Holiday pay should now include overtime
An important case on holiday pay was decided by the Employment Appeal Tribunal this morning (4 November 2014). The EAT has held that employees’ holiday pay should include a sum of money to reflect normal non-guaranteed overtime and travel time as part of their annual...
Updating bank and entering details in Quickbooks
Perhaps one of the biggest benefits I see in Quickbooks is updating bank and entering details in Quickbooks having downloaded bank transactions, saving input time, and that it also guesses what entries are for. The process is as follows: From the Left hand navigation...
Create an invoice in Quickbooks Online
The lifeblood of a business is it's income and it is simple to Create an invoice in Quickbooks Online.Invoices can be opened from two locations, see our earlier post for navigation in Quickbooks: The left hand navigation, Customers menu. As you have to select the...
Quickbooks Online overview
This Quickbooks Online overview looks at the underlying features of Quickbooks online which are similar to the PC based version. The look of the product and the menus used are different and a quick tour of the product will help first time users. The home screen looks...
Capital gains tax for non-resident landlords
It is one of those strange quirks of the tax system that no capital gains tax has historically been levied on non-resident landlords owning property in the UK, but that is all set to change. This is an area that has been on the radar for a while and a consultation...
Marginal tax rates and tax efficiently increasing your income
Following on from my post of 1 May: What is the maximum dividend I can draw annually?, it is possible to draw more income without paying more tax despite breaching the higher rate or high income child benefit threshholds. Above the 40% tax band, tax is indeed payable...
What is my breakeven and why do I need to know it
Over the past few weeks there has been a lift in confidence of clients and some are already expanding their businesses so they can grow. While they are aware they will need additional income to cover these expenses there is a simple formula to work back to a break...
What are my responsibilities as a director?
While it might be considered a nice perk to be appointed as a director of a company with new business cards and a seat on the board this comes with responsibilities which every director should be aware of. There are a number of rules set in statute, and you may also...
What is the maximum dividend I can draw annually?
The real question is what is the maximum dividend I can draw without hitting one of many tax bands, there is not just the 40% band to consider now, but the Higher income child benefit charge (HICBC) which affects the earner in a household with income over £50k. The...
My company is not insolvent, or is it?
Insolvency has a much wider definition than the simply being a negative balance sheet where liabilities exceed assets. For completeness it includes: Liabilities exceed assets – a negative balance sheet Cashflow test – can the company meet it’s liabilities as they...