Accounting News and Articles
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Keeping Financial Records: General Advice and Tips
If you run your own business, an important thing you need to do is keep records. The reason to keep records is so that you have evidence of your business…
How Do You Read a Profit and Loss Account?
Profit and loss accounts or income statements are useful documents that allow you to see how well a business is doing. This is handy when you are deciding whether or…
What are Capital Allowances?
Normally with business expenses you would claim the amounts you have paid in the tax year you made the payments in. Some items, such as vehicles and other business assets…
Is Subsistence an Allowable Expense?
Subsistence (meals while working) is only tax‑deductible in specific situations. The key distinction is between everyday meals at or near your normal workplace (not allowable) and extra meal costs caused…
Construction Industry Scheme (CIS) For Sub-Contractors
What is the Construction Industry Scheme (CIS)? The Construction Industry Scheme (CIS) is where contractor withholds an amount of payment from their subcontractors as tax, which is then paid to…
What is Automatic Enrolment?
Automatic Enrolement is a system that requires all UK employers to provide a workplace pension scheme to all of their employees. If you are an employer it is likely that…
Why profit and cash are not the same – and why it matters
You’ve just reviewed your quarterly accounts, and the numbers say your business has made a profit – fantastic! But why does your bank balance feel so underwhelming? This is a…
IR35 for Small Business Owners
If you run a small business and hire freelancers or contractors, you’ve probably heard the term IR35. But what does it actually mean for you? To help you understand how IR35…
Construction Industry Scheme (CIS) For Contractors
If you work in construction and hire the services of other construction businesses you need to be aware of the Construction Industry Scheme (CIS). The scheme is where contractors deduct…
Paying Tax on Company Cars
Sometimes in business you need to use a car to get around, whether directly part of the job or for going out and meeting your customers. If you have a…
What to Consider When You Employ Staff
As your business grows and becomes more successful, you will find a point where it would be beneficial to have some regular help. Most commonly this would involve employing someone…
Dormant Companies: What You Need to Know
If you have a limited company, but it is not trading then it may be classed as dormant. A dormant company is a company that is not active. What does…
What is Statutory Sick Pay?
When you fall ill and cannot work you are entitled to what is called Statutory Sick Pay (SSP). SSP is a social security benefit that is paid by employers to…
Everything you need to know about VAT registration
One of the best parts of running a small business It’s always great to see that your business is growing and your turnover for each year is increasing. You must…
What is a VAT Return and how do you file one?
If you have just registered for VAT then you will likely have been requested by HMRC to file a VAT return. Normally these returns are completed every three months but…
What is Import VAT?
Import VAT is the tax you pay on all goods purchased from any country outside the UK. When running a business you may not want to limit yourself to just…
Autumn Budget 2024: Breakdown for Business Owners
With a new government, expecting a shake-up in the country’s finances is only natural. This means changes scheduled to how taxes work and potentially significant changes to your business. This…
What is VAT and how is a VAT return calculated?
What is VAT? This post will explain everything you need to know about Value Added Tax in the UK.
Registering for a Self-Assessment tax return
Have you started a new business recently? Or began letting a property to increase your income? Then you will probably need to register with HRMC to submit your self-assessment tax…
Dividends vs Wages: Maximise your income from your company
There are two main methods to take income from a company you own: Dividends Wages Each of these methods have their own advantages and disadvantages. What are Dividends? Dividends are…
What are National Insurance Contributions (NICs)?
In addition to income tax, individuals have another amount to pay on earnings known as National Insurance Contributions (NICs). NICs are similar to tax except that paying them allow you…
Statutory Maternity Pay and Leave
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…
Flat Rate Scheme for VAT
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…
Holiday Pay
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.
Keeping Records: Simplified Expenses
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…
Self Assessment tax return deadlines and penalties
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…
Drawing wages from your company
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…
Capital Gains Tax: The Basics
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…
In the fast-paced world of finance and business, it is crucial for both professionals and organisations to stay updated with the latest accounting news. Accounting news covers a wide range of topics, from industry trends and technological advancements to regulatory changes and best practices. As the accounting landscape is continuously evolving, it is essential to remain informed to stay competitive and compliant while managing financial affairs effectively.
One of the primary focuses of accounting news is regulatory updates. Governments and regulatory bodies often introduce new laws, regulations, and standards that impact accounting practices. Changes in tax codes, updates to financial reporting requirements, or amendments to auditing standards are some examples of such developments. Accountants must stay up-to-date with these changes to ensure compliance and mitigate risks for their clients or organisations.