When you enter records of money paid into and out of your bank account into the cash book, there is a delay of at least a couple of days until these transactions are cleared through the banking system and appear on your bank statement. Therefore, the bank balance...
The turnover threshold which currently exempts most companies and limited liability partnerships (LLPs) from a statutory audit is £10.2 million. In the past, audits were seen as the ‘cost’ companies had to pay for the privilege of limited liability. Audits...
General overview Entrepreneurs’ relief (ER) provides relief for disposals by smaller business owners. It results in a tax rate of 10% on the disposal. The relief is available on material disposals of business assets which covers businesses operated as a sole...
Registering with HMRC If you start working for yourself, you must register with HMRC. You can do this at any time up to 5 October of your business’ second tax year. If you do not register you may be liable to a penalty. It is now preferable to register online. You can...
Registering with HMRC If you form a partnership to carry on a business, you must register it separately with HMRC even if the partners have previously been self-employed. If the partners are new to business, they must also register individually. Registration for both...
Gift Aid Gift Aid is the main vehicle for tax-efficient giving to charities. It applies to any donation whether large or small, regular or one-off. Simply by confirming that they are taxpayers, donors can ensure that their chosen charities can reclaim the basic rate...
