What help is available to households, due to increased living costs for 2022?
With the ever-increasing cost of living in 2022, on 26/5/2022 the Chancellor announced grants for all households, to help with the increasing costs of heating homes. There will be different levels of help categorised as: Low-income householdsPensioner householdsDisability householdsAll households ...May 27, 2022
Tax Rates & Minimum Wage for 2022/2023
Minimum wage for 2022/2023 is dependent on the employees age: Age Rates from April 2022 23 and over £9.50 21 to 22 £9.18 18 to 20 £6.83 Under 18 &nbs...April 4, 2022
How do I add sales to Quickbooks if the customer has already paid me?
A sales invoice is the document you raise in bookkeeping when you are asking a client to pay you for your goods or services. Normally the sales invoice is raised and sent to your client, then your client pays you, and then you can mark the sales invoice as payment received. In some circumstances your customer might know your fee in advance and send the money to you before you have raised the sales invoice. In this case you can raise a sales receipt. A sales receipt is the...October 9, 2021
Changes to NI & Tax to cover Health and Social Care
From April 2022: The Prime Minister announced on 07/09/2021 there will be an increase in tax from April 2022 to cover the shortfall in funding for the NHS due to the pandemic, and to cover social care funding. As of April 2022, the extra tax will be as follows: 1.25% tax increase on employees national insurance1.25% tax increase on employers national insurance1.25% tax increase on class 4 self-employed national insurance1.25% increase on dividend tax For April 2022 to March 2023 working pe...September 10, 2021
What are the penalties for filing tax returns late?
Individual tax returns due by 31st January.Partnership tax returns due by 31st January.CT600 Corporation tax returns due 9 months and 1 day after the companies’ year end....April 10, 2021
What is the most tax efficient wage for a Director for 2021/2022?
Each year most people get an amount that you can earn tax free. For the year 6.4.2021 to 5.4.2022 this amount is £12570. A limited company does not get a tax-free amount it can earn, it pays corporation tax on all profit. Taking an income from a limited company purely as a dividend will mean you pay corporation tax on the entire amount. To claim some income tax free, it has to go through payroll as a Directors salary (Director remuneration)....April 1, 2021
How do I clear an overdrawn Directors’ loan account?
A Director/Shareholder might put money into their own limited company and then later they pay themselves back. This movement is shown in the accounts as money coming into the limited company as a loan from the Director, and then money going out of the limited company to pay the Director back. A Director/Shareholder earns income from the limited company by running some income through payroll, and then taking other income as a dividend. The payroll amount should be the most tax e...March 27, 2021
Work out if someone is self employed or should be on payroll.
If you appoint a contractor or subcontractor to work with you, and they are not genuinely self-employed, you can become liable for the tax and employers’ national insurance of that person. Simply registering with HMRC as self-employed Is not enough. HMRC will check if the way the person works is in line with being self-employed....March 20, 2021
Changes to IR35 off payroll working from 6th April 2021.
For medium and large sized businesses, (you meet 2 of the 3 conditions below to be a medium or large sized business): You have an annual turnover of more than £10.2 million.You have assets before deducting liabilities on your balance sheet of £5.1 million.You have more than 50 employees. You will need to complete a Status Determination Statement (SDS) for each subcontractor you appoint, to decide how the tax and national insurance is to be dealt with for the subcontractor. Is it the resp...March 13, 2021
Chancellor Budget announced on 03/03/2021 & Tax Rates 2021/2022
The furlough scheme was due to end in April 2021 but has now been extended to end of September 2021. Employees will continue getting 80% of salary for hours not worked, up to £2500 per month. The scheme will now close at the end of September 2021: Up to June 2021 Government pays 80% of hours not worked. July 2021 ...March 3, 2021
When will the January 2021 Covid 19 lockdown restrictions be lifted?
Following the announcement by the Prime minister on 22nd February 2021, a road map has been set out to start lifting the January 2021 Covid 19 lock down. Before announcing the road map, it was stated that 17.5 million people have been vaccinated to date. It was also stated that although restrictions hope to be eased, the easing would result in an increase in infections of the virus. However, the economy and mental well being of the population will not survive a much longer lock...February 23, 2021
What VAT rate is charged on renovating an empty residential property?
You may be able to charge 5% reduced rate vat if you are renovating empty residential premises if the property has not been lived in during the 2 years immediately before you start the renovation. The property must be a qualifying residential premises. The renovation or construction of a garage on the qualifying property can also qualify for the reduced rate of vat if the work is done at the same time as the property renovation, and the garage will only be used for residential purpos...February 20, 2021
What is the Construction Industry Domestic VAT reverse charge?
