As we near the end of the tax year, it’s important that employers (and employees) are aware of the increases in minimum wage and benefits that come into effect from 1 April 2023. National Minimum Wage (NMW) NMW is the minimum hourly rate that employers must pay to workers aged between 16 & 222 –…

It’s that time of year again – Christmas! Every year we get asked questions about the rules for entertaining & gifts for clients and staff so that you stay on the right side of HMRC. As always if you any questions please get in touch before you buy gifts etc.  that way we can help…

Did you take advantage of the option to defer paying VAT as part of the Government support to businesses during the Coronavirus Crisis?  At the time you didn’t have to do anything, you just didn’t have to pay the VAT due until March 2021.   As we are now approaching this deadline HMRC has published guidance…

From 1st March 2021 VAT is changing within the construction industry It has been brought in to cut down on VAT fraud in the construction sector. Who does it affect? The new rules apply to contractors and subcontractors within the Construction Industry Scheme (CIS) who are VAT registered. Under the new rules when a subcontractor…

More and more business owners are turning to cloud accounting software to manage their business finances. Cutting edge technology is perhaps not what first springs to mind when you think of bookkeepers, we do tend to be a cautious bunch. But most of us are now embracing the power of the cloud when it comes…

Not sure if you need a business bank account? You’re not alone. This is one of the most common questions we get asked, and the answer is that it depends on your business structure. Are you a sole trader or limited company? Sole Traders As a sole trader, your personal and business affairs are treated…

Self-assessments and payment on account can cause a lot of angst if you’re self-employed. The annual rush to get your tax return submitted on time coupled with unexpected tax bills is far from fun. Payment on account is a commonly misunderstood part of the self-assessment process. It was developed by HMRC to help self-employed people…

If you’re self-employed and use your own car to make business journeys, then you can claim expenses to help reduce your tax bill. Unfortunately like a lot of things to do with HMRC, it can be complicated. But don’t worry, we’re here to help! Let’s get started. When are motor expenses classified as “allowable expenses”?…