22/04/2024tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
What is the tax on lottery winnings? As with any significant windfall, it’s essential to consider the tax implications to ensure that your good fortune isn’t diminished by unforeseen tax liabilities. In the UK, lottery winnings are tax-free, but this doesn’t mean that winners are completely exempt from tax. Understanding these tax rules and regulations …
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16/04/2024tax , Tax Issues , Tax News and Tips , Tax Saving Tips
As the UK’s tax landscape continues to evolve, one crucial aspect that individuals and businesses must grasp is the Capital Gains Tax on shares. This tax on profit from asset sales or disposals can significantly impact financial decisions, making it essential to understand the intricacies of CGT in the UK. From the basics of tax …
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15/04/2024Accountants , Accounting , Accounting Issues , accounting software
Why do cleaning businesses need accountants? As the cleaning industry in the UK continues to grow and evolve, it’s becoming increasingly clear that cleaning business owners need more than just a mop and bucket. In today’s complex and competitive market, cleaning businesses must navigate a web of financial regulations, tax laws, and business strategies to …
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09/04/2024tax , Tax Issues , Tax News and Tips , Tax Saving Tips
Wondering about what is the tax on investment income? In the UK, there are two main types of taxes that an investor has to consider, income tax on investment income and capital gains tax. Let’s take a look at what each type of tax consists of, and how they affect investors in the UK. Income …
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08/04/2024tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
In the UK, high-income child benefit charges are a system implemented by the government. This is to ensure that households with high-income levels bear an equitable share of the burden of funding social programs. This system is critical to the UK’s commitment. This is to provide support and protection to its children and youth. High-income …
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05/04/2024tax , Tax Issues , Tax News and Tips
Do foster carers pay tax? Foster care is a vital role in the UK, providing children with a safe and supportive environment when they cannot live with their families. One aspect of foster care is tax, which is a significant consideration for foster carers. The specific tax obligations and benefits will depend on the carer’s …
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03/04/2024tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
How to add pension contributions to your tax return? Adding pension contributions to your tax return in the UK is a crucial aspect of filing properly. It helps to reduce your taxable income and ensure you pay the right amount of tax and national insurance contributions (NICs). Pension contributions can be a significant source of …
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02/04/2024Accountants
Why fashion businesses need accountants? For the UK fashion industry, accounting services are essential to ensure financial compliance. As well as to manage tax obligations, and provide financial information and guidance. During tax season, retailers and fashion brands must keep their paperwork in order and hire accountants to manage their tax returns. So let’s explore …
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01/04/2024Accountants , Accounting , Accounting Issues , Bookkeeping
Why does Airbnb need accountants? Airbnb is a popular home-sharing site and travel platform. It is a widely recognised brand and an invaluable asset in many global markets. The business has continued to grow and thrive despite the challenges faced during the COVID-19 pandemic. Which highlights the importance of having well-planned and efficient financial oversight. …
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28/03/2024tax , Tax Issues , Tax News and Tips
Is there an MTD deadline? Making Tax Digital is a digital transformation initiative by the UK Government. It aims to simplify tax management and promote tax compliance by introducing digitalisation and automation into the tax system. It is being implemented in two phases: Digital connectivity and Digital Accounts. Phase 1 of the MTD program covers …
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27/03/2024tax , Tax Issues , Tax News and Tips , Tax Saving Tips
Taxes and fees are an important part of any business or finance-related discussion. There is no exception when it comes to questions like how to pay tax on dividends in the United Kingdom. This guide aims to provide a comprehensive overview of the tax laws and regulations related to dividend payouts. This is to help …
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26/03/2024tax , Tax Issues , Tax News and Tips , Tax Saving Tips
The discussion on how carers pay tax in the UK centres on understanding the various taxes, laws, and rules you must abide by as a Carer in the UK. Carers can be subject to a variety of taxes, including Income Tax, Council Tax and National Insurance Contributions. In the UK, tax rates and allowances are …
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25/03/2024Business
Wondering about Is There a P45 for Self-Employed? Self-employment refers to running your own business and being solely responsible for its financial affairs. It is a form of job status that comes with various commitments and obligations. One of the most important duties is paying taxes and national insurance. In the UK, self-employed individuals are …
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21/03/2024Personal Tax , self-employed accountant
Wondering is a tattoo artist self-employed? The topic of whether a tattoo artist can be self-employed is an intriguing one. As it delves into the world of entrepreneurship within the creative field of tattooing. Tattoo artists have the potential to become self-employed, offering their skills and services independently from a studio or tattoo parlour. This …
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20/03/2024tax , Tax Saving Tips
This discussion about what can you claim on your taxes for Uber will delve into the various expenses that Uber drivers in the UK can claim. Including fuel costs, vehicle maintenance and repairs, insurance, phone and data expenses. We will also explore the importance of keeping accurate and detailed records of expenses and the process …
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19/03/2024tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
Wondering about the difference between paper and online tax returns? In this discussion, we have compared the differences between paper and online tax returns in the UK. Focusing on the submission process, convenience, and potential benefits. Although both methods serve the same purpose, they differ in terms of format, ease of use, and accessibility. Paper …
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18/03/2024tax , Tax Issues , Tax News and Tips
Making tax digital penalties serves as a key tool in ensuring compliance with the new digital tax administration system being implemented in the UK. By imposing financial penalties on businesses and individuals who fail to meet the requirements of MTD, HMRC aims to encourage a smoother transition. This is to a more efficient, effective, and …
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15/03/2024tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
Are you worried about the deadline for renewing the tax credit? The process of renewing tax credits is an essential aspect. Ensure that eligible individuals and families receive the financial assistance they are entitled to. Tax credits are administered by HMRC. They are designed to provide support for those on low incomes or with certain …
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14/03/2024tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
Can you go to jail for not paying taxes? This discussion focuses on whether not paying taxes in the UK can lead to jail time. We began by defining common reasons for not paying taxes and the Government attitude towards individuals who do not pay taxes. We will also touch on the UK government’s attitude …
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13/03/2024Accountants , Accountants for Contractors
This blog highlights the importance of what is accredited accountant and their specialised roles within the accounting industry. It explains the qualifications and regulations involved. As well as the costs and limitations of hiring an accredited accountant. It also highlights the benefits. Such as improved financial management, enhanced tax advice and planning, and improved business …
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11/03/2024tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
Worried about the highest council tax bands? The council tax band of a property in the UK is determined by its estimated market value. Which is a measure of how much the property would sell for if it were to be sold on the open market. The higher the estimated market value, the higher the …
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07/03/2024tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
How to claim SITR? Social investment tax relief (SITR) is a valuable tax relief option available to individuals who make qualifying investments in social investment trusts in the UK. SITR offers tax relief of up to £100,000 per tax year to investors who meet the eligibility criteria. The relief is designed to encourage investment in …
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06/03/2024Accountants , Accounting
Why SAAS business need accountants? The United Kingdom is a hub of SaaS (Software as a Service) activity, with hundreds of successful startups and established businesses in the space. As these companies grow and expand, they face a range of financial and accounting requirements. Making the need for specialised support and guidance all the more …
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05/03/2024Accountants , Accounting , Accounting Issues , accounting software
Why do studios need accountants? Accountants, with their expertise in finance and accounting, are well-positioned to assist creative studios. This is to navigate these challenges and achieve their financial goals. This article explores the role and impact of accountants on the financial performance of creative studios in the UK. As well as the current and …
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01/03/2024tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
Are you worried about how to claim tax back on the van? A van tax back is a scheme in the United Kingdom that allows businesses to claim relief on a variety of expenses. Such as insurance costs, business mileage, and capital allowances. In this discussion, we’ll explore the eligibility requirements for van tax back. …
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29/02/2024tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
Wondering how to claim your SEIS tax relief? SEIS tax relief is a tax incentive offered by the UK government to encourage individuals. This is to invest in early-stage and high-growth businesses. The scheme allows investors to claim tax relief on investments made in eligible UK-based companies, offering many benefits. Including the potential for significant …
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28/02/2024tax
Are musical instruments tax deductible? In the UK, musicians can take advantage of various tax deductions to offset the cost. This is off their musical equipment, repairs, and production equipment. These tax deductions can help reduce the tax bill that musicians owe and make it easier to pursue their musical careers. In this discussion, we …
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27/02/2024tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
This discussion is based on how to claim your EIS tax relief. The UK Enterprise Investment Scheme, or EIS, is a tax relief scheme. This enables individuals to get relief on their investment in small early-stage businesses, or EIS companies. EIS provides tax relief on the amount invested, up to 30% of the total investment. …
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26/02/2024Accountants , Budgets & Other , Business , Business Growth Ideas
Are you wondering how much can i claim for laundry expenses? Laundry expenses can be a legitimate business expense for self-employed individuals and certain types of businesses in the UK. However, the rules and regulations surrounding the deductible cost of these expenses can be complex and confusing. The purpose of this discussion is to provide …
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23/02/2024tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
Are you confused about what can a painter claim on tax? As a painter in the UK, it’s important to manage your finances effectively by understanding the tax deductions you can make as a small business owner. In this discussion, we will explore what a painter can claim on tax in the UK. Including vehicle …
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22/02/2024Accountants , Accounting
Why marketplaces need accountants? The rise of online marketplaces has led to a significant shift in how businesses and consumers interact. It creates new growth opportunities for marketplace companies in the UK. Marketplace companies have emerged as one of the fastest-growing industries in the world. However, the success of marketplace companies hinges on their ability …
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21/02/2024Accountants , Accounting Issues , accounting software
The job role of a social media influencer in the UK has gained popularity in recent years. Social media influencers use their platforms, which often include social media platforms such as Instagram, YouTube, and TikTok. To create engaging and original content that entertains, informs, and influences their audience. This is the reason why do influencers …
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20/02/2024Accounting , Business Growth Ideas , Finance
The non-resident landlord scheme in the UK is an attractive investment opportunity for non-resident landlords. Who is looking to invest in UK property while being based outside of the country. However, investing in UK property through a non-resident landlord scheme also involves a range of risks, challenges, and considerations. One of the key considerations for …
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19/02/2024tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
Are spouses exempt from inheritance tax? When a person dies, their estate is subject to inheritance tax at a certain percentage rate. Depending on the value of the estate and the individual’s circumstances. The value of the estate will depend on the value of all of the individual’s assets at the time of death. This …
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15/02/2024Accountants , Accounting , Accounting Issues , accounting software
Why SMEs need accountants? In the United Kingdom, SMEs (Small and Medium-Sized Enterprises) are an important driver of the economy. They employ around two-thirds of the workforce and contribute significantly to GDP. However, the cost of doing business can be high, and many SMEs struggle to manage their finances and tax compliance effectively. This is …
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14/02/2024Accountants , Accounting , Accounting Issues
Why do freelancers need accountants? Freelancing has become an increasingly popular employment in the UK over the past few years. This growth is largely driven by the increasing demand for flexible, remote work arrangements and the rise of the gig economy. Accountants can provide valuable expertise and advice on taxes, accounting, financial planning, compliance, and …
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13/02/2024tax , Tax Issues , Tax Saving Tips , Taxation
In this discussion, we explore the topic of Foreign Tax Credit Relief in the UK, specifically the eligibility criteria and the process for claiming relief. Foreign Tax Relief is a complex area of tax law, and individuals must follow a specific process to make their claims. Seeking professional advice from a qualified financial advisor or …
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12/02/2024Finance
This discussion is based on a pension scheme for the self-employed. Self-employed people in the UK have a wide range of pension options, and choosing the best one can be challenging and confusing. The choice of pension scheme will depend on various factors, including the individual’s personal circumstances, retirement goals, investment experience, and risk tolerance. …
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07/02/2024tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
Thinking about what is the inheritance tax threshold? Well, the inheritance Tax Threshold in the UK is an important consideration for anyone who intends to leave property or money to their beneficiaries. For this purpose, you should be staying up to date with changes to the law. This will help you to minimise the impact …
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06/02/2024tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
What does m1 tax code mean? The M1 tax code is a simple tax code used in the United Kingdom to indicate that an individual has only one employer and no other sources of income. It’s a temporary tax code that’s usually given to individuals who have recently started a new job or have no …
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02/02/2024tax , Tax Issues , Tax News and Tips , Taxation
This discussion is based on what is a higher tax bracket. In the UK, individuals who earn more than a certain amount may fall under the higher tax bracket. This threshold differs between the personal income tax rate and the corporate income tax rate. This tax bracket is designed to tax those individuals who are …
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01/02/2024tax , Tax Issues , Taxation
What is P45? The P45 form contains information about the employee’s tax and National Insurance contributions during their employment and is essential in ensuring that the employee’s tax and National Insurance contributions are accurate and up-to-date. This form is an important document for employees in the UK, as it provides accurate and up-to-date information about …
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31/01/2024tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
The rules surrounding stamp duty on gifted property in the UK can be complex, with different rates of tax applying to different types and values of property. One area where stamp duty can be particularly complex is in the transfer of property as a gift. In this instance, the rules surrounding stamp duty can be …
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30/01/2024Accountants , Accounting , Accounting Issues , Bookkeeping
Production accountants are responsible for managing the financial aspects of production projects in production houses in the UK. This article is based on the discussion about why production houses need bookkeepers. We will explore some key skills and expertise that production accountants need to excel in their roles. We will also discuss the individuals and …
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29/01/2024Business , Business Growth Ideas
Wondering about what is enterprise investment scheme? EIS has become increasingly popular in recent years as more individuals and businesses recognise the potential benefits of investing in innovative companies with high growth potential. With the EIS, investors can qualify for tax relief of up to 30% of their investment, making the investment process more attractive …
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26/01/2024Accountants , Accounting , Accounting Issues , Bookkeeping
If you are wondering about what is pro forma invoice, well, Pro forma invoices are a widely used business document in the UK, particularly in large-scale commercial transactions. Pro forma invoices provide a detailed breakdown of the cost and charges associated with a proposed transaction, and they allow the customer to review and approve the …
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25/01/2024Dividend Allowance
Today we will be discussing what is Carers Allowance, a benefit available in the UK to those responsible for providing care for someone who cannot look after themselves. Carers Allowance is an incredibly important benefit for those who provide vital care and support to others. It is designed to help those who qualify with modest …
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24/01/2024Accountants , Accounting , Accounting Issues
The world of commercial drone operations requires careful consideration and planning. It’s important to ensure that you are operating within legal and financial obligations and that you have a clear understanding of your responsibilities as to why drone operators need accountants. That’s where accountants for drone operators come in. They can help you navigate complex …
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22/01/2024Business
If you are wondering about what is CHAPS, we can begin by saying that it is an electronic payment system used in the UK to facilitate the transfer of funds. CHAPS stands for Clearing House Automated Payment System and was launched in the UK in the mid-1980s. It allows for the safe and efficient transfer …
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17/01/2024Accountants , Accounting , Accounting Issues , accounting software
Whether you’re just starting a tech startup or are already established, managing finances is a crucial aspect of your business success and you must be wondering about why do tech startups need accountants. As a tech startup, managing finances can be a daunting task, as you deal with issues such as budgeting, cash flow management, …
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16/01/2024Accountants , Accounting , Budgets & Other
If you are seeking What is BACS Payment? In this guide, we will focus on BACS payment which is a widely used electronic transfer system in the UK that allows individuals and businesses to make recurring payments, such as utility bills, mortgage and loan payments, and membership fees. With BACS payment, the customer’s bank account …
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15/01/2024Business , Business Growth Ideas
If you are wondering about what are the disadvantages of sole trader and what can be the challenges of being one in the UK, this is your guide. Being a sole trader in the UK can also mean facing increased personal responsibility and risk. As the sole owner and operator of your business, you are …
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10/01/2024tax , Tax Issues , Tax News and Tips , Tax Saving Tips
Let’s dive into the exciting world of what is tax relief for UK film production. This fantastic initiative is designed to support and encourage the growth of the British film industry. The UK government recognises the importance of the film sector and aims to attract both domestic and international filmmakers to choose the UK as …
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09/01/2024tax , Tax Issues , Tax News and Tips , Taxation
Let’s kick off our discussion on what is tax relief. It’s a topic that can have a big impact on your finances, so it’s great that you’re interested in learning more. Tax relief is essentially a way to reduce the amount of tax you owe by deducting certain expenses or contributions from your taxable income. …
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08/01/2024tax , Tax Saving Tips , VAT
Let’s dive into the topic of whether is there VAT on food in the UK. VAT stands for Value Added Tax, which is a consumption tax applied to goods and services in the UK. When it comes to food, the VAT treatment can vary depending on the type of food and how it is sold. …
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Are you wondering facts about what is triple lock state pension in the UK? The triple lock ensures that the state pension increases each year by the highest of three factors: inflation, average earnings growth, or 2.5%. This policy has been a subject of debate due to concerns about its sustainability and affordability. The government’s …
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04/01/2024Accounting
Let’s dive into the introduction of our discussion about the what is government gateway in the UK. The Government Gateway was a fantastic platform that aimed to simplify access to various government services. It served as a centralised hub where individuals and businesses could conveniently access services like tax filing, benefits management, company registration, and …
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03/01/2024Business , Business Growth Ideas
Let’s dive into the topic of what are the advantages of share capital in the UK. Share capital can be increased through methods like rights issues or public offerings, while a reduction in share capital can be done through share buybacks or capital reductions. The regulations and requirements surrounding share capital in the UK are …
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02/01/2024Business
Let’s dive into the topic of what is trade credit and why it’s such a crucial aspect for small businesses in the UK. Trade credit refers to the practice of allowing businesses to purchase goods or services from suppliers and defer payment for a specified period. It’s like a financial lifeline that provides flexibility in …
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01/01/2024Finance
Let’s kick off our discussion on what are swaps in finance. Swaps are financial contracts that allow two parties to exchange cash flows or risks based on predetermined terms. They are widely used in the financial industry to manage various types of risks, such as interest rate risk, currency risk, and credit risk. Swaps provide …
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29/12/2023Uncategorised
Let’s dive into the topic of whether is State Pension paid in arrears. So, when it comes to paying State Pensions in arrears in the UK, it is indeed advantageous in several ways. This means that the payment is made after the end of the period for which it is due. It’s important to understand …
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29/12/2023Accountants , Accounting , Business , Pricing Method
Let’s dive into the world of what is credit control in the UK. Credit control is a vital aspect of financial management for businesses across various industries. It involves implementing strategies and practices to ensure timely payment from customers and minimise the risk of bad debts. Effective credit control helps businesses maintain a healthy cash …
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28/12/2023Uncategorised
Let’s dive into the discussion about how shared parental leave works in the UK. Shared parental leave is a progressive policy that aims to promote gender equality and support working parents in balancing their careers and family life. This means that instead of the traditional maternity leave, both parents have the opportunity to take time …
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28/12/2023Business , Business Growth Ideas
Let’s dive into our discussion about what are stakeholders in business. In the world of business, stakeholders play a vital role in shaping the success and direction of a company. But who exactly are the stakeholders? Well, stakeholders are individuals or groups who have a vested interest or influence in a business. So, in this …
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28/12/2023VAT
