News and Updates
Child Benefit
Child benefit is being withdrawn through an income tax charge in households where someone has an income of over £50,000 per year. If this income is between £50,000 and £60,000 the income charge will apply gradually and only where the income exceeds £60,000 will child...
Additional rate tax planning
Additional rate tax payers Individuals with income above £150,000 are subject to additional rate tax at 50%. Although it may seem a fortunate position to be in, giving half your earnings to the tax man is not pleasant. However, after 5 April 2013 this tax rate is...
Taxable vs Accounting Profit
Tax computation Have you ever wandered what adjustments your accountant makes and why? The net profit in the accounts is only the starting point for the calculation of taxable profits, the accountant will make adjustments for the following: Expenses charged in...
Benefits
Benefits in Kind Definition: Employee benefits and benefits in kind (also called fringe benefits or perks) are various non-wage compensations provided to employees in addition to their normal wages or salaries. The term is used by H M Revenue and Customs (HMRC) to...
Pensions
Pensions for employees From October 2012 and 2017 all employers will need to have a registered pension scheme into which they will auto enrol all eligible staff into and will also have to pay contributions into it. Employees If you have employees: not already in a...
Payroll – RTI
Real Time Information (RTI) HM Revenue and Customs (HMRC) is introducing a new way of reporting PAYE: Real Time Information, or RTI. This basically means that payroll information will need to be entered into a software package and submitted the HMRC either over the...
New Business Advice
Get your free advice It is common for someone to set up a business either as a sole trader or limited company without any professional advice in advance. This often means that when they approach an accountant after the end of their year end there are a lot of issues...
Hello
Well here goes, my first blog! I have no idea about 'Blog etiquette' but will just aim for something relevant and useful. When setting up my business a number of people have highlighted to me the benefits of blogging, my website designer Hadden and someone at Iris who...
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