When tax time rolls around, you can hear the collective groan of all the business people who have to start sorting their financial records. Chances are that even though you operate an online business, you’re feeling pretty much the same way as the dreaded tax season approaches. If your online business is going from strength…
This week I have been talking to lots of my clients (new and existing) about how to get their accounts mortgage ready! And yes when you are self employed this is a real task! One that you ideally need to sit down with an accountant 12 months in advance of applying for a mortgage. Don’t…
Dates to Remember Are you filing your tax return for the first time? You will need to register in advance – you can do this online by visiting GOV.UK website. 5 April – The tax year ends. Your Self Assessment for the tax year that has just finished will need to be submitted in the upcoming January…
Do you know what you need to do to register as an Employer with HMRC?? NO? Then have a read…… You need to register as an employer with HMRC when you start employing staff. You must register before the first payday providing information about the business and its employees. It usually takes up to 5…
Yesterday, we helped set up another business to use QuickBooks Online….. This time it was a farming business who were eager to be compliant for Making Tax Digital before the regulations are enforced. Our client was really impressed with how much time QuickBooks could save them on their bookkeeping each month. Previously, they used to…
April will see the deadline for gender pay audits, rises in statutory pay rates, the National Living Wage and the end of Fit for Work assessments. The Statutory Maternity Pay, Statutory Paternity Pay and Shared Parental Pay levels will rise to £145.18 per week (up from £140.98) from 9th April. Statutory Sick Pay will go up…
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What are Dividends? A dividend is a payment a company can make to shareholders if it has made a profit. You cannot count dividends as business costs when you work out your Corporation Tax. Your company must not pay out more in dividends than its available profits from current and previous financial years. If you invest…
One of the main advantages of being a limited company business is that you are likely to pay less personal tax than a sole trader. As a sole trader, your entire income is subject to National Insurance Contributions. Running your business as a limited company could therefore help you to take home more of your earnings. In becoming…
