by Lisa Dickson | Mar 27, 2016 | Bookkeeping 101, HMRC and tax, Payroll
From 6 April 2016 one-man companies will cease to qualify for the employment allowance (EA). Adding your spouse to the payroll has been suggested as a way around this. Is it that simple? Employment allowance The employment allowance (EA) is a credit that employers can...
by Lisa Dickson | Mar 26, 2016 | HMRC and tax
Before you file your VAT Return, you will need to review it carefully to make sure that it is correct for the period. You may be missing items which could affect your VAT return potentially underpaying or overpaying VAT. The best time to review This depends on the...
by Lisa Dickson | Feb 28, 2016 | Bookkeeping 101, HMRC and tax, Small Business Accounts
HMRC Launches Digital Tax Accounts For a while now, HMRC has been talking about replacing the annual tax return with a quarterly digital tax account for all business and individual taxpayers. Blessing in Disguise? On the one hand – this move presents a...
by Lisa Dickson | Feb 21, 2016 | Bookkeeping 101, HMRC and tax
An introduction to the basics of Corporation Tax: 2017 The UK has one of the lowest rates of corporation tax in the developed world. Additionally, the infrastructure of corporation tax reliefs available to any company or organisation based in the UK is one of the more...
by Lisa Dickson | Oct 11, 2015 | Bookkeeping 101, HMRC and tax, Payroll
The construction industry scheme works a little like a payroll scheme but for the constructions industry. Contractors employ subcontractors for jobs, on which they must deduct tax but not national insurance and pay it monthly to HMRC. Deductions count as advance...
by Lisa Dickson | Oct 11, 2015 | Bookkeeping 101, HMRC and tax, Payroll
Accounting for CIS So we understand the principles of CIS, but how do we account for the transactions in our accounting software? See An introduction to CIS if you need to recap. Account Codes We recommend that you set up the following general ledger account codes in...
