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November 30, 2016 | By Chris Williams |
The report summaries the changes that have been made in various areas of taxation and the dates on which they become effective. Autumn Statement 2016 The main areas for Small Businesses are: The end of the Autumn Statement Increase in the National Living Wage to £7.50 an hour from April 2017 The rate of corporation tax will reduce to 17% by 2020 Income Tax allowance to increase to £11,000 and […]
November 17, 2016 | By Chris Williams |
Things to consider when starting a business. To view the full report click here: Starting a Business Last year 608,110 businesses were incorporated according to data from Companies House. This is a year-on-year increase of 26,937 on the 581,173 businesses started in 2014. However, figures from the Office for National Statistics show that 55% of new businesses fail within 5 years. In order to avoid becoming part of this statistic, […]
August 18, 2016 | By Chris Williams |
Click here to view the: August 2016 Newsletter New system to challenge business rates outlined A system to allow businesses to check and appeal business rates bills has been announced. The aim is to ensure that disputes are settled more promptly. Currently, over 955,000 appeals have been submitted against rating valuations but less than 2% of business rates appeals proceed to a tribunal hearing. The new process is part of the […]
July 27, 2016 | By Chris Williams |
A guide to tax-efficient profit extraction for business owners, to view the full report click here: Extracting Profits From Your Business Owning and running your business is a tough proposition but it is vitally important that people continue to do it. As well as the rewards that come from hard work and determination, there are also monetary benefits to running your own business. There are a variety of ways in […]
July 6, 2016 | By Chris Williams |
Click here to view the July 2016 Newsletter Businesses will require software for digital tax accounts Businesses will need to submit their tax and financial information quarterly using software that's compatible with HMRC's systems. In a letter to financial secretary to the Treasury David Gauke, Andrew Tyrie, chairman of the Treasury Select Committee, said that submitting records in a "prescribed digital format" would bring a financial burden to small firms […]
July 1, 2016 | By Chris Williams |
Auto-enrolment for businesses to view the full report click here Auto Enrolment A guide to staying compliant with auto-enrolment. Auto-enrolling employees into a workplace pension scheme is a legal requirement for all businesses, from those employing hundreds to those with 1 or 2 people on the payroll. Over 6 million workers have been enrolled since 2012, with a further 1.8 million due over the next 2 years as the process […]
June 15, 2016 | By Chris Williams |
Click here to view the June 2016 Newsletter Keeping people with significant control registers It is now a legal requirement for companies and limited liability partnerships (LLPs) to keep a people with significant control (PSC) register from 6 April 2016. A PSC register lists individuals with ‘significant control’ over a company. All information on the PSC register must be delivered to Companies House at least once a year from 30 […]
April 20, 2016 | By Chris Williams |
For a full copy of the newsletter click here: April 2016 Newsletter the edition looks at the following issues: Lack of management skills limit business growth A lack of leadership and management skills may be inhibiting the growth of businesses 150,000 secure home ownership from Help to Buy More than 150,000 people have bought a home using the Help to Buy Scheme since its launch in 2013 National living wage: employer responsibilities […]
March 23, 2016 | By Chris Williams |
The report summaries the changes that have been made in various areas of taxation and the dates on which they become effective. Budget 2016 The main areas for Small Businesses are: Abolishment of Class 2 National Insurance Contributions from 2018 Business rate threshold will rise to £15,000 from £6,000 The rate of corporation tax will reduce to 17% by 2020 Income Tax allowance to increase to £11,000 and £11,500 from […]
March 8, 2016 | By Chris Williams |
For a full copy of the newsletter click here: March 2016 Newsletter the edition looks at the following issues: Pension freedom barriers to be removed The government has introduced a range of measures aimed at removing barriers that may be stopping people from being able to access their pensions. Government productivity plan lacks focus The government’s productivity plan has been described as a "vague collection of existing policies" by the Business, Innovation […]
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Sales invoices, or list of income received and how this has been received i.e. cash, bank transfer, cheque or if it you are still awaiting payment.
Yes, under new Real Time Information RTI rules, all staff paid even on a casual basis need to be paid under a PAYE scheme.
Self-assessment tax is paid on the 31st January each each, you may need to make payments to next years tax on 31st July if your tax is over £1,000.
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