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Accountancy Services in Redcar

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What Can You Claim Back On Self Assessment

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  • 07-03-2024
What Can You Claim Back On Self Assessment

Have you been asking: What can you claim back on self assessment? Discover the key expenses you can claim back on your self-assessment tax return, including home office costs, travel expenses, and professional fees.  HMRC has a wide variety of permissible expenses that you can claim to reduce your tax bill. Business expenses are a crucial element to remember when calculating these expenses. They include costs associated with running...

Posted by: admin on: 2024-03-07 14:26:33 Read More

What Happens If You Dont Fill In Self Assessment

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  • 05-06-2023
What Happens If You Dont Fill In Self Assessment

Have you asked: What Happens If You Don't Fill In Self Assessment? If you are required to file a Self Assessment tax return and fail to do so by the deadline, you may face penalties and interest charges from HM Revenue and Customs (HMRC).  Penny & Pounds are trusted self assessment accountants working in  Redcar, Middlesbrough And North Yorkshire. We look at penalties for sending a late tax return and how to escape a Self Assessment...

Posted by: admin on: 2023-06-05 11:37:16 Read More

Will An Accountant Save You Money

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  • Posted date:
  • 17-03-2023
Will An Accountant Save You Money

Have you been asking: will an accountant save you money? Penny & Pounds are trusted accountants working with small businesses throughout Redcar, Middlesbrough and North Yorkshire. From tax advice to avoiding fines and penalties, we look at how an accountant will benefit your business. When you own a small business that's steadily growing, you might feel capable of managing your own bookkeeping, finances, cash flow and taxes. However,...

Posted by: admin on: 2023-03-17 15:07:58 Read More

When Does A Small Business Need An Accountant

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  • 06-12-2022
When Does A Small Business Need An Accountant

When does a small business need an accountant? We look at if you need an accountant for a small business and can a small business do their own accounting? The easiest answer to this is no. It is your business, and you can choose to do all your own accounting for as long as you please. This might be until the business has grown far too large for just one person to handle it all, or you might just want to change your focus and would rather...

Posted by: admin on: 2022-12-06 11:57:55 Read More

What Are The Types Of Bookkeeping

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  • Posted date:
  • 15-11-2021
What Are The Types Of Bookkeeping

What are the types of bookkeeping? If you are thinking of hiring an accountant to manage your bookkeping, you will need to understand the types of bookkeeping that you need help with. Find out more about the types of bookkeping services offered. The two most commonly used bookkeeping systems are single-entry and double-entry bookkeeping. Both approaches come with particular advantages and disadvantages. It is up to the management...

Posted by: admin on: 2021-11-15 12:45:58 Read More

What Is The Main Purpose Of Bookkeeping

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  • 10-11-2021
What Is The Main Purpose Of Bookkeeping

What is the main purpose of bookkeeping? This article looks at the objectives of bookkeeping. If you are thinking of how to manage your accounting, read more about why you need bookkeeping for your business? A simplified explanation of the purpose of bookkeeping would be the recording of the financial transactions of a business, such as accounts payable. This recording and summarising of a company's financial information have...

Posted by: admin on: 2021-11-10 11:19:00 Read More

What Are The Benefits Of Outsourcing Bookkeeping

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  • 06-11-2021
What Are The Benefits Of Outsourcing Bookkeeping

What are the benefits of outsourcing bookkeeping? If you are considering how to manage your business accounts, you may be considering outsourcing your bookkeeping. We look at the benefits of hiring an accountancy firm. It can be tricky for businesses that are just starting out to find the right accountant to manage their bookkeeping. It is even more difficult to find one with the necessary skills and expertise to carry out all the...

Posted by: admin on: 2021-11-06 11:18:00 Read More

Payroll Services Cost For Small Business

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  • 03-11-2021
Payroll Services Cost For Small Business

Are you considering payroll services? We look at how much do payroll services cost for a small business in the UK. Find out if you could benefit. Your business will make several budgeting decisions when it comes to payroll outsourcing. If you're wondering, "how much does payroll processing cost?" here are some important aspects you must consider first: Payroll service: You will need to pay a company to distribute paychecks,...

Posted by: admin on: 2021-11-03 11:18:00 Read More

Reasons to Outsource Payroll

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  • Posted date:
  • 01-11-2021
Reasons to Outsource Payroll

Have you considered: Why should a small business outsource payroll? We look at the benefits of outsourcing payroll services and the reasons why your business may want to outsource its payroll. Outsourcing your payroll to a third party provides several benefits to any business. By putting your payroll in the hands of an expert team, you'll have access to new technology and expertise that would otherwise be lacking if you had your payroll...

