Summer holidays have come and gone…

As a parent of a school age child it is refreshing to be back into the routine of the school term. Thoughts begin to turn to self assessment tax returns if you’re self employed, along with thoughts of booking next year’s summer holiday. Wouldn’t it be great if you knew exactly how much tax you have to pay to HMRC? Then you can make a decision about the long anticipated summer vacation? If you use a bookkeeper to calculate and submit your tax return they will be forever grateful to receive your information in the autumn when there is no panic to get the data submitted. Bookkeepers loathe January! They hate the influx of late clients needing self assessment returns done in a rush. We also hate having to work over Christmas. Remember, your bookkeeper is human too 🙂 In addition, doesn’t it make you feel a rather smug sense of self satisfaction when you know that your return is submitted, the tax is paid and when everyone else is panicking in January you can sit back and relax, whilst anticipating your summer break? A bookkeeper will ensure that you claim all applicable expenses and that your income is declared correctly. This means less likelihood of an HMRC audit. However if an audit is carried out there is far less chance of HMRC finding any discrepancies. Contact us today to see how we can help you. Share this:Click to share on Twitter (Opens in new window)Click to share on Google+ (Opens in new window)Share on Skype (Opens in new window)Click to email this to a friend (Opens in new...

Workplace Pension (Automatic Enrolment)

What is Automatic Enrolment? The law on workplace pensions has changed. Under the Pensions Act 2008, every employer in the UK must put certain staff into a pension scheme and contribute towards it. This is called ‘Automatic Enrolment’. Does Automatic Enrolment apply to me? Automatic Enrolment applies to all employers who have at least one member of staff. It doesn’t just apply to businesses; if you employ someone directly to work for you – like a cleaner, personal care assistant or nanny, for example – you are an employer and will need to ensure that any eligible employees are enrolled into a workplace pension. To find out if it applies to you, visit The Pensions Regulator’s website and use the duties checker. This tool will ask you a few short questions about your employees, to work out which duties apply to you and when. The duties checker will give you tailored help and guidance through the steps to complete any Automatic Enrolment duties you may have. Automatic Enrolment contributions are changing The minimum contributions that you and your staff pay into your Automatic Enrolment workplace pension scheme are increasing. This is also sometimes known as phasing. Minimum contributions are increasing in two phases. The first increase must be in place from 6 April 2018 and the second from 6 April 2019. You, the employer, must make a minimum contribution towards this amount and your staff member must make up the difference. If you decide to cover the total minimum contribution required, your staff won’t need to pay anything. Date effective Employer minimum contribution Staff contribution Total minimum contribution Currently...

Choose a legal structure for a new business, a guide from GOV.UK

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5 Ways to add value to your bookkeeping clients

Bookkeeping, the task that most business owners ha… Read on Bookkeeper Revolution Share this:Click to share on Twitter (Opens in new window)Click to share on Google+ (Opens in new window)Share on Skype (Opens in new window)Click to email this to a friend (Opens in new window)Click to share on Pinterest (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to print (Opens in new...

Class 4 National Insurance Rising – another hit for the self employed

Phillip Hammond’s first budget as Chancellor was delivered on 8th March and delivers yet another hit to the self employed. Class 4 National Insurance will increase from 9% to 10% from April 2018 and to 11% the following year. Class 4 National Insurance is already a shock for many self employed people but this change will make the impact even worse. As more and more people are becoming self employed it’s easy to see why the government has decided to increase this rate. It is thought that the average cost per week per person will be only around 60p and it will raise £145m per year by 2022. However the flat rate Class 2 NI contributions will be scrapped from 2018. See our previous post explaining National Insurance, including Class 4 here For more information or advice please contact us. Share this:Click to share on Twitter (Opens in new window)Click to share on Google+ (Opens in new window)Share on Skype (Opens in new window)Click to email this to a friend (Opens in new window)Click to share on Pinterest (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to print (Opens in new...