What is bookkeeping?

Saturday, February 8th, 2020

And is there is a difference between bookkeeping and accounting? The process of bookkeeping is essential for any business.  As an owner you will be able to identify if your business is generating profits or losses. What will a bookkeeper do? The action of bookkeeping is the recording and retrieving of financial transactions for a […]

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In the know…

Wednesday, January 29th, 2020

As part of our strategic partnerships this year we are going to share some content that our partners have created to help you, the business owner. Paul Collins of Croner can be contacted on paul.collins@croner.co.uk or 07812 736262

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Home working allowable expenses

Saturday, January 25th, 2020

As accountants we’re always going to advise you to not stretch your business beyond its means. And that can mean running your business from home. Working from home can benefit you more than just saving time on the drudgery of commuting every day.  Here is our quick guide to the expenses you can claim. Firstly, you […]

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BREXIT: What does it mean for my small business?

Saturday, January 18th, 2020

The 31st of January 2020 is an important date for accountants for two main reasons…it’s self-assessment deadline day AND it’s Brexit Day, but what does the latter mean for us and ultimately our clients? I think it’s fair to say, no-one actually knows.  I for one, have read and re-read articles written by “experts” but none have […]

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Car leasing and VAT

Monday, November 25th, 2019

HMRC rules state that you cannot claim VAT paid on the purchase of a car if there is any private use at all, this even means when commuting to and from your place of work.  There is of course the exception on cars used as taxis or for a driving school, you will still need […]

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Long-term tax planning and your children…

Monday, November 18th, 2019

What was your dream when you set up your business?  Was it that you wanted to work for yourself and no-one else?  Did you dream that one day the business would be so much of a success you could pass it down to your children? What if we told you that you can pass some […]

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HMRC fuel rates

Thursday, November 14th, 2019

New rates. Updated advisory fuel rates (AFRs) from 1 September 2019 for fuel costs when using company cars. Engine Size Electric per mile Petrol per mile LPG per mile Diesel per mile Up to 1,400cc – 12p (12p) 8p (8p) – 1,401cc to2,000cc – 14p (15p) 10p (9p) – Up to 1,600cc – – – […]

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Employing family…tax dodge or genius tax efficiency?

Thursday, November 14th, 2019

“Employing” your husband, wife or children for the purposes of increasing your business costs and therefore reducing your tax liability has been widely used by businesses. Whether HMRC will wear it is another matter. Where do you actually stand if the Taxman challenges this decision? An expense normally has to be “wholly and exclusively for […]

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When should you transfer your business from trading as a sole trader to incorporating the company?

Friday, June 7th, 2019

There are long-standing assumptions around when it will be more tax efficient to incorporate and we explore them hear.  By the virtue that even profits of £25,000 would be better off as an incorporated business as there is no requirement to pay Class 4 NI on dividends but you must weigh this up with the […]

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Top 10 Tax-Free Employee Benefits

Monday, March 18th, 2019

Providing a simple way of remunerating your employees and to reward them for loyalty can create an administrative headache.  Finding the most efficient way that does not result in a PAYE tax or National Insurance liability for you or them can take up your valuable time. Q: What can I provide without creating a liability? […]

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