Who Pays More Tax? Self Employed or Company Director?
So who pays more tax? A self-employed sole trader or a director in a limited company? Who pays more tax? This is a question that plagues the accountancy business because the answer will depend on your attitude to your own company. All accountants make more money from limited companies than self-employed individuals, and they will […]
Why would anyone use Cash Accounting?
As part of their Making Tax Digital initiative, HMRC have been running a consultation to get opinions about persuading small self-employed and partnership businesses to use ‘Cash Accounting’ making the argument that it’s “much easier” and you “don’t need an accountant”, etc. because all you need to do is categorise your bank transactions into the […]
Cash Accounting or Standard Accounting: The Difference
Standard Accounting or Cash Accounting: The Difference General Explanation Cash accounting is the most straightforward system to use and understand because it maps exactly onto the monies that you receive and pay. This means that your profit and/or loss can be calculated from only your bank (and cash) transactions. With regard to taxes, it means […]
What is the best company structure for my new business?
What is the best company structure for my business? Deciding on the Best Company Structure In the UK there are only four options for a company legal structure, and all of them have their advantages and disadvantages. However there are a great number of misconceptions about the relative merits of some of the company types […]
Should I have a separate business bank account?
Should I have a separate business bank account? Yes of course, is the short answer to this question. Even although it might be a hassle to set up a separate bank account for your business, and it might cost you a monthly service charge, it is absolutely worth it. Here are the reasons:- It makes […]
CSV Files Download Instructions
CSV Files: Download Instructions Downloading CSV Files from your Bank For us to be able to do our clients accounts at a reasonable cost it is important that our clients are able to download CSV files from their bank accounts and email them to us. A CSV file is a form of ‘spreadsheet’ file made […]
Your First Self Assessment
Your First Self Assessment Tax Return When you do your first self assessment tax return, it’s important that you get things right: This is because when you first start up a new business you are allowed to claim capital expenditure deductions against any equipment that you already own, that is now to be used in […]
Pensions Tax Relief
Pensions Tax Relief Everyone who pays into a pension scheme is entitled to pensions tax relief. Depending upon how your pension deductions are arranged, you may be entitled to more pensions tax relief than you are getting. Millions of people in the UK are entitled to additional pensions tax relief that they are not claiming. […]
Using Spreadsheets for Your Accounts
Using Spreadsheets for Your Accounts Using spreadsheets to do your accounts used to be the standard way of doing things until the advent of database type specialised accounts programs, such as Sage, Xero, Quickbooks, FreeAgent, etc. A spreadsheet is an easy way to get your business transactions to us to do your accounts. We will […]
CSV Files Download Restrictions
Bank CSV Files: Download Restrictions You would think that banks would allow you to download any of your transactions whenever you require … unfortunately this is not the case. Some banks and building societies impose restrictions on the dates and transaction numbers of the CSV files that you can download. Here are some typical problems:- […]