Blogs

Tax planning is an integral part of financial management for any household, and for married couples in the UK, there’s a valuable strategy that can help optimise tax liabilities – transferring a portion of the personal allowance between spouses.

Often when a company recommends a product or service, you’ll find yourself asking - what’s in it for them? In this case the answer is better service at an excellent better price. Now, you know that we love Xero; it’s incredibly well-featured and constantly evolving to meet the demands of small to medium enterprises but it’s not always the most appropriate option for some companies.

On the 1st of May this year, Companies House is increasing its fees across the board. Some of these changes are quite substantial. As a consequence, for our clients on retainer for whom we manage their Companies House information and filing, we have no choice but to increase our retainer fee to reflect these increases.

Running a business comes with a multitude of responsibilities, and one of the most crucial aspects is managing your employees' payroll.

Whether you're just starting out or have been in business for a while, understanding how payroll works in the United Kingdom is essential to ensure compliance with regulations and maintain smooth operations. Let's break it down into simpler terms, starting with the basics.

In January, we had the pleasure of engaging with a group of dynamic individuals, each with their unique businesses, seeking clarity on how to maintain comprehensive accounting records. 

Here's a distilled version of their queries and some practical advice for seamless record keeping:

I thought it would be nice to write about something other than tax and year-ends. Yes, they’re important, and yes I’ll continue to write about them, but a change, they say, is as good as a rest. (Personally, I’m not sure about that, but whatevs…)

As thoroughly modern accountants we have wholeheartedly embraced technology, you may have noticed this! In addition to our client-facing systems we use technology ourselves to stay on top of our business.

Many of you are considering rewarding yourselves, as directors, and your dedicated employees with gift vouchers. This gesture not only boosts morale but also demonstrates appreciation for the hard work and commitment throughout the year.

But  - it's crucial to understand the tax implications of such gifts to ensure compliance with HMRC regulations and to optimise tax efficiency for both your company and its recipients.

As we trundle towards the end of the UK tax year, you shouldn’t just be turning your thoughts to tax returns and just how much HMRC are going to demand from you! There are personal benefits to be had if you’re in a position to take advantage of them, and one of the biggies is pension contributions.

Below we’ve listed a number of exceptionally good reasons to consider contributing to your pension before the end of the tax year.

As an accountant working closely with various businesses and individuals across the UK, one question that frequently arises is whether specific expenses can be claimed as tax-deductible. One such expense that generates curiosity among clients operating through Limited Companies is the purchase of reading glasses (I wear glasses myself and I can’t work without them).

So let's explore if you can claim reading glasses as a tax-deductible expense, in line with HM Revenue and Customs (HMRC) guidelines.

Remember, for all expenses claimed, you should keep detailed records, including dates, the purpose of the trip, and receipts. Personal expenses or costs incurred for non-business-related activities cannot be claimed. Also, travel to and from work is not in the production of income and can’t be claimed as a business expense.

Just as you thought that you had made it to the end of January and that you could forget about government rules and regulations for a day or two, Companies House comes rocketing out of left field with a whole slew of new regulations. Oh joy!

These only apply to those of you who conduct your business as a limited company and are therefore obliged to adhere to the rules laid down concerning entries on your company records.

By: Esmerelda Doman

On the 16th of January 2024, Annja presented a workshop at EGG in Edinburgh on the subject of tax self assessment. Now this isn’t always a subject that brings joy, however her enthusiasm for all things accountancy won the day!