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Small Business Advice
12 Oct 2021
In this article, we look at the requirements for working from home or running a business from home from both perspectives – tenant and landlord. We also set out the expenses anyone working or running a business from home can claim against their income tax assessment.
Tax Advice
21 Sep 2021
While a trading loss is never good news for any business, it’s important to use that loss efficiently to reduce the tax bill you may have paid in earlier years. If you are an early-stage business in your first three years of operation, you may also use the losses incurred before you started to trade to offset any initial trading profits.
Tax Advice
24 Aug 2021
In the eyes of HMRC, VAT errors are your responsibility to put it right. If you don’t correct the VAT error in the right way or at the right time, HMRC has a long list of conditions under which they can impose penalties, a process known as ‘The Penalties for Errors regime’.
Tax Advice
22 Jul 2021
If you use your own car for business travel, you are entitled to claim certain costs as an allowance against tax and that could reduce your tax bill. The way company car and mileage allowances are calculated in the UK is different for employees and self-employed people. In this article, we explain the allowances for employees.
Tax Advice
Accounting Advice
23 Jun 2021
A Statement of financial position is an important financial document that helps you run your business efficiently and profitably. It provides a guide to the financial health of your business, so it’s essential to understand its components and their significance.
Tax Advice
31 May 2021
Here, our small business accountants will walk you through how to calculate RDEC.
Small Business Advice
10 May 2021
In this brief guide, we’ll explain more about the recognised methods for taking money out of a business account for personal use, and provide guidelines for dealing with business payments for personal expenses.
Accounting Advice
16 Apr 2021
This article will explain the different aspects of R&D accounting in more detail. However, you may find it useful to take professional advice to ensure that you are claiming the correct level of expenditure for your specific R&D project.
Tax Advice
22 Mar 2021
For millions of self-employed people in the UK, there was relief that the Government’s support scheme is set to continue following announcements in the 2021 Spring Budget. The Self-Employment Income Support Scheme (SEISS) was set to close at the end of February 2021, but has been extended to cover two further phases that will run until the end of September this year.
Tax Advice
08 Mar 2021
With cryptocurrency transactions, tax rules can get slightly complicated, and you could incur several different liabilities, like income and corporation tax, stamp duties, and – depending on transaction types – VAT.
Tax Advice
25 Feb 2021
If you’re a contractor or sub-contractor in the construction industry, you need to be aware of your obligations under the Government’s Construction Industry Scheme (CIS).
Tax Advice
29 Jan 2021
After much pressure from professional bodies, HMRC has finally backtracked its threats to stick with a fast-approaching deadline for late filing penalties. Taxpayers will now get until the 28th of February to file their online returns before they face any fines.
Tax Advice
03 Jan 2021
With Brexit finally confirmed, the New Year will bring significant changes to VAT rules for your business if you import or export from the EU. The new rules apply from 1st January.
Tax Advice
26 Dec 2020
If you’re self-employed in the UK then each year you’ll have to fill out a self-assessment tax return to HMRC, showing your income for the year and the income tax you are liable to pay based on that. Our team of tax accountants break down the self-employed allowable expenses.
Recruitment
Tax Advice
12 Oct 2021
Max Whiteley, the head of accounts at our new Liverpool office, joined global accounting software firm Xero on stage at the Accountex Summit North. Together they gave some great advice and thoughts around the digitalisation of income tax and how to prepare for the new regime.
Small Business Advice
27 Sep 2021
You’re probably familiar with the popular phrases ‘cash is king’ and ‘cash is the lifeblood of every business’, but how can you make that a positive reality for your business?
Tax Advice
30 Aug 2021
Our tax accountants explain the process of charging and reporting VAT in different scenarios (such as paying someone who is not VAT-registered), and outline the steps you need to take to become VAT registered.
Tax Advice
17 Aug 2021
One of the most important decisions you can make when starting a new business is its legal structure. Should you operate as a sole trader or a limited company?
Small Business Advice
17 Jul 2021
In this guide, we’ll explain how crowdfunding works, its benefits compared to other methods of financing and the factors that determine a successful crowdfunding program. We’ll also outline the services available from the best crowdfunding sites in the UK.
Recruitment
Tax Advice
08 Jun 2021
In this article, we set out an example of the calculations you need to make to find out how much you have saved on your tax bill. The savings apply to both profitable and loss-making companies and we have included examples for each.
Accounting Advice
10 May 2021
Accounts payable probably isn’t the most glamourous element of your business, but it’s undoubtedly one of the most important. Getting accounts payable right can have a substantial positive impact on your organisation because it affects some of the most fundamental aspects of doing business. Here’s how it all works.
Tax Advice
20 Apr 2021
In this article, we explain the most tax efficient ways to extract cash from your business, including the latest information available on tax rates and allowances.
26 Mar 2021
If you’re considering pension options for yourself or for key members of your small business, you may be weighing up two sets of initials – SSAS and SIPP. SSAS refers to small self-administered schemes and SIPP is a self-invested personal pension.
Small Business Advice
15 Mar 2021
As business owners, bookkeeping and accounting can often be the part of the role we dread the most – and terms like trade debtors and trade receivables certainly don’t help. The fact is, to all intents and purposes, many organisations out there can treat the two terms as one and the same.
Recruitment
25 Feb 2021
To apply for the role of Cloud Accountant, send a CV, cover letter and 60 second video on what you are passionate about to brighton@accountsandlegal.co.uk.
Tax Advice
01 Feb 2021
If you’re a business owner, you’ve probably been eagerly awaiting news from HMRC about the 2021/22 thresholds for income tax, statutory payments, and national insurance contributions (NIC).
Small Business Advice
24 Jan 2021
Ever wondered what statutory accounts are, and why you need to file them? What should even be in the accounts? Here's our short guide on everything you need to know about statutory accounts.
Small Business Advice
28 Dec 2020
In what will signal a blow for many struggling businesses, HMRC has said it will not be waiving late filing penalties or extending the set January 31st deadline. However, there's slightly better news if you've been affected by the pandemic. HMRC has also said it will consider cases where COVID-19-related problems cause delays. Businesses will also get more time to appeal against penalty decisions.
Tax Advice
29 Nov 2020
People who have been self-employed for some time will be familiar with the procedures, but if you’re new to self-employment, it’s important to understand your filing and payment obligations so that you don’t incur fines from HMRC.
Small Business Advice