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 …
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) …
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 …
Q is for Quick and easy tips to level up your small business finances straight away – A to Z Accountancy Top Tips 1. Keep business and personal finances separate, if you are still using the same bank account for both go and change it now! This is so important so that you can clearly …
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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 …
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 …
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 …
K is for keeping good bookkeeping records! – A to Z Accountancy Top Tips Okay so that’s a bit of a tedious link with K but keeping up to date records is important! It is never too late to get organised and bookkeeping is essential when running a business. Businesses must keep good records so …
J is for Joint ownership! – A to Z Accountancy Top Tips If you are married, you often own assets jointly as a couple and therefore split the income or gains. If you don’t then it may be beneficial for tax purposes to consider transferring, so they are jointly owned. This does need to be …
H is for Home Office – A to Z Accountancy Top Tips This is such a big topic this year for obvious reasons. Working from home looks likely to continue for some time, so what can you claim? There is tax relief for working from home for employees, directors and self-employed. Employees If you must …