When you start in business you need to view it as if you are building a series of systems and machines. You build a system that leads to a predictable outcome or event.
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It is important for any small business to pay attention to the amount of owed to them at any time and to have a system and a structure to deal with debtors. It is ideal to have a written policy on how to do this and if you have employees to have one member of staff accountable for collecting these monies for your company.
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One of the most frequent questions we get asked by our clients is what taxes do I have to pay and when do I have to pay them?
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One of the biggest enemies that you have when you run your own business is time. You will be pulled in different directions – looking after staff, dealing with clients and running and trying to grow your business. In this situation it is natural that one or more parts of your business and life will suffer.
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Receipt Bank is a bookkeeping software that automates the collection and data extraction from invoices and bank statements.
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The company’s first website was launched in April that year and was by today’s standard was very basic, but still contained the essence of what makes Pisces unique today. The intention to create an accountancy practice that used technology to give a great customer service and did the complex accountancy and tax work but made it easy to understand.
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The accountant for most small businesses is normally the only professional advisor that they engage with, they may not need a firm of solicitors or consultants to help support them with their business, but they will need an accountant to file their accounts and taxes. How much should you value the services that they give you?
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Shortly after the end of your accounting year HM Revenue and Customs will send you a form called ‘A Notice to Deliver a Tax Return – CT603’ this is to inform you that a tax return is required for your company. This notice will state the dates that the tax return is due for and the date that it was issued.
Read MoreEvery year your company will be required to a submit a tax return to HM Revenue and Customs to declare the amount of tax due.
Read MoreThe payment of taxes should be made by the 31st of January following the end of the tax year that they relate to, this is regardless of when you file your tax return.
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You will be required to file a tax return if you have income that is not currently being taxed and tax is due on that income.
Read MoreNow that you have looked at the accounts and raised queries as to how the numbers were derived and got the answers you wanted, what do you do next?
Read MoreThere are two formats that small companies can adapt when preparing each year. There is FRS 105 for micro-entities and FRS 102(1A) for small companies.
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The accounts for a Limited Company are due nine months after the company year end. So, for instance if the company year-end is the 31st of December the accounts would be due on the 30th of September the following year.
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In April 2019 HMRC introduced Making Tax Digital for VAT to the UK tax system. This meant that every vat registered business with a vat turnover above the vat registration threshold must now keep their vat records digitally and submit their vat returns to HMRC using compatible software.
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When you are vat registered you will have an obligation to charge vat on your sales and then pay and submit vat at periodic intervals to HMRC.
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If you wish to claim vat on any expense it is required that you have a valid vat receipt or invoice. The invoice should be in the name of your business and should have the vat number of the business that you buy from and a breakdown of the net, vat and gross totals of the amount that you have paid.
Read MoreVat is a taxed that is charged on the sale of goods and services in the UK and in the EU. There are currently vat rates of 20%, 5% ,0% and items that may classed as outside the scope of vat.
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If you are going to be paying yourself and other employees from your Limited Company, you will need to register with HMRC as an employer to report the tax and national insurance that you deduct from the payroll.
Read MoreAt the end of each financial year for your company you will have to submit accounts and tax returns to Companies House and HM Revenue and Customs. These must be submitted with nine months of the company year end.
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