As new research from business software and services provider Sage shows that
accountants are now seen as the most trusted source of business advice
for UK firms, we consider why you should have an accountant and how to choose one.
A qualified accountant is an experienced professional read more
This post comes as a result of looking at a couple of potential clients and checking whether they have considered a number of areas which will impact on their 2009/10 tax, particularly in respect of small limited companies:
The Flat Rate Scheme was introduced to simplify accounting for VAT for small businesses turning over less than £150k net of VAT. Rather than calculating the VAT on individual sales and purchases you just work out the figure due to HMRC based on a percentage of gross (VAT inclusive) sales receipts. read more
My finance presentation to Mumpreneurs, in association with Buss Murton solicitors, highlighted the interest there is in the possibility of going limited. While many small businesses have started off as sole traders they have evolved and grown to the extent that they should be considering whether this is the best structure for them. I have recently been approached by a prospective client turning over £500k+ read more
For most small businesses almost any capital expenditure is immediately allowable for tax in full provided the total value for the accounts year is less than the Annual Investment Allowance (AIA) of £50k. There are special rules for cars which are not within the scope of this article, and needless to say for such a generous allowance the Revenue take a strong stance in querying any expenditure which does not qualify. read more
For partnerships and the self employed there is no laid down rule for claiming motor expenses, it is up to the taxpayer to decide whether to claim for tax purposes a proportion of their motoring costs, or the Revenue authorised mileage rate. Obviously you want to claim the maximum tax relief and it pays spend some time looking at which will be most beneficial for you. read more