Types of Financial Accounts for Private Companies and Filing Penalties

Considering the types of financial accounts for private companies and filing penalties that might apply is important for any business. In this article we have laid out the basic types available to assist with this. Financial Accounts Financial accounts are a historical record of your business’ performance over a past period, generally a year. They may be used for the …

Sole Trader vs Limited Company

The choice between Sole Trader vs Limited Company can be a tough one, It’s important to consider the issues and make the right decision to suit your needs. Some of the items to consider when deciding on the best option are: Limited Liability Taxation Reporting Requirements Recognition Limited Liability One of the main advantages of having a limited company is …

Keeping Good Books And Records

Keeping good books and records is an essential skill if you are running your own business. It makes it easier for you to keep track of your income and expenditure, and thus how well your business is doing. It also simplifies matters in the event of an HMRC investigation, as well as making life easier for your accountant in preparing …

Working From Home Expenses

Many small businesses operate their trade from a factory unit or an office. Under such an arrangement it’s easy to see what the business is spending on essentials like rent, light and heat and business rates. Information is readily available to decide what can – and just as importantly cannot – be claimed as tax-deductible expenses against the income of …

Manage Time and Prioritising Workload

Manage time by controlling your emails and phone calls – don’t let them control you. Ideally check at planned times, and avoid continuous notification of incoming emails. The more senior you are, the more selective you need to be about when to be available to receive phone calls. You should minimise the time that you are available to take unplanned phone calls, …

Self-Assessment Tax Returns

You are probably wondering why in August we have chosen to write about Self-Assessment, when the deadline for filing manual tax returns is 31st October 2018 and the deadline for on-line submissions is 31st January 2019. HM Revenue and Customs (HMRC) notifies individuals who must file a Self-Assessment Tax Return after the end of the tax year.  The tax year runs …

PAYE Coding Notice and Tax Refunds

Reviewing your PAYE coding notice is vitally important to make sure you’re being taxed correctly; if not you may be due a tax refund. PAYE stands for Pay As You Earn. This is the standard method for deducting Income Tax & National Insurance from your wage/salary or pension before you receive it.  It was introduced in 1944. What is a PAYE …

Trading and Property Allowances

Trading and Property Allowances From the 2017/18 tax year onward, HMRC have introduced a trading allowance and a property allowance of £1,000 each. These allowances work in a similar way to rent-a-room relief, meaning that the taxpayer has the choice to deduct either the relevant expenses from gross receipts, or the £1,000 allowance, not both. The allowances are going to …

Making Tax Digital

Making Tax Digital (MTD) is being implemented by HM Revenue & Customs from 1st April 2019.  However, for many businesses the real switch over date is much sooner.  This brief article explains why you should be thinking about MTD now and how Rawlinson Pryde & Partners can assist you. Who has to comply with Making Tax Digital? Any VAT registered business …

Summer 2018 Newsletter

Summer 2018 Money Matters For our Summer 2018 Money Matters edition, which include topical information on: Pension contributions VAT and Import Duties due to Brexit Why you should not put off your inheritance tax planning EIS and VCT updates Closing the gap on equal pay 2018/19 tax year allowance changes To view a copy please click here