If an employee or company director is required to travel for work or work remotely for an extended period away from their usual office, their employer might cover expenses such as accommodation, meals, transportation, and other essential costs, referred to as subsistence. Subsistence while working away from the office typically refers to the necessary expenses incurred to sustain oneself while … Read More
What do I need to prepare my year-end accounts?
Preparing year-end accounts is a crucial task for all businesses. It is a meticulous process that requires attention to detail and accuracy. To ensure a smooth and accurate year-end accounting process, here’s some essential steps and considerations: Why is it important to prepare year-end accounts? Preparing year-end accounts is a meticulous process that requires attention to detail and accuracy. You … Read More
From November 2023 HMRC will remove paper VAT registration
From November 2023, HMRC (Her Majesty’s Revenue and Customs) has advised that businesses and their agents should apply for VAT registration through the VAT Registration Service, as the paper VAT1 form will be removed. HMRC has stated that “it’s the quickest, most secure, and easiest way to register, and over 95% of their customers already use this service)”. You will, … Read More
Can I pay for Spotify and Amazon Prime through my Business?
We often see clients that put Spotify and Amazon Prime subscriptions through their business as an expense, because they use them in their everyday business life, but are they an allowable business expense? In the world of business and taxation, it’s no secret that managing expenses is crucial in maintaining profitability. Business owners often rely on tax deductions to ease … Read More
Paying for fuel through a business without a company car
Many business owners find themselves using their personal vehicles for work-related tasks. While it may seem convenient to pay for fuel through a business account when you don’t have a company car, it’s crucial to follow the proper procedures by submitting an expense claim instead. How should I report my business travel? If you do not have a company car … Read More
What steps should I take as a Director, when taking dividends from my Limited company?
As a director of a UK limited company, it is important that you do not take dividends in excess of available profits. Taking too much money out of a business in the form of dividends can result in financial difficulties for your company and can also lead to personal liability for the directors. How much in dividends can I take? … Read More
Are you a business owner who dreads doing your accounts?
Are you a business owner who dreads doing your accounts? Don’t worry, you’re not alone. Many people find accounting tedious and boring. But it doesn’t have to be that way! How can I make doing my accounts more interesting? Here are some tips for making accounting a bit more fun and interesting: Why do I find doing my own accounts … Read More
Being a Disability Confident Committed Employer
In today’s diverse and evolving workforce, creating an inclusive environment is no longer just a moral imperative. One crucial aspect of fostering inclusivity is being a Disability Confident Committed employer. What is Disability Confident? Disability Confident encourages employers to think differently about disability and take action to improve how they recruit, retain and develop disabled people. It was developed by … Read More
What are accruals and why should they be posted to the accounts to give a true picture of finances?
Accruals are amounts of money that have been earned or spent but have not yet been received or paid. It may be money that you know you are going to be paid by a customer or money you owe to a supplier or employee. These transactions are recorded in the accounting records as they occur, rather than when cash is … Read More
New Changes the to VAT online account from Monday 15th May 2023
From Monday 15th May 2023 there are new changes to the VAT online account, and you will no longer be able to use your existing VAT online account to file your annual VAT returns. All VAT-registered businesses must by law, now use Making Tax Digital (MTD) compatible software to keep their records and file VAT returns. What do you need … Read More
