The details provided below are in response to requests from clients of AW Accounting in Gravesend for details of what to provide at the year end. This specifically relates to Quickbooks read more
It is no longer necessary to box up all of your records and send them down to your accountant. If you keep your records electronically read more
The first question is always why do you want a company car and what do you want to use it for, in many cases a van or low emission car
iQ driven to #autotweetup by Scott Brownlee
may be more appropriate, depending on the use it may be free or a low cost benefit. However if you are looking for a regular family car read more
There are lots of thresholds which can be utilised or avoided in order to make the most use of the tax system. As accountants we need to consider each clients personal situation to make sure that we make the most of the opportunities while minimising their tax bill. read more
I recently attended a tax update course and the lecturer was very enthusiastic about R&D tax credits and the regime to positively encourage investment through the taxation system. Costs specific to a qualifying project are eligible for 200% tax relief read more
There have been two incidents which have reminded me of the danger of online transactions in the last few days:
HMRC spam repayment claim email
A client of mine received an email directing him to a website which as you can see looks pretty realistic at first sight. He was only forewarned by some spelling and grammatical errors in the original email. read more
You may have heard about HMRC targeting people carrying on a business on Ebay, or bootsales. HMRC are always keen to collect additional tax read more
I get to see many businesses and discuss their experiences throughout the year and the most successful ones are those that concentrate their activity on their core business
What is the core business?
It is so easy to describe your business within its sector as accountants, builders, cleaners for example but this does not describe what you do. It is only by being more specific that you can become more focussed not only in your marketing activity but also in the process by which you actually do the work. Let us consider the builder as an example and the type of work they carry out:
If they deviated into a domestic new build a new skill set would be required and while they may be able to do the work the disciplines and working practices are different. Suddenly the efficiencies are lost and this will impact on both profitability and ultimately cashflow.
This may be an extreme but it is worth looking at new ventures and seeing whether they are complimentary to current activity or running along a separate track altogether. In summary my advice would be to:
The advice above may not apply to your circumstances, so seek professional advice before taking any steps based on the information shown. If you would like advice in this or other areas feel free to call. Alastair Wood, AW Accounting, Gravesend – Accountants who “speak your language”
Lots of big companies sponsor sporting and cultural events, but you may be wondering whether your company can do so and what the rules are. Providing you can demonstrate that you have considered the following points there is no reason why all the expense cannot be allowable
With most of the major changes already released or leaked pre-budget there were not the usual number of new announcements to make. The Chancellor started by running through the main economic statistics:
The starting point for the areas which will affect us all was the statement that UK taxes are too complicated and 42 taxes and reliefs are being abolished and there is going to be a consultation on merging the Income Tax and National Insurance which will reduce bureaucracy for employers and HMRC in administration. Then onto the actual details: