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, […]
VAT return periods and accounting year end dates
The quarterly VAT periods for VAT returns do not always tie in with accounting year end dates. For instance, a VAT return may run for three months November – December – January, whereas the accounting year end is 31 December. Whilst this is not a “big issue” with regard to the accounts and workings, in […]
Tax returns for 2020/21
We are now in the process of completing tax returns for the year to 5 April 2021. We would encourage you to provide us with the tax information as soon as practicable! There will be a second payment on account of 2020/21 tax due on 31 July. For many, this may well be far more […]
Higher rate taxpayer? Do you make payments to charity? Claim extra tax relief
Have you been asked to sponsor someone recently for a charitable event? Do you pay a regular amount every month or every year to a charity such as the National Trust? The chances are there is a tick box to treat the payment as having been made under Gift Aid. This increases the value of […]
Are you correctly recording your sales / turnover?
It is essential that “sales” are recorded accurately for VAT and income tax/corporation tax purposes. The amount sent to your bank from various sources may not be the full sale price, as there may have been deductions before payment is made. As an example – holiday lettings – the agent’s fee is likely to have […]
Implications of providing Benefits in Kind (BIK) to you or your employees
Receiving a “perk” from your employer on top of the regular salary can result in additional tax to pay, depending upon the perk. Items such as company cars (or vans), fuel, interest-free loans, private health cover, gym membership, expenses that are not related to business and many more can be liable to tax as they […]
Tax free Savings
The personal savings allowance is a benefit that applies to almost every taxpayer in the UK, which makes it much less likely that you’ll pay any tax on the interest you earn from your savings. There are three bands of income tax in the UK, the basic rate, the higher rate and the additional rate. […]