Let’s dive into the discussion about whether is there VAT on train tickets. Value Added Tax (VAT) is a consumption tax that is applicable in many countries, including the UK. When it comes to train tickets, the application of VAT can be a bit complex. In general, most standard train tickets are exempt from VAT. …
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Let’s kick off our discussion about what is lettings relief. It’s an important topic to explore if you’re considering selling a property that you once lived in as your main residence but later rented out. Lettings relief can be a valuable tax-saving strategy that helps reduce your capital gains tax liability. By understanding the ins …
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20/12/2023VAT
Let’s dive into the topic of how to claim VAT on insurance. It’s an interesting area that involves understanding the complexities of VAT regulations and how they apply to insurance expenses. VAT, or Value Added Tax, is a consumption tax that is charged on most goods and services in the UK. When it comes to …
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19/12/2023Business , Business Growth Ideas
Let’s dive into the fascinating world of what is an intangible asset. In the realm of finance and accounting, tangible assets are physical resources that hold value and contribute to a company’s operations. By understanding tangible assets, we can gain a deeper understanding of a company’s financial health, its ability to generate revenue, and its …
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18/12/2023VAT
Let’s dive into the topic of whether can you pay VAT in instalments. It’s a common concern for businesses looking for more flexibility in managing their VAT obligations. Paying VAT in instalments refers to the option of spreading out your VAT payments over some time, rather than paying the full amount in one go. This …
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14/12/2023Accountants , Accountants for Contractors , Accounting , Accounting Issues , accounting software , Bookkeeping
Let’s dive into our discussion about what is fair value accounting. It’s an accounting approach that’s gaining traction in the UK and globally. Fair value accounting involves valuing assets and liabilities based on their current market prices, providing a more accurate reflection of their true worth. This method enhances transparency and relevance in financial reporting, …
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13/12/2023Accountants , Accounting , Accounting Issues
Are you seeking facts about what is audit and assurance in accounting? Well, when it comes to financial reporting and ensuring the accuracy and reliability of information, the concepts of audit and assurance play a crucial role. Both audit and assurance engagements aim to provide confidence and credibility to stakeholders, but they have distinct differences …
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12/12/2023Accountants
Let’s dive into the world of insolvency practitioners, what is an insolvency practitioner, and how they can be a game-changer when it comes to dealing with financial challenges. When you find yourself in a tough spot financially, it can be overwhelming and stressful. That’s where insolvency practitioners come in. These licensed professionals are experts in …
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11/12/2023Accountants , Accounting , accounting software
Let’s dive into the discussion about what is forensic accounting. It goes beyond traditional accounting practices by focusing on the detection, prevention, and resolution of financial crimes. In today’s complex business landscape, where financial fraud and misconduct can have severe consequences, forensic accountants play a vital role in protecting organisations and ensuring financial integrity. They …
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07/12/2023tax , Tax Issues , Tax Saving Tips , Taxation
If you are wondering about what is the 45p tax, we have got you covered with the basics in this guide. Tax rates play a significant role in a country’s economy and the overall financial landscape. In the UK, the 45p tax rate applies to individuals earning above a certain income threshold. This higher tax …
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06/12/2023Accountants , Accountants for Contractors , Accounting
Let’s dive into the world of accruals and prepayments. These two concepts are fundamental in the realm of accounting and play a crucial role in accurately reflecting a company’s financial position and performance. Accruals and prepayments help address the timing and recognition of revenues and expenses, ensuring that they are properly recorded in the appropriate …
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05/12/2023Accountants , Accounting
Let’s dive into the introduction of our discussion about what is materiality in accounting. Materiality is a principle in financial reporting that helps determine what information should be included in financial statements. It focuses on identifying and disclosing information that is significant enough to influence the economic decisions of users. Materiality serves as a guiding …
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04/12/2023Accountants , VAT
Are you wondering whether can you claim VAT on staff entertainment or not in the UK? VAT stands for Value Added Tax, which is a consumption tax added to the price of goods and services. Value-added tax happens to be a little complex when we talk about the entertainment of the staff members. We need …
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30/11/2023Accounting
Seeking about what is an inherent risk? Well, inherent risk is a fundamental concept in auditing that refers to the level of risk associated with a business or activity even before considering any internal controls or audit procedures. It is influenced by various factors that can impact the accuracy and reliability of financial statements. These …
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29/11/2023tax , Tax Issues , Tax News and Tips , Tax Saving Tips
Let’s dive into the exciting world of the tax on film industry jobs. Tax treatment for film industry jobs in the UK can vary depending on different factors like employment status and the type of work being done. Whether you’re an employee on PAYE or a freelance/self-employed worker, the tax process can differ. It’s important …
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28/11/2023Business , Business Growth Ideas
If you want to dive into the world of self-employed makeup artists, this guide is for you. Being a freelance makeup artist is an exciting and creative career choice. As a makeup artist, you have the opportunity to bring out the beauty in others and help them feel confident and special for various occasions. Whether …
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If you are wondering about the benefits of bereavement support payment or how it provides financial support to individuals in the UK, you must have experienced the loss of their spouse or civil partner. This allowance aims to offer assistance during a difficult time, helping to ease the financial burden and provide stability. This guide …
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23/11/2023Business
By implementing a Company Share Option Plan, you can incentivise your employees, reward their hard work and commitment, and align their interests with the success of the company. However, it’s important to familiarise yourself with the eligibility criteria, limitations, and regulations that come with setting up a CSOP. Consulting with legal and financial professionals will …
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23/11/2023Tax News and Tips
On 22 November 2023, Chancellor Jeremy Hunt presented his Autumn Statement to Parliament and started making, in his words, the long-term decisions necessary to strengthen the economy and build a brighter future. Fueled by falling inflation and stabilised public finances, focus is now being applied to reducing debt, cutting tax and rewarding hard work. Headlines …
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22/11/2023Accounting , tax , Taxation
Community Investment Tax Relief is a fantastic initiative that allows individuals and companies to invest in eligible community organisations and receive tax relief in return. It’s all about supporting community development while enjoying some benefits along the way. Whether you’re an individual looking to make a positive impact or a company interested in supporting social …
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17/11/2023Accounting
In this guide, we will dive into details about what is an audit exemption. We will explore the concept of audit exemption and how it impacts businesses. Audit exemption refers to the ability of certain companies to be exempted from the requirement of a formal audit based on specific criteria and thresholds. We will also …
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16/11/2023Insurance
Any business owner needs to understand employers liability insurance, it provides coverage for claims made by employees who have suffered injuries or illnesses as a result of their work. It’s designed to protect employers from potential financial losses due to compensation claims. This type of insurance is crucial because workplace accidents or illnesses can happen, …
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15/11/2023Accountants , Accountants for Contractors
Let’s dive in and talk about why is accounting important in healthcare. In the ever-evolving field of healthcare, managing finances is no easy task. Healthcare organisations face unique challenges when it comes to accounting and financial management. They deal with complex financial data, including revenue, expenses, reimbursements, and more. Talk to one of our …
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14/11/2023Pension
Wondering about what are pensionable earnings? In the UK, pensionable earnings refer to the types of income that are taken into account when calculating the contributions made to a workplace pension. These contributions are typically a percentage of your earnings that go towards building your pension pot for the future. When it comes to which …
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13/11/2023Dividend Allowance , employment allowance
This discussion revolves around the financial support provided to parents in the form of parent learning allowance, who are pursuing higher education. The Parents’ Learning Allowance acknowledges the unique challenges faced by parents who strive to balance their parental responsibilities with the pursuit of academic goals. By offering financial assistance for expenses such as childcare, …
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10/11/2023Business
In this guide, we will kick off this discussion by talking about the Innovator Founder Visa. This visa opens up incredible opportunities for ambitious entrepreneurs like yourself who are looking to establish and develop their business ventures in the UK. With this visa, you can bring your entrepreneurial vision to life, work on your business, …
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10/11/2023Tax News and Tips , VAT
Are you a cosmetic clinic owner wondering whether you have to pay VAT on your services? Then this blog is for you. When you’re employed in a cosmetic clinic in the UK, staying informed about industry-specific regulations is essential. HMRC enforces distinct sets of rules tailored to each sector, and non-compliance can result in fines …
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09/11/2023Business
If you are looking for a guide on the P14 form, this guide is based on a discussion of everything that will answer your basic queries. Whether it’s the standard P14 form or a substitute form, it’s important to understand its purpose and how it fits into various schemes like PAYE and CIS. So, let’s …
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09/11/2023Sole Trader , tax , Tax Issues , Tax News and Tips , Tax Saving Tips
Making Tax Digital (MTD) for Self-Assessment is an initiative introduced by HM Revenue and Customs (HMRC) in the UK to modernise the tax system and make it easier for self-employed individuals to manage their taxes. When it’s time to submit your tax return, you can use the digital records to complete and send your return …
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08/11/2023tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
If you are wondering about tax codes in the UK or a specific Tax Code 500T, you are on the right page and we will discuss everything that is needed to know about the tax codes. Tax codes can have benefits in terms of ensuring accurate tax payments and taking advantage of available benefits. However, …
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07/11/2023tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
Are you worried about abolishing inheritance tax in the UK? This guide will help to dive into the topic of abolishing the Inheritance Tax (IHT). It’s been a hot topic of discussion lately, and there are a few reasons why the government might consider this move. Nobody likes dealing with complicated tax processes, right? Another …
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06/11/2023Budgets & Other , Business , Personal Tax
If you’re interested in learning about how to change phone number on government gateway details with HMRC or updating bank information, it’s a pretty straightforward process. Once you’re logged in, you’ll want to navigate to the section that’s all about your personal information or account settings. In that section, you should be able to find …
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01/11/2023Accountants , Accountants for Contractors , Accounting , Accounting Issues
Are you associated with the business world and running your micro company? You must be aware of how to read micro-company accounts. In this guide, we will also explore the benefits of using an accountant to file these accounts in the UK. Moreover, the highlighted details will explain how accountants can ensure accuracy and compliance, …
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30/10/2023Sole Trader
Are you looking for more information on the LP10 or the Lorimer letter? Read this blog till the end. The LP10 letter was introduced first in 1993 as a way to allow freelancers to be considered self-employed. It encompasses many benefits to the holder by reducing the tax. But what exactly is it, and how …
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27/10/2023Landlord
Are you a landlord wondering how the Mortgage Interest Restriction (MIR) affects your taxes? Read this blog till the end. MIR is a policy that was introduced by the UK government in 2017. It was gradually applied over the next 4 years to give the landlords time to adjust to the changes. It affects your …
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23/10/2023tax , Tax Issues , Taxation
The Annual Pension Allowance is one of the most confusing terms. People are generally not sure what it means, let alone its implications. But don’t worry, this blog will make everything crystal clear. In this blog, we will provide our readers with a clear definition of the Annual Pension Allowance. In addition, we will provide …
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20/10/2023tax , Tax Saving Tips , Taxation
Tax-advantaged share schemes have become popular for businesses in the UK. These schemes incentivize employees with tax benefits to purchase shares in the company. But there are multiple schemes, and if you want to implement one, read till the end. This blog will provide our readers with essential information on all tax-advantaged share schemes. We …
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19/10/2023Pension
If you have a severe disability in the UK, you may be eligible for the attendance allowance. But what is the attendance allowance, and how can you be sure that you are eligible for it? That is exactly what we are here to answer. In this blog, we will provide you with all the information …
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12/10/2023Dividend Allowance , employment allowance
Let’s dive into the discussion of whether a second-hand vans qualify for AIA or not. Then, we will shift gears and explore how AIA works and who can actually make a claim. This guide will help to delve into the topic of the Annual Investment Allowance (AIA) and how to calculate it to keep the …
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10/10/2023Dividend Allowance , Finance , Taxation
If you are raising a child whose parents have passed away, then you can claim a guardian allowance. The UK government understands that bringing up a child is expensive. So to ensure they get the right upbringing after their parents pass away, they provide their guardians with an allowance. You can claim a guardian allowance …
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03/10/2023Pension , tax , Tax Issues , Taxation
The UK government provides countless benefits to its citizens, from state pensions to child support. But are all state benefits applicable to taxes? Join us as we explore the state benefits provided by the UK government in detail. Firstly, we will look at some of the tax-free state benefits for which you do not pay …
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20/09/2023Accountants , Accountants for Contractors , Accounting , Accounting Issues , accounting software
Are you new to Xero and aim to learn how Xero works for your business expansion? This discussion will explain various facts related to expanding your business, including using Xero to expand geographically and target new customer segments. We will also discuss strategies such as setting up Google My Business, optimising existing content, and improving …
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19/09/2023VAT
If you are a resident who is worrying about the VAT number UK or the VAT rates in the UK, this guide is for you. The VAT rates vary depending on the type of goods or services, with the standard rate being 20%, a reduced rate of 5% for certain items, and zero-rated goods and …
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28/08/2023Accountants
If you are struggling with the submission of tax returns, here is a guide that will help you with the SA106 form focused on its importance for individuals who pay their tax returns online in the UK and have foreign income or gains to report. The need to accurately fill out the SA106 form and …
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21/08/2023tax , Tax Issues , Tax News and Tips
If you are earning really well and struggling with knowing the facts of trials and tribulations of High Earners in the UK, this guide is the right page to answer frequently asked questions in this regard. As this guide will be based on the discussion on making the most of allowances for high earners in …
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17/08/2023tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
Do you aim to look for new thriving accountant services for your business growth? The Pay As You Go Tax Accountant service in the UK is your solution. This service allows you to make regular payments towards your tax liabilities throughout the year, which can be a great advantage. By spreading out your tax payments, …
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16/08/2023Accountants
Looking for the benefits of hiring a contractor accountant in the UK, we have designed this blog to get you covered with everything that you need. A contractor accountant can be a valuable asset for your business. They can help you navigate UK tax laws, reduce the risk of errors, and meet strict deadlines. Moreover, …
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15/08/2023tax , Tax Issues , Tax News and Tips
There are several people in the UK who confuse loss of tax evasion for tax avoidance. However, tax evasion and tax avoidance are two separate things. Tax evasion involves intentionally evading taxes by illegal means, while tax avoidance refers to using legal methods to minimise tax liabilities. In the UK, tax avoidance schemes are allowed …
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10/08/2023Pension , Personal Tax
If you are seeking facts relevant to pension credit benefits in the UK, this is the right page for you. As this guide will hold a discussion about how to claim Pension Credit in the UK. How to apply, how you can contact the Pension Service and they’ll guide you through the process. Moreover, you …
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08/08/2023Business Growth Ideas , Dividend Allowance , Finance , Insurance
If you aim to avail the benefits of the Care to Learn scheme in the UK, this is imperative to know that it provides financial assistance to young parents who are still in education. In this guide, we will talk about the eligibility criteria for the scheme, which requires parents to be under the age …
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07/08/2023tax , Tax Issues , Tax News and Tips , Tax Saving Tips
If you are seeking ways to get the benefits from a council tax rebate, but are unsure of whether you are eligible or not according to the criteria, you are now on the right page. As we will talk about finding out which council is suitable according to your area. We will also discuss what …
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04/08/2023Business , Business Growth Ideas
If you are a UK resident who is receiving multiple benefits at the same time, here is something that you must be aware of. This will help you to avoid the reduction in the amount of allowances. The benefit cap in the UK is a limit on the total amount of benefits that a person …
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31/07/2023tax , Tax Issues , Tax Saving Tips , Taxation
When you are associated with the business world in the UK, the important business asset rollover relief is known to be a tax relief available in the UK that allows people and businesses to enjoy the tax defer that are earned through capital gains. This is especially for businesses that are qualified for eligible business …
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26/07/2023Finance
Disability Living Allowance (DLA) is known to be a benefit that is available in the UK to help with the extra costs you have to handle as a part of living with a disability or long-term health condition. It is made in order to provide financial support to people who need help with their care …
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25/07/2023tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
If you are a game operator in the UK, this guide will be helpful for you to gather information about Machine Games Duty (MGD), which is a tax that is applied to the profits made by operators of gaming machines in the UK. However, not all the games are meant to be under the list …
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20/07/2023Business , employment allowance
The primary role of DWP XB is to help get the Christmas bonus in the month of December every tax year in the UK. However, the term DWP XB commonly confuses several people which makes them require what is the specific meaning of it. Well, Christmas bonus is a regular word used for XB. However, …
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18/07/2023tax , Tax Issues , Taxation , VAT
There are several individuals who are residing in the UK and wondering as a beginner whether there is VAT on car parking in the UK or not. In simple and swift work, we can say that there is VAT applicable on the parking of cars and the scenario does not change because of the circumstances …
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18/07/2023Dividend Allowance
An inevitable source of income is known as dividends in the UK. However, there is a tax to be paid on the earnings coming from the dividends but the tax rate implemented on this is different from the income tax rate. Which makes things a little confusing for common people to understand. This guide will …
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17/07/2023tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
When you are residing in the UK and belong to the world of business, there are plenty of options to earn profits. However, when it comes to the advantages of retained profit, people tend to enquire why they should hold on to a specific percentage of business profits, or what are the relevant advantages and …
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14/07/2023tax , Tax News and Tips , Tax Saving Tips , Taxation
If you are the one who aims to take a closer glance into the details of the p11d form which includes the basic discussion on what is the P11D form, who needs to file this form, when is the right time to file, what must be the part of form P11D, and what are the …
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13/07/2023tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
Inheritance Tax is a tax that is payable on the estate of someone who has died. The tax is calculated based on the value of the estate, and it can be a significant expense for the beneficiaries of the estate. In this guide, we’ll discuss the basics of how the Inheritance Tax works in the …
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12/07/2023Accounting , Accounting Issues
The closing balance is a key financial metric that shows the money that is in an account after all transactions have been recorded. It is often used to reconcile accounts and ensure that all transactions have been recorded accurately. The closing balance can be calculated for any type of account, including bank accounts, sales accounts, …
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11/07/2023tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
As the UK tax bands keep on changing with every new tax year, the limit of allowances will also be helpful for the citizens to reduce the amount of tax they pay to HMRC. The expectation of different forms of tax in the tax year 2023-2024 is discussed in this comprehensive guide. Reach out …
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11/07/2023employment allowance , Finance
Capital employed is a kind of matric that is financial and finds out how much money a company has invested in its operations. It is calculated by subtracting current liabilities from total assets, which gives you the exact idea that how much money a company has invested to keep its operations going. It is an …
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By benefits fraud, we mean cases where individuals attempt to claim the advantage of the benefits that they are not even entitled to in the UK. This could involve giving or passing on the wrong information or required details and not reporting to HMRC when it come to a change of your circumstances. In this …
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05/07/2023tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
There are several contractors, self-employed individuals, and business owners who are inclined towards working from home. This also became a reason to change the ruling of taxation in several cases. This increases the importance of efficient tax planning and the handling of expenses that can be claimed for further business benefits in the process of …
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04/07/2023tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
If you are residing in the UK, you must be aware of the importance related to being conscious of the direct tax rates and principal tax allowances and the new changes updated in the tax year 2023-2024. This was normally mentioned in the new Spring Budget that was published in the month of March, the …
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04/07/2023tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation , VAT
