We have previously covered employee entitlement regarding holidays and illness. However, there is another form of centrally important employee entitlement we have yet to cover; Statutory Maternity Pay and Leave. Statutory Maternity Leave When you have a baby you are entitled to take maternity pay and leave. The time-off work is known as Statutory Maternity…
In addition to the standard method of accounting for VAT, where you add 20% onto sales, pay this to HM Revenue and Customs (HMRC) and claim back the VAT on your purchases, there are other methods you can use. There are three main methods for calculating VAT; the flat rate scheme, the cash accounting scheme…
Are you struggling to understand how to work out Holiday pay entitlement for your employees – this post will clearly explain everything you need to consider.
In addition to the traditional accounting method for keeping records, there is the Simplified Expenses Method. This can be used by Self-employed businesses and sole traders. How do simplified expenses work? The simplified expenses method works by using flat rates to calculate a number of expenses instead of recording the actual expenses. Which Expenses Can…
Late submission or payment of self-assessment tax return deadlines and penalties can be a costly mistake for sole traders and businesses. HM Revenue and Customs (HMRC) created the Self-assessment model to allow people to file tax returns and disclose their taxable earnings. This means tax can be charged correctly without investing in a complicated way…
It’s one thing to have a successful business that makes money, but how would you use the profits to pay personal expenses or invest? With a sole trader business, it’s easy. As you are the one earning the money, it is yours to spend how you wish, provided you take care to save some to…
What is Capital Gains Tax? Everyone has items that are no longer wanted, items to sell to other people and possibly made a profit. In most cases once the sale transaction is complete nothing else needs to be done. However when we are selling expensive items, such as shares in a company or even a…