Are you paying dividends legally?
It is common for a limited company to remunerate the directors/shareholders via a combination of dividends and salary. A dividend can only legally be paid however if there are sufficient reserves in the company to be able to do so. Where shareholders have received a distribution (e.g., a dividend) from the company knowing at […]
Fear of failure
How do managers and business leaders get over their fear of failure? Most people have a fear of failure, and this can impede decision-making and stifle innovation. However, addressing this fear is crucial for effective leadership and fostering a healthy organisational culture. Effective managers embrace a growth mindset. This involves viewing failures as opportunities for […]
VAT errors…
VAT Errors can happen due to a variety of circumstances – and far too many and various to list here. However, in an instance where an error has been identified, there could be an underdeclaration or even overdeclaration of VAT due on sales, or too much or not enough VAT reclaimed on inputs. Whilst accounting software […]
The 2024 Election
Now the dust has settled on the election and the new Chancellor, Rachel Reeves, starts to find her feet – (and tries to find some money in the coffers!), there are likely to be changes to the tax regime in the not-too-distant future. Their manifesto intimated that there would be no changes to Corporation […]
Microsoft Copilot
Artificial Intelligence (AI) assistant for Windows and Microsoft Office. Microsoft Copilot is an AI-powered tool that is primarily meant to support Microsoft 365 users with automation features for Word, Excel, PowerPoint, Outlook and Teams. It also works with the Bing search engine and Windows operating system. Copilot leverages the power of Chat GPT-4, enhancing traditional […]
Are you monitoring your turnover on a regular basis for the purposes of VAT?
For those smaller businesses, the business must register for VAT where the turnover, on a rolling 12-month basis, exceeds £90,000. The threshold for deregistration is £88,000. HMRC estimate that 28,000 businesses will no longer have to be VAT-registered. However, please be aware there are situations where it might still be beneficial to remain registered – […]
Beware the lower tax exemption for Capital Gains
Capital Gains Tax is a tax on the profit made when you sell certain assets that have increased in value. CGT may be due when you dispose of a range of assets. These can include: It is estimated that in the last 10 years less than 3% of UK adults paid CGT. However, the CGT […]
Started employing staff? Don’t forget the workplace pension…
Pension auto enrolment was set up in 2012. All employers must provide a workplace pension scheme. This is called ‘automatic enrolment’. UK employers are legally required to set up a workplace pension scheme into which they must enrol their employees and contribute to their savings. if you do not offer one already, you must arrange […]
Do you need to register for self–assessment?
HMRC provide an online tool to enable you to check if you need to send a SA return. If you need to register, you must do so before 5 October 2024 for the 2023/24 tax year. The above deadline does not apply where HMRC have already asked you to file a tax return for the […]
File your tax return early…
With the July 2024 payment on account approaching, it may be possible to reduce the amount of this payment. Completing the tax return before that date means the figure can be accurately quantified. Even if it cannot be filed due to some “loose ends”, the amount can also be “estimated”, although care is needed. Accounts […]