If you own a business of any size, it is inevitable that you will have to pay certain kinds of tax. For new businesses and start-ups, working out which taxes apply to you can be daunting and confusing. Not paying the correct tax or missing deadlines can have very negative consequences to your business. To […]
Many start-ups or small business owners face an important question when it comes to their business finances: should I hire an accountant? Some business owners assume that they can manage their finances on their own and don’t need external help. However, accounting can be a long and complicated process and if done poorly, can impact […]
Thinking about taking on an employee is an exciting step for your business. It signals business growth, and that your business is in the process of developing as you want it to. Payroll can be a difficult process, however, if you insist on handling it yourself. Even one employee’s payroll can be time-consuming and complicated […]
As a new business, it can be difficult to negotiate your tax obligations. Starting your business has been a complex enough process, but now on top of handling your cash flow you need to provide self assessment tax returns. This can seem like an impossible challenge, and one you simply don’t have time for – […]
There may have been less focus in the news about Brexit over the last few months but the UK has now left the EU and from 2021 the operating environment for UK businesses will change significantly. Throughout the whole Brexit process all business owners have been concerned about how Brexit would impact their businesses. To […]
P45 You’ll get a P45 from your employer when you stop working for them. The P45 shows how much tax you have paid on your salary so far in the tax year. All employers are legally obliged to give all employees a P45 when they leave. There are 4 parts to a P45. (Part 1, […]
When 31st January comes around, every business owner and sole trader who has earned in the previous year needs to have a taxation assessment filed with HMRC.The deadline soon creeps up, and many people will now be panicking about their taxes and trying to get everything in order. If you are struggling with your return […]
With Christmas nearly upon us you may be thinking about rewarding your staff for all their hard work in 2019. As an employer you have certain tax and National Insurance obligations to fulfil on any bonuses paid. If you decide to give cash as a Christmas bonus you’ll need to add the value to your […]
With Christmas just around the corner parties have been booked and everyone is looking forward to some festive cheer. Found out how you can entertain your employees and make the Christmas party tax deductible when it comes to your accounts. You can claim for an annual party (it doesn’t have to be a Christmas party […]
We all know how important it is to plan for retirement and since the introduction of automatic enrolment a vast number of people in employment are saving through the many schemes available. With calls to raise the age of retirement significantly over the next 15 years, forward planning and saving through a pension seems more […]
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