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How to Pay Yourself Efficiently
If you’re a limited company, the amount of money you pay yourself determines the size of your tax bill. When you pay a salary, this cuts into profits and therefore lowers the amount of Corporation Tax you pay each year. A combination of salary, dividends and bonuses is a way of ensuring you pay yourself enough to live on as an owner-manager or a contractor. But how do you know how much to take in salary and dividends? What’s the most tax efficient way to pay yourself and when do you do it? There are a few different options to consider. Ultimately, your accountant will look at your business closely and advise on the way that best suits you. As the government tinkers with the rules most years, it’s always wise to check before going ahead.
5 Tax-Efficient Ways to Reward Your Employees
Increasing salary is far from the only way to make employees feel valued. If you want to reward your employees in tax-efficient ways, explore what’s commonly known as benefits in kind (BiKs) and salary sacrifice. The idea is that instead of an increase in salary, the employer offers benefits and other options specifically intended to improve the working lives of the employees. Here are five suggestions that could help. It’s also worth remembering that being known as an employer that rewards employees is a great way of attracting and keeping the best talent.
ForecastingYour financial forecast is a journey into the financial future of your business. If you’re a start-up looking to secure funds from an investor, it’s your business plan translated into numbers. If you’re an established business, a forecast can help with everything from managing monthly or quarterly cash flow to...
Business PlanA good business plan can quite literally make a dream come true. It can make the difference between fantasising about being your own boss and spending yet another year sat behind a desk working for someone else.
Statutory AccountsTo keep the taxman happy and be as tax efficient as possible, your figures need to be spot on. With Accounts Navigator working on your behalf, they will be.
Corporation TaxIf you’re a UK limited company, you’ll need to pay Corporation Tax on business profits. That’s in addition to tax on personal income from salary or dividends drawn from the company. The problem is that you don’t get a bill with a total figure to pay. If you’d rather spend...
Very prompt, friendly and reliable service. Very competitive prices aswell. Would strongly recommend!