To follow on from my post about benefits available for families earlier this year, I thought I would write about the support available for those on low incomes. To reiterate a point in the previous blog post, I am by no means an expert in this field. I will give a brief overview of the support available here so that … Read More
Things that a director should know
Starting up a limited company is an exciting time – it’s a big step for you and your business. It is easy to get carried away in the excitement and not take in all of the things you are required to do to be compliant with all the company and tax laws, and it is possible you might miss opportunities … Read More
Xero: Account Categories (Chart of Accounts)
When you are reconciling your bank account on Xero you will be attaching a category to all of your income and expenditure. Sometimes it will be obvious what category the transaction should be assigned to, sometimes it will be less clear. The first thing to do would be to ask your accountant to suggest whether any of the currently existing … Read More
Accounting issues for driving instructors
Where we have many clients in one sector, I’ve tried to write blogs tailored to their specific situation. If you’re not a driving instructor, this may be of minimal interest to you! Self-employment Most driving instructors will be self-employed. I have written about self-employment in general here which I can recommend reading. This blog then picks up on specifics that … Read More
Benefits and support available in the UK: Support for families
I’m often asked about what support my clients can get from the government. Whilst it is not my area of expertise, I thought it would be useful to give a brief overview of some of the main sources of support along with links to find out more. This will be broken down into a different posts for each type of … Read More
How to get proof of your income
Sometimes it may be necessary to prove your earnings. The most common reasons for this will be applying for a mortgage or loan, of if you have suffered loss of earnings. Obviously the exact requirements may vary depending on your situation, but hopefully the information below will help to provide a guide for you. Employment income If all of your … Read More
VAT Basics: Part 3
In part 1 of this series, we discussed the mechanics of who pays VAT. Part 2 discussed when you need to register, whether you might choose to do so voluntarily and the different rates of VAT. In the final part, we are going to discuss your obligations, record keeping and how to process VAT returns. Invoices The first thing to … Read More
Understanding National Insurance
National Insurance is collected by HMRC to provide state support for the sick, the unemployed and the retired. One of the main reasons you may want to ensure that you have made enough National Insurance contributions is to ensure that you qualify for, or to maximise your State Pension. It is possible to get National Insurance credits so that if … Read More
How to pay your PAYE bill
If you run a PAYE payroll within your company, you will need to deduct any National Insurance (NI) contributions made by your employees, along with any Income Tax that they may have to pay from the amounts that you pay to them, and instead pay it directly to HMRC. On top of this, if you are liable for any Employers … Read More
What to do when you become self-employed
People can become self-employed for many reasons. Sometimes it is a long-term career plan that they have accomplished, sometimes it happens by chance – such as a redundancy forcing you to make alternative plans, and sometimes it is an accident – for example applying for a job and realising they want to take you on as self-employed rather than through … Read More