECTOR
f you run a business involving the creation of animation programmes, high-end TV programmes, or video games, you can look forward to extra tax relief on the production costs. This results in corporation tax relief on no less than 200% of the actual costs on UK expenditure up to a maximum of 80% of the total core expenditure. We now have more...
Posted at 2013-09-16 14:03:57 by Shaikh & Co Ltd
HMRC GOING INCREASINGLY DIGITAL
£200 million is to be invested in HMRC’s digital services, which they believe will reduce their costs dramatically. Shaikh & Co will always use the increasing range of HMRC digital services to the advantage of their clients, providing a personal service which gets their tax affairs up to date and ensures no tax planning opportuni...
Posted at 2013-09-16 13:39:58 by Shaikh & Co Ltd
The true cost of tax
How much tax are you really paying? With income tax, national insurance, VAT, fuel duty, beer duty etc etc it can be difficult to get a clear picture. Allow me to illustrate..... Average Joe has an average wage in his job working for Mr Big. Mr Big offers Joe some extra cash...
Posted at 2013-02-15 14:15:34 by Easterbrook Eaton Ltd
How Good are Your Business Records?
Just How Good are Your Business Records Well, HMRC may well be about to tell you! HMRC now have a ’Bookkeeping Team’ who have the power to visit businesses to assess how good the books and records are, applying penalties if they don’t ‘pass muster’. What starts with a simple telephone call from our chums...
Posted at 2013-01-30 11:12:38 by Mercer & Co
Pensions: Auto Enrolment
You may well have heard about Auto Enrolment, it is on its way so I thought some basic information would be useful.... Auto Enrolment is a government scheme to encourage people to save for their retirement by automatically including them in a pension scheme unless they opt out. There are useful resources available detailing&n...
Posted at 2012-12-12 11:06:32 by Easterbrook Eaton Ltd
Bookkeeping in the Cloud
Remember the days when you used to back-up your accounts onto a 3.5” floppy disk, ready to send to your accountant so they could prepare your accounts for the year? And how often the backup was too large so spanned 2-3 discs and more often than not data was corrupted and required you to send in another copy? Technology has a...
Posted at 2012-12-12 11:05:47 by Easterbrook Eaton Ltd
Are you ready for RTI?
What is RTI? Real Time Information, or RTI, is a new system that's being introduced by HMRC to improve the operation of Pay as You Earn (PAYE). PAYE information will be collected more regularly and more efficiently when employers submit their regular payroll submissions. How w...
Posted at 2012-12-12 11:04:05 by Easterbrook Eaton Ltd
Finding your market niche
Generally, only the largest companies can hope to meet the needs of an entire market. For most small to medium-sized businesses, a key factor in business success is finding niches in the market, and exploiting them by offering specialised products or services to specific groups of customers. Researching the market Careful stud...
Posted at 2012-09-03 11:23:15 by Lawrence Grant Chartered Accountants
Ten reasons to benchmark your business
More and more businesses are discovering the benefits of benchmarking and of developing a plan of best practice. Is it something that your business could consider? What is benchmarking? In a nutshell, benchmarking involves measuring the performance of one’s business against that of others in similar markets. It has been ...
Posted at 2012-09-03 11:21:19 by Lawrence Grant Chartered Accountants
Top tips for reducing your tax bill
Keeping your tax bill to a minimum does not have to be a matter of aggressive or complex tax schemes, but rather of identifying which of the many tax reliefs and allowances specifically granted by law are available to you. From ISAs to capital allowances, here are our top 10 ways of saving tax – for you, your family and your...
Posted at 2012-09-03 11:18:27 by Lawrence Grant Chartered Accountants
Tax Refund? Computer says 'NO'
Your Tax refund from HMRC ? Computer says NO Jan. 25, 2012, 11:52 a.m. On November 24th we published a news item about how HMRC were issuing clients with a notice to pay an amount of tax before they had received the client's self assessment. HMRC had taken it upon themselves to assume that the amounts reported in...
Posted at 2012-08-23 15:06:10 by Carrington Accountancy
Corporation Tax - A quick guide
We often get asked questions from our clients about Corporation Tax so we thought we would put together a short Q & A about this tax. What is Corporation Tax? Corporation Tax or CT is the tax on profits of a limited company. It can also be applied to other types of businesses such as clubs, charities and other unincorporat...
Posted at 2012-08-23 15:04:31 by Carrington Accountancy
Director Benefits and NI
What benefits can a director enjoy and what are the tax and NI consequences Feb. 29, 2012, 10:07 a.m. Childcare The limited company can contribute up to £243 pm per employee to a registered childminder or nursery with no tax or NI consequence. So, if a husband and wife are both on payroll then 2...
Posted at 2012-08-23 15:03:35 by Carrington Accountancy
Childcare Vouchers through your Limited Company
Recently some of our clients have been asking about Childcare Vouchers and if they are able to run these costs through their limited companies. Here is a recent question we received and our response: Can I use my limited company to cover some of the costs of my childcare? What is the maximum amount that can be claimed a...
Posted at 2012-08-23 08:20:06 by Carrington Accountancy
Tax Planning Solutions? BE AWARE
Paying the right amount of tax is a hot political topic right now and it is clear that HMRC have increased their efforts to put an end to various 'tax saving schemes'. Recently one of our clients was contacted by a company proffering an apparent great tax saving method that was 'compliant with HMRC legislation'. He...
