What are Company Reserves? The company reserves are the company profits that sit in the company accounts, ready for later use. In micro entity, profit-making companies, these profits are used to distribute dividends each year. Please see below an example: Company Profit 2022: £80,000 (Corporation Tax: £15,200) Net Profit: £64,800 Dividends for the year: … Read more
The Benefits of Electric Vehicles As we move away from petrol and diesel vehicles, many businesses are considering if now is the time to make the switch to electric. It’s no secret that the government is encouraging this transition, and they have introduced some fairly enticing incentives to both businesses and individuals. The Salary … Read more
‘Payments on account’ are advance payments towards your tax bill which HMRC ask individuals to pay if their tax bill exceeds £1,000, and if the majority of income is untaxed at source (i.e. self-employed profits). You will not need to make a payment on account to HMRC if: Your tax bill was less than £1,000 … Read more
⚠️Small companies will soon need to file statutory accounts that include a profit & loss report⚠️ A draft bill has now been published accompanied by a white paper listing proposals to reform Companies House due to an increased number of sanctions being imposed on Russia. To identify any suspicious activity, they would need to know … Read more
National Insurance (NI) payments have gone up. The government says the rise will help the NHS recover from the Covid pandemic and fund social care in England. What is National Insurance (NI)? Essentially, national insurance is a tax that counts towards your entitlement to state benefits and the state pension. This means employees, self-employed individuals, … Read more
In 1999, the first cloud-based accounting software was launched by two major players: NetSuite (formerly NetLedger) and SalesForce. Since 1999, technology has improved dramatically within various industries, especially the cellular telephone, computer & software companies. Xero’s role in Cloud-Accounting Xero is one of the leading companies in providing the platform of bookkeeping, this is known … Read more
Inflation can occur when prices rise due to an increase in production costs, such as raw materials and wages. A surge in demand for products and services can cause inflation as consumers are willing to pay more for the product. A large portion of the population has never experienced inflation. With issues in global supply … Read more
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