How to complete a stock transfer form and get it processed, including new measures put in place because of Coronavirus (COVID-19). Due to measures put in place to stop the spread of coronavirus (COVID-19) HMRC have temporarily changed the way they deal with Stamp Duty. You should not post stock transfer forms to HMRC –…Read More
A PAYE Settlement Agreement (PSA) allows you, as an employer, to make an annual payment to cover all the tax and National Insurance due on minor, irregular or impracticable expenses or benefits for your employees. Class 1B national insurance is due on PSA’s which means that the expense or benefit does not need to be…Read More
Small-business owner-managers Do you want to know how to draw £50,000 from your company and pay just £2,663 in tax and NI whilst saving £1,726 in corporate tax? Or even better, do you want to know how to draw £50,000 from your company and pay just £3,023 in tax and NI whilst saving £2,375 in…Read More
With the vast majority of the country practising ‘social isolation’ during the outbreak of the Coronavirus, we are seeing that more money is remaining in pockets and out of the cash flow of small businesses. We look at some of the solutions available to help businesses protect themselves through this potentially difficult time financially. Government…Read More
Keeping track of stock can be a tedious process that business owners dread on a daily, weekly or monthly occurrence depending on how often you may like to do a stock count. However, QuickBooks Online can do this for you, with no extra work other than the standard bookkeeping that you have to currently do…Read More
If your company is in the construction industry, you may like to track all income produced by individual jobs. However, this can be quite hard to do – especially if there is more than one job corresponding to a client. Perhaps you would like to keep on top of purchases made to complete jobs? If…Read More
The day of the red briefcase, budget day is just around the corner. Set to be unveiled on 11th March, provided the reshuffle doesn’t delay proceedings, here is a look ahead at what we might be able to expect: Entrepreneur’s relief (Bad news for successful business owners) With the Tories promising to review Entrepreneur’s relief,…Read More
As an Employer, it’s been a long and uncertain 3 years for the UK and Brexit and especially for members of your team who are EU nationals living and working in the UK. From a business perspective, this uncertainty could have a very negative impact on your business if retaining EU national staff, and recruiting…Read More
Ever wondered why the tax year starts on the 6th of April and ends on the 5th of April the following year? Most logical thinkers would question as to why the tax year doesn’t coincide with the calendar year than runs to the 31st of December. In order to get to the bottom of this,…Read More
Understanding Open Banking Customers are normally required to grant consent to let the bank allow such access, such as checking a box on a terms-of-service screen in an online app. Uses might include comparing the customer’s accounts and transaction history to a range of financial service options, aggregating data across participating financial institutions and customers…Read More
When starting a business, whether as a sole trader, a company or in partnership, there is inevitably a preparatory period before trading commences during which expenditure is incurred in setting up the business. Depending on the nature of the business, the set-up period can be long and complex and the expenditure incurred during this phase…Read More
If you are a limited company director and owner, you should prioritise working out the most tax-efficient methods to draw funds from your company. Below are some useful tips you can use to extract profits tax efficiently from your limited company: 2019/20 Basic director salary Take a director salary of £8,460 to pay a small…Read More
If you have been skilful or lucky enough to build a business and now think it’s time to pack up or sell, Entrepreneur’s Relief could be the answer for you. While there is more to cover than in this blog, this should give you a beginner’s guide to the Entrepreneur’s Relief. Why use it? On…Read More
A director’s current or loan account is a way for directors to essentially lend money to or borrow money from their company. The director’s loan account (DLA) is, in essence, a record of all transactions that occur between the company and its directors. 1) Loaning money to a company: Director’s loan accounts are a usual…Read More
How to show that your project is R&D within the tax definition When you submit a claim, it helps if you give details of your project. The questions below will help you decide if your project is within our definition of R&D. If your claim clearly sets out how you approach these questions, it helps…Read More
The word accounting comes from the word accountability. If you are going to be rich, you need to be accountable for your money.
Robert Kiyosaki
