When Starting your business, there are many questions. One of the first is the best type of business to form. We will assume you have chosen a Limited Company if you are reading this blog… So where do you start? Here are some of the common queries or questions that we encounter with Startups. Should…
As Accountants, we keep a track of what is due and when for you – This does not mean that you don’t need to however… You need to be aware of when your filings are due and what tax is payable when. This is especially important to be able to put cash reserves to one…
It is important to claim Tax Deductible expenses where possible and allowable. What tax deductible expenses can I claim through my Limited Company? Generally if a cost relates to the Business – It may be tax deductible. Any items relating to personal use or mixed use may be blocked or only partially allowable. These include…
If you employ staff or need to pay yourself as a Director, you will likely need to set up a PAYE (Pay As You Earn) Payroll scheme. This is needed to report your Real Time Information (RTI) Payroll information, Employer Payment Summary (EPS) and Full Payment Submission to HMRC to declare any tax or NI…
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 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…