Business

V is for VAT

V is for VAT

V is for VAT VAT is short for Value Added Tax and is charged on most sales of goods and services in the UK. There are different types of sales. Taxable sales or VATable sales are sales in which VAT would be charged. Some sales have special rules which mean they are exempt from VAT …

V is for VAT Read More »

U is for Utilising Allowances

U is for Utilising Allowances

U is for Utilising Allowances We are approaching the end of the tax year in April. This is a great time for taxpayers to review and ensure that you have utilised the allowances available to you where possible. You should review all your sources of income and expenditure and bear in mind that any grants …

U is for Utilising Allowances Read More »

T is for Trivial benefits

T is for Trivial Benefits

T is for Trivial Benefits If you are a director of a limited company and you’ve been working super hard, then you definitely deserve a treat! Do you want to get employer points and treat an employee that really deserves it? You don’t have to pay tax on a TRIVIAL BENEFIT (gift) for your employee …

T is for Trivial Benefits Read More »

S is for Social Functions

S is for Social Functions

S is for Social Functions Do you want a tax-free party? These rules are for any social event throughout the year, but a lot of people associate them with a Christmas party. To be exempt from tax and national insurance the event must be: An annual event! Open to ALL employees! (Not just your besties) …

S is for Social Functions Read More »

R is for Running a Business

R is for Running a Business

R is for Running a Business Starting up a business of your own is a big step, it takes courage and dedication and sometime can be over whelming. So where do you start. One of the first steps is deciding on a form of legal entity. There are 3 basic forms of business. Sole Trader …

R is for Running a Business Read More »

P is for Personal tax

P is for Personal Tax

P is for Personal Tax – A to Z Accountancy Top Tips We are now in the new tax year for personal tax. From 6th April 2022 we are in the tax year commonly called 22/23. It also means that you are able to complete the tax return for the previous tax year. This is …

P is for Personal Tax Read More »

O is for Operating Profit

O is for Operating Profit What does that mean? Operating profit is the money left after paying all the business costs but before paying tax. This is also known as EBIT (earnings before interest and taxes). Formula; GROSS PROFIT – OPERATING EXPENSES = OPERARTING PROFIT A positive operating profit shows that your business makes more …

O is for Operating Profit Read More »

N is for national insurance

N is for national insurance

N is for national insurance – A to Z Accountancy Top Tips There are different classes of national insurance that you may pay depending on your source of income. If you are self-employed you may pay Class 2 and Class 4 national insurance. Class 2 is a flat rate for self employed which used to …

N is for national insurance Read More »