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Southside Accountants Wimbledon

Travel and Subsistence Expenses

Jan28

PThere are two ways to deal with Travel and Subsistence expenses for business travel:

  • An employer pays their employee for the Travel and Subsistence expense incurred, tax-free
  • The employee claims reimbursement via their tax return for any tax relief due

Claiming expenses for a business journey On a normal working day, mileage from home to office cannot be claimed.   An example of a business journey is if an employee travels from home to see a client, in this case 40 miles away. Even if they travel near to their office location, the full distance of 40 miles can be claimed…. Continue Reading

Should you Outsource your Payroll?

Nov18

GWhen it comes to handling the payroll, you have the choice of outsourcing this function or handling everything in-house within your business.

Over the recent years technology has made payroll processing function far simpler. The following may help you decided how you would like to handle your payroll function. … Continue Reading

HMRC Scraps Renewals Allowance for Residential Lettings

Oct20

Renewals Allowance for Residential LettingsHMRC has withdrawn the Renewals Allowance which allowed landlords of fully furnished residential properties to claim tax relief when replacing some fixtures and fittings within a rental property. These included assets such as baths, sinks, fridges and freezers.

Previously there were two ways for landlords of fully furnished properties to claim tax relief on their assets:

 Renewals Allowance

Although the initial cost of an asset was not eligible for this allowance, a sum for the replacement of items such as cookers, televisions and beds could be claimed. The Renewals Allowance worked by deducting the proceeds of sale from the original asset, along with the cost of any improvements to the new one…. Continue Reading

The Mumpreneur Revolution

Oct13

YMumpreneurs is a relatively new term used to describe mums who want it all and are happy to go out there and work for it.  With escalating childcare costs, more and more mothers are turning to self-employment or freelancing, leaving them with the flexibility to care for their children while also still earning a living.

Women in business have struggled for a long time trying to juggle everything and find the enigma that is the ‘work/life balance’.  One child does not seem to tip the scales too much but once you have had your second, third or even fourth, the related costs such as childcare outweigh the financial benefits of working the 9 to 5.

In fact, it is estimated that childcare costs have risen by a fifth in the last year, with an average cost of around £12,000 to cover childcare for 2 children.  Research carried out by the insurers LV= concluded children were at their most expensive between the ages of one and four mainly due to the spiralling costs of nursery fees.  This is why more and more women have turned to self-employment and so the term ‘mumpreneur’ was born…. Continue Reading

Directors Loan Accounts

Oct5

Plant growing on tree stumpDirectors loan accounts in small companies is one of the key areas which the taxman likes to investigate.

It is also an area that most clients do not clearly understand. I hope the this blog post will help in ensuring that directors keep taxman at bay and the company pays the minimum amount of tax within the law.

How does the Director’s Loan Account work?

If a director pays money into the company, it is accounted for in the Director’s Loan Account which is then deemed to be in credit. Withdrawals can also be made, and if the account remains in credit, there are no tax implications.

It is when the account goes overdrawn that potential tax issues arise as the overdraft is seen as an interest-free loan…. Continue Reading

Choosing Your Accountant

Sep29

Choosing your accountantAppointing a suitable accountant is an important business decision. This is because it will be a long term business relationship supporting you on some of the key aspects of your business.

It is vital that you find an accountant that has the relevant qualifications and has a credible reputation and is suited to the way you work.

We hope the following information will help you when searching for an accountant that would meet your needs.

Qualifications

Did you know that anyone can set up as an accountant in the United Kingdom? This is why it is imperative to assess a person’s qualifications; otherwise you could end up paying for the services of someone who does not have the necessary skills or experience. The accountant in question should at least hold one of the following qualifications:… Continue Reading

Healthy to have your Business in the Cloud

Sep28

blackberries bunch on a farmCloud computing is taking over from traditional desktop software, and is one of the most revolutionary changes seen in computing during recent years. Small business owners are seeing the value of storing their business information in the cloud, in terms of operational flexibility and also security.

We at Southside Accountants in Wimbledon SW19 firmly believe that cloud accounting is the way forward, and have used the award-winning Xero accounting and QuickBooks software for some time.  We explain what cloud accounting is, and detail the main benefits below.

Instant access from anywhere with an internet connection

Real-time access to financial data is available at the click of a mouse. As long as you keep your information up-to-date, it can be viewed at any time of the day or night.

Pay-as-you-go software

Unlike desktop software which is, usually, paid for in total, access to cloud accounting solutions can be bought on a monthly subscription basis. This aids cash flow and makes it easier to budget.… Continue Reading

Growth Vouchers – Free Cash for Your Business

Sep21

Growth VouchersGrowth Vouchers were introduced by the government to give small business owners access to professional advice and guidance. The scheme was announced by the Chancellor as part of the 2013 Budget, and has funds of around £30 million.

Online applications can be made for the vouchers, with qualifying businesses being chosen at random. If you need help or advice about the programme or your eligibility, Southside Accountants in Southfields SW19 provide friendly but professional guidance…. Continue Reading

Do management accounts help?

Sep14

How can management accounts helpManagement accounts help those running a company to understand the financial side of their business. Used as a source of information to make strategic decisions, they are often prepared on a monthly or quarterly basis, and can be tailored to a company’s individual needs.

Management accounts are not a legal requirement as with financial accounts; they act as more of a guide. Southside Accountants in Streatham SW16 offer management accounts preparation as part of their service, helping clients to understand their business finances.

What do management accounts include?

They can include any information that would be useful to management, and be as straightforward or as complicated as necessary. It all depends on what information is needed to make long-term decisions…. Continue Reading