If you purchase an asset for your business, like machinery, tools or a car, you can’t deduct the amount from your profits as you would with general expenses. However, the expense may be (more…)
Starting your own business can be a lengthy process as you spend time and money establishing your own company. Buying an existing company can be a quicker and easier process, although it can have disadvantages. It’s important to spend time and effort searching for a business which is right for you. Although a business is already established, you will find that (more…)
Outsourcing to an accountancy firm is occasionally considered an unnecessary expense by a company, especially small businesses which may be struggling on a tight budget. However, accountancy fees don’t have to be exorbitant, as online accountancy keeps costs low.
If your business is small and you have the time to search through business guides for relevant legislation changes, maintain a payroll, deal with tax and National Insurance plus VAT, then you may not need an accountant.
However, failing to comply with HM Revenue & Customs, employment legislation and the submission of forms and tax returns will result in large penalties and interest payments. Outsourcing to a low cost accountant will ensure your business remains compliant with HMRC and relevant legislation, in addition to staying within filing deadlines.
Accountancy fees used to be paid throughout the year, dependent upon the work carried out and time spent on your administration. A number of accountants now provide a fixed fee service which is based on the work you require. The fee is typically paid on a monthly basis and will remain the same unless the work required alters. A fixed fee enables simple budgeting, especially useful for a smaller business, while work is carried out in a timely manner.
Obtain a number of quotes from various accountants before finally making a choice. A reputable accountant will offer an online service with fixed fees available. The investment in a reliable accountant will minimise your tax bill, while ensuring you avoid large unexpected penalties and interest payments.
When you decide to start a new business, there are a number of factors to be taken into consideration. One of your initial decisions to be made is whether to become a sole trader, limited company, limited liability partnerships or a partnership. Becoming a sole trader is the (more…)
Company directors have a specific duty to ensure the success of a business. Directors are also responsible for a company remaining compliant with (more…)
There are strict regulations which apply to the import and exportation of goods to EU countries. There are also a number of forms that have to be completed when exporting goods, and evidence which has to be retained. (more…)
The VAT registration threshold for all businesses is £73,000. However, the threshold for distance selling is different. (more…)
Your end of year tax bill may not be the same as the tax calculated on your self assessment. This is because it may include an amount which is owed from a previous year, known as ‘balancing payments’ or ‘payments on account’ for the present tax year. (more…)
The state pension age is defined as the age that you must reach before you can access your state pension, although you can defer it if you wish. (more…)
A large number of employee benefits are subject to tax and National Insurance Contributions, but not all are taxable. Benefits that aren’t taxable have strict criteria which should be met, or you could find yourself being taxed. (more…)