Posted at 2012-08-23 08:18:54 by Carrington Accountancy
Throw your business a lifeline: Options for managing business debt
Realising that your business is in debt can be a worrying find. A business that is in debt needs to act as soon as possible, because the more that they bury their heads in the sand, the worse it will be. Realising that your business is in a lot of debts does not always mean that you must declare bankruptcy. Bankruptcy is only a last r...
Posted at 2012-08-01 16:07:20 by Clarke Bell
IR 35
Following on from the Budget announcement that the IR35 rules are to be strengthened, HMRC have issued two documents with a view to progressing this objective. On 9 May HMRC published their “Business Entity” tests, available via www.hmrc.gov.uk/ir35/guidance.pdf, which set out various tests to be c...
Posted at 2012-06-24 03:29:29 by Adroit Accountax Ltd
Double entry bookkeeping (part 2)
This article follows on from the previous article - Double entry bookkeeping part 1. The following topics are covered in this article: An introduction to the chart of accounts. Transferring the double entry transactions documented in Part 1 to a trial balance. Using the trial balance to produce a profit and loss account and balance sheet. ...
Posted at 2012-06-18 15:40:07 by FUA Team
Double entry bookkeeping (part 1)
All accounting entries consist of a matching debit and credit entry. This system, known as double entry bookkeeping has been operated since the 15th century. Recently with the advent of very user friendly internet based accounting systems such as Clear Books the requirement to have a detailed knowledge of debits and credits to carry out company f...
Posted at 2012-06-18 15:37:46 by FUA Team
Anatomy of the profit and loss account and balance sheet
Together the profit and loss account and balance sheet describe the financial position of a business. The profit and loss account reports sales, expenditure and profit during a given period. The balance sheet shows what the business has and what the business owes on a particular date. It is a snapshot at one given time as opposed to the profit a...
Posted at 2012-06-18 15:34:20 by FUA Team
Introducing Accounting
Financial statements The financial statements of a business, often referred to as the accounts consist of two main documents. The profit and loss account, often referred to as the P & L and the balance sheet which is sometimes abbreviated to B/S. The financial statements report upon a period of trading for the business. The P & L account reco...
Posted at 2012-06-18 15:29:57 by FUA Team
10 Top Tax Planning Tips for Contractors & Freelancers
Here are our 10 TOP Tax Planning Tips for Self-Employed Contractors & Freelancers that could save you in excess of £5,000 of tax. Web: http://www.aidhanfinancial.com 1. Set up as a Ltd Co. It sounds immediately obvious but this is the first step any contractor/freelancer should take if they want to maximise their disposa...
Posted at 2012-05-15 19:58:10 by Aidhan Accountancy
New IR35 Test due to launch May 7th 2012
It has become evident, especially since the budget that the Government will try and clamp down on what they consider to be 'disguised employment'. The first step will see HMRC launch a new set of processes that they say will serve to help contractors and other business organisations asses their own risk as to being caught up i...
Posted at 2012-05-08 10:00:43 by Carrington Accountancy
Seven Year End Tax Planning Thoughts
Below are several thoughts on tax some but not all related to the tax year end on 5 April 2012. These comments are by their nature general and any action needs to take into account the wider commercial or family context. This is not investment advice. Please contact me for specific advice relating to your circumst...
Posted at 2012-05-02 14:12:40 by Lido Tax Consulting
HMRC Cracks Down On On-line Traders
Online Traders have now become part of HMRC's crackdown on undeclared businesses. Are you running an online business? Or maybe your "ebay hobby" has become more than a hobby. Get your tax affairs in order before HMRC do it for you! Contact us now for a quote. We have many years of experience from dealing with online...
Posted at 2012-03-29 19:04:19 by Havering Accountancy Services
The Importance of Year End Accounts and Management Accounts
Year End Accounts Final accounts preparation and filing with the companies house is not an easy task. Many small business owners view this as a tedious and a time consuming task. This is mainly berceuse the business owners are more occupied on the business related matters rather than, accounting, bookkeeping and final accounts preparation. ...
Posted at 2012-03-20 11:36:18 by KVS & CO
February VAT returns
HMRC are telling us that online filing for VAT returns will not be available between 8 April and 11 April 2012. So it would be worthwhile making sure any February VAT returns are filed well before the 7 April deadline in case the site is busy. If you are still filing paper returns - these will be the last ones ever - from April 2012 al...
Posted at 2012-03-15 22:48:59 by Huw Williams Limited
How to be a Limited Company
For the uninitiated, creating, setting up and operating through a Limited Company can sound like a daunting task. It is often this very reason why many people put off the very idea due to the unknown. However, rest assure, with the right advice and assistance it can be quite simple and (financially) rewarding. However, it is not always s...
Posted at 2012-02-19 23:02:59 by Aidhan Accountancy
HMRC Offers Private Tutors Time To Declare
HMRC is offering private tutors the chance to declare any undeclared income. By declaring any income before 06/01/12 tutors can ensure that they are on the "best terms" with HMRC regarding this underclared income. This suggests that tutors may be some of the self employed businesses that HMRC plan to investigate in...
Posted at 2011-12-11 22:11:28 by Havering Accountancy Services
Buy to Let
If you have just purchased a buy to let property, then remember that not all accountants will be able to offer you the best service. Employ an expert in the field, this is especially essential at the moment because the tax rules have recently changed. Author: R.A.Arthur & Co. 0800 04 391 04.
Posted at 2011-12-09 13:29:43 by Arthur R.A. & Co