What mileage records do I need to keep?
A client was recently subject of a PAYE inspection and despite this appearing to be an inspection of the payroll, HMRC are actually looking deeper into the company affairs to extract additional tax if possible. One of the key areas they are targeting is proving the...
Completing a VAT return on line
In response to a number of my start up clients completing their VAT returns for the first time I have put together a procedure to follow on how to complete a VAT return online and also set up the direct debit.In both cases you will have to log in to HMRC VAT services:...
What needs to go on a sales invoice
For sole traders very little needs to be entered on a sales invoice apart from what it is for and the amount, but more is needed for a VAT registered limited company. There are HMRC requirements for a VAT invoice and separately by Companies House for the company: VAT...
Companies House penalties and how to avoid them?
Companies House impose penalties for filing accounts late, due to a culture of late filing by companies. This has certainly been a wake up call to company owners especially with the increase in penalties in February 2009. There used to be a loophole where by filing...
How do I register to submit VAT online to HMRC?
It is now obligatory to submit VAT returns online to HMRC and while it is fairly straightforward to register when you know how, for many new businesses it is a daunting prospect. I have helped a few clients through the process and I have listed below step by step how...
What is the difference between limited companies (Ltd) and LLPs?
A prospective client asked me the difference between an LLP and a Limited company (Ltd), and what were the pros and cons of each. Perhaps the most important similarity between the two is that they have limited liability to the members and shareholders respectively....
Can you change a company year end date?
There are many reasons why you might want to change a limited company year end and it is possible to do so whether: the trade is seasonal and you do not want year end in your busiest period to tie in to the tax year (although we would not necessarily recommend this)...
Company directors pay for 2013/14
If you are a company director and are paying yourself a low salary and topped up with dividends allow read on. Up to 5 April 2013 you are probably paying yourself £620 per month, this is greater than the NI Lower Earnings Limit at which you build up state...
Dates and deadlines for Limited companies
A number of startup clients have asked for deadlines of when they need to complete their records and file returns and I have produced a spreadsheet which summarises these for them but a little explanation may be of assistance. The starting point is the date of...
Should I register for VAT?
You must register for VAT if your turnover for the last 12 months is greater than £79,000 (2013/14) or you expect it to go over that limit in the next month, however there are situations where it may be worth registering if you are under the limit: If all of your...