In 2016 the regulations for trivial benefits changed. Before the change employers could provide tea and coffee and perhaps a small seasonal gift to their employees without having to disclose the cost on a P11D or within a PAYE settlement agreement. Under the new rules there is more flexibility and provide you stick to the […]
National Insurance is pretty complicated with all the different classes so below is a brief summary of the current NIC regime. All the rates mentioned below are for the 2020/21 tax year. What is National Insurance? NIC is a tax on earned income, it is divided into different classes. Class 1 is paid on employment […]
As a business owner everything is your responsibility from ordering stationery and sending out the post to hiring staff and marketing the business. As well as all these day to day tasks you need to take time to plan the business strategy and longer-term business objectives. If you are struggling to find time here are […]
Preparing for the payroll year-end can seem a bit of a daunting task, especially if it is your first time but don’t worry Tanis has put together a handy checklist for you to follow to make sure you don’t miss any important deadlines. Check your Payroll Year End This may seem an obvious thing, but […]
HMRC have a flat rate, simplified expenses calculator for working out your use of home as office if you’re self-employed. If you work less than 5 hours a week you cannot claim anything. 5 to 10 hours = £120 per year 10 to 25 hours = £216 per year 25+ hours = £312 per year […]
An electric car is no different from any other car purchase made through a company, therefore you can’t claim the VAT back on the purchase of the car. The exception is if the car is used 100% for business, which would generally mean that you are a car leasing company. If you are unsure how […]
Whitesides Accountant & Tax Advisor Sarah Greenwood answers “Do you Need to do a Tax Return?” It depends. If you’ve just got employment income, for example you’ve got three or four little part-time jobs, you don’t need to do a tax return because all your income is accounted under pay as you earn. HMRC recently […]
Quite regularly we’re asked what is the difference between bookkeeping and accounting? In this blog post, Sarah Greenwood, Whitesides Accountant and Chartered Tax Advisor explains the key differences. Accounting and bookkeeping are terms that are often used interchangeably, but what really is the difference? Bookkeeping is the process of collating and recording all the […]
Whitesides Accountant & Tax Advisor Sarah Greenwood answers “Do I need payroll for my business?” It depends on what you’re doing. Self Employed If you’re a self-employed individual then you probably don’t need to set up a payroll to pay yourself, unless you are employing any staff. Limited Company If you’re a limited company then […]
There are so many online bookkeeping software packages available at the moment it can be difficult to decide which one is best for your business. I have outlined below the 4 main software’s available and the businesses we feel they are most suited to. Xero Xero was developed in New Zealand before being launched in […]
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