Publications

We have put together a series of useful Business Guides, available to download.

Balancing your Purchase (Creditors) Ledger

In a purchase ledger control account, the total outstanding invoices at the beginning of a period and invoices received during that period, less payments made for invoiced supplies, will give a balancing figure of invoices still outstanding at the end of the period -...

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Balancing your Bank Account

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...

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Do you need an audit?

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 provide...

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Entrepreneurs’ Relief

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 trader,...

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The Tax System for the Self-Employed

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...

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The Tax System for Partnerships

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...

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Giving to Charity

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...

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Business Tax Planning

This guide covers some Business Tax Planning suggestions: Corporation tax The main rate of corporation tax is 19% until 31 March 2020. From 1 April 2020 this rate reduces to 17%. Corporation tax self-assessment requires companies to work out their own tax liability as...

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Personal Service Companies

The IR35 legislation seeks to tackle the avoidance of tax and national insurance contributions (NICs) through the use of intermediaries such as service companies or partnerships. The rules target circumstances where a worker would be treated as an employee of the...

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The Construction Industry Scheme

There are special tax rules affecting the construction industry, which are designed to ensure that tax is paid by workers who are self-employed. Employees must be paid under PAYE, and are not within the construction industry scheme. The construction industry scheme...

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Planning for Retirement

Most people recognise that their retirement plans do not look as healthy as they did a decade ago. Stock market collapses have destroyed most people's compounding calculations while low interest rates are reflected in low annuity rates which continue to be adjusted...

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Preparing Your Business Plan

Planning not to fail A business plan is essential for every business. Failing to plan your business is the first step toward planning to fail. Recording your ideas, plans and strategies is essential given the ongoing sluggish economy when so many business owners are...

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