Company Accounts Archive
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Simplified Expenses for Sole Traders
Posted on May 7, 2013 | No CommentsThe second part of HMRC’s new Simpler Income Tax scheme is Simplified Expenses. It aims to make the way unincorporated businesses (sole traders and partnerships) work out their businesses expenses more straight forward. Though the practical application of the process is as the name suggests... -
Income Tax Changes for Sole Traders
Posted on May 3, 2013 | No CommentsThe Government have introduced yet another change at HMRC which affects small businesses. Unlike most of the new schemes, using Simpler Income Tax is optional, and small businesses that qualify can choose whether or not to use it. There are two parts to Simpler Income... -
HMRC Find 36% of Small Businesses not Keeping Proper Records
Posted on November 2, 2012 | 1 CommentHM Revenue and Customs have been testing out a new scheme known as BRC or Business Records Checks. Modelled around initiatives already in place in Canada and Australia HMRC have been trialling BRC since April 2011. The basic idea is to do spot checks on... -
Are you Claiming Small Business Rates Relief?
Posted on September 25, 2012 | No CommentsA major cost for most businesses is paying their business rates. These have to be paid on any property used to operate a business from. Even if you run your business from home you still need to pay business rates. Like council tax business rates... -
Two Big Changes for Employers due in October
Posted on September 12, 2012 | No CommentsThere are two major changes being introduced in October which will impact on businesses with employees. The rise in the minimum wage applies to all businesses. The latest rise in the minimum wage comes into effect on the 1st October 2012. The rates will be... -
36,000 Companies Exempted from Audits Under New Rule Change
Posted on September 6, 2012 | No CommentsAfter a lengthy consultation period the Department for Business has announced its intention to alter the annual audit exemption for small companies. All private limited companies are required to have their accounts independently audited every year. This can be a costly and time consuming process... -
Top 5 Reasons Why Company Accounts are Rejected
Posted on August 20, 2012 | 2 CommentsCompanies House have released figures showing that they now reject 11.1% of company accounts. Using the Companies House statistics for July 2012 that means over 300,000 companies have had their accounts rejected so far this year. If acceptable accounts are not received on time then... -
Getting Away with it: Will Companies House Notice if You Fail to File Documents?
Posted on August 6, 2012 | No CommentsMany people don’t realise that when they create a limited company they are taking on a range of duties which have to be completed every year. Many more people fail to realise that the penalty for not meeting these requirements is prosecution. On forming a... -
Why your business should not wait to register for VAT
Posted on July 9, 2012 | No CommentsRegistering for VAT means that you become an unpaid tax collector on behalf of Her Majesty’s Revenue and Customs (HMRC). Once registered you have to give 20% of the price of any VATable goods or services you sell direct to the government. If you don’t... -
Private Limited Companies, Tax, Celebrities, PR and HMRC.
Posted on June 25, 2012 | No CommentsThe way companies and company directors pay tax has been at the heart of several leading news stories over the last week. We have had debates over the morality of celebrities and politicians avoiding tax through loopholes involving offshore companies. Meanwhile the HMRC has been...
