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Preparing for the end of the furlough scheme

The Job Retention Scheme (JRS) – or the ‘furlough scheme’ has been a lifeline for many UK businesses during the ongoing COVID-19 pandemic. The scheme has provided short-term financial support for businesses during the UK lockdown, allowing companies to pay their workers 80% of their usual wages whilst the workforce is furloughed and out of…Read More

Clarify and reset your goals in a Covid world

Locking down is tough for everyone; whether you’re a parent juggling work and school from home, can’t work at all, or are busier than ever as an essential worker. Whatever your situation, hopefully you’re on your way to establishing a new normal. If you haven’t yet sat down purposefully to reflect on your unique lockdown…Read More

Can HMRC hold a director responsible for unpaid company tax liabilities?

One of the primary reasons many business owners choose to incorporate their businesses and become a limited company rather than a sole trader is to benefit from the limited liability it brings. Limited liability provides the protections that, if the business were to fail, the directors would not be held personally liable for the company’s…Read More

Paying PAYE – correctly!

I handle 20 or so monthly payrolls for my clients. The majority of my clients pay their PAYE on time each month and so there is no problem. However, a few of them regularly pay their PAYE late each month and then they wonder why HMRC keep sending them payment demands that bear no resemblance…Read More

Purchasing A Car Through Your Business

Many of my clients are either the sole directors/shareholders of their limited companies or just have one or two fellow directors.  Quite often, once the company is set up and running, one of the first questions I’m asked is “Can I buy a car through the company?”.  My answer is usually a somewhat unhelpful “Yes, but….”.  The…Read More

Top 7 Productivity Tools

Although written by FUTRLI as part of their on-going support for their accountant partners, one or more of the cloud based tools highlighted in this blog should be of interest to any business, whether newly-formed or well-established. Top 7 Productivity Tools for Accountants Please let us know if you have any questions after reading the blog, or if we can…Read More

How to Create a Forecast Based on Historical Xero Accounting Data

In their more reflective moments, accountants often say, perhaps ironically, that a set of accounts is not worth the paper it is written on.  Surely, they are not being serious? But think about it.  Traditionally, a set of accounts is produced some months after the year end.  Great for calculating the annual corporation tax bill, but…Read More

13 Reasons Why You Need a Business Plan

We are always telling clients they need a business plan.  Our usual comment is something along the lines of “Well you wouldn’t jump into your car and not know where you were going to, would you?” or words to that effect. Here is FUTRLI’s take on the subject: 13 Reasons You Need a Business Plan…Read More

Say Goodbye to Excel with Xero/QBO & FUTRLI

FUTRLI have written an excellent blog on this.  Check this out: Say Goodbye to Excel with Xero/QBO & FUTRLI Please contact us if you have any questions about this blog.

Making Tax Digital – how and when will it affect you?

There is, to say the least, a certain amount of confusion over Making Tax Digital and how it will affect business owners (“MTDfB”).  First it was on, then it looked as if it might be off, and finally it looks as if it’s on but there will be a year’s delay. In view of this we have worked…Read More

Legislation to implement ‘Making Tax Digital’ put on hold

Legislation to implement the government’s Making Tax Digital initiative has been put on hold. The plans, which would see businesses and the self-employed submit multiple tax returns via computers or smartphones, have been met with widespread criticism. However, following last week’s announcement of a general election, the government has decided to drop 72 out of…Read More

The Budget – Good, Bad or Indifferent?

What’s appropriate? One of the tax changes which gained a nanosecond in the budget speech was the TCGA 92 s161(1) rule about appropriations to and from stock. Philip Hammond called this “converting capital losses into trading losses”. Why is this relevant or being tackled at this time? As part of general anti-avoidance the option to…Read More

The New Marriage Allowance – Have you claimed?

It is not often that HM Revenue & Customs (HMRC) is happy to reduce your tax bill for you, but the possibility of doing so this year seems to have been overlooked by most married couples. How it works In a nutshell, the Marriage Allowance lets you transfer £1,100 of your Personal Allowance to your husband, wife or civil partner…Read More

Parents – Childcare is Changing

We are in a period of big changes for parents with children in childcare. Do you know that a little under 10.5 million children aged between 0 – 15 years require some form of childcare at some time in the year? Are you one of those parents? If so, you may have heard about the…Read More

Company Directors and the Minimum Wage

For several years accountants have advised clients who are directors and owners of limited companies to adopt a policy of “low salary – high dividend”.  By adopting this policy in 2015/16 company directors could have paid themselves a tax free salary of £10,600 and a tax free dividend of £28,606, a total of £39,206 tax free…Read More

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