It is a legal requirement to automatically enrol employees in an approved Pension Scheme for Automatic Enrolment where their pay exceeds the Lower Earnings Limit. Automatic Enrolment Duties do not apply to Directors. Currently employees must contribute 5% of their salary and employers must contribute 3% of salary. Eligibility If employees are above 22 but…
Valued Added Tax (VAT) is a tax applied to the sale or purchase of goods, services and other taxable supplies. If you are VAT registered, VAT is charged on your sales and collected on behalf of HMRC. You are able to offset the VAT on your purchases before paying the balance over to HMRC. If…
You must diarise when tax is due to HMRC and ensure that funds are available to make the payment… Corporation Tax Return (CT600) If your taxable profits are upto £1.5m, you must pay your Corporation Tax within 9 months of the end of your Accounting period. If your taxable profits are over £1.5m, you must…
You cannot just withdraw money from a Limited Company as it is a separate Legal entity to you as an individual. Below are the main ways to withdraw money from your Business. Payroll – You need to set up a Payroll scheme to pay yourself a salary. This ensures that you are utilising your annual…
When approaching the end of your financial year, we recommend reviewing your records to plan for year end and see if any potential tax savings can be made by being pro active. This can be difficult if your records are not upto date, so we recommend keeping your records upto date and current to make…
When your Accounts have been drafted, they may be difficult to interpret. What do they mean? How do I read them? Here we break them down. The Summary page will display the contents of the Full Financial Accounts which are for your review. An abbreviated copy will usually be filed to Companies House which excludes…
We are pleased to announce a trio of new starters at Ascentant Accountancy. Viv Knight joins us as Practice Administrator, taking charge of onboarding new clients, managing the CRM and managing Office Administration. Viv previously worked at Scarsdale Vets and brings a vast amount of expertise and knowledge to the team. Marie O’Reilly joins us…
What are the key reports to focus on in your business? We’ll show you how to track performance, take action and prepare your company for surviving the new business normal.
Is your business carrying out R&D work? If so, you may be eligible for a research and development tax relief. We’ll let you know if your R&D work is eligible and can also help you prepare a claim.
#tax #R&D
Is your business carrying out R&D work? If so, you may be eligible for a research and development tax relief. We’ll let you know if your R&D work is eligible and can also help you prepare a claim.
#tax #R&D