Accounting

/Accounting

What Is a Company Unique Taxpayer Reference (UTR) Number?

By |2019-02-20T10:07:04+00:00January 7th, 2019|Categories: Accounting, Company Formation, Document Filing, Tax|

When starting your own business there are many different numbers and codes your company will acquire and it can be difficult to remember which codes are used for different services. One of the most important numbers your company will receive is the Unique Taxpayer Reference (UTR). This code is issued by HMRC and consists of [...]

What is an Accounting Reference Date?

By |2019-01-17T15:50:03+00:00October 17th, 2018|Categories: Accounting, Company Formation, Document Filing|

The accounting reference date is an important deadline that all Limited companies must be aware of. Knowing your accounting reference date will prevent your company from incurring financial penalties issued by Companies House. What is an accounting reference date? This is the end of the financial year for a Limited company and the dates their [...]

Paying Stamp Duty When Transferring Company Shares

By |2019-02-20T09:59:35+00:00May 4th, 2018|Categories: Accounting, Tax|

As of 13 March 2008, HMRC introduced new regulations which means any share transfers with a value of £1000 or more must pay stamp duty. The value of the transfer does not have to be a cash transaction, the value is based on the ‘chargeable consideration’ that is given for the shares. The chargeable consideration [...]

Self-Assessment for Company Directors

By |2018-02-21T16:37:46+00:00May 18th, 2016|Categories: Accounting, Tax|

Unlike employees of a company, directors are required to file self-assessment tax returns to calculate and pay any income tax and national insurance contributions they owe. Company directors must register with HMRC for Self-Assessment before they can send their tax returns. When you are employed by a company your employer provides the information to HMRC. [...]

Choosing your Company Accountant – What Should you Consider?

By |2018-02-20T17:02:15+00:00December 6th, 2015|Categories: Accounting, Tax|

Having registered a new limited company most new business owners will look for an accountant to assist them in the preparation of end of year accounts, tax returns and financial statements. Whilst the accounting industry is regulated by several different bodies, this is no guarantee that all accountants will be suitable for your business. As [...]

Business Banking

By |2019-02-19T13:44:32+00:00October 9th, 2015|Categories: Accounting, Company Formation|

When starting a company it is normally advisable to open a separate business bank account for processing your business transactions. This will make reconciling payments easier and will keep a clear divide between your personal money and the business money. Other business will also expect to pay your business name and not you personally. When making [...]

The Autumn Budget 2014

By |2018-02-21T16:38:42+00:00December 4th, 2014|Categories: Accounting, Tax|

How does the Autumn Budget affect businesses? In the pursuit of economic stability, Chancellor George Osborne has detailed the spending and saving plans that together make up the Autumn Budget 2014. Economic uncertainty has been commonplace in past budgets but there is certainly a sense of optimism with the plans announced today. The rise of [...]

Annual Return or Tax Return?

By |2017-11-22T16:40:39+00:00July 22nd, 2014|Categories: Accounting, Companies House, Document Filing|

UK companies are required to file several documents each year. We often hear from customers that confuse the Annual Return with the company’s tax return. So what is the difference between the two documents? Annual Return The ‘Annual Return’ is a specific term relating to filing your company information with Companies House. The Annual [...]

The Budget 2013 Summary – What You Need to Know

By |2018-02-28T10:04:12+00:00March 21st, 2013|Categories: Accounting, Company Formation, Tax|

George Osborne opened this year’s budget by highlighting that economic recovery was taking longer than expected but stated that it is this government’s ‘aim to set free the aspirations of this nation’. In a rather hostile environment, that many viewers find amusing whilst others find it annoying, the chancellor continued by revising the growth expectations [...]

Save Money – Switch to the Flat Rate VAT Scheme!

By |2018-02-27T11:05:25+00:00March 19th, 2013|Categories: Accounting, Tax|

The flat rate scheme of VAT registration is often preferred by small businesses. Registering under the flat rate scheme instead of registering under the standard rate can reduce the amount of vat that your business has to pay to the government. The standard rate of VAT is currently 20% (2013) whereas the flat rate scheme [...]