Tip Pooling, Troncs and a Fairer Workplace for Everyone
Tip Pooling, Troncs and a Fairer Workplace for Everyone Tipping dates from the 18th century, when customers in pubs would attach coins to notes handed to the barkeeper. The purpose of this monetary incentive was “to ensure promptness,” hence the term “TIP.” Tipping, like the industries in which it is found, has changed dramatically since […]
How the Employment Allowance Can Help Your Business Grow
How the Employment Allowance Can Help Your Business Grow The Employment Allowance – referred to, inaccurately, by some as the employer’s allowance – reduces the amount of National Insurance that businesses must pay by up to £4,000 per year, a possible real boon for a small business. Is it possible for your small business to […]
Everything You Need to Know about Micro-entity Accounts
Everything You Need to Know about Micro-entity Accounts A micro-entity (also known as a micro company) is a very small, privately held limited company. If you’re the director of a micro-entity, submitting micro-entity accounts to Companies House can save you time when it comes to preparing and filing your accounts. Micro-entity accounts are a simplified […]
Basic Guide to Benefits in Kind: What You Need to Know Now
Basic Guide to Benefits in Kind: What You Need to Know Now It’s possible that you’re receiving a benefit-in-kind if you receive any other benefits as part of your job in addition to your salary (BIK), or, if you are an employer you are offering them to your employees. You may – often rightly- think […]
10 Reasons Your Contract May Fail the IR35 Test
10 Reasons Your Contract May Fail the IR35 Test Are you a contractor, or representative of a personal service company trying to keep your contracts outside IR35 and pass the tough IR35 test? If so, this blog post is for you. If, as an entity we just described, you sign a contract that falls under […]
Personal Service Company: What It Is and Why You Might Want to Form One
Personal Service Company: What It Is and Why You Might Want to Form One When then-Chancellor Gordon Brown used the phrase “personal service company” to introduce the well-known legislation IR35 in 1999, it caught everyone’s attention in the world of business (and especially accounting) There is no clear definition of a personal service company (PSC), […]
Do You Need a Self-Employed Accountant?
Do You Need a Self-Employed Accountant? Starting out as a freelancer or contractor can be intimidating, and there are numerous factors to consider, including whether to hire an accountant to handle your tax obligations and other financial issues. As you probably already know, outsourcing has a lot of benefits and drawbacks, but should your tax […]
Simple Assessment Explained
Simple Assessment Explained Important Note: Simple Assessment was halted in May 2018 as resources were reallocated to prepare for the United Kingdom’s exit from the European Union. Because of the coronavirus outbreak in 2020, the rollout is likely to be further delayed (factual as of May 2021) and so some of what follows is based […]
Credit Control – How to Get it Right Every Time
Credit Control – How to Get it Right Every Time One of the most important aspects of running a successful business is effective credit control. Your business’s cash flow can be severely impacted if money does not come in on time, and the resulting problems can quickly spiral out of control. Effective credit control is […]
What are CIS Deductions and How Do I Make the Right Ones?
What are CIS Deductions and How Do I Make the Right Ones? Do you operate in the construction industry? Then this post if for you, especially if you have ever been confused by the rules, and practices, surrounding mandatory CIS deductions. Contractors deduct money from subcontractor payments and send it to HM Revenue and Customs […]