For owner / managers of small limited companies, taking a minimal salary and then larger dividends, a major change is about to occur from April 2016. Whereas currently any dividends taken which maintain your personal income within the basic rate band (approx. £42k total earnings) are effectively tax free, in future you will have a personal tax bill to pay. Continue reading
A couple of months ago we highlighted the recent changes in Xero, and now it’s the turn of QuickBooks Online. As the online software providers are constantly developing and enhancing their products, it’s sometimes tricky to keep up. So here’s a run-down of what the QuickBooks Online chaps and chappesses have been up to lately!
You’ve all probably heard a variation of this phrase, but I find that many business owners have a notion of what profit is, but very few actually understand in depth what their business’ profit is and how it is derived…. This is where a management accountant can help.
As experts in Xero, we’re always keeping an eye on the development work that our friends at Xero HQ are performing, and putting in requests on our clients’ behalf for enhancements they’d like to see in the software. So we thought it would be a good idea to pull together the new features that have appeared within Xero over the last 12 months that are likely to be of the most use to our clients… Continue reading
We are almost 18 months into the RTI filing regime for payroll schemes and it now seems certain that HMRC are going to press ahead with the introduction of their late filing penalty regime from 6th October 2014.
Key Performance Indicators (also known as Key Success Indicators) are a type of performance measurement that an organization can use to evaluate its success and make sure that it is giving sufficient focus to the core activities that will drive that success. Large organizations will certainly have these in place, but they are equally as vital for small businesses who aspire to do great things. And we all want that for our businesses, don’t we? Continue reading
Where an employer provides a loan to an employee or director, and that employee / director does not pay the official HMRC rate of interest on the loan (4% for 13/14, reducing to 3.25% for 14/15), the loan is considered a beneficial loan.
Seeing the way that the forecasts by the Office for Budget Responsibility seem to be forever shifting from one Budget statement to the next, made me ponder the true value of a forecast. After all, even within the space of a few short months, the assumptions on which the state of our nation’s finances are assessed can vary enormously. So is there any real value in a forecast, if it keeps shifting so much…? Continue reading
As usual, the annual Budget was as much about theatre as about the serious economics of the nation. And as usual, we sat down with our lunch and our notepads and scribbled down everything that might be of interest to the small business community we serve.
We have compiled our usual digest of the budget highlights, distributed free to all our active clients. If you would like to receive a copy, please email us with your details at firstname.lastname@example.org and we’ll gladly send you a copy!
The new tax year always brings a host of changes to tax rates and allowances, and one of the questions we get most is about the changes to the company car and van benefits, so here’s a quick update for the tax year about to start 2014-2015… By the way, this car is my son’s dream car (Probably everything to do with Top Gear but perhaps not a great choice for practicality or tax!)