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 and financial matters be one of […]
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 on the intention […]
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 an important process that begins with getting to know your […]
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 under the Construction Industry Scheme (CIS) If the subcontractor is not registered […]
What is a P11d: A Basic Guide
Do you receive or pay your employees’ or directors’ expenses or benefits throughout the year? Then you must complete and submit a P11d form to HMRC for each employee who has received the benefits, as well as a P11d(b) to summarize the class 1A NIC due, as required by law. Does all that sound like […]
What is a P60, and Who Should Get One?
Every UK employer with an in-house payroll department must understand, and be able to efficiently issue P60s. These important forms summarise an employee’s pay and deductions for the tax year, but there are a few key variables to keep in mind and plenty of room for error. As is the case for almost everything to […]
Reaping the Benefits of Keeping Managed Accounts
Every business needs three financial statements: a profit and loss (or income) statement, a cash flow statement, and a balance sheet. These documents, when combined, provide key figures and a snapshot of your financial situation. But, more importantly, what do these figures mean to you? Do they clearly show how your company is growing? Do […]
How to Close a Limited Company the Right Way
How to Close a Limited Company the Right Way Not every business succeeds, and not every partnership blossoms as expected, meaning that it’s not unusual for the time to come when the principals involved might want to close a limited company and move on to the next phase in their professional lives. Closing a limited […]
VAT on Food – What Should Be Charged and How
If you’re a food retailer, producer, manufacturer, or wholesaler, you need to be familiar with the ins and outs of food VAT to stay in HMRC’s good books. But be warned: it isn’t going to be easy. In fact, the UK government’s guidance on VAT on food is extensive to say the least, confusing if […]
What Are Abridged Accounts and Can My Firm File Them?
There are several options for filing small company accounts with Companies House: dormant company accounts, full accounts, micro-entity accounts, and abridged accounts. Abridged accounts may be the best option for a small business or startup with a low turnover. With our simple guide, you’ll learn the basics you need to know about filing abridged accounts […]
