Accounting stuff
As previously announced by the government, increased NIC started to apply on 6 April 2022. Tax-efficient profit extraction The rate of employer’s NIC above the ‘secondary threshold’ (currently £9,100 per annum) is now 15.05%, up by 1.25% from the previous 13.8%. Below the secondary threshold, the rate remains 0%. For employees, those earnings falling between […]
Tax-efficient profit extraction Read More »
Currently the rate of corporation tax is a flat 19% of taxable profits. As part of the government’s plan to recover financially from COVID, from 1 April 2023 the rate of corporation tax will increase to 25% for companies with taxable profits of over £250,000 per annum. Companies with profits of up to £50,000 per
Planning for increases in corporation tax rates Read More »
Staying up to date with your bank accounts should be pretty high up on any business owner’s priority list. It really doesn’t have to take much time or effort and using Xero bank feeds is a great place to start! Within this blog we’ll cover what Xero bank feeds are and why you should be
Xero Bank Feeds: What Are They and Why Should I Be Using Them? Read More »
It’s a good idea to keep an eye on the overall health of your business finances. A profit and loss report is one way of doing exactly that, so within this blog we’ll give you a beginner’s guide to profit and loss reports. What is a profit and loss report? A profit and loss report
Profit and Loss Report – Beginner’s Guide Read More »
Your main goal of opening a company in the UK should be to make profits, and depending on your corporate goals you may choose different ways to extract your financial earnings. One way is to distribute your profits to shareholders, also referred to as paying out dividends. That said, why should you consider issuing dividends, and how
A Guide to Dividend Payments for Small Businesses in the UK Read More »
When it comes to managing your business, one of the most crucial financial statements is the balance sheet. We cannot emphasise how important it is to learn how to read a balance sheet to ensure your company’s financial health. To read a balance sheet, you will have to analyse your company’s reported assets, liabilities and
A basic guide to reading balance sheets Read More »
With the end of the tax year (5 April) fast approaching, taxpayers are well advised to consider whether any action can be taken before the tax year end to optimise their tax position. Some of the more common points to bear in mind are as follows. 1. Salary for spouse Where one spouse (which for
Year-end tax planning Read More »