Many taxpayers are unaware of the statutory requirements around declaring and paying capital gains tax (CGT) on the disposal of certain residential property. The process differs compared to other assets falling within the CGT regime, and HMRC are likely to levy penalties and interest on any non-compliance. We’ve written this blog to provide clients with … Read more
When completing your bookkeeping as a VAT-registered business, it is important to have a good understanding of the different VAT rates that apply to the different transactions. This help sheet explains what typical transactions would require the VAT rates specified. If you are ever unsure about how to assign a transaction, please always consult your … Read more
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
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
With many tax and compliance updates coming into play this year, we’ve provided a roundup of the changes you should expect to see in the coming months. New VAT Penalty System A new penalty system will be put in place for VAT returns starting January 2023. HMRC are introducing a new system for late VAT … Read more
While not everyone has the opportunity to study accounting, it’s worthwhile possessing knowledge of basic bookkeeping when starting a business. Here are ten accounting term definitions to get you started to effectively communicate with your accountant; Accounts payable Accounts receivable Balance sheet Cash flow Equity Fixed cost Gross profits Inventory Profit and loss statement Revenue … Read more
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