Electric Cars
Electric Cars As more and more businesses consider more sustainable and eco-friendly ways to operate, we are seeing an increase in the acquisition of electric cars. There are tax surrounding electric cars, and they are: The company car that is available for an employee’s private use will usually attract a benefit in kind charge. As…
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Summer Tax Brief
Cash basis by default From 6 April 2024 the cash basis has replaced accruals as the default method for preparing sole trader and partnership accounts for tax purposes. Previously, only unincorporated businesses with total receipts below £150,000 were entitled to opt out of accruals and file their accounts with HMRC using the cash basis. That…
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Confirmation Statement
A confirmation statement is a filing requirement for all limited companies and LLP’s (Limited Liabilities Partnerships) in the UK and this is a legal requirement and is done through Companies House https://www.gov.uk/government/organisations/companies-house. A confirmation statement is due every 12 months even if your company is dormant this means non trading or even if it has…
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Company Secretarial Services
This is where you set up a limited company to trade through and this must be done through Companies House https://www.gov.uk/government/organisations/companies-house Once the company is set up there are thigs that must be done annually but some things only need to be done if there are any changes. Forms that need to be submitted on…
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Companies House Changes
The Economic Crime and Corporate Transparency Act became law in October 2023. Since then, we’ve been getting ready to introduce the measures brought in by the act. The introduction the first set of changes on 4 March 2024. The introduction of these changes needs secondary legislation, so this date is still dependent on parliamentary timetables.…
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Capital Gains Tax on 2nd Property
Capital Gains Tax on 2nd Property Who does this effect, it effects landlords with one or more property’s or where they rent this out on a commercial basis for payment of rent for living there. individuals who have a second home, but this may not necessary be rented out but for their own use and…
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What is Bank Reconciliation
Bank reconciliation is the process of matching the bank balances reflected in the cash book of a business with the balances reflected in the bank statement of the business in a given period. Such a process determines the differences between the balances as per the cash book and bank passbook. Reconciling bank statements with cash…
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When Dividends can be Voted
Dividends Dividends are a return to shareholders on the profits after tax that a trading company has in its annual financial statements and the board of directors approve the amount of dividends to the shareholders. In a private limited company these could the same people especially startup companies. Payment of Dividends Dividends is small private…
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A Unique Tax Reference Number
A Unique Tax Reference Number The Unique Taxpayer Reference (UTR) is a UK tax identification number, issued by the HMRC to identify a person or business entity, this identification number is needed when you need to complete a tax self-assessment. This will be your number, and this will be referenced on any letters they send…
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What is a registered Office
A registered office address is the official address of a company (or limited liability partnership) registered with Companies House. By virtue of Section 86 of the Companies Act 2006, every UK company must always have a registered office in the United Kingdom. That’s true even if it carries on its business from abroad or just…
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