It has often been observed that people are interested in a situation where the assets of the business are being transferred to a limited company by an individual. This is usually done for the purpose of dealing with the capital gains tax and the disposal part. Normally this kind of disposal of the assets is …
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23/06/2023Business Growth Ideas , Finance
You can be dealing with any sector of the business, you will have to deal with suppliers or vendors at one point in your business journey. This is because businesses have to rely on vendors or suppliers in order to make the products or the services offered to their customers. This will also involve the …
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23/06/2023Finance , Insurance , Personal Tax
If you are a married couple or living in a civil partnership, a marriage tax allowance is something you must be aware of. This provides you with the opportunity to claim tax relief as well. However, this is only possible if one of the partners or spouses is earning less than the amount of personal …
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21/06/2023Accountants , Accounting Issues , Bookkeeping
In simple words, we can call the adjusted net income the total taxable income. The money you are earning from freelancing along with rental income and salary is included in the list of net adjusted income. On the other hand, charities, donations, pension contributions, and losses and reliefs from the yester years are not considered …
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20/06/2023Accountants , Accounting , Accounting Issues
When it comes to trading control, the sales ledger control account is always connected to the discussion as it plays a vital role in getting the job done. It is also known by the names of the control accounts of trade debtors. It is imperative to do the record maintaining of the monetary. This is …
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19/06/2023Accounting Issues , Business
Are you a resident of the UK looking for a possible way that can help you to claim a CIS refund? If yes, you are on the right page and the construction industry scheme is for you if one is working in the capacity of an agent or a limited company. In the case of …
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15/06/2023Accountants , Accounting , Accounting Issues , accounting software
In simple words, the nominal ledger refers to a kind of electrical file used to keep a record of all the transactions that are being done through the company’s buying and selling activities. This helps a lot actually to keep the debit and credit equal. Sometimes we also refer to the nominal leader as the …
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12/06/2023employment allowance
The new business owners are more and more inclined towards the employment allowance and how to maximise the benefits by getting eligibility for this allowance. This guide is based on the relevant and frequently asked queries about what is employment allowance, what is the eligibility criteria to claim the employment allowance, how will it work …
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30/05/2023tax , Tax Issues , Tax News and Tips , Tax Saving Tips , VAT
If you are a resident of the UK and you are dealing with a disability, in general people pay VAT on the purchasing of goods they need for regular use. However, there is a limited range of products on which you can claim relief from VAT. There are limited services in the UK as well …
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30/05/2023tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
Doing the payroll manually explains that the whole procedure of the payroll will be handled by hand details. Whereas in the case of the in-house computerised system, you will have to require trained staff that can use the payroll software along with the cost of having the software installed in your system. In case the …
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24/05/2023tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
The main purpose of the SAYE (save as you earn plan) is to enable the employees to get the savings on and buy shares from the company they are working for. The plan of SAYE is totally allowed and well-approved by the side of HMRC. The tax advantages that you can get from the SAYE …
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22/05/2023tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
If you own a vehicle in the UK that you might use for personal use or for multiple factors, you must be aware of the kind of tax that your vehicle makes you pay. Many of us know this information of tax with the name of road tax, car tax and Vehicle Excise Duty (VED). …
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22/05/2023tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
Due to the fact that the universal credit has replaced the tax credits, people have started to make new claims to get the most benefits from the tax credit. However, an important thing to consider here is that you will have to be mindful of checking what are the kind of tax credits that you …
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16/05/2023tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
If you have a child while residing in the UK, you must be aware of the benefits you can avail of by claiming child tax credits. However, there are several cases that enquire about how to renew child tax credit. In case of being a beginner in the position of a guardian or parent, you …
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15/05/2023tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
If you are associated with large estates, you must know that a small percentage of these estates are large enough that they can actually incur the inheritance tax. However, it is very imperative to take its consideration seriously while a person is making the will. This brings in the importance of gathering information about how …
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05/05/2023tax , Tax Issues , Tax News and Tips , Tax Saving Tips
There are several beginners who are confused about how to handle reporting capital gains on my tax return, so it is imperative to involve a discussion with everything that a beginner must know about the obligations of record keeping, reporting and how to handle the disposal of capital gains tax. There are several cases that …
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28/04/2023tax , Tax Issues , Tax News and Tips , Tax Saving Tips
Are you worried about the notice received from HMRC that is a penalty of self-assessment or any tax fine is charged to you? You do not need to worry too much about such an issue any longer. This is because of the fact that this guide will help you to gather the basic information about …
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27/04/2023tax , Tax Issues , Tax News and Tips , Tax Saving Tips
This is quite famous among the individuals who belong to the field of teaching in the UK they spend a lot of money from their earnings to get the desired stuff that they use for the sake of betterment in their profession and job requirements. This possibly could include the teaching stuff like the books …
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18/04/2023tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
If you are that one individual in the UK who is earning more than the limit of figure £100k, the first benefit that you will tend to lose will be the perks like a personal allowance. You must be well aware of the tax implications of earning over £100K. The dreaded tax rate will be …
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14/04/2023tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
We all have seen the rise in growth of the industry especially when it comes to entertainment. This brings in the need for growth for unique content in the entertainer industry as well. To justify the talent to work for a specific industry, it is important to invest more and more financially to manage the …
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13/04/2023tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
Are you a self-employed exotic dancer who is worried about the tax deduction in the UK for offering the services? Well, the good news for you is that Exotic Dancer Tax Deductions can easily be claimed, however, the procedure and kind of claim can vary from one individual to another. If we go back in …
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12/04/2023tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
Most of us may come across a point in life where we begin thinking about how to change the tax code after witching the job or so. It can also be applicable to your situation if your marital status has recently changed, you have changed something about your personal allowance, or you have moved the …
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10/04/2023tax , Tax Issues , Tax Saving Tips , Taxation , Uncategorised
Many people in the UK who are taxpayers believe that withholding tax is just similar to tax evasion. You will wonder to hear but this is wrong as the withholding tax is not considered tax evasion according to the tax authorities in the UK. This might bring a lot of queries to your mind and …
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06/04/2023tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
There are several cases and queries in the UK by the residents that revolve around the fact taxes are higher in the UK. This brings in the comparison among different sectors, industries, and even the counties that are developed to grow even better than each other. Tax comparison is just a similar case in this …
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05/04/2023tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
Are you the one who aims to make the most out of your investments and saving being a UK resident? The first thing you must be aware of is the popular and tax-efficient ways to make the most out of your investments and plan them in a manner that can maximise the benefits you expect. …
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04/04/2023Finance , Misc , self-employed accountant
This turns out to be quite a simple process to navigate what are the ins and outs of maternity leaves when you are working with the company as an employee. However, in the case of being in the role of a self-employed individual, it is challenging to find out facts and rules about the maternity …
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04/04/2023tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
If you are in the role of a self-employed teacher in the UK, you must wonder about the tax implications that you will have to deal with. Just like the other income streams related to self-employment, there can be different income limits for self-employed teachers from one month to another. This is applicable to the …
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30/03/2023tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
There are several important decisions to take while you are planning to initiate your own business activities. The basics involved the setting of the goods or services in offering to your potential customers or the structure of the business that you aim to choose. The corporation structure of a business can be one of your …
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28/03/2023tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
This is a common understanding that a thing that has a physical appearance and has the ability to get touched, moved, or held is known to be tangible. The same case goes for tangible personal property. To call a property tangible it has to own certain traits of being held, moved, and touched. However, when …
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27/03/2023tax , Tax Issues , Tax News and Tips , Taxation
If you are in the role of a nanny tax being self-employed, you are normally known as the nanny or the childminder in the UK. You must be wondering about your tax returns and what exactly you owe to HMRC as a nanny. In case of being the guardian or the parents are looking to …
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21/03/2023tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
If you belong to a field where tipping is a common practice, you must question and wonder whether are tips taxable or not. In simple words, according to professionals, tips are taxable. You can be associated with the business field by being a hairdresser, waiter, bartender, or taxi driver. If you are getting tips, according …
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20/03/2023tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
One of the best feelings for the tax return submitter is that the tax has finally been submitted and no error is found in the record and procedure. The potential burst occurs when one receives the tax bill. However, there are several people who are worried about the fact of high bills and tend to …
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16/03/2023tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
Many of you must have heard about the tax dates have been revised and extended by the government in the UK. The deadlines for self-assessment tax returns are also one of them. Also, we can not deny the fact that we all are mutually finding ways that are legal to avoid tax payments or to …
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16/03/2023Tax News and Tips
On 15 March 2023, Chancellor Jeremy Hunt presented his first Budget to Parliament and set out a plan to reduce inflation, grow the economy and get government debt falling all whilst avoiding a recession and tackling labour shortages. Below we set out some of the main points. Cost Of Living Support Energy Costs The …
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15/03/2023tax , Tax Issues , Tax Saving Tips , Taxation
Although this is quite possible that these famous athletes can have many opponents for the fame they have earned from their field. This is all because of the HMRC’s austere tax laws that are not sparing the struggle of tax even if this is about celebrities or famous athletes. Sometimes this becomes hard to believe …
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14/03/2023tax , Tax Saving Tips , Taxation , VAT
What people mostly tend to forget is the involvement of VAT on second-hand goods. There are several basic queries that are about whether you being a business selling second-hand goods will require to pay the VAT or what the amount of this kind of tax that a business will have to manage. The inclination of …
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08/03/2023tax , Tax Saving Tips , Taxation
When you are involved in giving charity to a deserving non-profit organisation for a specific cause, not only you are in a good position to help people you care about but you also get the tax benefits from reduced tax bills. Sometimes it will even help to minimise your income tax. This might sound confusing …
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07/03/2023tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
A lot of confusion prevails in the matter of teacher tax deductions. Even then it is worth spending your energy on whether you should be investing time in applying for tax deductions or not. If the procedure goes smoothly you will possibly get a refund from the government for the money you have spent on …
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06/03/2023tax , Tax Issues , Tax News and Tips , Taxation , VAT
We all aim to manage our tax affairs in the best possible way. Especially when you are a resident of the UK where tax is actually a serious matter and you very slim margin for tax matters from HMRC. It is best to learn to be able to manage your money if you aim to …
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03/03/2023tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
It has been observed that the tax code in the UK is most extended since the tax year 2009. It will not be wrong to presume that tax affairs are one of the most complex matters here. This is due to the fact that the tax authorities and system is designed in a straightforward way. …
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01/03/2023tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
We all aim to take benefits from the old and precious stuff we have in our homes that came from the category of antiques or are years old and have precious market value still. If you are also the one who is looking for a beneficial way to get an advantage from owning an antique, …
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28/02/2023tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
As a beginner with tax and other business affairs, you must have wondered about the importance of P60, what is it or what is the need to use this form. We do realise the need for you to know about the importance of hanging on to this document and how will it help you to …
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21/02/2023tax , Tax Issues , Tax News and Tips , Tax Saving Tips
Are you the individual who is looking for ways to sell his own car? This makes most people wonder about how to handle the car tax. Especially in the UK, where you find a slim margin in the case of tax affairs from HMRC. If you do not go as per the law of tax, …
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20/02/2023tax , Tax News and Tips , Tax Saving Tips , Taxation
When people enquire about the basics of an Individual Savings Account, normally we refer to it as a kind of protection on savings from the implementation of a tax obligation of the UK tax. This is practically the same for any kind of investment that you make and the interest amount as well. You can …
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16/02/2023Tax Saving Tips , Taxation , VAT
The pace of business is like a roller coaster as it is quite unpredictable. It can rise and come down in the blink of an eye. This is when you decide to get your business registered for VAT because the business turnover has gone up a certain limit and you feel like getting the benefits …
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15/02/2023tax , Tax News and Tips , Tax Saving Tips , Taxation
To bring the element of stability and balance in society, there are several businesses that are inclined towards supporting the charity organisation by giving attractive amounts in the donation. One of the reasons for this inclination is charity amount is known to be tax deductible as well. Then there comes many charity organisations in the …
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13/02/2023tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
Nowadays shared custody is also known as residency in the UK. This is important to consider especially if the parents are going through a breakup. The child’s residency will decide who will get the benefits of child tax credits. To qualify for the eligibility criteria, the first thing to consider is the ability to be …
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10/02/2023tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
With the increasing focus on tax bills and their check and balances of them, the tax margin has become very slim in the UK. However, individuals who are in a working role in the UK are looking for possible ways that can pursue the dream, of paying less tax on their earnings. This is mutual …
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08/02/2023tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
Tax responsibilities are common for owners who are carrying out business activities in the UK. What exactly you require to pay to HMRC depends on the kind of business you are running. Whether it is a small business, a large-scale business, or a self-employed business structure. When HMRC notices the business is going up in …
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07/02/2023tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
There is a rapid inclination among people who are working abroad, however, they want to end up their retirement in the UK to settle. Now, the wish to pursue the dream of retirement makes people question whether it is possible to transfer an overseas pension to the UK. This is normal to wonder over such …
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07/02/2023tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
When you are in a civil partnership or living in the UK as a married couple, it is always beneficial to be aware of the tax breaks for married couples. As this will help you to get the most benefits from the allowances and other such tax breaks. This will allow reducing the tax bills …
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03/02/2023tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
This is a common awareness among people now that when you are able to make a stay possible in the UK for a period of 183 days or more than this, you will be considered a UK tax resident according to the set of laws in the UK. The role of being a UK tax …
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31/01/2023tax , Tax Issues , Taxation
Being a resident of the UK when you come from some other country has become an inclination for many these days. You must get yourself prepare for a well-planned low down on income tax if you are among those people as it takes quite much to get settled with the new requirements that will bring …
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30/01/2023tax , Tax Issues , Tax News and Tips
Flipping houses to avoid CGT (Capital Gains Tax) is increasing these days in the UK. However, there are several people who are literally confused with the idea as they have not aware accurately of what it is and how it might work for them. All you have to do is to get to know the …
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25/01/2023tax , Tax Saving Tips , Taxation , VAT
It sounds like a dream when you are working in the UK as a self-employed individual that someone else will pay for the food you consume in your day-to-day work life. The good news is you can actually consume this food and get the money back, sounds great? Many of you as beginners must be …
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24/01/2023Payroll & PAYE
When you are in the role of an employer in the UK and you aim to run the payroll on your own, there are certain requirements that you need to fulfill before you do it. The prior most thing to understand is how to run payroll. When you are experiencing giving payment to your employees …
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20/01/2023Accounting , Business , Finance , Payroll & PAYE
When you are in the UK and working as an employer of the company, before you plan to hire employees for your company services, you will have to register with HMRC normally. This is also a requirement even when you are taking the services of subcontractors for your construction work. This turns out to be …
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19/01/2023tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
According to research, there is a struggle among the residents of the UK which has become very complicated for them to handle the burden of the company car tax. This is because of the fact that it tends to go above and over the budget limit of common people. People like the idea of buying …
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18/01/2023tax , Tax Issues , Tax Saving Tips
Receipts for taxes are usually easy and handy to manage in the case of small businesses. They tend to use them for tax purposes as well as personal uses. This practice is really helpful to keep track of the business expenses and income to make the right kind of business choices. Whenever you undergo an …
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17/01/2023tax , Tax Issues , Tax News and Tips , Tax Saving Tips
It has been observed that there are several groups of people who are not very clear about tax education in the UK and they tend to confuse the vague information in this matter. Because of half knowledge, there are many businessmen as well who find the tax rate very hard and challenging to deal with. …
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There are several businesses that have a clear understanding of how they can reclaim VAT on commercial vehicles. This is because the VAT input is allowed for commercial vehicles and it is blocked in the case of personal cars. However, you must first learn to differentiate what is a commercial vehicle and how its use …
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13/01/2023Accounting , accounting software , Bookkeeping
When you are associated with accounting needs in Amazon selling, it does the work mostly for the purpose of fulfilment. However, the seller has to deal with the management of selling operations as well as the financial requirements of accounting in this. In the case when you are into Amazon selling, but you are not …
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12/01/2023tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
CIS compliance refers to the focus on HMRC’s Construction Industry Scheme guide that ensures the deduction of the tax from the earnings of the contractors from the building firms is done right. There are a few exceptions in the case of subcontractors who are paid without having any kind of tax deductions. The common practice …
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11/01/2023tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
This happens quite a lot many times with people who get into a situation that makes them do tax overpayments in the UK. The reason behind the tax overpayment can be different in every person’s case. One of the famous examples is about the people who do not work for the whole tax year and …
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10/01/2023tax , Tax Issues , Tax News and Tips , Tax Saving Tips
When you are living in a country like the UK, where there is no margin for tax delay or an escape from this kind of liability, filing taxes and meeting deadlines can be very stressful. Moreover, people find it even harder when they have to deal with delay fines and other penalties when they can …
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09/01/2023tax , Tax Saving Tips
If you are an individual who is residing in the UK and interested in paying voluntary contributions, this guide will be really helpful for you in multiple ways. Especially, you will be ensured that you meet the criteria of having years to qualify for the full state pension. However, there are several cases observed that …
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05/01/2023Accountants , Accounting , Accounting Issues , Bookkeeping
It becomes critical and hectic especially for the finances team when the tax year is coming towards an end. It is a tendency among businesses that the finance professionals get their owners burry under the heps of accounting requirements, financial reports, and other relevant statements. It takes around a month time period for the accounting …
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04/01/2023Payroll & PAYE , Pension , Personal Tax
When you are an employer of large or small businesses in the UK, there is a mandatory thing to do for you is to inform HMRC about the details of your employees. For this procedure to be successful for beginners, a basic understanding of real-time information is important to learn. In a nutshell, real-time information …
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03/01/2023tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
Men and women when working in the same industry are not usually paid on a fair equality basis. Men are always paid more than women out there. The gender pay gap reporting has now become a global issue. This makes the government take fair steps to make the industry and relevant workplaces an equal place …
