How to use the VAT annual accounting scheme for your business

Payroll

All businesses, whether sole traders, partnerships or limited companies, are required to register for VAT when their annual turnover reaches the VAT threshold. This is currently £85,000. Many businesses will choose to register for business and commercial reasons, such as increased cashflow, prior to reaching this threshold. Once registered, businesses have to abide by a […]

What is employment allowance?

Employment allowance

Employment allowance is something every business with employees contributing National Insurance should be aware of. With employment allowance liable to change in any given year, companies should be keeping abreast of it – or at the very least, enlisting the help of a chartered accountant who can do on their behalf.

Year-end accounts: What to expect and how to prepare

year end accounts

Year-end accounts can easily present a nightmare for companies when the time comes. Not only is it easy to get them wrong, but there is the threat of fines for mistakes and late payments. With something so important only coming around once a year, year-end accounts are easily forgotten and the process can become rushed […]

Paying a dividend from a private company

Paying a dividend from a private company

If your private limited company has had a successful year in terms of profits, you may want to pay a dividend to shareholders. This is a standard way of rewarding them, or else paying yourself if you are the sole shareholder of the company. Paying a dividend from a private company is not something that […]

How Much Corporation Tax Should I Pay?

Calculating Corporation Tax

Corporation tax applied to trading profits and sold assets, and the time periods in which applicable companies must pay their bill are stringently enforced. Knowing how to calculate corporation tax is an essential element in an accountant’s toolkit, but business owners and company directors can also benefit from knowledge of how corporation tax works. If […]

Filing Your Company Tax Returns

File Company Tax Returns

Company tax returns are one of the numerous formal obligations you face as a business. As well as keeping track of profits and weighing up expenses, and before you can know how much corporation tax you need to pay – if any – you must also file your company accounts and tax returns. Filing your […]

Can a Small Business Get a Tax Refund?

Small Business Tax Refunds

Working out taxes as a small business can be a tricky task. Knowing what you are – and are not – liable to pay against eligible relief and allowances can mean calculations are often not the most straightforward. Your small business may be eligible for a tax refund to help ease the amount due to […]

What Taxes do Small Businesses Pay?

Small Business Tax

Taxes are an inevitable expense of any small business, but not all tax bills are equal. The amount of small business tax to be paid differs, for instance, between a sole trader and a limited company. Let’s take a look at the taxes that a small business can expect to encounter and which ones you […]

How long should an accountant keep client records?

How long do accountants keep client records

Keeping records is incredibly important for a business. They prove that you’ve met relevant obligations, and that the claims you make in regard to financial goings-in and out are substantiated. Accountants need to hold on to records after they’ve been sent to HMRC and Companies House for the purpose of annual accounts. But for how […]

Is it a legal requirement to have an accountant?

Do you need an accountant to file accounts

Having an accountant on side for your business can do so much for your financial health and organisation. However, despite the strengths of a chartered accountant, it isn’t a legal requirement to employ their services. What about your statutory obligations to HMRC and Companies House? Do you need an accountant to file accounts or to […]