by ClearwaysAccountants | May 31, 2013 | Business tax, Contractor, Freelancer, Self Employment, Small business advice, Tax planning, Tax Tips
The cost of buying a garden office and fitting it out is expensive and can be a major outlay for a smaller business. A garden office is treated for accounts and tax as a capital asset (and not as a business expense). Capital assets purchased for your business,...
by ClearwaysAccountants | May 5, 2013 | Business tax, Pay, Expenses & Benefits, Small business advice
If you pay benefits to your yourself as a director/employee of your own limited company or to employees you may need to complete a P11D at the end of the tax year. What is a ‘benefit’? Common benefits given to employees are medical cover, company cars and...
by ClearwaysAccountants | Apr 25, 2013 | Contractor, Freelancer, Self Employment, Small business advice, Tax Tips
Cash accounting for unincorporated businesses What does this mean? At present all accounts submitted to HMRC should be prepared under UK accounting standards even if you are self-employed. This means that your accountant will make changes to your basic figures to...
by ClearwaysAccountants | Apr 15, 2013 | Business tax, Contractor, Freelancer, Small business advice
RTI easement – what a relief! HMRC have seen sense and given small businesses an easy introduction to Real Time Reporting (RTI). If you have fewer than 50 employees you can file your information with HMRC when you complete your normal payroll run but no later...
by ClearwaysAccountants | Apr 3, 2013 | Business tax, Self Employment, Small business advice, Tax Tips
From April 2013 a new system of reporting payroll data to HMRC will come into force. What is Real Time Reporting? If you run a payroll, either as an employee of your own small limited company or as a self-employed trader with staff then Real Time Reporting (RTI) will...