Furlough Pay is changing
Until 30 June 2021, the furlough scheme will fund 80% of the pay for staff hours not worked. From 1 July 2021, the level of grant will be reduced, and you will be asked to contribute towards the cost of your furloughed employees’ wages. From 1 July 2021, employers are required to contribute 10% of […]
Might you be liable to clawback of child benefit?
If you are claiming child benefit and your profits or salary increase, you may find you have a larger tax bill than expected. Whilst you can still make a claim, but you have to pay back 1 per cent of the Child Benefit for every £100 if you earn between £50,000 and £60,000. Putting this […]
Life Insurance for Company Directors
When it comes to life assurance, a major benefit of being a company owner is the ability to obtain that life cover tax-efficiently through the company. This type of cover, called ‘relevant life assurance’, provides the owners, directors and employees of a small business with life cover that offers financial protection to their families in […]
VAT Scale Charges
The Fuel Scale Charge simplifies the process of accounting for VAT on private usage of fuel. It basically provides for a fixed amount each VAT period to adjust for VAT on road fuel claimed where there is also private usage of the vehicle. The rates change every year and for the 12 months from 1 May […]
Should you be VAT registered?
HMRC have very sophisticated systems in place and one of these will be identifying businesses that have an annual turnover of £85,000 or more. How will they know? HMRC obtains information from many different sources, including credit card payments, sales via Amazon, eBay, etc. This data has allowed HMRC to find businesses that are not […]
Are ‘add-on’ cloud accounting software products worth it?
The purpose of accounting software is to record your accounting transactions. This used to be a very manual process but the use of bank feeds to bring your bank entries directly into the software was a major step change. There are other add-ons though that can make a huge difference to both efficiencies, effectiveness, accuracy, […]
Is accounting software really as “easy” as the TV adverts make them appear?
The TV adverts for various accounting products make all sorts of claims – Spend less time on accounting – press a few buttons and your VAT return is filed – accounts are done in an instant! This does lead many to question “Why pay an accountant when I can do it all myself?” Unfortunately, we […]
How much do you know about your customers?
Do you know which customers generate the most revenue for your business? How reliant is your business on those customers? Do you know the “credit risk” of those customers? These are areas where we can provide you with information extracted from your accounting records. Note that the accounting records do need to be “up to […]
Bookkeeping – a pleasure or a chore?
Do you really like writing up your books and records – possibly not so much writing now as typing into a computer or smart device, and writing will be a thing of the past soon as Making tax digital means digital records need to be kept. How do you deal with purchase invoices? We know […]
Directors Loan accounts
If you run your business as a limited company, you may have injected funds at some stage, so the company owes you money. However, you may also have “borrowed” funds from the company, so that you owe money back to the company. This will be funds that have been extracted other than via dividends, salary, […]
