Cloud accounting software gives small businesses the opportunity to access cutting edge technology for a very low fee that offers both business efficiency and the ability to stay on top of financial affairs from anywhere and at any time. Furthermore, with the government’s plans to move all tax reporting digitally over time, with the first phase coming into force this year for VAT registered businesses, it is time for small businesses to embrace cloud accounting.… Continue Reading
A question we hear a lot when meeting small businesses who want to establish a relationship with us, is this: How do we switch accountants? Where do we begin?
Switching accountants may seem like a daunting process, especially if you have been with your accountant for some time or if you have only ever had a relationship with your existing accountant.
The good news is that the process is straightforward and actually requires very little work by you.… Continue Reading
Couples only have till April next year to claim the full marriage allowance rebate available to them, dating back to the first tax year the relief came into force in 2015/16.
This falls into the standard timeline of a four-year backdated period to claim any type of tax refund from HMRC. This means that if you were to miss the 5th April 2020 deadline next year, your claim for the tax year 2015/16 will be closed and you would only be eligible to request a refund from the 2016/17 tax year onward only.
Don’t miss out, find out if you are eligible to claim the marriage allowance and how to make a claim.
A company that has no transactions and therefore receives no income in a given accounting period is considered a dormant or an inactive company by HMRC. A dormant company is nonetheless required to file dormant accounts to formally inform HMRC of the inactive status of the company and on an annual basis.
The process of filing dormant accounts is straightforward as only a high level of detail is required and if completed online, the process is free and approved quickly by HMRC. But as you are not proactively asked by HMRC to file dormant accounts and the onus is on you to do so at the right time and in the right format, we have provided a guide on how to file dormant company accounts.… Continue Reading
As we progress through the first quarter of the new tax year, we consider the various tax savings options available to you as an individual and for your small business to keep your profitable and enjoy good cash flow management.
Read on for our Tax Planning Guide for Small Businesses.