Posts by: numerica-admin

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Guildford Xero Certified Accountant

5th August 2015

We have now had our anniversary since we got our Xero Certified Advisor status, as Xero Accountants. If you are looking for an accountant in Guildford, Surrey, who knows and uses Xero, do please give us a call: 014483 342 545.

The Budget Bombshell for LTD business owners in Guildford, Surrey

13th July 2015

George Osbourne's budget last week (Wed 8th July 2015) left a very sour taste in mouths of owner-managed businesses that trade through a LTD company. One of the main reasons for small businesses to trade through a limited company was the avoidance of national insurance (@ 9% of profits) paid by those that work for themselves through a sole tradership or partnership. For a small business only making a modest profit of £30k, the tax saving was over £3k (10% of the turnover) compared to...

RTI Payroll Relaxation for Micro-Employers

11th May 2015

Employers with 9 or fewer employees must follow the payroll RTI rules to the letter from 6 April 2016 onwards. For example, some such employers are paying their staff weekly, but submitting a monthly payroll. Therefore, such employers from 6 April 2016 must either pay their employees monthly, or else file a weekly payroll under the RTI rules. If any businesses in Guildford would like help/advice in this area, as chartered accountants and tax advisers, AccounTax will of course be able to...

Auto enrolment Lies

12th April 2015

Many businesses have received letters from the government about auto enrolment of staff onto pensions. These letters are little more than marketing babble and nasty scare tactics. Lie Number One: Apparently, the government will pay into employee pensions too: err, no, its the employee and employer who pay in. The government's "contribution" is by not taxing what you put into the pension, and treating the pension cost as a tax deductible expense of employment for the employer: nothing new...

Major Revision To Accounting Rules For Small Companies

2nd April 2015

As part of the UK being brought in line with a new 2015 EU directive, so that across the EU, the same accounting rules apply, for accounting periods beginning on/after 1st January 2016, the thresholds for what qualifies as a small company are changing and a new entity (the Micro company) is being introduced. The FRSSE (financial reporting standard for smaller entities) will be abolished. Going forwards, Small Companies will now have to include a profit and loss account in the accounts they...

Auto Enrolment Exemption For Small Owner Managed Businesses Directors / Office Holders

21st March 2015

Phew! That was lucky. It seems that office holders (directors and company secretaries) are not deemed workers, unless they have a service contract. That means that if you own a LTD company, you and your wife are directors (maybe your daughter too), there is no legal obligation to auto enrol for pensions. Incidentally, volunteers are exempt too. Thanks be to God! Want to see the details? Click here to view a document from the pensions regulator, paragraph numbers 33-36 on page...

Losing your profit due to VAT Registration?

18th March 2015

Businesses that are VAT Registered, but whose customers are not, often have a large decrease in their profits when they register for VAT. This can happen when their customers are able to pay someone else (to provide the same service) who is not VAT registered who will therefore accept a lower price. The VAT Threshold for 2014/15 is £81,000. The remainder of this article is based on the same tax year. What can be done to solve this problem? Here are four possible solutions: 1. Try to...

Successful Business Owners

6th March 2015

I came across a great quote yesterday about a couple of qualities successful business owners have, and thought it sooo true! "Successful business people tend to have highly-tuned bullshit radars and a natural ability to get right to the heart of things, which means they are able to make reasoned judgements quicker than most". Deborah Meaden. I would add that successful people are also able to offer non-bullshit services to their clients and can explain them clearly in their marketing....

Capital Gains Tax for non-residents. London House Price Market Growth To Slow Down?

4th March 2015

The UK has had the problem that people around the world are buying up properties in the UK, especially London, while not living here. Why do that do that? As an investment. Why London? As house prices crashed in many parts on the world between 2007-2010, this didn't happen in London. London house prices just only seem to keep going up. There are many reasons for that, one of which is the self-fuelling issue of overseas investors buying London properties which in turn keeps prices...

Taking a dividend at the close of a tax year, when funds not with-drawn until the next tax year

2nd March 2015

Sometimes it is useful to utilise a particular lower tax band that would otherwise go un-used, unless extra dividends are put through your LTD company. The trouble is, your LTD company may not have the funds in the bank to pay the dividend before the close of the tax year, or you might have ear-marked the funds to be used for some other purpose. In this scenario, all that is required is: 1. write up director's meeting/decision minutes (ensure they are timely signed), to be taken...