Category Archives: Tips and Guides

Running a Limited Company – What You Need to Know

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Steph

Steph is a Chartered Accountant with many years’ experience working in audit compliance and general accountancy. She is a Fellow of the ICAEW and has extensive knowledge of accountancy and tax for the self employed.
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Running a limited companyLimited companies are one of the most popular legal structures in the UK, you will find them across all different sectors and industries.

Limited Companies are treated as separate entities to the individuals that own them. This means that shareholders in the company are only liable up to the value of their shares, although directors have legal responsibilities in the way that they are expected to run the company, which means they may have some personal liability.

Find out more about the advantages of incorporating as a limited company, as well as some important things to consider before taking this legal route.

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Employer Supported Childcare Voucher Changes From 6th April 2018

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Steph

Steph is a Chartered Accountant with many years’ experience working in audit compliance and general accountancy. She is a Fellow of the ICAEW and has extensive knowledge of accountancy and tax for the self employed.
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As of 6th April 2018, the Childcare Voucher scheme will no longer be available to new parents wanting to join the scheme.

Parents will instead have the option of tax-free childcare (TFC), an initiative that was launched in April 2017.

The new scheme is not as favourable for all parents, so it may be more beneficial to opt in for the existing childcare voucher scheme before the deadline.

Find out more about the changes and if you could be better off applying for childcare vouchers before the scheme closes below.

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Making Tax Digital Part 2 – Updated HMRC Timeline

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Steph

Steph is a Chartered Accountant with many years’ experience working in audit compliance and general accountancy. She is a Fellow of the ICAEW and has extensive knowledge of accountancy and tax for the self employed.
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How to prepare for digital taxMaking Tax Digital, or MTD is a radical change coming to HMRC, which will see them become the most digitally advanced tax administration in the world. There is an estimated investment of £1.3 billion going into software and infrastructure developments to make the change possible.

Whilst HMRC has remained committed to MTD, they have recognised that the originally planned start date of April 2018 for the first businesses may be unachievable. For this reason, the HMRC have amended the timeline for MTD for business and extended the pilot programmes.

Find out more about what MTD is and how it affects your business, the new changes to MTD timelines and how you can make sure you’re prepared.

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New Employer? Your Auto-Enrolment Duties As Of 1st October 2017  

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Steph

Steph is a Chartered Accountant with many years’ experience working in audit compliance and general accountancy. She is a Fellow of the ICAEW and has extensive knowledge of accountancy and tax for the self employed.
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Pension savings auto enrolment Auto-enrolment has been rolling out to employers across the UK since 2012, with the aim of ensuring more people have a pension in place when they finish working.

Auto-enrolment duties started with the largest employers and have since moved through to smaller and medium-sized businesses.

Find out more about the latest changes to auto-enrolment, and your duties as a new employer from 1st October 2017. Continue reading

Taking On A Second Job? – Here’s What You Need To Know

Megan

Megan

As well as having Payroll experience, Meg is our main point of contact for auto-enrolment setup. Now a qualified member of AAT, Meg is building her portfolio of accounting clients in a variety of sectors.
Megan

what to consider when taking on a second job Taking on a second job is a great way to earn extra money and many people now find this necessary to make ends meet. It also improves your skill set and looks impressive on a CV, providing better job prospects in the future.

But working two jobs comes with many considerations for both employee and employer. In this blog, we’ll look at the benefits and pitfalls of working two jobs including legal restrictions and tax guidance for both parties.
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How To Take Time Off When You’re Self-Employed

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Steph

Steph is a Chartered Accountant with many years’ experience working in audit compliance and general accountancy. She is a Fellow of the ICAEW and has extensive knowledge of accountancy and tax for the self employed.
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how to take a holiday if you're self employedWith no legal entitlement to holiday pay, taking time off can be a challenge for the 4.8 million self-employed people working in the UK. Often when not working for clients, there is a lot of administration and accounting work that needs to be fulfilled. However, with careful planning and organisation of accounting duties, taking time off shouldn’t be difficult.

In this blog, we’ll cover ways you can take valuable time off whilst self-employed without sacrificing client satisfaction or revenue.

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First Call Financials A – Z Jargon Buster

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Steph

Steph is a Chartered Accountant with many years’ experience working in audit compliance and general accountancy. She is a Fellow of the ICAEW and has extensive knowledge of accountancy and tax for the self employed.
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Jargon Buster For Finance and AccountancyFinance is full of jargon! We know because we answer so many queries from our clients about what certain acronyms, words and phrases mean.

To make sure you’re never left confused again, we’ve pulled together an A-Z jargon buster with common accountancy, financial, business and employment terms and their meanings.

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What Is National Insurance And Why Do I Pay It?

Megan

Megan

As well as having Payroll experience, Meg is our main point of contact for auto-enrolment setup. Now a qualified member of AAT, Meg is building her portfolio of accounting clients in a variety of sectors.
Megan

Working out your NIC'sIf you’re a worker or employee over 16 and earning above £157 per week, or are self-employed and generating a taxable profit in excess of £6,025 per year – you will pay National Insurance. The amount you pay depends on your employment status and how much you earn.

Find out more about National Insurance contributions, why you pay it and how much you pay.

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Making Tax Digital For Business Is Coming- Are You Ready?

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Steph

Steph is a Chartered Accountant with many years’ experience working in audit compliance and general accountancy. She is a Fellow of the ICAEW and has extensive knowledge of accountancy and tax for the self employed.
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How to prepare for digital tax If you are a business owner, you should be aware of the huge changes coming to the tax system.

HMRC are aiming for a completely digital tax system by 2020, with the first businesses having to comply with MTD legislation from April 2018.

Find out more about what digital tax is, who it affects and how you can ensure you are prepared for the change.

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Understanding Your Pay Slip – Tax Codes Explained

Megan

Megan

As well as having Payroll experience, Meg is our main point of contact for auto-enrolment setup. Now a qualified member of AAT, Meg is building her portfolio of accounting clients in a variety of sectors.
Megan

Money from a payslipIf you are an employee or worker, you will be on a PAYE (pay as you earn) tax system, meaning tax is deducted straight from your salary – unlike the self-employed, who have to calculate and pay their own tax.

For many, this ease of use means that tax codes and deducted earning are rarely checked, which could result in over taxation.

In this blog post, we’ll cover how to find your tax code, what it means and what to do if you think you are being over taxed.

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