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29/12/2022tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
Are you the barber or the hairdresser who is residing in the UK and offering services as a self-employed one as well? Well, you must be worried about paying the tax as the tax margin is very slim when it comes to HMRC in the UK. There is no apparent way to find an escape …
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27/12/2022tax , Tax Issues , Tax News and Tips
Are you the individual who is responsible for taking the work uniform to the laundry? You are most likely to be in a position to make a claim for a tax rebate because of the cost you are dealing with for uniform maintenance. There are several taxpayers out there who have to wear the uniform …
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26/12/2022Business , Limited Company
Are you wondering about a company limited by guarantee and who takes the charge of actually forming them in the UK? Well, most commonly such companies are formed by membership organisations, workers’ cooperatives, sports clubs, and other non-profit organisations. The purpose of non-profit organisations’ owners is to get the benefit from guiding the limited financial …
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When you are associated with the business, you must have an essential awareness of VAT charging and how it changes from one particular product to another. Dealing with the changing state of VAT becomes confusing and complicated sometimes. People often enquire about what are Zero Rated VAT items and when is the right time to …
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20/12/2022VAT
While you are in the middle of completing your VAT returns, it is quite possible that you can make an error with any form of accounting. This especially happens when you are carrying out a small business in the UK and handling everything on your own. Sometimes the occurrence of VAT errors is not due …
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19/12/2022Tax Issues , VAT
Are you associated with a charitable organisation and finding it complicated to handle the VAT? Well, you need to be aware of the exact implication rules of VAT when you are running a charity. This can further help you to keep HMRC on your favourable side. People often enquire, can charities claim back vat. If …
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16/12/2022tax , Tax Saving Tips , Taxation
Are you the individual who was once an employee of a company in the UK and then has been made redundant? You must be getting redundancy pay now. However, as a beginner, most people do not have a clue as to how the tax on redundancy payments is handled. This can result in putting you …
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15/12/2022Accounting , accounting software
If you are the owner of a small business in the UK, each penny that you are spending on your business will count in this journey. This will make you think twice before making any decisions regarding the business. Also, spending on buying accounting software that is just suitable for your unique business needs is …
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14/12/2022Accounting , accounting software
If you are carrying out your small business in the UK, it is imperative to realise that one of the crucial things is to learn and manage your finances well. This will be a great help for your business to make a name in the market and grow towards the road to success. It is …
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13/12/2022tax
Are you an owner of a business? You will have to hire employees for the sake of meeting certain targets of your company. And there are times that a certain amount in form of salary has to be offered to your employees. However, the tax factor comes in the way and the amount of salary …
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08/12/2022tax , Tax Issues , Tax News and Tips , Tax Saving Tips
Whether you are new to the business world or have just signed up for being a sole trader to mark your brand in the industry, you are in need of knowing your UK tax year dates and when your accounting period will start in this first journey. Well, your first accounting period is considered the …
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07/12/2022tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
ATED referred to the annual tax on enveloped dwellings. This is a kind of tax that is implemented on companies in the UK regardless of whether they are residential or non-residential. However, the condition is that they must own some residential dwellings in the UK. This does not cover all the residential properties but only …
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There are several businesses that consider public liability insurance cost as an important factor. However, they often enquire about the amount of cost this possibly can cover for them. For this understanding, we will have to explore that what are the affecting factors that have involvement with public liability insurance cost. When you aim to …
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02/12/2022tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
You must have heard about the services that are digitally offered by HMRC, however, many people do not have a clear idea as to how they can use them. Taking benefits from such digital services requires having at least a basic understanding of using the portal. These digital service work like great support and you …
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01/12/2022tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
Whether your employment status is being a self-employed individual or you are a business owner, the management of taxes is always a complicated process for everyone. The expectation of occasional mistakes that occur unintentionally also requires your attention. Sometimes, people tend to declare their income to HMRC but the mistakes are found after a long …
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30/11/2022tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
When you claim your travel expenses as a self-employed individual, the first important thing you need to do is identify which travel comes under a specific category. Whether you are self-employed or working with an organisation, the travel that you are covering daily as a commute to your permanent workplace will not be considered an …
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29/11/2022tax , Tax Issues , Tax News and Tips , Tax Saving Tips
Any type of property or house that is inherited is able to increase the value of an estate. However, you need to be very careful regarding this matter because if you do not handle it efficiently, you will end up paying more tax than you ever expected in higher tax bands. This mostly happens in …
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28/11/2022tax , Tax Issues , Tax News and Tips
If you are the one who is wondering how to make HMRC agree upon the monthly instalments of your tax bills because you have a valid reason that is hindering your tax payments. The frequently asked question in this regard is can you pay tax monthly? Well, this totally depends on the kind of tax …
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24/11/2022tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
Are you the individual who is planning to work abroad or to live there and leave the UK? The first thing you must gather information about is the tax refund entitlement. This has to do a lot with the current tax status and the unique circumstances of your case that will help HMRC decide whether …
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23/11/2022tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation
There are several companies and organisations in the UK that fail to meet the deadlines of the tax bills. If you are also one who is carrying out a business in the UK and struggling with the tax bills, you might be offered an instalment plan by the HMRC to pay your tax bills easily. …
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22/11/2022tax , Tax Issues , Tax Saving Tips
If you are a new individual associated with the status of self-employment, you need to know everything about your relevant tax implication to avoid ending up in the fluster. Putting off the tax liabilities is not recommended because you will have to deal with unfavorable circumstances. You will also screw up if you plan to …
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21/11/2022tax , Tax Issues , Tax News and Tips , Tax Saving Tips
There is no denying that there are so many benefits of the Royal family in the UK. The joy of having almost free personal butlers, lavish properties, crown jewels, and corgis are some fantastic examples. However, there is a set of rules that are specified for the royal family members that make their lives a …
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21/11/2022tax , Tax Issues
When you are playing the role of a tennis coach, you must know that your employment status is self-employed. Tax is considered to be a great piece of alliteration for the tennis coaches and for the tax service providers to take this tax affair into serious consideration as well. If you are an individual who …
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18/11/2022Tax News and Tips
The new Chancellor Jeremy Hunt had warned the public and the financial markets that his Autumn Statement would include “eye-watering” cuts in public spending and tax rises for those with the ‘broadest shoulders’. Unlike the ill-fated Fiscal Event of 23 September, the Government “rolled the pitch” this time with several leaks prior to the event. …
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15/11/2022tax , Tax Issues , Tax News and Tips
When there is a fluctuation observed in the tax rates of the national insurance, you will definitely be affected when you are residing in the UK. How much will you be affected has a direct relation with the amount of money that you are earning. According to the recent changes that are implemented from the …
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14/11/2022tax , Tax Issues
If you want to spare yourself from being taxed twice on foreign income, you are in need to find out how you can get the tax residence certificate as an organisation, company, or individual. When you are not residing in the UK, you are allowed to claim tax relief but you are in a position …
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03/11/2022tax
There are different ways to pay a tax return depending on the job type and wage payment mode your employer uses. HMRC provides different modes of payment to pay tax returns. If you have no idea how you can pay your tax returns and income tax, we have got you covered. In this article, we …
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02/11/2022tax , Tax Issues , Taxation
Calculating Tax on Dividends might be confusing and you can commit an error in the calculation of tax on dividend income. Income taxes are relatively easier to calculate. On the other hand, dividend income brings a lot of confusion when it comes to paying taxes on them. Dividend income is an additional source of income. …
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01/11/2022tax , Tax Issues , VAT
Do you get the thoughts of the sudden reason that can cause a business closure? Here comes the help of business interruption insurance that can cover the profit and loss of the business immediately. This has to do a lot with the type of cover you might want to opt for. Several people enquire if …
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As a beginner normally people tend to go unsure about the procedure of connecting Xero with HMRC and for HMRC VAT login. There are some errors that might occur when you are trying to troubleshoot connection errors and other authority errors as well. If you have experienced any of the mentioned problems in the process …
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24/10/2022VAT
We can not deny that technology today is the reason that international business has reached its peak and has become more than accessible. It’s just a game of having the availability of a laptop and a good connection and there you go. Any kind of freelancer can offer services internationally. Even the small initiates in …
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19/10/2022tax , Tax Issues , Tax Saving Tips
If you are a businessman who is carrying out a business in the UK, however, you are not living in the UK but you are someone who is settled abroad. There are chances for individuals who are not residing anywhere in the UK but they have their properties here and they are earning through making …
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17/10/2022tax , Tax Issues , Tax Saving Tips
People often take corporate tax provisions as it works as a safeguard for your business and keeps you protected from the tax fines and penalties charged by HMRC in the case you have made a late tax payment. It is also referred to the tax burden that you might face in the current year, generally, …
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14/10/2022Personal Tax , tax , Tax Saving Tips , Taxation
How much income is tax-free if you are saving from your income and earning interest on it? Many people in the UK put some savings aside and earn an interest rate on them. However, they have no idea about the tax-free income from savings they can have. Interest in savings is a good source of …
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12/10/2022Tax Issues , Tax Saving Tips
People are always interested towards the idea that are useful for making a few extra pounds. Are you also the one who is seeking such profitable ideas these days? You are on the right page if so. One of the brilliant ideas for improving your bank balance is the rental income that you can make …
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11/10/2022tax , Tax Issues
In the case of properties where there is the involvement of multiple owners is observed, there will come certain expectations from HMRC. This will make each partner liable for paying tax on the amount of income they share, file for the self-assessment tax returns separately, and maintain the records. People find splitting rental income for …
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11/10/2022Dividend Allowance
As we all are aware of the fact that the requirement of registration of self-assessment is only mandatory when the amount of money you earn is more than £1,000 within a period of 12 months. This is a specified case for the sole traders as well. The same condition is to pay income tax on …
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06/10/2022Finance
The Headline Message From The Chancellor The Growth Plan 2022 makes growth the government’s central economic mission, setting a target of reaching a 2.5% trend rate. Sustainable growth will lead to higher wages, greater opportunities and provide sustainable funding for public services. The United Kingdom currently faces a period of high inflation. The government has …
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04/10/2022Accounting , Bookkeeping , Dividend Allowance
When we are associated with the business world, we all know that the undistributed profits of a business can help to declare dividends. It is required to follow the accurate procedures well in order to make all the relevant payments legal. If there is a scenario where a director tends to sanction illegal dividends, the …
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03/10/2022Accounting , Accounting Issues
You must have heard a lot from people talking about accruals accounting and cash basis accounting, however, what is it exactly might always confuse your mind. It is mainly about the timing that is connected with the major differences between cash basis accounting and accrual accounting. It matters a lot what you aim to make …
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29/09/2022tax
Being pleased by the nature is an innate ability of human psychology and we will not deny that. How about having leisure time in the comfort of the house with the placement of a treehouse in your garden? Sounds fun right? Through such activities, you get a break from the routine and get a chance …
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29/09/2022Tax Issues , Tax Saving Tips
This is the era where online platforms and buying & selling products are actively becoming more and more popular. This results in a sudden rise in the demands of e-commerce and other such start-ups. Online shops are the best set-up for small businesses and even you can start it from the comfortable environment of your …
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27/09/2022Tax Issues , Tax Saving Tips
This is the era of ideas where people are so smart and full of unique ideas to meet both ends to make a living. People do not rely on one job only and tend to manage a side job along with the management of a full-time job. This is usually to pursue their dreams or …
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26/09/2022Tax Issues , Tax News and Tips
You must have observed the financial matters associated with your business, they keep on fluctuating over a specific period. This asks for maintaining a smooth record of every financial detail so that you can focus on other opportunities that will help to grow your business valuation. This will further make your way to good tax …
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23/09/2022Tax Issues , Tax Saving Tips
Are you going through the procedure of divorce or separation? The most important thing that you must be aware of is a tax on property transfers during a divorce. It depends a lot on the time and circumstances in which you are proceeding with the formal steps of the divorce because this will decide some …
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23/09/2022Tax Issues , Tax News and Tips
Have you heard that there is no tax for influencers? Well, the case with online influencers is different. Online influencer tax is a real thing that is implicated for the individuals who are creating online content and then making extra pounds from this. One of the frequently asked questions enquires a lot about ‘are influencers …
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21/09/2022Tax Issues , Tax Saving Tips
Whether you are a streamer or a content creator, the big question on everyone’s lips is Do YouTubers pay taxes? In case you are running a youtube channel that is making enough extra money for you, you will not only be noticed by your subscribers but HMRC is also noticing you. Furthermore, HMRC, which is …
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21/09/2022Accountants , Accounting , Accounting Issues
To make your business a successful journey, the role of accountants is important. As well as in the smooth transaction of business activities will be done with their help. Public accountants and CPAs are your helping hands to carry out your business in the industry. However, people frequently enquire about who is better and what …
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19/09/2022Dividend Allowance
The tax is a serious affair that keeps a non-stop communication and relation between the people who are carrying out business and the government in the UK. The good news for the business people here is that if your business is eligible enough and you can claim the tax relief as well. Any product or …
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15/09/2022Accounting
It is an important and prominent fact about the three golden rules of accounting the ability to convert the complexity of bookkeeping rules into an easy-to-understand set of rules. No matter how well organised is your system to keep the records and track of everything related to top accounts, it is still imperative to be …
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14/09/2022Tax Issues
For football lovers, sports is all about their favourite game. Fans possibly talk about the footballers all day, however, those who are associated with the tax experts want to know all about the complicated tax details that are paid by the footballers. This might include ‘are footballers self-employed’, whether they are PAYE, do they pay …
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13/09/2022Finance
Are you planning to start a new business as a sole trader? You might be worried about asking the question “Can a Sole Trader Have Multiple Businesses?” The other questions coming along with this primary question are related to the tax, national insurance and VAT implications. So, you need not worry about this as you …
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12/09/2022Tax Issues , Taxation
If you are an individual who is taking amounts of money from pension sources, there is a chance of paying more tax than was required due to unawareness. You need to know in that case how is it possible to reclaim the amount you have paid as tax overpayment? The amount of money you have …
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08/09/2022Tax Issues , Tax Saving Tips
Capital gains tax on a second home is different than the gains of a main residential property when you are living in the UK. You are obliged to follow the set of rules when you are planning to sell a second home. As we all know that private residence relief is also only entitled to …
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07/09/2022VAT
If you are carrying out a catering business in the UK, you will have to undergo the inspection of VAT. You have to be registered for VAT and it does not matter whether your business is a small business or a big scaled one. VAT inspection tips will be very helpful for every business owner …
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06/09/2022Business , Uncategorised
Your business may go under an enquiry by HMRC if you are carrying out a business. If you are in the role of a business owner, such a situation turns out to be very stressful at times. The enquiry is aimed to have a check on your company’s financial health and tax implications. There is …
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05/09/2022Dividend Allowance , Misc
It will be beneficial for you to know exactly how a married person’s allowance works if you are residing in the UK. This allowance for married couples tends to increase every year. As soon as the new tax year begins on the 6th of April, the increased implications are also working with the date. Whether …
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02/09/2022Business , Business Growth Ideas , Finance
Do you know the employers who have showered their employees with the taxable HMRC expenses and benefits in the tax year 2021-22? There is a requirement for them to get in touch with HMRC and inform them. This will not be required to inform HMRC if the employees are enrolled with the agreement of the …
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01/09/2022Accountants , Landlord , Tax Issues
In the process to be prepared for the tax returns and submissions, there is a need to gather information from the customers as well. In the case of unincorporated businesses, this information will help to know which was the first year for the application of a new cash basis for the landlords. If you aim …
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31/08/2022VAT
Recording VAT is different for a person or organisation that is VAT registered from that of a non-registered VAT person or organisation. For this, you might become confused over the setting up of your balance sheet and how should you itemise your VAT on it. What to do when you are not registered for VAT? …
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29/08/2022Accountants for Contractors , Business , Landlord
It is imperative for the landlords and other individuals who are associated with the business of property to realise that it is nearly impossible to keep any letting detail hidden from HMRC. Airbnb will be a source of information for HMRC for any such activity happening in the market so it is better that you …
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25/08/2022Accountants , Limited Company
People often get confused about the procedure to restore a limited company as they assume that once a company is removed from the record register of companies house, there is no possibility of restoring it. However, that is not the case at all. You still have a chance to bring your business back to life. …
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24/08/2022VAT
We all know how people are so inclined towards coffee shops these days, especially the youth is a prominent frequenter of cafes and coffee shops. This makes you aware of the frequently asked question at the coffee shop for the popular product coffee, whether to get you a white or black coffee? Are you interested …
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23/08/2022Accounting
The majority of people ask the question “Are Bank Charges VATable in the UK?” This question is frequently asked by people who file their tax returns to the HMRC. The bank charges are the expenses of the taxpayer and you might want to get relief and claim a refund on these bank charges. So, we …
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22/08/2022Accounting Issues , accounting software
The usual practice that has been observed by the business owners is that they start the business and get accounting software to maintain the records. They stick to the same accounting software for years. This practice goes on for years even when we are bothered by the features. The main reason behind not opting to …
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18/08/2022VAT
In the UK, when you sell any product or service, value added tax which is known as VAT is charged in most cases. Market place retailers are clear here that they will have to pay VAT on sellers’ fees. This makes a requirement of charging VAT to the customers on any product purchase. The standard …
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16/08/2022Tax Issues
When you are in the process of declaration about your national insurance contribution, benefits, and business expenses, it is advisable to ensure that you have completed the HMRC p11d form as well. This form has an explanation of the details about the benefits, facilities and expenses payments that are received either by the director of …
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15/08/2022Tax Saving Tips , Taxation
According to a survey, there are millions of people who are associated with the private business sector in the UK. Several people among these are the ones who are carrying out private business without hiring any employees. The sole traders are the representations of the private sector of business in the UK. In the modern …
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11/08/2022Tax Issues , Tax News and Tips , Tax Saving Tips
People often wonder about available reliefs to offset their taxes when it comes to purchasing or selling a property. We will delve into the discussion of SDLT multiple dwellings relief which will help you to learn about offsetting the payments of stamp duty when you plan to make a purchase of several properties at the …
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05/08/2022VAT
In the past, the rental income earned by the landlords used to be declared according to their wishes. However, in this modern era, the industry has changed a lot. There are new rules and the landlords are now bound to declare according to the new ways introduced. This will increase the tax rate. The landlords …
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04/08/2022VAT
We all love being abroad and going on a vacation to get a break from work. Whether you are associated with the business world and carrying out your business activities or you work for an employer and own different employment status, the mutual ground of employees is to be agreed on being abroad. This changes …
