Shareholders Agreements and Why They Are Important
The importance of a shareholders agreement For limited companies, when it comes to making decisions, Company Law states shareholders who own more than 50% can pass a motion at a company meeting regardless of the views of other shareholders and if a shareholder(s) owns 75% or more of the shares they, control the company outright…
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How high could interest rates rise?
Earlier this month the Bank of England (BOE) raised interest rates for a 12th consecutive time as the rate of rising prices remains high. The Bank rate has gone up from 4.25% to 4.5%. The BOE has been under pressure to put rates up because it has a target to keep inflation at 2%, but…
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High Income Benefit Charge Catching You Out?
Mistakes made when claiming higher rate child benefit are most frequently the result of poor communication from HMRC and it is more difficult for those with complex, fluctuating earnings The high income child benefit charge (HICBC) raised £416m in 2019-20 but it is a hard tax charge to administer as many of the families affected…
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Virtual Christmas Party
Due to the coronavirus restrictions, you may be unable to host your usual Christmas Party for your employees. We are pleased to confirm that the annual parties’ exemption (s264 ITEPA03) will apply to the costs associated with virtual parties in the same way that it would for traditionally held parties. Therefore, subject to the normal…
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July Tax Payment on Account
July Tax Liability By now anyone who must make a payment on account towards their January 2026 tax liability should have paid this by 31 July 2025. This is meant for anyone who must complete a tax return and most of their income is not taxed at source e.g. self-employed, employed and self-employed. What Happens…
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Reports That Go with Your Accounts
Reports That Go with Your Accounts Year End Reports When you have had your year-end accounts done by your accountant you may have some other reports that they have prepared for you to accompany the accounts to assist you in running your business as profitable as possible. These may range from key report indicators to…
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Letterheads
Trading Address If you have two addresses that you use for business one where the business activities take place e.g. workshop, office then this should to be at the top so it is clear should they need to visit or write to you. Registered Office Address The registered office address is for limited companies only…
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Declaring Interest on Your Tax return
When you are completing your tax return either online or on paper you have to declare the interest you have earned as further tax may be due depending on your income to which rate of tax you pay, this is because the interest is taxed and basic rate of 20% as the bank etc do…
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Time to Pay Your Tax
Paying Your Tax The tax return deadline approaching there will be some people among us that need to settle our tax liabilities by 31 January 2019. This comes at a time when some people will have cashflow problems as this is just after Christmas when the credit card bill have arrived and most of us…
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Importance of Keeping Mileage Records Whether you are and employee of a company or a sole trader it is important that you keep accurate records of your business mileage. These records should be kept in case of a PAYE compliance visit by HM Revenue & Customs or an investigation into your tax return of you…
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Having the Right Documents to Back Up the Accounts
As a director of a company you have an obligation to submit your accounts to HM Revenue & Customs whether this is done by the company or your accountant. They will then do internal checks to make sure that your company is paying the right amount of tax at the right time and if not…
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Tax Update
Side-hustle reporting threshold increased The Government has announced plans to increase the threshold above which income from self-employment must be reported via self assessment. Currently, if you earn over £1,000 from self-employment, or a so-called ‘side hustle’ such as babysitting or dog walking, you need to report this income to HMRC by filing a self…
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Cloud Accounting and Bookkeeping
Overview There is now the opportunity to have you cloud accounting software which means you no longer need to have this installed on your desktop you can access this via an internet connection from anywhere. This will avoid the upgrades like with Sage as you will always have the latest version of the software. Moving…
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