Accountants in Wimbledon

Legitimate Income Shifting

Posted by on March 20, 2013 at 10:49 am

Losing your job is a financial disaster for anyone. If it has happened to you or your spouse, how can you use the tax system to soften the blow? If your partner loses their job, they may also lose the benefit of their tax-free personal allowance, which currently stands at £8,105. But there are ways […]

Boosting Your Pension Entitlement

Posted by on March 6, 2013 at 10:01 am

There are situations where planning a tax and NI is an efficient way and becomes important to draw income from your pension. However, you need to think long term before doing this. If your business can justify the fact that paying a low salary to your spouse, is it worthwhile doing this, given the extra […]

Can a Stock Valuation Save you Tax?

Posted by on February 6, 2013 at 10:56 am

At the end of each financial year, one needs to value its stock for accounting purpose. But this is a tedious exercise and not many people like to do it. But there are ways where you can you turn this into an opportunity to save corporation tax? You may not realise, but your company has […]

Tax Experts Defend their Position over the Government Backlash

Posted by on February 1, 2013 at 10:02 am

In latest developments, tax heads of larger accountancy firms have defended themselves against claims they are behind avoidance schemes that damage the UK’s economy. The Public Accounts Committee accused them of making not exposing corporate income for tax in UK

Accountants as the Strategic Business Partner

Posted by on January 25, 2013 at 10:38 am

The overwhelming message coming from the business community is that accountants now and in the future need to be strategic business partners. If they are to add value to business and develop a successful career, they need to share insight and guide strategic decision-making, rather than simply analyse and report on data.

Changes to the Online VAT Facility of HMRC

Posted by on January 9, 2013 at 10:52 am

Until now, HMRC’s online VAT services have been basic, but he’s recently added some genuinely useful tools. What’s to know? HMRC has recently made some additions to the VAT online services. While they are not the functions that you need on a daily basis, they will however simplify and speed up some of his application […]

Autumn Statement; What’s in it For the Savers and Pensioners

Posted by on December 28, 2012 at 10:59 am

For savers, the annual ISA contribution limit will rise modestly from the current level of £11,280 to £11,520 from April 2013, a rise of 2.1%.. But previously it was said that this would be increased in line with inflation. What about pensions? The basic state pension will rise by 2.5% next year to £110.15 a […]

More Tax Investigations on the Way

Posted by on October 19, 2012 at 2:45 pm

Now it is a practice of HMRC to visit businesses to check the authenticity of their records. But earlier this year, they were put on hold. However, they are going to restart this process. The government has made has made their intentions clear to check on the records of businesses as part of its war […]

Basics in Bookkeeping

Posted by on August 3, 2012 at 10:43 am

Though is seems like a laborious process, bookkeeping has some major benefits for any business. Generally speaking, bookkeeping has two basic goals: To keep track of your income and expenses; This enables you to make significant decisions to make profits To collect the necessary financial information about your business to file your various tax returns. […]

Real Time Information on PAYE

Posted by on July 20, 2012 at 10:30 am

Real Time Information on PAYE will be available from April next year, but employers have the chance to use it earlier according to HMRC. RTI is a system that is intended to make life simpler for employers. In reality, its function is to clamp down on businesses that fail to make PAYE payments on time. […]