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02/08/2022VAT
Whether you are carrying out a small business or large, when you are residing in the UK and running a business, you are supposed to get your business registered for VAT. This limitation becomes a condition after the annual turnover of your business has crossed a certain limit of the threshold. Wondering what is VAT …
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01/08/2022VAT
If you are associated with the industry of construction, you must be the individual who keeps looking for the new and updated way of accounting for VAT. If you are wondering and searching even now, we have got you covered with the new method of accounting for VAT. VAT domestic reverse charge is known to …
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29/07/2022VAT
It is trending among people these days to get food delivered at home. Due to this, the high street business is super busy making a profitable set of rules. Services like digital subscriptions and food delivery are observing a surge for sure. If you are associated with e-commerce and you are now taking an interest …
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27/07/2022Accounting , accounting software , Bookkeeping
Every individual when associated with the business wishes to get maximum success in the industry. It is vital to keep your financial health to pursue your dream of success. Do you think of the most suitable accounting software to keep your financial records aligned? It is mostly considered to be a challenging decision to make …
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26/07/2022Tax Issues , Tax Saving Tips
People are often confused about the way tax is paid when it comes to taxable state benefits. We all know that it is a little complicated tax affair to understand well. If you are among such a group of people, we are here to help. In the case you are lucky enough to get the …
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25/07/2022Tax Issues , Taxation
If you are dealing with assets that are highly valued, you are in need to know the importance of the capital goods scheme for VAT and how it can affect your relevant matters. In the purchasing process that you are involved with a VAT registered firm, you will struggle with the involvement of input tax …
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22/07/2022Dividend Allowance , Finance , Insurance , Tax Saving Tips
Are you an individual who is looking for income support because of an illness, mental health condition, or disability? You can be the one who can get help from Personal Independence Payment (PIP) can able to know how to claim PIP successfully. If other support schemes have denied your support in these challenging times, you …
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21/07/2022Tax Issues , Taxation
Do you also wonder about how long you should keep the tax records in the UK? Why is it important to keep the old record intact for a long time? It may seem to be less important to you especially when you are done with using these old details. If you are an individual who …
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19/07/2022Accounting
Any business in the United Kingdom has to pay VAT to the HMRC after they have reached a threshold of earning £85000. However, the Cash Basis VAT is somehow different from the accrual accounting system. Every business, smaller or established, works on these two accounting systems. Nevertheless, a smaller business has to say goodbye to …
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18/07/2022Accounting , Accounting Issues
Can you think of that last moment you used your tax account or you have never logged into your account as yet? If you are the one who has just not realised the importance of knowing what is a personal tax account or how can it be a help, you are not alone in this. …
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15/07/2022Tax Issues , Tax Saving Tips , Taxation
The basic information about self-employment tax and insurance is often confused among people. You must realise that being self-employed does not set you free from the responsibility of paying national insurance and tax. You must ensure to stay on top of record maintenance as this will help you to pay the right amount of tax …
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13/07/2022Tax Issues , VAT
If you are running a small business that is still less than £85k per annum but you decide on voluntary VAT registration. This decision does not make sense in all circumstances and situations. Other than that suitable circumstances to go with this decision. People associated with carrying out a small business often question about voluntarily …
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08/07/2022Tax Issues , Taxation
The development of a country’s economy has a lot to do with tax and related policies. There is a possibility of the production of the growth of the economy through the policies of taxation before the time as well. Due to this, the professionals keep on updating and making new policies with the help of …
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07/07/2022Tax Issues , VAT
Whether you carry out your business as a limited company or as a sole trader, it is a mandatory requirement to get registered for VAT in any case. Nowadays several people choose voluntarily register for VAT even in a scenario where they don’t see themselves reaching the taxable turnover threshold anytime soon. It is considered …
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06/07/2022Tax News and Tips
Every taxpayer should have a Unique Tax Reference (UTR), especially when they are self-employed and have launched a limited company. So, it is essential to know what a UTR number is and how to apply for this number and why it is important for you. Unique Tax Reference (UTR) is essential to pay your taxes …
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05/07/2022Accounting , Accounting Issues
Are you associated with a general partnership, a limited company or operating your business as a sole trader? Regardless of the type of your business structure to carry out, you will be asked to submit the required documentation to the companies house as well as HMRC. The details of documentation may require tax information or …
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04/07/2022Accounting , Accounting Issues , accounting software
If you are an individual who is associated with the construction sector and run your small business in the building, you must have an idea of how challenging the management of bookkeeping and accounting can become. You have to keep up with the requirements of HMRC that they require every month as well. Especially when …
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01/07/2022Bookkeeping , Business , Business Growth Ideas
To keep your business growing and thriving, it is important to ensure the invoices are cleared on time and keep the focus on the cash flow. However, we all know that the situation can not be ideal all the time. There are multiple reasons why the invoices go through the unpaid period for a very …
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30/06/2022MTD , Tax Issues , Taxation
The process of making tax digital was designed by the government so that an easy and approachable way can be offered to business people as well as organisations. This will allow them to get the tax process promptly and manage it professionally. This way the submission of tax will be done with increased efficacy and …
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28/06/2022Accounting Issues , Tax Issues
What is deferred tax? Is this the question confusing you while maintaining the accounts of your company? The tax liabilities and maintaining their accurate record is an uphill task due to the various types of taxes and the time when they are due. In this blog, we will walk you through what the deferred payments …
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27/06/2022Personal Tax , Tax Issues , Tax Saving Tips
Are you seeking help to gather information about the basics of what is self-assessment? Every year, this process will help people to pay taxes with HMRC. This system is set up for the use of HMRC to have a fair collection of tax. The usual practice is that the automatic deduction of the tax is …
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27/06/2022Accounting , Bookkeeping , Finance
Many people beginning their finance education get confused about the difference between debits and credits. Even the laymen also become perplexed over the question of what is debit and credit most of the time. On the other hand, this confusion might cost you many pounds if used incorrectly and entered the values in the wrong …
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23/06/2022Accounting , Tax Issues , Taxation
Business Sales Tax is an important source of revenue for the government. In the United Kingdom, the business sales tax is collected in the form of Value Added Tax (VAT). The government charges different rates for different types of businesses and customers. Interestingly, business sales tax or VAT is added to the price of the …
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23/06/2022Accounting
Many of you might be wondering how to use the net income formula for calculating the accurate net income at the end of a financial year. Different types of incomes create confusion for people when they want to analyse the total worth of a business while deciding about the investment and equity shareholding in that …
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21/06/2022Accounting
Retained earnings are crucial to understand the business performance and health over a period. For this, every business requires the calculation of these earnings using the retained earning formula. These earnings are considered the important part of a shareholder’s equity section. The value of retained earnings helps the organisation if they should increase the dividends …
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21/06/2022Accountants , Accounting
When an owner aims to figure out the value of his company, they have a rough idea about the valuation of the business already. This makes them identify a predetermined figure that helps them in the calculations as well. It is a popular concept that such a value should be a multiple of the annual …
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20/06/2022Finance
What is automated credit control? Many of you might be wondering about this question and why is it beneficial for your business. Customers with a credit history may cause a huge problem for the smooth cash flow of your business in the long run. The shortage of cash flow may drive you out of business …
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17/06/2022Accountants , Accountants for Contractors , Accounting
Accounting is known to be an essential tool when we talk about maintaining track of a business’s finances. In the case of the owners who carry out small businesses, they do not have the required skills, time, and knowledge to deal with the finances well. Your business should outsource your accounting requirements when your business finally …
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16/06/2022Business , Business Growth Ideas
It is not possible to avoid succession when you are carrying out your business. If you plan to retire or take a transfer from the ownership role, you must understand the common succession planning problems. All the business owners have invested finances and emotions to develop the business and they rely on it for their …
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15/06/2022Business , Business Growth Ideas
In the corporate world, where people sometimes want to sell their business at a much higher price to earn a handsome profit. Similarly, other businessmen and investors wish to invest in the already established businesses. They can come across terms like book value vs. market value. Now, the question arises of how the sellers can …
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15/06/2022Accounting , Bookkeeping , Motor Vehicle
In case you are running a business as a self-employed individual and you own a vehicle, the vehicle is also used for business purposes, the chances are that your motor expenses can be claimed. This is to handle well in order to reduce your tax bills. However, to pursue the dream of reducing your tax …
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15/06/2022Accounting , Accounting Issues
The budgeting process has a great influence on a business and it can help a company to take off swiftly if it is done in a right and professional manner. Here in this article, we have got you covered with everything that you need to know about the ways to improve your budgeting. Ways …
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08/06/2022Business
Are you looking for a guide that can help you to learn about how to become an IT contractor in the UK? We understand that it is challenging to decide whether the career option you are thinking to choose will turn out to be beneficial for you or not. However, it seems quite intimidating to …
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08/06/2022Accountants for Contractors , Accounting
The business owners consider contracting as a temporary solution to their business problems until they find a good option to hire for the long term. This is viewed as a helping hand that can bridge the shortfall or handle the growth for a short period of time. The question that arises here is why hire …
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06/06/2022Accounting , Accounting Issues
It is required that the general ledger of your company depicts the details of all finances of your company and this includes the details of your suspense account as well. To ensure the seamless working of financial details of your business, we have got you covered here with an explanation that will develop an understanding …
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06/06/2022Accountants , Accounting
You do realise the importance of an accountant if you are associated with the business world. They are considered the most trusted advisors for a businessman. This makes the job role of accountants a little complicated as well. People often wonder and inquire about how to become an accountant, what is the process to choose …
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03/06/2022Accounting , Business Growth Ideas
Do you want to learn ways to own a franchise and be a franchisee as well? Even though you are the owner of the business. This blog will help you to gather everything you need to know about owning a franchise, how it will function, what can be the criteria for franchising your business, and …
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31/05/2022Accounting , Business , Business Growth Ideas
Small business bookkeeping gives you a clear view of the financial health of your business. Are you wondering what comes under bookkeeping in the case of small businesses or what are some ways to keep it interesting? We have got you covered here as we will explain the essential factor of bookkeeping for small business …
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30/05/2022Accounting
Whether you are a businessman or an accountant, you do realise the importance of bookkeeping and accounting in every sector of the business. Keeping a track of the records related to money transactions has been a practice for ages on different levels. However, in this era, the practice has raised its standards and it requires …
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27/05/2022Accounting
Are you going to calculate the operating costs of your business or do you want to invest in a company? Whatever the reason may be, you must understand the concept of operating expenses and why they are important for the growth of a company. Operating expenses are crucial to the smooth working of business operations. …
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27/05/2022Business , Business Growth Ideas
We all know that the main types of business entities are known to be Limited liability companies (LLC), Limited liability partnerships, traditional partnerships, and sole traders in the UK. Moreover, community interest companies (CIC) along with charities and public limited companies (PLC) are also included in the list but not in the limelight of prominent …
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24/05/2022Tax Issues , Tax Saving Tips , Taxation
If you aim to be part of the strong community of Uber drivers in the UK, you need to have your calculations done about how much you can make as an Uber driver and what are the details of taxes for Uber drivers. The Uber drivers must be well aware of the fact that Uber …
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23/05/2022Accounting , Accounting Issues
Whether you are associated with the business or accounting, you have to deal with the liabilities and asset details. To do your job in the finest way, it is important to learn what is liabilities in accounting. It refers to the financial obligations of a company. A few examples related to this might include payable …
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20/05/2022Tax Issues , Tax Saving Tips , Taxation
If a business owner aims to find key ways to reduce corporation tax, he can find more than 100 ways to do so. The will of reducing the taxes will help find a way. In this comprehensive guide, the smart and easy keyways are narrowed down for you which will be really helpful. Especially in the …
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19/05/2022Finance , Marketing , Personal Tax , VAT
We are associated with the business world to carry out our services for the customers. We all have a pretty good idea that when we make an offer to our clients for our services, we will experience some kind of cost to provide the offered services. Whether the process requires you to pay your client …
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17/05/2022Accountants , Accounting , Accounting Issues
Along with several other factors to carry out a business successfully, the Importance of Maintaining Accounting Records still is in the business limelight. It can cause a chaotic business situation if you are unable to maintain accurate accounting records. Moreover, this can lead to struggling with legal repercussions because you can’t keep up with paying the …
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16/05/2022Tax Issues , Tax Saving Tips , Taxation
Individuals who are associated with sole trading or small businesses in the UK are mostly aware of small business tax. You might know about these several types of taxes like VAT to PAYE, however, this does not mean you are certainly sure about which one applies to your structure of the business. It mostly depends on …
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12/05/2022Accountants , Accountants for Contractors , Accounting , Accounting Issues
Most of us know audit refers to an official inspection of accounts of a company. This inspection is done by an independent body normally. It has been observed that several organisations in the UK are in need of an audit, however, they are not very clear about what exactly is the purpose of an audit …
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According to recent research, the most misunderstood and overlooked business insurance policy is Business Interruption Insurance. The reason for this misunderstanding is that most businessmen do not have a clear idea as to what is Business Interruption Insurance. Businessmen tend to think that the insurance policies will cover all the interruptions that include food, fire, …
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10/05/2022Accountants , Accounting , Accounting Issues
The main reason to use the general ledger reconciliation by the accountants is to ensure that the integrity of the account balance is error-free on the general ledger of a company. The importance of general ledger reconciliation is real because it helps to compare the general ledger account balances with data of third parties, other …
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It has been observed that self-builders are often confused about reclaiming VAT on a newly built project. This tends to overlook the right that they can actually reclaim VAT on a new build. All they need to know before the process is navigated is what kind of projects are eligible. Self-builders are often found occupied …
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09/05/2022Finance
When a businessman aims to initiate a business. This can come with a lot of excitement as well as complexity. You feel productive and receptive when an entrepreneurial idea hits your mind. However, what type of business structure will suit your idea is a head-scratching process. The idea of an S corporation is flexible enough …
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29/04/2022Accounting , Accounting Issues , accounting software , Business Growth Ideas
Whether you are associated with the business world or do you carry out your business through a limited company? You surely need what is a director’s loan account. An admin has a significant amount to stay on the top. Here comes the discussion of the director’s loan account. Before delving further into the discussion, let’s …
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27/04/2022Accounting , Finance
Are you going to analyze the financial health and financial performance of your business and you are advised to calculate the profit margin for this analysis? However, are you struggling to know how to calculate profit margin at the same time? Don’t worry!!! As we are going to discuss how to calculate profit margin in …
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26/04/2022Business , Dividend Allowance
Do you have a furnished holiday let or any other commercial property? If yes, this article is important for you to know more about Capital Allowance on Property. As this is a form of tax relief which will be valuable for you. Regardless of how old is your property or when did you build it, …
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25/04/2022Accounting Issues , Business , Business Growth Ideas , Finance
Do you wish to turn the pain of tax returns and accounting into ease? There is actually an easy and useful way known as simplified expenses for self-employed individuals. We all can relate to the complications of reporting and bookkeeping when we are self-employed. In order to ensure the good management of small businesses, HMRC …
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25/04/2022Business , Business Growth Ideas , Dividend Allowance , Finance , Pension , Personal Tax
Are you struggling with the loss of your spouse or civil partner after their demise? In case you are residing somewhere in the UK, here is something with the discussion of Bereavement Allowance that can help. To bring ease to your financial worries that you might struggle without a partner, a bereavement support payment is …
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22/04/2022Business , Business Growth Ideas
Plenty of queries trigger your mind while you plan to set up your own company. An important one might make you wonder how you should plan the structure of your business. To choose the best structure for your business, you must learn a basic understanding of the popular structures like LLP (Limited Liability Partnership) and …
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21/04/2022Accountants , Accounting , Accounting Issues
If you are an accountant or related to accounting firms, these few minutes of reading are going to be beneficial in the real sense for you. As a beginner, you might wonder what is account aggregation? A simple put, if you intend to gather the financial data from the accounts that an individual owns and …
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21/04/2022Business , Business Growth Ideas
You are associated with a business that sells products or offers services, cash flow management is the reason that will bring you success or failure. All businesses consider it a fundamental factor to reduce the risk of cash flow problems. This became a major problem in the phase of COVID-19 as well that your most …
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20/04/2022Budgets & Other , Tax Issues , Tax Saving Tips , Taxation
Wondering about the second job tax and how it might affect your income? It is important for you to manage the tax payments in a way that does not make you pay too much if you are doing a second job. There should be a balance for tax payments as paying too little or too …
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15/04/2022Business , Business Growth Ideas
When you are associated with the business as an owner regardless of the size of your business, you definitely realise that it affects your business growth when you pay yourself for it. Further, you are even taxed on that pay as well. How to pay yourself as a business owner is something really important to …
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14/04/2022Finance , Marketing Tips
Most of you are aware of open banking, however, did you hear about the extension of open banking as yet? Here is something you must be aware of. FCA (Finacial Conduction Authority) in the UK has announced a proposal about open finance. Are you wondering what is open finance? It is actually known as the …
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13/04/2022Accountants , Accounting , Accounting Issues , accounting software
You are associated with the business world as a small business owner or you might carry out business on a large scale? There are several hats that an owner tends to wear which might include the sales associate hat, customer service hat, and the manager hat. Moreover, the more your business grows, the more responsibilities …
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26/01/2022Business , Limited Company
Depending on your circumstances, closing a limited company can sometimes be an easy process but sometimes it can turn out to be a gruelling task that needs expert assistance. Whether you want to liquidate/dissolve a company, or you want it to strike off, you need to understand what is the best route to close a …
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19/01/2022Dividend Allowance , Limited Company , Tax Saving Tips
Running your own company can be more tax-efficient than working through an umbrella company or sole proprietorship. Through it, you can get rewards for your work by maximising your take-home pay and taking advantage of the savings due to the number of withdrawing options available. You can extract money from your limited company through salary, …
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12/01/2022Business , Finance , Limited Company
Whether you need a break for a while, you’ve got a permanent job offer that you can’t refuse or want to retire, in such cases you may decide to make your company dormant. Whatever your reasons, you can stop running your business for some time by making it dormant. But many of you might not …
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11/01/2022Accounting , Business , Finance
Wondering what is the difference between revenue and income? Even as a business owner, you may find these accounting terms confusing. Revenue and income can’t be used interchangeably. You need to know both for a better understanding of the company’s expenses and overall financial health. Learning these accounting terms will help you to keep your …
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10/01/2022Accounting Issues , Sole Trader , Tax Issues
