The government has announced a revised timetable for the introduction of Making Tax Digital for Business (MTDfB). MTDfB introduces extreme changes to how taxpayers record and report income to HMRC. …
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The problems faced by small businesses due to late payments have been very much in the news lately, as a business owner you are very aware of the importance of …
Ever felt like you’ve got plenty of work but not enough cash coming in? Achieving good cash flow is not a black art. Here are some easy ways to improve cash flow. The goal is always to make sure you’ve got more money coming in than you have going out.
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.
Decisions, decisions! How do you make smart business decisions? Do you use your head, your heart or both? What if your gut instinct is pushing you in a certain direction? Do you follow it or stick to the facts?
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.
Well, yes! Ok, so as accountants maybe we’re a teeny bit biased but we’re prepared to back up this answer with some good, solid reasons that will give you plenty of food for thought. The first of which is this: to become a management accountant and produce a set of accurate and useful management accounts that actively seek ways to boost profit, you need qualifications backed up by hands-on experience. So, your management accountant will know the theory, rules and regulations, and be able to put it all into practice in a way that best suits your business because he or she has plenty of real world experience doing exactly that.
Everyone has to pay tax on earnings and assets. But how do you make tax savings? When inflation rises or National Insurance contributions go up, so does your tax bill. Here’s the good news: if you abide by the rules but take time to do some financial forward planning, you can stop those bills getting completely out of control. Here are 10 ways you can make tax savings without upsetting the taxman, and legitimately not pay any more than you’re actually required to.