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Self Assessment
The UK self-assessment system has its quirks and nuances, and understanding how to stay compliant is crucial to a smooth and stress-free income tax process. From early paper deadlines to penalties for late-filers, self-assessment holds a few surprises. As always, a professional accountant can help you navigate the process successfully, make the most of available…
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Personal financial planning 2024
SPOTLIGHT ON: Personal financial planning in 2024: New year, new strategy. The new year marks the start of new beginnings, so there’s no better time to revisit your personal financial strategy. Drawing up an economic plan with clear, achievable goals can improve your long-term financial health and help protect you and your family against external…
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News Round-Up Dec 2023
UK accountants demand HMRC service improvements A recent survey from the Association of Chartered Certified Accountants (ACCA) has shed light on the challenges UK accountants face when dealing with HMRC services. Over 90% of respondents expressed the urgent need for HMRC to improve its service across several key areas. The survey, which involved 207 ACCA…
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Tax and your Christmas Party
As 2023 draws to a close, many employers will be looking for ways to reward their teams’ hard work. But how can you do that in a tax-efficient way that benefits both you and your employees? Thankfully, showing your appreciation doesn’t need to cost the earth. In most cases, work Christmas parties and gifts for…
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Sole trader verses limited company
So you are thinking of setting up in business. The first thing to say is that the decision about what trading vehicle to use is not the be all and end all. If you set up as a sole trader, you can incorporate at a later date, all be it at more cost. This post…
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VAT Accounting Schemes
In contrast to standard VAT accounting, there are several alternative ways you can account for VAT that could save you time and money. Annual Accounting The main advantage of using Annual Accounting is that you only prepare one VAT return a year, so the burden of paper work is much less. You will have to…
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Starting out
Now you are trading, be it through a sole trade, a partnership or an LLP, what do you need to do next? Sole Trader First, you need to register your business with HMRC – click here for the link. Next, your accountant, tax agent or adviser acting on your behalf, will need to apply to…
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Employed v Self-Employed
When considering whether to set up as self-employed, it is important to ensure that you meet the conditions set by HMRC, otherwise they could deem you to be employed, and the liability for employers NIC will fall on your “employer”. If the answer is ‘Yes’ to all of the following questions, it will usually mean…