Posted by: admin on: 2021-11-01 12:17:12 Read More

What Is The Main Role Of Accountant

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  • Posted date:
  • 01-09-2021
What Is The Main Role Of Accountant

While the important role of an accountant will differ from business to business, and the type of accounting they are set to perform, such as management accountants or VAT accountants, there are a handful of tasks that accountants provide universally when working in these jobs and roles, including: Creating and overseeing vital financial information reports. Ensuring that these reports are thoroughly accurate and that...

Posted by: admin on: 2021-09-01 15:25:16 Read More

What is the payroll process

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  • Posted date:
  • 28-08-2021
What is the payroll process

As a general rule, payroll in the United Kingdom is managed monthly or weekly as preferred. An integral part of the payroll process is to collect UK Payroll taxes from each of your employees' salaries. Employers who do not work in the UK must also consider both their employees' Income Tax and National Insurance Tax in the UK. Both of these are payable through the Pay As You Earn (PAYE) system. Through the PAYE system, an employer...

Posted by: admin on: 2021-08-28 15:23:00 Read More

How to complete a self assessment form

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  • Posted date:
  • 21-04-2020
How to complete a self assessment form

Is it the first time that you are required to complete a self-assessment form? If you have recently become self-employed, or if you are taking on additional freelance work to subsidise your wages, chances are that it is. The form is used by HM Revenue & Customs (HMRC) to calculate how much income tax you need to pay for the previous years profits. More than 11 million people in the UK need to submit an annual self-assessment form to...

Posted by: admin on: 2020-04-21 14:20:31 Read More

Expenses of Working from Home

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  • Posted date:
  • 24-01-2019
Expenses of Working from Home

Many employees currently do choose to. Spending more time at home will have implications for electricity, water, telephone and fuel bills. To reduce the high cost of the bills, you should consider informing HMRC because of its allowance. A person who has not been claiming allowance can now do it as far back as to the year 2012/13. The advantage of the allowance is that it is not taxed or subjected to NIC's. Many...

Posted by: admin on: 2019-01-24 09:25:00 Read More

Employment Related Expenses

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  • Employment Related Expenses
  • Posted date:
  • 10-01-2019
Employment Related Expenses

When it comes to employee expenses, the general rule is extremely restrictive and has its own logic. As a result of its restrictiveness, we'll look at the actual wording of tax acts, even if it sounds rather challenging. According to the law, an employee must meet two conditions for him/her to a treat a work expense as an allowable deduction for tax. They are: The employee is allowed to incur and pay as a holder of the employment,...

Posted by: admin on: 2019-01-10 09:24:00 Read More

Self-employed Tax Returns

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  • Posted date:
  • 27-12-2018
Self-employed Tax Returns

Self-employed Tax Returns The filing of self-assessment tax return is a requirement by the law. As the financial season comes to an end, it is time to consider the obligations of a company director when it comes to the filing a self-assessment tax return. There are times when a return notice is issued. In this case, it becomes a requirement for the director first to file a tax return with HMRC. In cases where there is a...

Posted by: admin on: 2018-12-27 09:22:00 Read More

What is Capital Gains Tax

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  • 06-12-2018
What is Capital Gains Tax

Capital Gains Tax Capital Gains Tax is a tax that is charged on the profit you make after selling something that belongs to you.  It is important to note that the tax is levied on the profit you realise, and not on the amount you receive from the sale. Disposal can take the form of selling, giving away, exchanging it for something else or even getting an insurance compensation for it. Profits on the disposal of...

Posted by: admin on: 2018-12-06 09:21:00 Read More

Self Assessment Tax Return

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  • 21-11-2018
Self Assessment Tax Return

Self Assessment Tax Return In the UK, the majority of taxpayers are usually taxed at the source. They, therefore, do not require completion of Self-Assessment Tax Return.  Taxation at source means that you receive money after tax has been deducted. It is the same as UK bank interest or Pay As You Earn system where taxpayers receive net income after taxation. Those who receive income that is not taxed at source...

Posted by: admin on: 2018-11-21 16:11:52 Read More

Flat Rate VAT Scheme

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  • Posted date:
  • 09-10-2018
Flat Rate VAT Scheme

The amount of VAT a business pays or claims back from HM Revenue and Customs (HMRC) is usually the difference between the VAT charged by the business to customers and the VAT the business pays on their own purchases. With the Flat Rate Scheme: you pay a fixed rate of VAT to HMRC you keep the difference between what you charge your customers and pay to HMRC you can't reclaim the VAT on your purchases - except...

Posted by: admin on: 2018-10-09 15:33:14 Read More

Making Tax Digital

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  • Posted date:
  • 09-10-2018
Making Tax Digital

Making Tax Digital is a key part of the government's plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs - meaning the end of the annual tax return for millions. WHEN DOES A SMALL BUSINESS NEED AN ACCOUNTANT? The government announced its vision for modernising the tax system at March Budget 2015. At Spring Budget 2017 the government announced that it would provide 3.1...

Posted by: admin on: 2018-10-09 15:31:35 Read More