If you set up a limited company, is appointing an accountant to look after your affairs a statutory requirement, or can you take care of your accounting duties yourself? Despite what you might expect, there is no legal requirement for small companies to use an accountant, and companies are entirely exempt from being audited if […]

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If you’re a sole trader, or running a business as a partnership, and turn over £81,000 or less per year, your business could take advantage of the new ‘cash basis’ accounting scheme, potentially saving you time and money. Cash basis accounting The scheme, which is open to all unincorporated businesses with income below this threshold […]

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The Annual Investment Allowance (AIA) is a 100 per cent allowance for tools and equipment capped at an annual amount. This means that all expenditure within this capped amount can be written off against the taxable profits for the same period. Expenditure over that amount is subject to the normal writing down allowances of 18 […]

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The new employment allowance could cut your bills by £2,000. But are all businesses eligible and what effect does this measure have on remuneration planning for a one-man company? The employment allowance (EA) became available to employers from 6 April 2014 to set against their secondary (employer) Class 1 NI liability (National Insurance Contributions Act […]

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Your company is acquiring the business of an unincorporated competitor. This business has previously prepared its accounts using the cash basis – how should you bring it into line with standard accruals accounting? Cash basis of accounting What is it? Under cash basis accounting transactions are recorded when the cash related to them is paid […]

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Your accounts for last year show a profit and you’re meeting with your fellow directors to decide whether it should be paid out as dividends. As tax will play a major part in your decision what are the most efficient options? Dividends procedure In most companies the directors can decide when to pay interim, but […]

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How to avoid penalties for late accounts The deadline for filing your accounts with Companies House is just days away and your accountant has fallen ill. There’s no chance of the figures being finalised in time so how can you avoid being fined? Late filing penalties Companies House (CH) is notoriously inflexible over deadlines for […]

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Employee benefits and tax   Employee benefits can give rise to a complicated tax and National Insurance (NI) considerations.  You need to ensure that your payroll systems deal with employee benefits properly including completing P11D returns. Various regulations have been introduced to reduce the tax advantages of employee benefits, ensuring that most of them are […]

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A business has contacted you offering to add a few hundred unique “likes” to the company’s Facebook page. These could open the door to more potential customers, but is paying for Facebook likes ever a good idea? Facebook presence As you probably know, if someone clicks on a Facebook like button whatever it is they’ve […]

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Keeping your company records in line with legal requirements can involve a great deal of red tape. But what’s actually needed and how can you keep time spent on admin to a minimum? Legal paperwork As a director your main concern is making your business successful rather than being a slave to record keeping. But […]

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