Business accounting
Management accounts – Why SMEs should embrace regular reporting
Jan 30, 2024
Consistent financial reporting needs to be a core part of your financial strategy to ensure sustainable business growth. Naturally, year-end accounts will form the backbone of your reporting – but, for a full picture, don’t stop there. To properly carry out your ...
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New payrolling of Benefits-in-Kind (BIK) system: A guide for SMEs
Jan 25, 2024
From April 2026, small and medium-sized businesses will be required to report and pay taxes on employee benefits like company cars and accommodation directly through their payroll software. This change eliminates the need for separate paperwork and simplifies the process. Ultimately, the ...
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Understanding salary and dividend payments for business owners and directors
Jun 29, 2023
As an owner or director, it may be possible for you to pay less tax on your income from your company through dividends. Dividends are a portion of a company’s profits and can be paid out to directors and owners depending ...
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Managing an Overdrawn Director’s Loan Account
Jun 27, 2023
Are you a company director contemplating a loan from your own business? If yes, it's crucial to understand the workings behind the Director's Loan Account (DLA) and the implications of an overdrawn director’s loan account (ODLA). Director’s Loan Account A DLA is ...
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Major pension reforms sparks rethink for UK savers
Jun 08, 2023
Several significant changes were announced by the Government in the 2023 Spring Budget regarding the annual allowance and the lifetime allowance. These changes affect the amount of tax-free contributions individuals in the UK can make towards their pensions, which may have ...
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Corporation Tax: Upcoming filing deadlines and reminder about recent amendments
Jun 06, 2023
Recent changes HM Revenue & Customs (HMRC) made to the rate of Corporation Tax mainly affected larger businesses in the UK. As of April 2023, companies that generate a profit of more than £250,000 during their accounting period will pay a ...
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Employee expenses and benefits: How to submit a P11D form
Apr 25, 2023
Do not be stung when rewarding employees. Avoid penalties on employee benefits by correctly submitting P11D forms. ‘Benefits in kind’ are great perks for employees and a great way for employers to show their appreciation for hard work and valuable contributions. But ...
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The importance of financial reports as a business owner
Apr 18, 2023
As a small business owner, you will be in charge of many things and must juggle many responsibilities. From managing employees to targeting new customers, there are countless tasks that require your attention. One aspect of running a successful business that cannot ...
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Invest in your peace of mind: How an accountant can reduce financial stress
Apr 04, 2023
Managing finances can be a complex and time-consuming task, especially for business owners and professionals. It is easy to become overwhelmed by the intricacies of accounting, taxation and financial planning, which can ultimately lead to increased stress levels. In recognition of Stress ...
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How to prepare for business succession
Mar 28, 2023
The pandemic and lockdowns would have had many businesses considering the future and what may happen if they become ill or incapacitated or what happens to their business after they retire or the unexpected happens. It could be that if you ...
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