The Construction Industry Vat Reverse charge applies from 1 March 2021. The new rules mean customers account for the suppliers output VAT where domestic vat reverse charge applies. It applies to construction supplies made from one business to another business, that fall under CIS. It means the customer will no longer pay VAT on CIS supplies to the supplier but will stop the VAT and pay it directly to HMRC....February 8, 2021
What Support is Available to Businesses for the January 2021 Covid 19 lockdown?
The Chancellor made an announcement on 5th January 2021 that additional support would be available in the form of 1 off top up grants to help businesses who have to close due to lock down and are in the following sectors: Retail, Hospitality, Leisure The 1 off grants will be as follows: £4000 for a business with a rate-able value of £15000 or under£6000 for a business with a rate-able value between £15000 and £51000£9000 for a business with a rate-able value over £51000...January 7, 2021
How can I feel more in control with the Cash Flow in my business?
A cash flow projection is a table showing how much money, you project, will come in and go out of your business over the coming months. It is a guide that can help you make key business decisions....December 19, 2020
I Don’t Understand My Business Accounts
Business accounts are a vital tool that helps the Business stay on track and keep growing and moving forward. At the end of the business year a set of accounts is created to show the: Profit & Loss of the Business at the year-end Balance Sheet at the year-end Some Financial Notes explaining who the owners are...December 12, 2020
How do I save for Christmas?
Christmas is the most wonderful time of the year, but it can also be very stressful as you try to find time to run a business AND keep everything together for Christmas. It is one holiday that needs a Project Manager. There is also the cost of Christmas which can go into the thousands with presents, food, decorations etc. Below is a guide of how to save for Christmas, and how to take every step this year so you have a map for Christmas every year. Following th...December 12, 2020
Should I be a Partnership or a Limited Company?
There are 3 main types of trading: Sole Trader – This is 1 person trading in business alone as self-employedPartnership – This is 2 or more people trading in business togetherLimited Company – Either a Sole Trader or a Partnership can decide to trade as a Limited Company. ...December 4, 2020
What are the new rules after we leave the EU?
From 1st January 2021 the new rules for import, export and working with the EU will change. All businesses should be preparing now so you are ready for 1st January 2021....November 27, 2020
I Need Help with My Bookkeeping
We will: Ensure all your Bookkeeping is compliant and reconciledGive you a true vision of how your business is doing as you goAllow you to focus on other areas of your businessFree up your time so you can do the things you loveGive you up-to-date, reconciled data for year-end, meaning you do not have to gather the information at year-end to send it to us.Discount your year-end accounts, if we complete your Bookkeeping.Future proof your Bookkeeping, so you are well prepared for the government pla...November 20, 2020
What help can I get for the November 2020 lock down?
The Furlough scheme has been extended for November 2020 to March 2021. The Furlough scheme was due to finish at the end of October 2020 but is being extended to cover November 2020 to March 2021. The Employee should still receive a minimum of 80% of their salary for hours not worked and the Employer can top this up to 100% of hours not worked. The Grant recovered from the Government will be as follows: MONTH ...November 14, 2020
How can I pay my staff after Furlough ends?
Furlough also known as the Job Retention Scheme will end on 31st October 2020. After this date, the available support for paying staff is the Job Support Scheme. The Job Support Scheme (JSS) will open on 1st November 2020 and run for 6 months. JSS is split into 2 parts, JSS Open where the business can stay open or JSS Closed where the business has a legal requirement to close due to lockdown rules....October 27, 2020
How much does an Accountant cost?
We work with business owners who have a passion to grow their business. Our service is a FORCE guiding you throughout the year, not just a calculator at the end of the year. We take the time to get to know your business and work out a custom price based on what services you need. We hold an initial telephone conversation to find out what you are struggling with, followed by a free, no-obligation consultation so we can get to know you and your business needs. We listen to your: ...October 8, 2020
How can I keep my Business going after Furlough ends?
As once said in Star Trek, we continue to trek Covid 19 while restrictions are eased. We now must balance safety with normality and find a new normal. As lockdown eases further in July 2020 we have to find a way to move forward together, to survive and thrive. The Chancellor made the following announcements on 8th July 2020 listing all Grants, Price Cuts & Vouchers available to Employers, Families & Home Owners so: Your Business can surviveYou Keep your staffYour home & family can thrive ...July 8, 2020
What is the Tax-Free allowance for 6th April 2020 to 5th April 2021?
The tax-free allowance is the amount of Gross Income you can earn in a year without having to pay any tax. The tax-free amount is set every year in the budget and is announced by the Chancellor....June 24, 2020 Posts 1-25 of 27 | Page next