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How much interest do HMRC charge?
HMRC expect everything you owe them to be paid on time and in full – but you already know that! Less well known though is they’re willing to help both personal and corporate tax payers if they’re unable to meet their obligations by the date due but, and this is important, you first must apply…
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We are Black and White
The last 12 months have been more fun than anyone could have anticipated or planned for. Today we have sent out Happy New (Tax) Year cards, or Thank You cards to all our clients, as more than ever, we want to make you aware how grateful we are for your business and how we are…
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How to work out VAT
One subject us tax accountants get asked the most is Value Added Tax (‘VAT’). What in theory should be quite a simple tax is actually really hard for many business owners to administer in practice. In this article, we’ll cover everything from how to work out VAT to when you need to add VAT to…
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How to close a limited company
Around 10% of businesses close each year for a variety of different reasons. It could be that the owners want to retire, a company is bought out and merged into another, or a business runs into financial difficulty and it can’t meet its creditors’ bills. Unfortunately for directors and shareholders, closing a limited company is…
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What is HMRC Time to Pay (TTP)?
In the ten years and more since the financial crisis of 2008-2009, HM Revenue & Customs (HMRC) have agreed many more late payment plans to help out individuals and companies who temporarily do not have the money needed to settle their forthcoming tax bills in full. Self-employed individuals and directors can spread the cost of…
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What is Management Accounting?
The work of a management accountant goes far beyond the scope of recording and updating the financial information of a business so that it complies with HMRC’s quality standards. Managerial accountants build their career on working with leadership teams and senior managers within ambitious companies. They provide directors with detailed financial and non-financial performance information,…
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Cash versus accrual accounting
Cash vs accrual accounting – which should you choose for your business? Before you can answer that properly, you’ll need to know exactly what the accrual accounting method and the cash method of accounting are and what the advantages and disadvantages are of the two different approaches to financial recordkeeping.
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Building Business Resilience
Right now, a number of our clients are feeling that their resilience and their ability to rise to challenges in order to ensure their business continuity are being stretched to the limit. As a business owner myself, I can entirely empathise. We may be coming out of lockdown soon (in theory), but the effects of…
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Auto Enrolment Pension Rates
First introduced in 2012 and rolled out to all businesses over the following six years, workplace pensions have changed the way in which employers provided their staff with the opportunity to save for their pensions. Prior to its introduction, employers were not obliged to offer a scheme and, if they did, their employees had to…
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HMRC Coronavirus Fraud
During the Coronavirus (COVID 19) crisis, the national debt has risen significantly as the Government has had to borrow huge sums of money to protect people’s livelihoods, businesses, and health. The first national lockdown ordered by the government on 23 March 2020 plunged the country into its deepest recession for three hundred years and, while…