In June 2016, the UK government adopted confirmation statements to replace the clumsy annual return AR01 form. The confirmation statement is quite similar to the authorization statement and performs roughly the same thing, except it is faster and easier to file. What is a confirmation statement and what is it used for? A confirmation statement ensures that Companies House has the most up-to-date information concerning a limited company. its not intended to be means of information your organisation about any…

Dividend payments might be perplexing, especially because they are taxed at a different rate than your other income. We define dividends, who is eligible to receive them, and what you need to know about dividend tax.   What is a dividend? Dividends are a tax-efficient way to withdraw funds from a limited corporation. After subtracting the amount payable for Corporation Tax, the corporation distributes dividends to shareholders from earnings that are left over. Dividends given out cannot exceed the companies…

Accounting has always been impacted by digital technology, but digital technology, in particular, is set to transform how accounting is done on a basic level. Although there is much to be written about how blockchain works, accountants should be aware of its primary purpose: to keep a ledger of financial data and to transfer ownership of assets in a secure and verifiable manner. A distributed ledger is built into the architecture of blockchain technology, ensuring the trust of all parties…

You’ll usually need to pay your VAT bill to HM Revenue and Customs (HMRC) by the deadline shown on your VAT return.   What are the deadlines for filing and paying your VAT returns?   Quarterly – if you file your VAT returns quarterly, you must file them online with HMRC and pay your bill by midnight one calendar month and seven days after the quarter ends. if you filing your VAT return for the quarter, this signifies. That implies…

A limited liability partnership (LLP) is comparable to a regular partnership, but it has the added benefit of limiting personal liability for business obligations. Unless individual members have personally guaranteed a loan to the firm, the LLP, not the individual members, is liable for any debts it incurs. LLPs are more difficult to form and manage than traditional partnerships. LLPs must fulfil many of the same rules as limited liability corporations, although they are intended for profit-making businesses. This company…

A director is accountable for a company’s success while also ensuring that it complies with all requirements. Because it’s a lot of labour, two or more directors may share the duty. In most cases, however, one director assumes ultimate authority for a corporation and is designated as the managing director (or MD). Normally, only one MD is present at a time. What does an executive director do? Executive directors are in charge of the day-to-day operations of the company. Buying…

Guide to setting up a workplace pension Since 2018, it has been the responsibility of the employer to ensure that all qualified employees are registered in a workplace pension. This one if for you if you’ve recently hired a new employee and need to set up a workplace pension plan.   What is a workplace pension? Employers provide workplace pensions, which are not to be confused with the state pension. While the majority of individuals will be eligible for some…

The Chancellor’s autumn 2021 Budget and Spending Review included support for businesses trying to rebuild after the pandemic. It was received with particular interest by those in the hospitality sector, still reeling from Covid-19 lockdowns and a downturn in the economy. Some Background: What help was on offer for the hospitality sector? During the epidemic, the hotel and leisure industry had an especially difficult time. The requirement to stay aloof was a big impediment to business in businesses that relied on social…

Vehicles and the fuels they run on are some of the most intricate issues of VAT and tax. But, as with all tax law, just because it’s perplexing doesn’t mean you should disregard it! So, in this piece, we’ll look at the topic of gasoline and automobiles, as well as whether or not you can claim back the VAT you pay to get from point A to point B. The Golden Rule of 100% business use The circumstance when you…

Whether you’re a sole trader, a limited company, or a payroll coordinator, even the smallest error with HMRC can have serious ramifications. We all fear making a tax mistake, yet HRMC has been known to make mistakes as well. What matters most is how (and when) the error is corrected. Does HMRC really make mistakes? Unfortunately, certain errors are far more common than others. When it comes to preventing costly mistakes, HMRC is just like the rest of us, thus…