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Climate Change and Sustainability

Extreme heat episodes do occur naturally because of changes in global weather patterns. However, the recent rise in the frequency, duration, and intensity of these occurrences is connected to observed global warming and may be attributable to human activities. The likelihood of 40°C days in the UK is up to ten times greater in the current environment than in a natural climate undisturbed by human influence. The chance of temperatures topping 40°C everywhere in the UK each year has also been st...

Tax free benefits available for employees

Benefits-in-Kind  In addition to wages and salaries, many reward packages include other items such as the provision of a car, health insurance or childcare. The employer may also choose to pay certain bills on behalf of the employee, like in respect of a home landline or utility bills. These are often referred to as Benefits-in-Kind, BIKs or simply ‘benefits’.   Are Benefits Taxable?   You need to be aware of the fact that these perks might seem pleasing but are not ...

Self-employed or Limited Company explained

There are plenty of reasons to become self-employed. As experts, we are happy to take you through a short guide of HMRC’s Tax regulations and legal requirements of becoming self-employed. We will ensure you understand the advantages and disadvantages of being self-employed so you can choose the best option to suits your needs. The advantages of being self-employed are as follows: Quick and easy:  easy registration Flexibility and control: You will have more control and flexibility over y...

Self-Employed Expenses You Can Claim

When it comes to completing your tax return, you may be confused as to what expenses you can claim. We’ve put together a guide to help clear things up for you to help you save as much as possible: Day-to-day expenses If you work from home you can claim for the use of home expenses on your tax return such as electric, lighting and heating. If you do not have a business mobile phone and your personal mobile phone is used for your business as well as personal use then you can also claim for a p...

Why Should Small Businesses Use Xero?

Why Should Small Businesses Use Xero? Being your own boss, realising a dream, flexible working hours; these are just some of the many reasons for starting and running your own business. A passion for bookkeeping and accounting, however, is rarely a motivating factor. (With the exception of bookkeepers and accountants, of course!). The good news is that cloud accounting software, like Xero, can make this aspect of your business easier and simpler, freeing you up to focus on the tasks you most e...

Filing Your Self Assessment Tax Return

How to successfully file your tax return Who needs to register as self-employed? Self employed/freelancersIf your savings and investments are £10,000 or more (before tax)If you have property income which is £2,500 or more Dividends of £10,000 or more (before tax)If you’re a company directorIf you’re a partner in a partnership ...

Business Expenses

Expenses you should be aware of It is impossible to run a business without spending money on it, no matter how big or small the business is. The allowable expenses that can go under the business expense category are payments made for the sake of business operation. To help economic growth and support, you should know how these expenses impact your business and how they can be controlled to ensure financial health.What are the overheads business expenses? These types of expenses occur inactively ...

Budgeting

Let’s first consider what budgeting means in simple words. The basic meaning of budgeting is to have an estimated idea of how much money is earned and how much needs to be spent both short and long term. It’s more like programming your spending. Although budgeting is considered a non-essential task to be carried out for a business, but it is an import element of success. In accounting budgeting plays a huge role in keeping up the business. To be able to make mindful decisions it is very impo...

Making Tax Digital

Always wanted to run your own business but couldn't due to complications with HMRC and earnings? Well maybe now is the best time for you to start! HMRC are bringing an end to all complications raised regarding your tax by simply requiring you to send quarterly updates of your income. Not only will the complications disappear, but say hello to a range of new benefits with the Digital Tax update! Foundations of Making Tax Digital 1) Better use of information This process will eliminate customer...

Making Tax Digital - Part 2

Making Tax Digital for individuals The Personal Tax Account enables individual's information to be stored in one online place. Individuals are entitled to access the service at any time that suits them best from a digital device of their choice. The Personal Tax Account also allows customers to see how much tax is required to pay and to update their information if required. Currently, HMRC receives information from a variety of sources; these are held on separate stand-alone systems. ...

The Flat Rate VAT Scheme (FRS) is Changing

The Flat Rate VAT Scheme (FRS) is Changing If you haven't already heard, changes to the Flat Rate VAT Scheme (FRS) will be coming into effect from April 2017. These changes will affect the majority of small businesses who currently rely on FRS to simplify the VAT process. HMRC has encouraged small businesses to take advantage of the scheme since it was first introduced in 2002. Under FRS, businesses with an annual turnover of less than £150,000 have been able to issue VAT invoices to their cu...