Registering for Self-employment

By Gary Robinson / October 19, 2024

Registering for Self-employment Once you have made the step of deciding to go self-employed once of the first things you need to do is to register with HM Revenue & Customs. Registering for tax is an essential step in becoming a sole trader. It ensures that you are compliant with the law and can accurately…

Read More

Partnerships

By Gary Robinson / September 14, 2024

Partnerships A partnership is defined a one or more people joining together in business with a view to make a profit and each partner receiving a share of the profit according to their share ratio for example 3 partners each holding 33 shares each. Partnership Tax Partnerships do not pay tax, but all partners pay…

Read More

Making Tax Digital

By Gary Robinson / August 24, 2024

The way that the self-employed and landlords’ pay their tax is changing and form April 2026 they will be required to use the Making Tax Digital for Income Tax. This is where you will no longer complete a tax return, but you make data submissions every quarter and the period are as follows: Quarter 1…

Read More

Summer Tax Brief

By Gary Robinson / July 27, 2024

Cash basis by default From 6 April 2024 the cash basis has replaced accruals as the default method for preparing sole trader and partnership accounts for tax purposes. Previously, only unincorporated businesses with total receipts below £150,000 were entitled to opt out of accruals and file their accounts with HMRC using the cash basis. That…

Read More

What is Bank Reconciliation

By Gary Robinson / June 8, 2024

Bank reconciliation is the process of matching the bank balances reflected in the cash book of a business with the balances reflected in the bank statement of the business in a given period. Such a process determines the differences between the balances as per the cash book and bank passbook. Reconciling bank statements with cash…

Read More

What are Bank Feeds

By Gary Robinson / May 11, 2024

This brilliant software innovation helps businesses become much more efficient by vastly reducing manual reconciliation work. The technology allows data to flow effortlessly between bank accounts and accounting software, helping make administration easy and less time consuming and ultimately saving time, so you can focus on growing revenue and profits. This is relevant for businesses…

Read More

De-registering for VAT

By Gary Robinson / April 27, 2024

De-registering for VAT When you want to de-register from VAT there is a certain criterion that you must meet: You will need to go to your VAT account on the government gateway and make the application, if you do this online then you will automatically see that this has been submitted successfully. Any messages relating…

Read More

Using Software Improves Accuracy

By Gary Robinson / April 20, 2024

Bookkeeping Software is More Accurate When you use software to do your bookkeeping (keep your financial information) this is more accurate than keeping this on Microsoft Excel or similar programmes. The problem with Excel is that the formulas can be come out of sync therefore where you are relying on the calculation it may not…

Read More

Trading As a Limited Company

By Gary Robinson / April 6, 2024

Trading As a Limited Company If you decide that forming a private limited company is the best way to then you will first need to think of a name and this must a name that is not already being used you can check this out at Companies House https://www.gov.uk/set-up-limited-company. If the name is available, then…

Read More

Sole Trader or Limited Company

By Gary Robinson / March 30, 2024

A question I often get asked is which way should I go Sole Trader/Partnership V Limited company and there is no right and wrong answer. Both sole trader and partnerships are unincorporated, so the business information is not held in the public domain. Limited companies have the business information on Companies House, and anyone can…

Read More