Go mobile – get more done on the move!
With the continued return to the office, involving a daily commute, and the face-to-face meetings involving travelling around the country, make use of that travel time by keeping up to date with your finances. Many accounting and other software products offer online access via a web browser on your computer or mobile phone apps. So […]
Extracting funds from your company – Salary, Dividend, Interest, Rent …?
Rates from April 2022There are many factors to consider in determining the most tax efficient methods of extracting funds from your company, whilst complying with all the tax rules and regulations. Paying a salary will incur employees’ national insurance and employers’ national insurance unless covered by the Employment Allowance. However, these expenses are tax deductible […]
VAT visits and inspections
VAT officers can visit your business to inspect your VAT records (known as compliance checks) and make sure you’re paying or reclaiming the right amount of VAT. HM Revenue and Customs (HMRC) usually contact you to arrange a visit. They normally give you 7 days’ notice. They’ll confirm what information they’ll want to see, how […]
What is my “turnover”?
Following on from the previous article and possibly reaching the VAT turnover threshold, be aware that your turnover is not necessarily what you receive into your bank account. If you are providing holiday lets through an agent for instance, they might pay you £780 to your bank account – but your actual sales figure may […]
Not yet VAT registered?
Keep a close eye on your turnover!
Now that businesses are open again, turnover in the business is hopefully picking up If you are not VAT registered though, you do need to monitor the sales closely as there are strict rules as to when you have to register for VAT. Each month you need to total your sales for the month. You […]
National Minimum Wage (NMW) and National Living Wage (NLW)
Rates from April 2022 Ensure you are paying the correct rates and not underpaying your staff. Over 200 large, national firms and independent high street stores were found, in 2021, to have been paying less than the legal minimum wage. Fines can be levied, and the business may be publicly “named and shamed”. Rate from […]
Capital Gains Tax on residential property disposals
Since 6 April 2020, it has been necessary to report a gain arising to HMRC and pay the estimated tax due within 30 days of completion. The Autumn Budget changed this from 27 October 2021, and there is now a 60-day time limit. Property sales covered by this rule: a property that you have not […]
QuickBooks Desktop software user? Support ceasing on January 31 2023…what now?
QuickBooks desktop users are being notified that support will be discontinued, and it appears that desktop versions might not even work after that date. The data in QuickBooks will need to be downloaded and migrated to QuickBooks online or another software package. This appears to be a hugely unpopular decision and will inevitably lead to […]
Tax advice – from the man down the pub
Do you believe or take action as recommended by “Dave” down the pub, often over a beer or three? All sorts of misinformation have been passed on over the years – much of which is “dodgy” and some of which may be downright fraudulent, the consequences of which will come home to roost at some […]
Managing your cash flow
It is essential that you look forward and consider so the future cash position. Will you have enough money in your business to pay the wages next month – and pay your own salary too? What about paying suppliers? Creating a forecast of expected cash flows in and out over the coming months helps to […]