As a UK taxpayer, if you’ve submitted your tax return, you can check out your self-assessment tax bill to know: what you owe to the HMRC? How you will pay that amount to HMRC? When you will pay it? To find out, you need to understand ‘Payment on Account’. If you have paid below 80% …
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07/01/2022Accounting , Accounting Issues , Business Growth Ideas
You most probably have heard the term bookkeeping, but do you know what exactly it is. Even in the world of business, you might not be fully aware of what is bookkeeping, how does it work and why does it matter? Bookkeeping helps you with budgeting, preparing tax returns and keeping your business organised. It …
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VAT registered businesses need to charge VAT on their sales and can reclaim the VAT they pay for business expenses. However, claiming back VAT on expenses is not that simple as it seems, there are a lot of complex rules. With these complexities, reclaiming VAT on expenses can be trouble. In this quick guide, you’ll …
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05/01/2022Landlord , Property , Tax Issues
The income you earn from land or property, along with the rental income gained from renting a part of a flat or house (like a single room) is known as property income. It also includes income generated from caravans or houseboats. Similar to other incomes, it is also taxed in the UK, unless the property …
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03/01/2022Tax Issues , Tax Saving Tips , Taxation
If you are wondering how to avoid capital gains tax on gifts, you’re in the right place. You might have heard this many times that gifting a property will cut down or eliminate the capital gains tax. But this assumption is not correct with every person to whom you gift. As the gift should be …
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30/12/2021Accounting , Accounting Issues , Limited Company , Sole Proprietorship
While setting up your business, one of the most crucial decisions to make is to choose a business structure. There are a lot of business structures to choose from. Limited liability partnership is the less popular business structure used by professionals. The majority of the business structures in the UK are either self employed or …
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When an individual has experience with suppliers to avail their products or services in the EU countries, due to reverse charge the responsibility of recording VAT transactions moves from the supplier to the buyer to avail the products or services. This makes the supplier free from the responsibility of recording VAT registration in the very …
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17/12/2021Limited Company , Taxation
If you are wondering about national insurance contributions, we can simply know them as one type of tax. For several employees, it comes just like the income tax and around the same time as well. However, when it is concerned about the limited companies national insurance is a way to gain or lose tax efficiencies. …
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15/12/2021Limited Company
Do you own a limited company and wondering about how to manage cash surplus and what possibly can be the smartest way to manage it? In simple words, cash surplus is known as the extra money that goes above the required day-to-day expenses for a limited company. In case your company faces such a situation …
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14/12/2021Accounting , Business , Finance
The cost has two main types: fixed cost and variable cost, these are incurred by a company when it plans to provide its services or products to the clients. In simple words we know the fixed cost as the cost that remains constant regardless of what amount of products are being produced by the company, …
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08/12/2021Accountants , Accounting
In case you intend to go for accounting in future, you might already know that this particular role is all about making financial reports like that of tax return, analysing, developing, and budgeting for company business or individuals. However, public and private accounting help to learn how to make an organisation operate in a more …
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There are multiple cases in which we find the landlords confused about section 24. This is also known as the tenant tax. This basic guide will help you understand section 24 in a better way. Section 24 was introduced in April 2017 by the Government. If we explain in simple words, the right of deducting …
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06/12/2021Business , Limited Company , Sole Trader
Sometimes the contractor set a company to provide their services to the clients that are known as PSC (Personal Services Company). This has been observed that agencies and clients prefer personal service companies over sole traders or people who work individually. The reason behind this could be the one that comes in between while you …
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03/12/2021Sole Proprietorship , Sole Trader , VAT
A sole trader is a person who is self-employed and owns a business. According to research, about 60% of UK businesses are sole traders. This business structure is popular because of the simple ways to get into trading as well as the paperwork is minimal. However, sole trader advice by professionals will always be helpful …
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02/12/2021Business , Limited Company , Sole Trader
Have you just thought about getting into a new business and wondering how you can join a networking group? Getting your business an enchanting logo and looking for unique ways to attract customers can be the pretty fun part of the beginning. However, do you ever think that “do I need to register my business” …
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30/11/2021Accounting , Finance
To make the financial statement in the UK according to international accounting standards can only be done when they are endorsed. All EU-endorsed IFRs are also included in this. The endorsement status can be checked by the UK endorsement board as well. There is no chance that unendorsed standards are adopted in the UK. If …
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29/11/2021Business , Limited Company
Does your company plan to make any changes in the basic information like the company address or change of name in business? It is important for you to know that business-related agencies and business authorities are the ones you need to inform. Primarily the authorities are mentioned below: Companies house HMRC If you fail to …
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25/11/2021Accounting , Finance , Personal Tax , Taxation
It sounds like a great idea to gift your friends and family when you can enjoy the benefit of reduced estate value for inheritance tax purposes. This will immediately be advantageous for your own people as well. However, the potentially exempt transfer is a critical area and most people need professional help in order to …
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Are you associated with business and wondering what is an inward investment? The simple way to elaborate inward investment is when a foreign entity makes purchases of local products or external investment intends to invest in the local economy. Simply when foreign money gets involved in the local economy. People also consider it as the …
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23/11/2021Tax Issues , Taxation , VAT
When setting up a new business, some people may think that it is necessarily important to register for Value Added Tax (VAT). But, you need to know that it is not mandatory to register, provided that your VAT taxable turnover is over £85,000 (VAT threshold). However, even if your annual turnover is below the threshold, …
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In recent years, after the outbreak and spread of Covid-19 in the UK and across the world, the role of statutory sick pay (SSC) has raised than ever to cope with the financial effects of the pandemic. Even before the outbreak of the virus, it used to be and is an important entitlement for employees …
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17/11/2021Accounting , Business , Finance
If you are looking for a metric to measure the profitability of your investment, Return on Investment (ROI) is the way to find out. It is the ratio that shows the financial benefit you earned against a particular investment. In simple words, it compares the cost of investment and the return you get to evaluate …
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15/11/2021Accountants , Accounting , Accounting Issues , Startup accountants
Wondering how much does an accountant cost in the UK? There is no fixed cost, it depends on a lot of factors. A fee of an accountant can differ based on the business’s nature, size, and turnover. It also varies as per the service and its scale. In addition, the charges of an accountant may …
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09/11/2021Accountants , Accounting , Business
Wondering what is cash basis accounting? It is an accounting method that you need to know as a small business owner in the UK, as it is well suited for non-complicated business setups. It is a simple way to manage your finances than traditional accounting. If you’re a sole trader or a partnership business, cash …
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05/11/2021Personal Tax , Taxation , VAT
VAT can be complicated, especially for the one who has just started out. Newcomers face a lot of difficulties to understand financial technicalities and jargon. Among those complex terms, the VAT is the one. Many business owners come across this term a lot while purchasing goods and services as private individuals from businesses. But only …
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04/11/2021Accountants , Accounting , self-employed accountant
An accountant’s certificate of confirmation is a letter issued by a certified accountants/accounting firm. This certificate acts as proof that accounts of a person or business are handled by a professional accountant and are in order. It is used for various purposes like it might be needed whilst opening a bank account, for getting a …
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02/11/2021Business , Limited Company
Onward from June 2016, the UK government replaced the Annual Return (AR01) with a similar document known as the confirmation statement (CS01). This annual statement is a filing requirement that works the same as Companies House form AR01. All the registered companies and LLPs ( limited liability partnerships) in the UK are required to send …
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30/10/2021Business , Limited Company , VAT
A unique VAT (value-added tax) number is assigned to each VAT-registered business. If you’re a VAT-registered company, you’ll need the VAT number of other companies (suppliers) in order to reclaim any VAT you’ve paid. Therefore, this blog will let you know what is a VAT registration number, why it is essential and how can you …
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29/10/2021Business , Finance , Payroll & PAYE
As a contractor, you have two significant options of payroll: PAYE or umbrella company. So, it is essential to make the right decision, whether you are a new or an experienced contractor. That’s why we will focus on PAYE vs umbrella company in this blog. We will provide all the necessary details to you so …
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28/10/2021Accountants , Accounting , accounting software
Financial integrity is the lifeblood of any small or large company. So, organising your accounting and finances should be an achievable goal. By this, you will not only save your time but money as well. However, remember that keeping your accounts organised requires time, effort, and a solid plan. Therefore, we will let you know how …
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27/10/2021Business , Business Growth Ideas , Finance
It is important for every company to maintain a good cash flow(CF). If you do not have a good cash flow, it would be difficult to purchase materials, pay salaries, and settle bills. So, when running your company, it is the most crucial thing to look into. Therefore, this blog will let you know: what …
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27/10/2021Budgets & Other
Welcome to this special newswire. In this edition we focus on the Chancellor’s Autumn Budget. Please contact us if you wish to discuss any matters in this newsletter in more detail. Budget and Spending Review On 27 October 2021, the Chancellor delivered his third Budget in conjunction with the Public Spending Review. Many of …
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The Enterprise Management Incentive (EMI) scheme offers tax advantages for many SMEs. It’s a share option scheme that allows employees to acquire shares after meeting some conditions. This scheme attracts employees by providing them the opportunity to equally participate in the business. Continue reading this blog to know more about EMI…! We have a …
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You are required to understand the flow of money through your company in order to calculate the profits and debts accurately. In addition, if you don’t have knowledge of how to move your money then it will be hard to manage the cash flow. And, cost of sales is one of the most important matrices …
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23/10/2021Accounting , Finance , Pension , Taxation
If you are under state pension age and above 18, but you don’t have work. Or maybe you have work with low income. You must be looking for a solution that can help to meet your monthly expenses. We have got you covered here with our guide based on universal credit, a kind of financial …
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The Entrepreneurs’ Relief has been renamed Business Asset Disposal Relief (BADR) since March 2020. It minimises the capital gains tax rate to 10 percent on shares. This makes the United Kingdom tax heaven for business persons. So, if your looking for a significant source to know about BADR, you just have found the right source. …
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21/10/2021Accounting , Business , Limited Company
You are required to set up the chart of accounts (COA) in case you are taking over bookkeeping in your new company. If you do it rightly, your other tasks will be too easier to manage. The foundation of accounting is bookkeeping, and the initial step to managing your accounts correctly is “setting up the chart of accounts.” …
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20/10/2021Business , Limited Company
Within the United Kingdom, the term close company is totally different from closing the company, and it solely impacts private limited corporations. This term does not affect LLP or sole traders. A close company consists of participators that are less than or equal to five. Therefore, to know more about what is a close company and …
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18/10/2021Payroll & PAYE , Sole Trader , Taxation
If you’re looking for a way to increase your income while still working full-time, you might be thinking if you can be self-employed and employed at the same time. The short answer is a resounding yes! If you’ve already had a full-time job while running your own business, you’re probably aware of the liabilities that …
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15/10/2021Finance , Tax Issues
If you want to raise your family budget and you’ve just had a baby, you can claim child benefit anytime, but it is better to do so before the infant is three months old. You still need to apply, even if you believe that you won’t get anything. In this way, you won’t fail to …
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14/10/2021Budgets & Other , Business , Finance
The crowdfunding platforms provide small businesses a way to quickly raise large sums of capital from various minority lenders, customers, or investors in a short period of time. This type of fundraising is becoming more popular, and it is being utilised to fund not only businesses but also creative projects, social movements, etc. Therefore, in …
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BR tax code is one of the most used tax codes, but only some people knew about it. The employees within the United Kingdom are paid under Pay As You Earn (PAYE). They are provided with a UTR number that is used to determine the tax they need to pay on their income. In addition, …
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12/10/2021Business , Finance , Limited Company
You should think twice if you consider corporate finance apart from the actual company’s operations. Nevertheless, almost every business decision has financial consequences, and any decision requiring the use of money is a corporate finance decision. Therefore, in this blog, you will know what is corporate finance and what are its primary activities. Don’t …
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In case you need to pay the unexpected expenses, an overdraft may be a thoughtful way of borrowing money from your bank in the short term. However, before using an overdraft, you should be aware of everything associated with it. Understanding the advantages and disadvantages of an overdraft can assist you in minimising, and even …
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07/10/2021Tax Issues , Tax Saving Tips , Taxation
When you start work and fail to provide accurate and complete details to your employer, he will deduct the emergency tax from your paycheck. In addition to that, you will also pay an emergency tax on your pensions. So, read this blog to know how to avoid emergency tax and stop paying this. Reduce …
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06/10/2021Payroll & PAYE , Personal Tax , Tax Issues
If you are looking for a significant source to know about how to claim overpaid tax from HMRC, then you just have found the right post. First, we will see the P800 tax calculation process of HM Revenue & Customs. This means that HMRC will automatically issue any tax repayment; you don’t have to claim it. …
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The landlords can have more occupants and earn more rental revenue by letting an HMO (House in Multiple Occupations). However, there are many rules and responsibilities like minimising size requirements, overcrowding, and licensing to HMO landlords. To know more about HMOs’ responsibilities, read this blog till the end. Talk to one of our chartered accountants …
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04/10/2021Business , Business Growth Ideas , Limited Company
You may want to change your company’s share structure by adding a new shareholder, or changing the current percentage of shares between the shareholders; this is where the allotment of shares comes into play. In the allotment of shares, the company issues and allots shares to new or existing shareholders. The shares can be allotted …
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30/09/2021Business , Finance , Personal Tax
Are you accepting cash in hand work? If yes, then you should know how you’ll be taxed on it. The taxes will be based on your circumstances, for instance, whether you are a registered self-employed person, a student, or have a job. This blog will explain how HM Revenue & Customs reviews cash in hand …
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30/09/2021Business , Finance , Limited Company
Small businesses need to know about accounts payable and accounts receivable and their differences because helps them to get a better knowledge of their accounting process. In the world of business, where often you need to buy goods on credit, while you may also sometimes be needed to sell out them on credit. That is where …
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27/09/2021Accountants , Accounting , Business
Accounting data is collected in financial accounting to generate financial statements. Managerial accounting, on the other hand, is an internal accounting method that is utilised to account for all company transactions. This is the key distinction between financial accounting and managerial accounting. This blog will let you know about the differences between these two types …
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24/09/2021Accounting , Business
Financial statements are essential for your business as you can not secure loans, sell your business, or plan expenses without them. These statements are produced through the accounting cycle. So, to run your business smoothly, many employers require an ongoing cycle of tasks. This cycle consists of multiple steps that are designed to turn all …
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23/09/2021Business , Finance , Limited Company , Misc
In a defined benefit pension scheme, the amount of money you get in retirement is based on the number of working years for the company and your earned salary. So if you are looking for a significant source to know about DB pension, then you have just found the right post. This blog will inform …
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20/09/2021Accounting , Business , Finance , Limited Company
A company balance sheet contains the term “equity.” But this term is also common in personal finances, accounting, and amongst investors. This blog will inform you about what is equity, its different forms, and why it is essential for businesses and shareholders? So, let’s start to explore more! Our accountants at CruseBurke are qualified …
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17/09/2021Business , Limited Company
Knowing the difference between a registered office address and a business address can be confusing if you establish a limited company in the United Kingdom. Many individuals use addresses interchangeably, but each address has different purposes. Therefore, when it comes to the rules of the company address, you must follow them strictly when using, locating, …
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In addition to your salary, if you are receiving any other benefits as part of your job, you may receive benefits in kind (BIK). Some BIK perks are tax-free, and some incur tax. In this blog, you will come to know about what BIK is, it is taxable, what tax you need to pay on …
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In the United Kingdom, contract purchase and hire purchase are the two most famous approaches for purchasing a car on finance. Some differences need to be considered when purchasing a vehicle on these types of car financing. So, we will look at the differences between contract purchase vs hire purchase. Many UK drivers take advantage …
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14/09/2021Business , Finance , Limited Company
When you set up your business, there are many initial costs, like accountancy fees, insurance premiums, stationery, and website packages. To pay for all these costs, loaning money to your own company is a good idea while you are waiting for payment from your first client. Through a director’s loan, you can support your business. …
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13/09/2021Business , Finance , Limited Company
In some contexts, “turnover “ and “revenue” are used interchangeably and often mean the same thing. Revenue is generated when assets turn over and bring in income by selling items and services. Contrarily, a turnover such as employee turnover refers to the business activities that do not necessarily generate sales. When a company brings in …
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10/09/2021Accounting , Business , Limited Company
The value of the company assets like machinery, computers, and office furniture diminishes with time. Depreciation is an accounting term, which means as an asset moves through its productive life, its value gradually decreases from the original price. This blog will inform you about what is depreciation, how to work out depreciation, and why it …
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09/09/2021Accounting , Business , Finance
The financial planning requirements of high net worth individuals are different and more complicated than the regular investors. HNWIs (High net worth individuals) generally depend on the cash flow and persistent flow of revenue to cover future costs. In this blog, you will come to know about the financial planning tips for high net worth …
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08/09/2021Accounting , accounting software , Business
Many businesses and accountants are shifting towards cloud-based accounting. They are requesting cloud based solutions, and the trend of using this technological innovation is increasing at a rapid pace. The cloud is making your data and information all times available, and you can access it anytime, anywhere from any smart device. However, there are still …
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07/09/2021Business , Limited Company
Your company’s title is an essential part of your brand and personality. It is shown on signs, printed material and expressed on all of your tax returns and budgetary reports. Limited companies are required to register an official name with the Companies House and also have a choice of operating under another (different) name. But …
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The VAT FRS ( Flat Rate Scheme) was created to make it easier for companies to account for Value Added Tax and to minimise the service charges of meeting all the VAT laws. It is open for businesses with a turnover not above £150,000 in the following 12 months. To distinguish a business required to …
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03/09/2021Dividend Allowance , Limited Company , Tax Issues
If you are running your business as a limited company, you must pay corporation tax. Limited corporation’s tax rules are different from other corporations to some extent. Therefore, in this blog, you will know the corporation tax for a limited company, how much corporation tax needs to be paid, and what expenses you can claim …
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02/09/2021Limited Company , Tax Issues
Every year, as a registered company owner in the United Kingdom, you must file your annual return to Companies House. In this article, we’ll go over what is an annual return, what information you’ll need, and what penalties you might face if you submit it late. Whether you’re just starting or have been in …
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31/08/2021Accounting , accounting software
Many business owners are finding it difficult to choose the right accounting software for their small businesses. They are frustrated and overwhelmed by their workload. The reason for this is that they need an action plan to acquire a successful name in the field of business and a responsive mind full of bright ideas. The …
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31/08/2021Limited Company , Startup accountants
In the UK, limited companies are legally obliged to prepare and file their accounts at the year-end to send them to HMRC and Companies House. These accounts indicate the performance of a business in a certain period (usually a year) and show its financial position at the end of the financial year. Preparing and filings …
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30/08/2021Payroll & PAYE , Personal Tax , Tax Issues
Payroll could be complicated for numerous foreign managers and companies that need to perform business transactions within the UK. So, in case you’ve got come to the point of setting up a payroll site and the thought of running PAYE fills you with fear, or you feel that you don’t know enough to make things …
