Blogs

Long service awards are a great way for employers to recognize and reward the dedication and commitment of their employees. It seems like such a long time to work for a business, but as a director of a company I realised yesterday that I have been working for Anlo for 15 years already 😊.

Time really does fly when you are having fun 😊

It’s been some years since we last looked at the basics of Value Added Tax (or VAT for short) so we thought that a recap would be useful for businesses who may not have had to deal with it previously.

VAT is a system that taxes what people spend and is administered by HMRC. The consumer pays VAT on the item that they buy, but businesses act as agents for collecting the VAT paid by the consumer.

You can now file your self-assessment for 2023/2024. If you haven’t already, please get in touch and we will help you. Filing a self-assessment tax return can seem daunting, but with the right documents and information at hand, the process becomes more streamlined.

Let’s look at the essential documents you will need to file your self-assessment:

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 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!

Important: Remember to file your self-assessment before the end of January 2024, and it’s always better to do this before Christmas. Those who file their return before 30 December may also have the option of paying any tax owed through their PAYE tax code thereby spreading the cost.

Filing early also means that if customers owe money, they have plenty of time to explore which of the payment options available is best for them.

I watched the funniest show at the fringe last week, called the Drag-queen Accountant. It was a lovely show and very funny.

I love when people can laugh at how bizarre their profession can be. Hope everyone had a great time at the fringe.

PAYE and how it affects HMRC on a monthly basis

I know, I know – taxes and payroll can be a bit mind-boggling, but fear not! I'm here to break it down and make it painless.

So, let's unravel the mysteries of PAYE, ensure your payments are on point, and even sprinkle in some details about that sweet thing called Employment Allowance.

Today, we're diving into a topic that might seem a bit overwhelming at first glance, but trust me, it's not as scary as it sounds: getting VAT registered in the United Kingdom.

Now, I know what you're thinking – taxes and paperwork, ugh! But don't worry, I'm here to guide you through the process and make it as painless as possible.

We hope all our lovely clients and community are having a lovely summer. We have been busy with lots of exciting stuff:

• Annja and Esmerelda did non-executive director training through the ICAEW and it was really insightful; one of our blogs is about that 😊

• Annja also ran the Edinburgh Half Marathon and it was a lot of fun in the sun, although legs were heard to complain afterwards!

• International Coaching week was a great success. We got great reviews and one from Christine Smith stood out:

We had a lovely day in London, walking around and listening to all the fabulous vendors and going to the webinars.

The main focus this year was on the cloud accounting software companies expanding their report offerings and also making payment integration easier and quicker.