Tag Archive

Budget 2017 – Key Points

Published on March 9, 2017 By admin

Here is a summary of the 2017 budget and its effect on the areas of personal taxation, businesses and the economy in general. Personal Taxation The tax rate for class 4 national insurance contributions for the self-employed to increase from 9% to 10% in April 2018 and 11% in April 2019. This increase applying to earnings […]

Restrictions for the use of VAT Flat Rate Scheme

Published on November 28, 2016 By admin

The flat rate scheme is used by many small to medium sized businesses to simplify their VAT reporting. Many of those businesses enjoys a cash advantage from using this scheme. However, this advantage is due to be cut back significantly from 1 April 2017. The FRS will continue but many businesses will not find it […]

Keeping Digital Records of Your Bookkeeping will be Compulsory

Published on June 22, 2016 By admin

The government is on its way enforcing all businesses whether large or small to maintain their bookkeeping records electronically. Eventhough you can get a good idea of the government’s intentions by reading the article “Making Tax Digital” it doesn’t give any concrete information to say how businesses should plan for this. While it’s just an […]

A Tax efficient way to Reimburse Expenses incurred on Meals-

Published on April 5, 2013 By admin

If you employ staff who are on the move on a regular basis, you could reimburse them the cost of their meals while they’re out and about. But you have another option, where you could pay them a tax and NI-free allowance in exchange for them taking a little less in pay. This will be […]

Essentials on the New Annual Investment Allowance

Published on March 15, 2013 By admin

The new rules on the annual investment allowance apply differently to different businesses. The Chancellor’s announcement that the AIA, which allows a 100% tax deduction for expenditure on equipment for the accounting period of purchase, was to be raised to £250,000 from 01 January 2013. But the transition from the previous £25,000 limit always looked […]

Small Business Accountants in Fulham

Published on September 7, 2012 By admin

Running a small business is never an easy task. Starting a small business is even worse. Apart from capital input, you also need to deal with a lot of regulations as well as endless administrative tasks. When you take all this into account, almost for the first three or four months you will be doing […]

Business Record Checks on Hold

Published on August 31, 2012 By admin

HMRC has suspended the programme of business record checks. But the bad news is there will be more targeted checks on specific businesses. Early last year HMRC announced that a special task force would be visiting businesses at random to check the standard of their record keeping. Originally, HMRC intended to make 50,000 visits; this […]

The Consequences of VAT Rise on Quartely VAT Bills

Published on June 17, 2011 By admin

Rise in the VAT from 17.5% to 20% has defenitely had a big impact on small businesses and households throughout the UK in terms of their quarterly VAT. At 17.5% the UK had the lowest standard rate of VAT and the only 0% rate on food of any major EU member state.

How to Manage the Cash Flow of Small and Start-up Businesses

Published on June 9, 2011 By admin

With more and more small and start-up businesses emerging with the economic revival than it is vital that they receive the best advice possible in terms of their accounting, tax and cash flow requirements. One key area among all that many new small businesses are found foul is the cash flow. Often the issue being […]