Please note: The information contained in this site is provided for information purposes only and is of a general nature. It is not a substitute for specific professional advice related to your own circumstances. You are recommended to obtain specific professional advice before you take any action. Thank you!
Medical insurance paid by the employer, is considered to be a taxable benefit in kind by HMRC. It is a benefit (like cars and gym memberships) that the company paid on the employees behalf and is part of their employment or remuneration package. This has to be...
The rules for allowable business expenses are generally similar for limited and unlimited companies, with some subtle exceptions. Where there are differences - these are identified in the guide below. Childcare vouchers Fully allowable. Staff in the basic rate tax...
Fortunately common sense prevails and in some cases the smallest of businesses are not considered to be an employer and do not have auto enrolment duties. If you don’t have any staff other than directors, and you are not expecting to employ anyone between now and your...
There are many reasons why you would not want your limited company anymore - perhaps things didn't go to plan and you need to start again or find a 'proper job' or perhaps they did go to plan and you want to cash in and retire! Strike Off When can you do this? In very...
Auto enrolment cannot be ignored; legislation clearly puts the responsibility firmly on the shoulders of employers to operate a Qualifying Scheme correctly for all their workers including some who would be otherwise self employed. Why? Most people are not saving...
Your Auto Enrolment Plan So what's your plan? Everyone needs a plan right? Here are the 11 steps to auto enrolment. Once you know your staging date you should start pulling your plan together, or consider engaging your accountant or payroll bureau to do this for you....
The chart of accounts is a list of all the accounts used in the general ledger of your company. It creates the roadmap of your financial transactions. Getting this right (first time) will really help you know your numbers.
A question that regularly comes up when considering lease finance of an asset, is how to account for the lease in your business accounts. Is it a rental cost to be charged to the P&L? Or it it an asset to be capitalised to your balance sheet? It depends on the...
If you pay commissions to or buy goods or services from a non-VAT registered supplier, you can use Xero to produce simple self-bill invoices that can be emailed to your supplier with or before payment. See also: The Ins and Outs of Self-Billing Self-Billing :: Raising...
Seed Enterprise Investment Scheme (SEIS) The SEIS legislation is closely modelled on that for the EIS, but it is intended to help small, new start-up companies (rather than the more established companies typical of the EIS) by offering a higher rate of relief. Its...