Extra funding of up to £9,000 is now available for businesses in the retail, hospitality and leisure sectors via Adur & Worthing Council. Businesses eligible for the latest top-up funding announced by the Chancellor in early January can now register via the councils’ online portals. The funding is part of a range of support available…Read More
With the 31st January self-assessment deadline looming, now might be a good time to finally get around to preparing and submitting to HMRC! Here we will discuss: Who needs to file a tax return What you need to include What happens if you are not registered but need to file Late filings & penalties How to…Read More
International Goods From 1st January 2021 goods entering the UK will be an import and postponed accounting will be introduced for worldwide imports. This will be better for cash flow as it will mean that VAT is not payable by a VAT registered business at the time goods arrive in the UK. This will mean…Read More
Use of Cloud Accounting tools for Charities As a charity, the requirements for accounting tools will be different from that of a normal Limited Company or Sole Trader. There may be extra levels of reporting needed, or different needs in the day to day running of the organisation, such as the handling of petty cash.…Read More
In QuickBooks Online, transactions can be tracked using a new feature called “Tags” Tags are personalised labels that allow you to track how your money is being used. These tags can be added to transactions such as invoices, expenses, and bills to help you analyse where your money is being spent. If this feature doesn’t…Read More
Since 6th April 2010, high-income individuals (earnings between £100,000 and £125,000) have been required to forfeit their personal allowance by £1 for every £2 of income earned above £100,000. This means that once an individual’s adjusted net income is above £125,000, the personal allowance of £12,500 (19/20) will have been reduced to nil. Does this…Read More
Should I claim homeworking allowance as a director, or should my limited company rent from myself as an individual? HOMEWORKING ALLOWANCE. Homeworking allowance is when you claim back certain expenses to cover the costs incurred when working from your home. Your employer can pay this allowance, and this will reduce company profits and so reduce…Read More
The Self-Employed Income Support Scheme Grant Extension The Self-Employed Income Support Scheme (SEISS) was first introduced to assist sole traders and those in a partnership who had been adversely affected by Covid-19. The SEISS has now been extended to cover two further grants, each covering a three-month period with the first grant covering November 2020…Read More
After a backlash from the public that the proposed support for the coming months was too frugal, the Chancellor updated the future support schemes for businesses, employees and the self-employed. Self-Employment Income Support Scheme Grant Extension Two further grants covering the periods November 2020 to January 2021 and February 2020 to April 2021 were announced…Read More
We suspect that many of you have been working from home over the last few months due to obvious reasons. Did you know however that by working from home you can save money in tax? HMRC have a scheme in place which helps you cover the seemingly higher costs of working from home such as…Read More
One of the many features on QuickBooks Online Plus is the ability of tracking stock. This is helpful for those who need to track the level of stock in their inventory. Using this feature allows users to be alerted when a stock reaches low capacity, track storage levels, and gain insights on what is bought…Read More
We will talk you through how to set up your HMRC account, so you are ready to submit your capital gains liability to HMRC. There have been some changes to the rules since 6th April 2020- individuals who are due to pay capital gains tax on UK residential property disposals have 30 days after the…Read More
Implications for breaking fundamental laws One of the most high-profile charities was in the news for not following fundamental charity laws. Upon investigation, the Charity Commission found that trustees of The Prince Andrew Charitable Trust had breached charity law overpayments to a trustee, which could have resulted in the loss of public funding of over…Read More
QuickBooks offers two different mobile versions of their services, one for self-employed and one for small businesses. This is easily accessible through google play or the app store, therefore you can access it on iPad, tablets, smartphones as well as the browser version. No need to set up a new account just use the credentials…Read More
Some Quickbooks users may have noticed that over the last couple of months that the banking tab is looking a little different. There have been a few changes to help make managing transactions even easier.As well as some obvious cosmetic differences, there are a few new features that you may have missed: 1. Simplification of…Read More
Behind every good business is a great accountant.
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