Hosting your accounts in the cloud comes with the benefit of being able to track your finances from any PC, laptop or tablet with an internet connection. And for ultimate convenience, you can use your mobile phone too - via Xero’s official mobile app, ‘Xero Touch’.
Business premises renovation allowance (BPRA) was introduced as an incentive to encourage businesses to bring derelict or unused business properties in disadvantaged areas back into use. The allowance takes the form of a 100% capital allowance for certain expenditure incurred in the renovation or conversion of a qualifying property into qualifying business premises.
The new National Living Wage (NLW) comes into effect on April 1st 2016. To ensure you’re completely compliant we take a look at legislation and how to manage the changes.
From Xero to Receipt Bank to Vend, we do love a good accounting app. Indeed, anything that puts financial control at your fingertips sounds like a good idea to us!
Many employees use their own car for work. If their employee does not pay a mileage allowance, or pays an allowance which is below the tax-free rates allowed by HMRC, the employee may be able to claim tax relief.
Some great news for us (and ultimately, for you too) – Inform Accounting has just become a Receipt Bank Gold Partner!
Paying into a pension can be tax-efficient. Although there are no limits on the amount that you can invest in a pension, there are limits on the amount of tax relief which is available. Further, to benefit from the tax relief, the contributions must be paid into a registered pension scheme.
For any new start-up business, the statistics are ever such a little bit daunting. Most start-up businesses ultimately fall by the wayside, with more than half of start-ups (in the UK, at least) failing within the first five years.
In family and personal companies, directors may lend money to the company and they may also borrow from the company. Where the company director borrows from the company, a record of the amount borrowed is kept in the form of a `director’s loan account’. The loan balance may be cleared by crediting dividends or salary to the account or by the director repaying money borrowed back to the company.
One of the Chancellor’s shock announcements of the 2015 Autumn Statement was that a new 3% SDLT supplement would apply for second residential properties. The supplement comes into effect from 1 April 2016.
Inform Accounting keeping you up to date with all the latest tax issues.
DON’T LOSE YOUR PERSONAL ALLOWANCE
For every £2 that your adjusted net income exceeds £100,000, the £10,600 personal allowance is reduced by £1. Pension contributions and Gift Aid can help to reduce adjusted net income and save tax at an effective rate of 60%.
Working in a creative agency, you’ve probably wondered on more than one occasion if you’re charging your clients enough. But the more pertinent question might be, are you charging them in the right way?