What is the Construction Industry Scheme?
If you’re a contractor in the construction industry, you will likely work with various subcontractors depending on the skills that each project needs. The Construction Industry Scheme was created to allow you to deduct tax from your subcontractors’ pay at source and pay it to HMRC direct. Here’s how it works. How does the Construction […]
What’s the difference between an employee and a self-employed contractor?
When you take on a new worker, your duties and responsibilities will vary depending on whether they’re an employee or self-employed. Equally, if you’ve started working somewhere new, your relationship and your tax status will vary depending on your employment status. So, what’s the difference between an employee and a self-employed contractor, and why does […]
Making Tax Digital: what’s changed
Making Tax Digital is coming and will ultimately roll out to affect every business in the country. The Government have recently announced some changes which will affect your responsibilities. If you’ve already made preparations, you may need to change some of your plans. The changes will also affect when you need to enrol. Here’s what […]
Are you making one of these common bookkeeping errors?
Making sure that your bookkeeping is up to date might not be at the top of your priority list, but it is important. Keeping your accounts up to date gives you and your accountant the information you need to check on your business’s health. Even if you’re good at keeping on top of your records, […]
Accountant vs Bookkeeper: Understanding the Difference and What Your Business Really Needs
[vc_row][vc_column][vc_column_text] You might think that an accountant and a bookkeeper are essentially the same. After all, both help keep your financial records in check and support your business in filing tax returns. However, there are some fundamental differences between the two roles. Understanding who does what can help you make smarter decisions about the financial […]
Are you ready for the tax self-assessment January deadline?
Like Christmas, the deadline for self-assessment tax returns comes at the same time every year. Your online self-assessment must be completed by 31st January. If your accountant is completing the return on your behalf, that means getting your books over to them in good time. Getting organised with your accounts and filing your self-assessment […]
Celebrating Christmas: what are the tax rules?
It’s almost time to celebrate Christmas. Whether you’re planning a staff party or getting ready to show your customers your appreciation with a gift, it’s still essential to follow the tax rules. For one thing, it means that you don’t have to have an awkward conversation with your accountant because that expense you thought was […]
First MTD VAT quarterly submission deadline
The first deadline for Making Tax Digital (MTD) quarterly VAT submission was on 7 August where you needed to file your VAT through MTD compatible software.
What is Capital Gains Tax and when do I have to pay it?
When selling an asset, you might incur Capital Gains Tax. If the item’s value has increased, you may be taxed on the increase, not the full sales value.
The Consequences of an Overdrawn Directors’ Loan Account
A Directors’ Loan Account is a record of any money a company director takes out of the Company other than salary, expenses or dividends.