Bookkeeping – a necessary evil?
Every business needs to keep accounting records – a summary of the financial transactions of monies in and out. This can be simple-literally just that record of receipts and payments, or it may be more complex, with invoices, foreign currency payments and receipts, sales via different platforms, etc. There are many apps and tools which […]
PAYE Tax Coding – is your Coding right?
Many employees simply look at the money coming into the bank – without ever looking at their payslips! An important figure on the payslip is the gross pay – is the amount being paid at the agreed rate? Another very important figure though is the PAYE tax code, which determines the amount of tax being […]
System Changes – automate your business
As software continues to innovate, there are many standard business processes that can be automated. Why automate? The old saying says, ‘If it ain’t broke why fix it?’ but automation has many benefits. Manual processes can be laborious, time consuming, repetitive, and boring. Saving time is therefore one of the significant benefits, and accuracy is […]
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 […]
Getting money out of your limited company
If you are a sole trader or a partner in a business, extracting funds from the business is quite simple. However, if you are a director/shareholder in a limited company, this is not so easy, and care needs to be taken to ensure the extraction of funds is legal and does not give rise to […]
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 […]
