What is a P11d: A Basic Guide
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 […]
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
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 […]
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
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 […]
What Are Abridged Accounts and Can My Firm File Them?
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 […]
How to Charge VAT on Postage without Getting into Trouble with the Taxman
How to Charge VAT on Postage without Getting into Trouble with the Taxman Online sales are booming, even as the restrictions on high street retailers loosen after the pandemic. Therefore, for an increasing number of UK retailers getting into e-commerce – even if they have never ventured into the world of online sales before, makes […]
What Are Statutory Accounts and How Do They Work? A Quick Overview
What Are Statutory Accounts and How Do They Work? A Quick Overview Although it is a legal requirement, preparing annual statutory accounts for your limited company can be a daunting task. We’ve gone back to the basics in this article to help you better understand why, even though this can be a pain, getting your […]
How You Manage Trade Creditors May Save Your Business Someday
How You Manage Trade Creditors May Save Your Business Someday For the smooth operation of your business, you rely on good relationships with creditors. The cash flow of most businesses is influenced by suppliers – also known as trade creditors- the bank, and statutory bodies such as HM Revenue & Customs (HMRC). You might not […]
How You Manage Your Trade Debtors Can Make or Break Your Business
How You Manage Your Trade Debtors Can Make or Break Your Business It’s a sad fact that more than 60% of small businesses in the United Kingdom fail within the first three years of operation. Even more tragic is the fact that many of these businesses failed not because they had a bad idea to […]
