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There are many decisions that need to be made when starting your own business. One is the use of cash accounting or traditional accounting. An accountant will recommend the best method for your business, but it can not hurt! Traditional Accounting Traditional accounting is sometimes referred to as accrual accounting or accrual. With this billing …

What is the Difference Between Cash Basis Accounting and Traditional Accounting? Read More »

This is your first time running your new business accounts or it could be the start of a new financial period. You’ve heard of what’s called an opening and closing balance, but aren’t sure what exactly it is or how and when to use it. In this article, we’ll talk about what opening and closing …

What are Opening and Closing Balances? Read More »

Well, yes it has. The government has extended the self-assessment tax returns deadline to 28th Feb. 2022. HMRC announced last week that it has extended the deadline for submitting self-assessment to February 28, 2022, in an effort to reduce pressure on accountants and officers who are unable to reach their full potential due to the …

Has the UK Government Extended the Self-Assessment Return Deadline? Read More »

The untimely death of an entrepreneur is just one of the things you don’t want to bring up, right? So, in this blog post, we will ask you the question and do our best to give you some information. It might be a bit of a morbid subject to touch on, but unfortunately, it is …

What Happens When a Business Owner Dies Unexpectedly? Read More »

Establishing a public limited company can sometimes be the most tax-efficient corporate structure for its directors and shareholders. There are several types of companies including: Company with limited liability A limited liability company Unlimited private company Most companies are limited to stocks. This means that the value of the shares owned will limit the shareholder’s …

The Benefits of Becoming a Public Limited Company Read More »

Many organizations are moving towards agile/hybrid work. However, before employers reimburse expenses and claims for employee benefits, they should consider the applicable income tax and reporting requirements. This article guides tax considerations when employing reimbursement of expenses. Broadband Connection If the employee already has broadband or is upgrading their plan, any reimbursed expenses would be …

What are the Employment Tax Issues That Non-Profit Organizations Need to Be Aware Of? Read More »

The pandemic is having a major impact on the UK travel and tourism sector. This includes many Furnished Holiday Let (FHL) stores that have had to close for most of the 2020-21 holiday season. Even if strict cleaning requirements and distance regulations allow businesses to reopen, many still suffer from increased costs, longer travel times, …

Coronavirus: Tax and The Owners of Furnished Holiday Lets Read More »

The government originally announced a temporary discount rate for the hospitality industry in July 2020 as one of several measures designed to help certain business units during a pandemic. With further announcements, the VAT rate of 5% has been extended to 12.5% ​​for a period on 1 October 2021 and then back to 20% on …

The Reduced Rate of VAT to End on 1 April 2022 Read More »