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30/08/2021Limited Company , Tax Issues
All limited companies in the UK need to file a company tax return at the right time. In today’s blog, we’ll have a look at what is a company tax return, how to file it, when you need to file it, and what are the penalties for late filings. Here’s all you should know as …
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27/08/2021Business , Finance , Limited Company
The terms creditor and debtor seem straightforward and are commonly used in the business lexicon. However, the practicalities of these terms can be tricky for one who is new to the business world. If you’re a business owner, investor, or even a learner, you need to have a comprehensive understanding of what is a creditor …
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27/08/2021Accountants , Accounting
Strategic planning is fundamental in business and requires substantial information in order to make key choices. Therefore, choosing the right tool for creating, retrieving, updating, and deleting data will offer assistance to managers and business proprietors so that they can make the leading choices for their company’s trade. The spreadsheet is a software tool to …
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26/08/2021Tax Issues , VAT
After 31st December 2020 – the end of the British transition period – there have been few changes in the VAT system of the UK. In this blog, we’ll have a look at how much is VAT in the UK 2021-22, what are VAT changes, and how to calculate what you need to pay. Let’s …
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26/08/2021Tax Saving Tips
The property that two or more parties claim is known as Joint Property Ownership. In joint property ownership, each proprietor has equal rights to the total of the property. On the off chance that one of the proprietors passes on, part possessed by the expired proprietor consequently passes to the surviving proprietor. For joint ownership …
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24/08/2021Personal Tax , Tax Issues , VAT
One of the most important marketing tactics that many businesses use is business entertainment, especially for retaining new clients and customers. Spending cost on business entertainment matters a lot when you want to build a network and attract new clients. So, if you’ve decided to allocate a marketing budget for entertaining clients and customers, you …
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23/08/2021Pension
Wondering what is auto-enrolment pension? It is the government initiative aimed to boost your retirement savings where the employer and government also put money into your pension pot. All employers in the UK need to offer this workplace pension by automatically enrolling their eligible employees. It is meant to encourage people to save money for …
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20/08/2021Personal Tax , Tax Issues , VAT
HMRC tax investigation can be a dreadful prospect, especially for the one who has never been through this phase. In the worst-case scenarios, the investigation can take longer duration than normal and its consequences can be stressful. But fortunately, it is rare. The fear of HMRC investigation is natural and understandable. However, this process shouldn’t …
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20/08/2021Accountants , Accounting
Many small businesses are responsible for the management of their finances and administration. However, there are several advantages of employing an accountant to manage all of your business finances. Accountants are prepared experts who regularly see companies developing from new companies to built up businesses. With their understanding and abilities, you’ll be well on your …
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16/08/2021Business , Limited Company , LLP
Whether you’re an investor, business owner or an individual based in the UK- who’s keen to learn about the company’s accounts – you need to know what is a balance sheet? How it will help you to operate your business efficiently? How you can work out the worth of your business through it? To get …
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13/08/2021Personal Tax , Tax Issues , VAT
Find out what is self-assessment, who needs to complete a self-assessment tax return, when to submit one and what are the penalties you need to pay for late payments. Let’s delve into the details. There are over 12.1 million people in the UK that need to fill and submit a self-assessment tax return to HMRC …
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12/08/2021Property , Tax Issues , VAT
If you’re a property developer, you can cut down the cost of VAT by reclaiming VAT on property development. But to do it, you need to be well aware of the applicable VAT rules for your development project. With the different VAT rules for new builds, commercial properties, sale, and lease of the property, it …
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11/08/2021Landlord , Personal Tax , Tax Issues , VAT
Taxes are always unexciting. However, if you want to buy or sell a property in the UK, you need to know the ins and outs of property taxes in the UK. So let’s delve deep into it. Currently, the UK government is focusing more on imposing taxes on residential property. In this instance, certain changes …
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09/08/2021Personal Tax , Tax Issues
When a person dies, inheritance tax is levied on the estate that is transferred to the heirs of the deceased by the government. If you’re planning to transfer the ownership of your estate to your children and loved ones without any deductions to get the optimal benefit from your estate, you might be wondering how …
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06/08/2021Business , Finance , self-employed accountant , Sole Proprietorship , Sole Trader
Establishing your own business is the best way to be your own boss, have control over your work-life balance, and enjoy flexible working hours. And the most basic type of business structure is the sole proprietorship. Due to the freedom and work choice, there are around 3.5 million sole traders in the UK that makeup …
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05/08/2021Insurance
Mistakes are unavoidable, especially in the business. Sometimes, a tiny mistake can lead to a big claim in the business world. Therefore, to be protected, you need professional indemnity insurance. If a client made a claim against you for losing money due to your services, negligence or inadequate advice, you can get in great trouble. …
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04/08/2021VAT
This is one of the most frequently asked questions that we hear time and time again: what is the process of reclaiming VAT on the fuel? Many of our customers are looking for answers regarding VAT on mileage claims. Though reclaiming VAT on fuel is a burdensome process, as you need proper evidence to prove …
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03/08/2021Pension , Personal Tax , Tax Issues
Knowing how much is your pension lifetime allowance is important, as if you exceed this threshold it’d have hefty tax implications. So, let’s explore what pension lifetime allowance is, how to calculate and protect it. Let’s find out. Overcome your financial worries with CruseBurke! What is Pension Lifetime Allowance? This allowance is a …
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30/07/2021Business , Sole Proprietorship , Sole Trader
If you are fed up with working under someone else and want to be your own boss, you should turn to a sole proprietorship. Although there are different kinds of business structures to choose from but sole proprietorship is the one that needs less hassle and paperwork to establish. So, in this post, we’re going …
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Find out what is landlord insurance, what are its types, what type of insurance do you need and how much does it cost. In this post, we’re going to cover it all. Let’s dive into it! What is Landlord Insurance? Landlord insurance is a category of home insurance that is aimed to cover the …
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26/07/2021Landlord , Tax Issues
Whenever you buy a residential property or land above the SDLT threshold in the UK, you need to pay stamp duty land tax (SDLT) on it. But is Stamp Duty payable on the commercial property too? The answer is yes! Let’s dive into the details. Worried about Stamp Duty Land Tax (SDLT)? Get in …
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19/07/2021Sole Trader , VAT
Want to start your own business? Whether you want to be your own boss, pursue your dream job or want to work with the people you like, there’s no other option than to be a sole trader. With a lot of benefits, there are some legal obligations of a sole trader that you must keep …
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16/07/2021Limited Company , Sole Trader
There are many reasons for changing from a limited company to a sole trader. The most common reason – we have seen these days – is the dropping turnover of limited companies due to the impacts of the COVID-19 pandemic. Company owners believe that sole proprietorship is a simple and convenient option to go for. …
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16/07/2021Limited Company
Due to numerous tax incentives, many businesses prefer to be limited companies in the UK. In fact, trading as a limited company helps you to manage your tax liabilities more effectively. However, along with a lot of advantages, there are also some downsides that you can’t overlook. So, let’s look at the pros and cons …
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13/07/2021Limited Company , Tax Issues
Whether you want to establish a company, want to do research, or just trying to understand the financial terminologies of the accounts. Reading and understanding those accounts can be daunting if you lack a financial background. For this reason, we’re here to explore how to read company accounts as a beginner. The details and terminologies …
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Do you want to measure the financial health and success of your business? Though you can get a fair view of your success through your customer base and profit, however, that’s not enough, there are numerous ways beyond. Along with other indicators, the working capital can let you know about your business standing and what …
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06/07/2021Accountants , Accountants for Contractors
If you intend to work as a main contractor in the industry, you must register your business for CIS. You are required to verify subcontractors directly to HMRC if they work with you. By verifying the subcontractors HMRC means to keep a track of their registration whether it is already done or not. After registration …
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05/07/2021Accountants , Business , Limited Company
Whether you are struggling to attract new investors, need a loan, plan for the future or intend to sell your business, knowing how well your business is performing in a specific period is imperative for multiple reasons. Turnover and profit are two key indicators to analyze how well your business is performing. Despite having a …
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01/07/2021Business , Business Growth Ideas
Managing the financial affairs of a business can be overwhelming for many business owners. And you don’t need to be an accounting or bookkeeping expert to do it, but you must at least should have the basic knowledge. One of the crucial components of finance is cash flow. So, you need to be well aware …
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29/06/2021Accountants , Business
If you want to figure out how well your business is performing, one of the most important tools of your annual financial accounts is the profit and loss statement (P&L). A profit and loss statement summarises a company’s sales and expenses typically within a financial year. You can easily prepare a profit and loss statement …
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25/06/2021Accountants , Business
Every business needs assets for carrying out its business operations. Whether you’re a technician, doctor, business owner or a company’s director, you need to be well aware of your current assets to efficiently operate your business for generating more revenue. If you’re a new business owner or a veteran looking to polish your accounting skills, …
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21/06/2021Budgets & Other , Business
With increasing popularity, crowdfunding has become one of the most viable ways to raise capital for your business. The emergence of platforms like Kickstarter and Indiegogo has taken its popularity to its peak by raising funds for startups and medium-scale businesses. The process of getting funds via these platforms seems easy, exciting and simple but …
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10/06/2021Limited Company
Want to find out how to set up a limited company with HMRC as a non-UK resident? Don’t worry, the process is pretty simple, even if you’re a non-UK resident. As application process and legalities are the same for both UK and Non-UK residents. Follow the below steps to set up your Limited Company? Want …
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07/06/2021Accounting Issues
In this digital banking system, many people overlook the importance of bank reconciliation. However, you need to remember that banks can also make mistakes. To find those mistakes, bank reconciliation is needed. So let’s explore what is bank reconciliation and how to do it? Bank reconciliation means to match the balances of your bank statement …
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03/06/2021Covid -19 , Payroll & PAYE
Coronavirus pandemic has adversely affected the business industry by reducing the resources of the business owners. Consequently, business owners are contemplating for employees’ furlough or lay off. Let’s kick off with the difference between Furlough vs Layoff. Furlough vs Layoff- Differences Due to a great downfall of the world’s economy whilst the Covid-19 …
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01/06/2021Pension
If you’re a limited company owner looking for a tax advantage, workplace pension contributions are worth considering. These contributions are taken as an allowable business expense and offset against the corporation tax bill of your company. Besides, as a limited company owner, you have the choice to make personal contributions or through the limited company. …
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28/05/2021Accountants , Business Growth Ideas
To properly run a business, you’ll need the steady flow of records, reports, data, and other accurate reports, all reflecting your business’s assets and liabilities, debts, profit, and so much more. Numbers run your business, making accounting an important part of your operations. The numbers extracted from accounting activities support and guide the management of …
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26/05/2021Budgets & Other , Business Growth Ideas
Zero Based Budgeting is a technique used in budgeting that involves preparing the budget from zero base. This method helps companies to align their spending with the company’s goals. Management prepares a budget from scratch that only includes essential expenses and operations to verify that all the components of the annual budget are cost-effective, relevant, …
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24/05/2021Accountants for Contractors , Limited Company
People, who’re in the contracting business, often ask us ‘Can I use Company’s money to pay my personal mortgage?’ The answer is no! Read on to find out the reason. Those contractors who work outside IR35 prefer to keep their money in the company’s bank account to pay future tax bills or keep it in …
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20/05/2021VAT
If your business charges additional VAT from customers on your goods against the VAT it pays to buy things, the difference must be paid to HMRC. Contrarily, if your business is paying more VAT than it takes from its customers, you can reclaim the difference from HMRC. But, the Flat Rate VAT Scheme works differently, …
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19/05/2021Limited Company , self-employed accountant
Wondering can a sole trader have employees! Of course, if a person wants to expand his business, he/she can hire more people for his business growth. In this short blog, we’ll explore how hiring new employees in sole proprietorship can affect its status and whether your business would be entitled as a limited company after …
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17/05/2021Accountants
Irrespective of the size, every business has to maintain accounts. Whether you’re a sole trader, startup, freelancer, landlord, or small business, you need an accountant to manage your finances. But not everyone can afford to hire a qualified accountant with an annual income of £50,000. For this reason, many businesses prefer to hire accountants according …
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12/05/2021VAT
Value-added tax (VAT) is levied on goods and services in the UK. It is a type of consumption tax, as it is levied on the items and services that people use in their daily lives. It is an indirect tax that government collects by businesses. In this blog, we’re going to discuss the UK value …
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10/05/2021Accountants for Contractors
To live a life like today after retirement, you need to invest in pensions. Pensions are the seeds that need to be planted and watered to reap the benefits in the future. In this blog, we’d discuss some important points about contractor pensions. Most of the contractors fall within the below categories: Not committed to …
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07/05/2021Budgets & Other
Early payment discount is also known as prompt payment discount. It is the early settlement discount buyers receive in exchange for paying invoices early. You can calculate it as a percentage of the value of the goods and services purchased. An early payment discount is a process to improve cash flow for suppliers by fast …
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04/05/2021Personal Tax , Tax Issues , Tax Saving Tips
In Oct 2018, the tax-free voucher was replaced by a tax-free childcare scheme. The childcare scheme is aimed at providing £2000 annually per child for child care costs. The childcare cost for disable children is up to £4,000 a year. But only 1 in 5 amongst 1.3 million families have registered for this scheme. Find …
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30/04/2021Limited Company , VAT
New rules have been introduced from 6 April 2020 for buying a car through a limited company. If you buy a car through a limited company, you need to pay personal tax on it and your company will pay national insurance. This is done because HMRC believes that you’re using the car for your private use …
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29/04/2021Limited Company
One of the most famous business structures in the UK, a private limited company is limited by shares. But you might be curious to know the advantages and disadvantages of private limited companies. Let’s find out… Advantages of a Private Limited Company Following are some of the common advantages: 1. Limited Liability: …
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27/04/2021Accountants , Landlord
Curious to find out the difference between leasehold vs freehold property? This blog post will let you know how you can own the property in different ways. We’ll explore the benefits, cost, and needs of each and how these factors affect the property’s buying, selling, and maintenance costs. Let’s start with the difference. Leasehold …
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23/04/2021Limited Company
The UK is one of the world’s best markets to start a business. You can gauge the business-friendly culture of the UK by the great numbers of private businesses which are around 6 million currently. But the incorporation of a company in the UK might be a challenging task. So, in this blog, we’ll talk …
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21/04/2021Budgets & Other
Money laundering can adversely affect businesses, countries, and economies. It is a three-sided offense where money is generated illegally, concealed, and turned white. In this blog, we’d discuss what is money laundering, what’s the process of money laundering and we’d briefly talk about the adverse effects of money laundering. What is Money Laundering? It is …
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16/04/2021Landlord , Tax Issues
Many of our customers (especially landlords) often ask this question. The answer of which is quite simple, there is no way to avoid paying tax on rental income. Yet you can reduce your income tax on the amount you received as rent. To boost your net rental income there are multiple ways to save taxes. …
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13/04/2021Tax Issues
Nowadays, almost every lender will demand the SA302 form to find out your income and tax you have submitted in the past years. In this blog, we’d be exploring why lenders are asking for an SA302 form, and how to get SA302 from HMRC while applying for a mortgage. But before moving forward, you should …
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09/04/2021VAT
It’s something normal to see VAT (value-added tax) with your daily used items. But do you know the importance of VAT to small businesses? Do you need to charge it? You might be wondering – should I register for VAT or not? We have the answer for all in this short blog. Find the best …
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08/04/2021Business Growth Ideas
By valuing your business, you get to know its financial status through which you can make better business decisions for the future. Despite, the fact that business valuation is a complicated process. Yet, we’ll make it easy for you by discussing how to value a business based on its turnover. Let’s find out the answer! …
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07/04/2021Personal Tax , Tax Saving Tips
You are liable to pay income tax when your gross income reaches a certain threshold. But, a personal allowance might save you from income tax to some extent. Moreover, you need to know about the latest changes in income tax rates and thresholds of income, after the start of the new tax year (6th April …
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06/04/2021Accountants for Contractors , Dividend Allowance
If you’re a limited company owner, you can use two ways to pay yourself. The first way is through the salary and the second is through dividends. Most people prefer to pay themselves through dividends as it is one the most tax-efficient ways to pay yourself. In this blog, we’ll explore how much dividend can …
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05/04/2021Tax Issues
“Can I pay taxes with credit card in the UK?” This might be the most intriguing question for a new taxpayer in the United Kingdom. As we’re aware of the fact that credit card is the widely recognized way of buying things there. But, you’d be unhappy to know that HMRC does not allow payments …
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03/04/2021self-employed accountant , Tax Issues , Uncategorised
So you have decided to start your own business. That’s great. Now, you would earn some extra cash aside from your regular job. But now a few extra responsibilities are here on your head than before. Therefore, to get rid of legal issues, you should register yourself as self-employed to HMRC. In this blog, we’d …
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01/04/2021Dividend Allowance
Are you looking forward to buying shares of a profitable company in the UK? Are you still wondering if this is a good time to start out? If you’ve already started out. Great job. The amount you’ll earn as a profit is known as a dividend. If you are looking for an accountant to reduce …
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30/03/2021Covid -19 , Uncategorised
Apply for the coronavirus bounce-back scheme before it’s too late. You can apply up till 31st March 2021. The main aim of the scheme is to make sure businesses get instant cash during these tough times. One interesting point to note is that currently sole traders and limited companies are getting the most out …
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25/03/2021Tax Issues , Tax Saving Tips
Establishing a new business is never easy, you need to face a lot of problems while starting a new business. Being a smart entrepreneur, you should try to reduce your expenses and increase your earnings by opting for efficient strategies. This is where you need to know about Entrepreneurs’ Tax Relief. You can use this …
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25/03/2021Accountants , Tax Issues
Many people face HMRC tax payment issues due to which they’re unable to pay taxes on time. Paying taxes in time is crucial as you may end up being bankrupt or may lose a job or even you’d face prison too. The longer you take, the more intense the problem will be. Therefore, you have …
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22/03/2021Accounting Issues
Research and Development Tax Relief is initiated by various governments (including the UK) to encourage and support the companies to develop and research for long-term economic growth. Along with the public sector, the private sector is also receiving benefits from this relief. Let’s explore, how it can be beneficial for your business? We’ll be discussing …
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17/03/2021Accountants , Accountants for Contractors , Accounting Issues , Budgets & Other , Business Growth Ideas , Making Tax Digital , Marketing Tips , Tax Issues
You’re just starting out your own company, and need a helping hand to determine the SMART goals for your brand. We’re addressing small businesses because it’s good to have SMART goals for your brand the moment you’re starting out on your venture. Gives you clarity on what you’re trying to achieve. We’ve seen different …
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12/03/2021Accountants
Management accounts might be a familiar term to you. But, do you know what are they; what’s their purpose, and why are they important? You don’t know right! So, just give our blog a 2 min read to know about them. What are the Management Accounts? These accounts provide you with financial information …
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11/03/2021Accountants , Accounting Issues , Business Growth Ideas
How Does Tax Affect a Business? Taxes may affect your business on a sectoral basis and government legislation. Whichever sector you are working in, you should make sure to know about your tax obligations. There are various ways to reduce tax costs. In this blog, we are going to discuss how does tax affect a …
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10/03/2021Tax Issues
What are Chargeable Gains? The gain in your asset’s value from the time it is purchased till the time it is sold is known as chargeable gains. This process is also called capital gains. A capital gains tax is levied on the chargeable assets. Chargeable loss is the opposite of chargeable gains. If you are …
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10/03/2021Business Growth Ideas
You have finally decided to start your own business, but you are perplexed with hundreds of ideas popping up in your mind. Determining which business to start can be challenging as there are thousands of them to choose from. So this blog post is going to help you out! Whatever business you want to start, …
