Cloud Accounting and Bookkeeping
Overview There is now the opportunity to have you cloud accounting software which means you no longer need to have this installed on your desktop you can access this via an internet connection from anywhere. This will avoid the upgrades like with Sage as you will always have the latest version of the software. Moving…
Read More
Bookeeping Software
Every business has the responsibility of keeping accurate accounting records to judge the performance and profitability of their business. The first of this is called bookkeeping so the prime records, sales invoices and purchase invoices will be entered in the software. You will then be able to allocate payments and receipts to a bank accounts…
Read More
Auto enrollment
Auto Enrolment It is now law that as an employer you have legal obligation to offer a workplace pension to all employees and any new starters in the future although as this has been law for a few years already most existing employees have already been enrolled in the pension. As an employer you also…
Read More
Trading as a Limited Company
Trading As a Limited Company If you decide that forming a private limited company is the best way to then you will first need to think of a name and this must a name that is not already being used you can check this out at Companies House https://www.gov.uk/set-up-limited-company. If the name is available, then…
Read More
Bookkeeping Software is More Accurate
When you use software to do your bookkeeping (keep your financial information) this is more accurate than keeping this on Microsoft Excel or similar programmes. The problem with Excel is that the formulas can be come out of sync therefore where you are relying on the calculation it may not include all the figures an…
Read More
Sole Trader or Limited Company
Sole Trader V Limited Company A question I often get asked is which way should I go Sole Trader/Partnership V Limited company and there is no right and wrong answer. Both sole trader and partnerships are unincorporated, so the business information is not held in the public domain. Limited companies have the business information on…
Read More
Shareholder Agreements
Shareholders Agreement For limited companies, when it comes to making decisions, Company Law states shareholders who own more than 50% can pass a motion at a company meeting regardless of the views of other shareholders and if a shareholder(s) owns 75% or more of the shares they, control the company outright and can veto the…
Read More
Claiming Rollover relief
Rollover Relief When capital gains tax was introduced in 1965, it was recognised that where a person sells an asset used in a business and buys a new asset, tax would be due on any gain arising on the sale, but there may not be any sales proceeds left over to pay that tax. To…
Read More
Tax Update
Pensions to lose IHT exemption At the Autumn Budget the Chancellor announced plans to remove the exemption which allows unused pension funds to be inherited tax free. Currently, if a pension holder dies before the age of 75 their beneficiaries can generally inherit the remaining funds tax-free, whether as a lump sum or as income.…
Read More