How to Set Up and Run Payroll
Employers in the UK are required to follow specific guidelines when setting up and running payroll. Here we take you through each stage so that you can prepare and run your payroll in line with the rules.
News
Making Tax Digital Key Dates
Since 2019, most VAT registered businesses with a taxable turnover above the VAT threshold (£85,000) have been required to keep digital VAT records and send VAT returns using Making Tax Digital (MTD) compatible software.
A Guide to Benefits in Kind
Benefits in kind are a way to provide employees with additional perks. However, there are tax implications for the employer, so it is important to be clear on how benefits in kind work, and how to report them to HMRC.
The Pros and Cons of Paying a Tax Bill Early
Filing returns and paying tax bills on time are accounting necessities. But what if you’re super-organised and have your returns filed well ahead of the deadlines, should you just go right ahead and pay what you owe early? Or is it best to leave it to the deadline? Here we look at the pros and cons of paying Corporation Tax and Income Tax bills earlier than the deadlines, as well as important factors to think about.
Dividend Tax Increase from April 2022
As of the new tax year, 6th April 2022, Dividend Tax will increase, affecting limited company directors who rely on dividend income to top up their salaries.
Whilst the National Insurance Contributions increase of 1.25 per cent has been widely publicised, the rise in Dividend Tax has fallen off the radar somewhat. However, it will affect a large number of taxpayers.
The Benefits of Keeping Management Accounts
Management accounts are not a legal requirement for companies, neither is there a set way to prepare them. They are however highly valuable tools when it comes to getting a clear picture of the financial position of your business, and in making strategic decisions.
The Benefits of Going Electric With Your Company Vehicle
Whether it’s concerns over rising fuel prices or availability, or a growing commitment to sustainability, many business owners are thinking about going electric with their company vehicles. And there are numerous benefits to enjoy. Driving a company-owned electric vehicle brings with it appealing taxable benefits. There is currently zero tax on Benefit in Kind for … The Benefits of Going Electric With Your Company Vehicle
6 Tax Saving Strategies for Your Small Business
Reducing your bottom line is a vital business strategy, and there will always be various ways in which you can save money. But did you know that tax is one area where you could potentially make savings? Here we set out some of the best ways a business can reduce its tax bill, legally. 1. … 6 Tax Saving Strategies for Your Small Business
How to Deal with Self Isolating Staff
A common question being asked as the new COVID variant takes hold and revised testing and isolating rules come in to play, is do you have to pay employees who are self-isolating full wage because they have been pinged by NHS Test and Trace? If so, is there any help available for employers? With the … How to Deal with Self Isolating Staff
Autumn Budget 2021 Review for Small Businesses
Chancellor Rishi Sunak delivered his 2021 Autumn Budget at the end of October, presenting a number of financial initiatives and updates that will affect the UK economy. We’ve picked out the key announcements that will impact upon the small business. Recovery Loan Scheme Extended The Recovery Loan Scheme was introduced by the government in response … Autumn Budget 2021 Review for Small Businesses