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08/03/2021Misc
Just take a second to think about the present world without technology. So, it’d be right to say that we can’t survive without technology in this modern world. From schools, offices to grocery stores everywhere there is technology. In the last two decades, technology has taken hold of the whole world, and even beyond that. …
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02/03/2021Accounting Issues , Tax Issues
The Adjudicator’s Office (AO) was created in 1993 as an independent tier of complaint handling about the Inland Revenue (now HMRC) and the Valuation Office Agency (VOA) other governmental departments joined later including The Insolvency Service in 2003. Under their role as an independent adjudicator, it is currently reviewing the Home Office (HO) decisions on …
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01/03/2021Business Growth Ideas , Marketing Tips
If you’re someone who enjoys digital marketing, and you want to gain more leads out of it, make sure you read this article till the end. You might want to take excellent takeaways home. Make sure you’re defining your digital marketing strategy according to these trends, as that’s what makes you sell your business like …
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26/02/2021Accounting Issues
Every business owner is bound to make financial mistakes, but you should avoid them to stay profitable. Sometimes, just one costly error can lead to a significant loss and even bankruptcy filing. Due to this reality, you should have a good grasp of the common accounting errors most small business owners undergo and find relevant …
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19/02/2021Personal Tax , Tax Issues
Every business needs to file returns and pay their taxes on time. If not done on time, you might end up with multiple penalties and fees. That’s the last thing you’d want to do. Let’s understand what is corporation tax UK and what requirements does it bring about. This is the best thing to do …
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18/02/2021Budgets & Other , Business Growth Ideas
2021 doesn’t seem like a good year for all the business investors. Although the vaccine of coronavirus is here. The sad part is that the economy is not recovering any time soon. What a time to live in (not)! In times like these, what business survival strategies do business owners need to stay on top …
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16/02/2021Accounting Issues , Tax Issues
Why is record keeping important? Imagine that one day you decide to file your taxes, and don’t find anything in your records. That’s the worst thing anyone can think of. What if you lose your tax records, and what help can you expect from HMRC in this regard. HMRC may check all the details to …
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12/02/2021Business Growth Ideas , Marketing Tips
Going up to people and talking can really be nerve-wracking for some people and while it is hard for them it also puts the other person under pressure on how to make the other person calm and talk. It is kind of a sticky situation. Then there are some who just have no control over …
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11/02/2021Tax Saving Tips , VAT
When entrepreneurs think of their business, they think of grand strategies and bold ideas. Nobody ever thinks of tax compliance as an avenue to success, but it is essential for the survival and longevity of every enterprise. After all, if you fail to pay your taxes, you could get shut down. However, there is such …
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10/02/2021Accounting Issues , Tax Issues
The number of people who left the UK in 2020 was unprecedented. A lot of people considered the coronavirus as one of the main reasons for the departure. According to credible stats, around 700,000 people left the UK in 2020. The exact period was around 15 months to September 2020. One of the main concerns …
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09/02/2021Business Growth Ideas , Marketing Tips
It is cheaper to retain customers than it is to find new ones. Hold on to your clients and make sure not to let them go (unless they are a nuisance). If you have let them go and are in to winning back lost customers then keep reading. With a little help from marketing, you can …
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04/02/2021Personal Tax , Tax Issues , Tax Saving Tips
The National Fraud Intelligence Bureau reported that coronavirus-related scams skyrocketed 400% in the first month of lockdown in the UK in March 2020. Over 100 cases were recorded, with losses totalling £970,000. The scams continued over the course of the year. At the beginning of 2021, fraudsters are now targeting citizens who are filing personal …
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02/02/2021Payroll & PAYE , Tax Issues
The Corona Virus Support Package allowed many people to defer payments of July 2020 income tax payments. They were supposed to pay these instalments by 31st January 2021. As of now, HMRC understands that due to the current economic situation, so many people are still holding off on the payments that would have been due …
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01/02/2021Limited Company , Tax Issues , Tax Saving Tips
All taxpayers can claim their tax-free dividend allowance. Dividend Allowance 2020/21 is set at £2,000. This is a golden opportunity for all the self-employed personnel to registered for self-employed. If you’re thinking of making the switch, you need to do it right now. Let’s Discuss the Nature of Allowance If you own a limited …
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29/01/2021Accountants , Accounting Issues , Budgets & Other
Getting all your financial goals sorted is still an alien concept for many of you. They may sound more like a luxury to most of you. Keeping things simple, best financial advisor helps you sort out your business like a pro. They tell you where and how you must spend your money. Professional help goes …
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27/01/2021Budgets & Other , Business Growth Ideas
It cannot be emphasised enough how important budgeting is for your business. You don’t require any budgeting company to help you out on this, budgeting can be done very easily if you have the right guidance and assistance. What is the budget? A budget is an estimate of revenue and expenditures for a given future …
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26/01/2021Accountants , Accounting Issues , self-employed accountant
Considering that you are self-employed, there are many reasons as to why you would be questioning the need for an accountant for self-employed. You might believe that having an accountant would only mean that you are only increasing your annual costs; however, the benefits could only speak for themselves! Having an accountant would mean that …
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25/01/2021Business Growth Ideas , Misc
It’s never easy when you’re starting off with something new. Especially when you’ve got no backup. You always need help from successful entrepreneurs and experts to get the answer around ‘how to build a startup without external finance’. Make sure you’re extra careful with your decisions. Some expert advice goes a long way. One of …
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22/01/2021Tax Issues , VAT
With the end of 2020 period in Brexit that ends on 31 December 2020. Apparently, there will be a lot of changes in how VAT treatment is done for international goods and services. The entire process of VAT will become cumbersome and manual as all the applications are paper-based. These will be sent to individual …
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21/01/2021Accountants , Accounting Issues , Marketing Tips
Having the best product or service is not enough to get the attention of your target audience. You need to inform them about your product and services so they know about your existence. This is where marketing comes in. It is not just about what you are selling but it hugely depends on how you …
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19/01/2021Accountants , Accounting Issues , Business Growth Ideas
Getting your financial goals with financial advisors may sound strange for some of you. You may consider them a luxury. But in simple terms, these individuals help you achieve your financial goals by telling you where and how to spend your money. Talk about long term financial security. Getting a professional hand involved in your …
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18/01/2021Accountants , Accounting Issues
The number of software offering accounting services has increased over the years. The wide variety of softwares has somewhat increased the demands of accounting softwares over the years. You’re on a mission to find a bookkeeper when you’re stuck with all the transactions at your end. Of course some of the features are relatively different …
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14/01/2021Accounting Issues , Business Growth Ideas
Starting a new business needs a substantial amount of cash and backup amount. You may not be able to obtain this amount from the bank or in the form of grants. It really depends on your business and its risk factor. In that case, you will have to turn to alternate options. Funding for a …
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13/01/2021Accountants , Accounting Issues , Making Tax Digital , VAT
If you are running a business, then you have to keep track of the taxes that you pay to HMRC. VAT is an indirect tax that is collected by HMRC because it is charged by the businesses for the HMRC. There are different VAT schemes to report VAT with HMRC. In the UK, VAT is …
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12/01/2021Accountants , Accounting Issues
Invoice discounting and factoring are very similar concepts. Both are helpful in releasing cash which is tied in invoices. Anyone can be helpful in funding, including banks, financiers, or invoice factoring companies. These lend against an outstanding debtor balance or accounts receivable. The end goals are the same. Having extra cash for your business never …
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11/01/2021Accountants , Tax Issues , Tax Saving Tips
Adapting regulations regarding environmental taxes in the UK makes your business more environmental friendly and protects our environment. There are different taxes and schemes to encourage you to adopt these regulations. If you are running a business then: You may be consuming a lot of energy Small business with fewer energy needs You go on …
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07/01/2021Accountants , Business Growth Ideas , Limited Company
If you’re looking forward to registering as an overseas company in the UK, we’ll take you through a step-by-step process to make sure you’re doing it right. You must register for the company of company house if you’re starting out to set up a new business in the UK. What’s the Eligibility Criteria? If …
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06/01/2021Accountants , Accountants for Contractors , Accounting Issues , Tax Issues , VAT
As an accountant, we have to do a lot of problem-solving each day. Let’s take a look at the top ten VAT problems, and identify solutions for each one of these too. Businesses want to end up paying as little as possible, and getting your VAT right is one way to make sure you’re not …
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01/01/2021Accountants , Covid -19 , Misc
With corona on the rise going out has decreased and the only thing that has traveled this year seems to be COVID 19. This virus has flipped everyone’s life upside down and would not be wrong to say when once we had a choice to stay at home, we’d run for it but now we …
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You will observe some changes after December 31st. Britain leaving the EU will bring some big-time changes. One of the biggest changes you may observe is the VAT changes which the government is adjusting by introducing a postponed vat accounting scheme. What is postponed VAT accounting? After the Brexit, the goods coming from the …
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28/12/2020Tax Issues , Tax Saving Tips
All the VAT payments due between 20th March 2020 and 30 June 2020 will be deferred at the tax payer’s end. This was one of the major tax changes made up by the UK government after the corona implications. In case if the taxpayer chose the deferral option, he must get done with it before …
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23/12/2020Accounting Issues , Covid -19 , Tax Issues , Tax Saving Tips , VAT
Here’s some good news to look up to for business owners: there will be no late filing penalties if you missed out on your tax return deadlines this year. But that doesn’t necessarily mean that HMRC encourages you to pay late. HMRC, in fact, made sure to not extend tax return deadlines so that maximum …
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22/12/2020Making Tax Digital , Tax Issues , VAT
You’re looking forward to finding out more about the abbreviation MTD. So basically, what is MTD? MTD stands for making tax digital. This blog further guides you about all you need to know about making tax digital signup, and debunks common myths HMRC has eased up the manual accounting and VAT process and made everything …
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22/12/2020Personal Tax , Tax Issues
HMRC conducts random compliance checks against businesses and individuals. They usually smell irregularities through suspicious activities and tax inspections to find any substance. This is a routine process to encourage businesses and other taxpayers to follow the laws and regulations. If you ever notice that you are under the tax investigation of HMRC, don’t think …
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18/12/2020Accounting Issues , Startup accountants
If you’re looking forward to investing in the long-term success of your business, chances are you’re focusing on your product or service alone. You’re probably paying no attention to anything else surrounding it to ensure things go smoothly in the long run. However, selective attention is also a thing when it comes to running a …
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17/12/2020Business Growth Ideas , Personal Tax , Tax Issues
You always need help when you’re looking forward to investing in a new business prospect. But how much tax relief one must expect on all those loans for small businesses? Christmas is one of the most trending topics these days, and people are grabbing every opportunity to invest in a long-term plan. But what about …
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16/12/2020Tax Issues , Tax Saving Tips
How will people approach the Christmas office party is one question in the minds of so many of us. It’s certainly not off the menu. Employees will make sure to spread some holiday cheer among their workers. These are people who have been furloughed or working from home for 2020. Taxes fade away the happiness …
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07/12/2020Accountants , Limited Company
Some people manage their finances independently, and others set up a limited company. This is understandable enough, since overseeing a company’s accounting and tax affairs can be quite stressful and tedious. Even people with prior experience run into difficulties and get rather tired from the specifics. Whichever of those categories you fall under, one of …
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03/12/2020Business Growth Ideas
Good market research is not a forgotten story for any successful business owner. It’s a success formula for any business owner. You’re already know how significant is it for any business. Try to work on market research. Here are the top 3 tips to pull your business out of a crisis Focus on Your …
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02/12/2020Accounting Issues , Budgets & Other
From 1 January 2021, you will need an Economic Operators Registration and Identification (EORI) number to move goods between Great Britain and the EU. Prior to 1 January 2021, you only needed an EORI number if you move goods between the UK and non-EU countries. If you do not already have an EORI number UK, …
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30/11/2020Accountants , Accounting Issues
An accountant is the guardian angel of your finance. It’s hard to focus on your business without an accountant. Bookkeeping, payroll, or a business plan diverts your attention from the main purpose; your business. Your real focus must be accounting and bookkeeping. An accountant drives growth within a business, people prefer not to opt for …
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24/11/2020Budgets & Other , Uncategorised
With the efforts of world leaders towards an environmentally friendly economy, business owners are aiming for environmental grants and loans to reduce their carbon footprint. If you make your business environmentally friendly, the government helps you with several grants and loans. The importance of energy-efficient solutions will increase. The effects of global lockdowns on the …
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23/11/2020Tax Issues
Just like any other traditional business, eBay sellers also have to pay a due amount for tax on eBay sales UK. In case you forget your deadline, you’ll have to pay a designated amount to HMRC as a penalty or fine. The UK laws oblige you to pay taxes whether you’re operating any big business …
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18/11/2020Accountants , Accounting Issues , Limited Company
Annual accounts preparation for your business is an important requirement to fulfill legally. The process might not be a walk in the park. This is a complete task that requires expertise and time. Annual accounts are also called statutory accounts. Get started with these statutory accounts when your financial year ends. It has all the …
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13/11/2020Business Growth Ideas
Every business needs finance for its growth. The right way of financing a business is crucial. Looking for new markets and the development of new products demand a lot of capital. Sometimes it seems that you don’t have any other option. You’d rather rely solely on banks. The idea might be a little too convenient. …
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12/11/2020Accountants , Business Growth Ideas
Even if you’re not a finance guru, get your hands on the following skills to amp up your overall profile. This will help you polish your performance and profitability. So what if you don’t want to get into a rigorous course. Before figuring out how it works for you, let’s talk about the basics of …
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03/11/2020Accounting Issues , Budgets & Other
People holding business bank accounts are now distancing themselves from the customary high street banks for obvious reasons. A lot of things have brought about this decision, but one of the main reasons is the lack of innovation and bad customer care. A poor saving rate is another major reason. If you are running a …
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23/06/2020Personal Tax , self-employed accountant
Learning about keeping fit and healthy is knowledge best gained when you start with yourself. The perseverance one shows to keep off fatty foods and go for training every day takes some endurance and a very disciplined lifestyle, but it all pays off when you see yourself in the mirror getting the body you always …
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25/05/2020Accountants , Accounting Issues , Business Growth Ideas
From the outside, the job of a taxi driver seems simple enough, which requires picking up passengers from taxi stations and dropping them off at their desired locations. However, it is far from it, and for being a taxi driver you need many skills to be good at your job and in this article, we …
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19/05/2020Accountants , Accounting Issues
London is an incredibly diverse city, and the people who reside in this great city come from different parts of the world, and with them, they bring a multicultural feel to London. We at CruseBurke understand this phenomenon and to cater to our clients efficiently we have employed accountants who are multi-lingual. This is the …
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06/05/2020Covid -19
The Chancellor, Rishi Sunak, announced a new scheme at the end of March to support self-employed people impacted by a coronavirus. It’s about to launch ahead of schedule and we’re writing to you because you might be eligible to make a claim under the scheme. How to claim self-employment support The Self-Employment Income Support Scheme …
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06/05/2020Accounting Issues , Misc
Computing business expenses has always been a hazy prospect, especially if you’re working from home or are self-employed—the concept of work and home has already been blurred, after all. You’re very much entitled to receive certain amounts of expenses, but what are you specifically entitled to. List of Work from Home Expenses that can be …
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28/04/2020Misc
28 April 2020: the chancellor has announced a new Bounce Back loan scheme, allowing small businesses hit by the impact of coronavirus measures to apply for up £50,000, with the government guaranteeing 100% of the advance. Billed by chancellor Rishi Sunak as a “simple, quick, easy solution for those in need of a micro loan,” …
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23/04/2020Misc
The coronavirus disease (COVID-19) outbreak is putting local and international businesses at financial risk. In a bid to decrease the risk of transmission of the disease, this health crisis forced stores and companies to work remotely and use digital platforms to serve their customers continuously, even while observing physical distancing. While remotely working can be …
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13/04/2020Accountants , Accounting Issues
In today’s ever-competitive UK business landscape, one of the most important keys to success that any London-based business needs to thrive is a solid bookkeeping foundation. From the moment you open up your business, there’s no denying that the essential practice of bookkeeping will play a significant role in every part of running your business. …
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06/04/2020Tax Issues , Tax Saving Tips
As a self-employed professional, one of the most important tasks and responsibilities that you’ll have to fulfill is paying for your own tax and National Insurance on your income. Aside from making sure that clients roll in constantly and all your assets and liabilities are managed properly, handling your tax and National Insurance is essential …
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01/04/2020Accountants , Personal Tax , Tax Issues
Regardless of whether you enjoy organizing your finances or wish income statements could disappear altogether, there’s no denying that tax returns are a vital part of your business’s financial feasibility and success. They may be regarded as the dread of most British business owners, but tax returns have proven themselves to be one of the …
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12/08/2019Personal Tax , Tax Issues , Tax Saving Tips
Timing the date of a dividend payment from a company can determine both the amount and the due date of the tax payable. This may be a particularly useful strategy in a close- or family-owned company. The dividend allowance, which was originally introduced from 6 April 2016, was cut from £5,000 a year to £2,000 …
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07/08/2019Accountants , Accounting Issues , Limited Company
Having a UK Limited company for Non-UK resident Individual is very easy. As a specialist accountant for Non-Resident Individual, We can help you to set up a UK Limited company within hours as long as you provide us with the required documents on time. The next main hurdle is ‘’Opening a UK business Bank account’’. …
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06/08/2019Tax Issues , Tax Saving Tips
Making use of statutory exemptions for certain benefits-in-kind offers an opportunity to extract funds from a family company without triggering a tax charge. The essential point to note is that to make the tax saving, the benefit itself, rather than the funds with which to buy the benefit, must be provided. Mobiles No tax …
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06/08/2019Accounting Issues , Misc
Avoiding Common Errors When Computing Business Profits HMRC produce a range of Toolkits for agents, which highlight errors commonly made in returns so that agents can take steps to avoid them. The business profits toolkit provides guidance on Common Mistakes When Calculating Business Profits for small and medium-sized businesses. They are helpful to anyone computing …
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06/08/2019Tax Issues , Tax Saving Tips
Government Childcare Scheme – Tax-Free Top-Up Working parents can receive a tax-free top-up from the Government to help with their childcare costs. The top-up is worth £500 every three months (£2,000 a year). A higher top-up of £4,000 a year (£1,000 every three months) is available where the child is disabled. To receive the top-up, …
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06/08/2019Tax Saving Tips
Before you know it, the time for year-end tax will be right around the corner. It can get stressful to try and get everything in order, but there is good news for you! You don’t have to lose your mind trying to end on a high! Head to your accountant right away and talk about …
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06/08/2019Business Growth Ideas
If you own a small-scale business, it can be rather overwhelming to manage your finances and oversee your company’s financial health. That’s why a system that will streamline bookkeeping and ensure proper accounting should be put in place. There are no hard and fast rules when it comes to doing accounting, but there are a …
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05/08/2019Accountants for Contractors , Landlord
HMRC property rental toolkit highlights errors commonly found in tax returns in relation to property income. The toolkit can be used to help avoid those errors, some of which are discussed briefly below. Computation For unincorporated property businesses, the default basis is the cash basis where the qualifying conditions are met and the landlord …
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Aamara Waqas2023-08-27Caroline Oake2021-11-14James Smith2020-08-11For 15 minutes work Mr Burke started with 150+VAT per hour for two hours to quoting 600+VAT.Maurizio Paolella2019-12-08Reliable professionals - I would certainly recommend.Anna Ruse2019-11-21After meeting Peter Burke at a local Networking group, Cruse & Burke Accountants have been handling my self assessment tax returns, since I started working on a self employed basis over 6 years ago. They are efficient and everything is done quickly and professionally, which is great for me, as I would otherwise not have a clue how to complete them myself. I can definitely recommend their services.Alan Harwood2019-10-22John Agbai2019-06-26Very professional and knowledgeable in all aspects of taxation. A great team to have onside.Simon Piller2019-04-03Susan provides a very efficient payroll service for me.Johanna Cargill2019-01-21Excellent, no complaints. Always willing to help!Rebecca Smith2015-04-20Fantastic customer service, would 100% recommend!!
