Guest Blog by John T Hughes

Tax FormsIt is the responsibility of all employers to provide their workers with documents which inform them of the tax that they have paid throughout their employment. There are a number of PAYE forms – some of which may seem more familiar than others, for example we have probably all heard of the P45 and know its association with leaving an employment. But how many of us know the purpose that a P11D would serve for us?

In this article, we will explore the functions of the different PAYE and the importance that these documents hold for your employees.

P45 / P46
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Guest Blog by John T Hughes

Are you paying too much tax?Be it returns, plans or self-assessments; managing tax affairs can often seem complex and daunting. Yet with millions of people unsure if they are paying too much tax, it is important that we are well-acquainted with the facts.

As the familiar buzz of payday excitement arrives at the end of the month, we are all looking forward to our bank accounts refilling. But how many of us have endured that heart-sinking feeling as we scan through our payslip to see how much has been eaten away by tax?

Obviously, we cannot deny the benefits that we receive by paying tax but with as many as 10 million people due a tax rebate, it is important that we ascertain whether you are paying the correct amount.

Underpayments and overpayments
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By John T Hughes

Your business and corporation taxIf you are setting up a company, you will need to find out if you are liable for corporation tax as soon as possible. Starting up any business and dealing with the practicalities makes for an understandably busy time, but neglecting the basics can be costly and time consuming for your business. By ensuring you are aware of business tax rules from the start, you could save time and money.
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Guest Blog by John T Hughes

Business PartnershipWhen considering starting up a business, there are a number of factors to think about. One of the most fundamental is deciding on the type of entity to run your business under. Typically, the most common business entities are sole traderships, limited companies and partnerships.

From Richard and Maurice McDonald, co-founders of McDonald’s to Bill Hewlett and Michael Packard and Steve Jobs and Steve Wozniak, some of the world’s leading and most pioneering companies were based on successful business partnership roots.

Unfortunately setting up a partnership requires more than just a good idea – it involves meeting certain criterion and adhering to a number of legal requirements and obligations. If you are considering starting up a business with a partner, you should ensure that you have all the necessary knowledge before making any decisions.

What is a partnership?
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Guest Blog by John T Hughes

Changing Your AccountantAccountancy is a fundamental part of any business and it is vital that accounting duties are executed properly. Moreover than just dealing with the figures, most accountants offer a full-circle service of managing tax, bookkeeping and often payroll too which makes them a key part of many companies. But what happens if the service that your accountant is providing falls short of your expectations? Many people do not realise that changing your accountant if you are unhappy could be easier than you think.
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Guest Blog by John T Hughes

Umbrella CompanyIt’s a tough market for job-seekers, and continuing reports of a lack of employment opportunities coupled with rising redundancies can make the future look bleak.

Working as a contractor or a temporary worker is one way to help beat the recession blues, by taking your employment prospects into your own hands. However, there is no denying that it can be daunting, especially when it comes to sorting your finances and paperwork. An Umbrella Company can provide you with payroll and employment services, acting as a contractor accountant and taking over some of the administration obligations that you would otherwise be responsible as a sole trader or self-employed individual.
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Guest Blog by John T Hughes

Umbrella CompaniesIt’s time to start thinking of the term ‘umbrella’ as something other than an item that can protect you from our lousy British weather. In today’s society, the umbrella company is a concept which is increasingly thrown around, yet unless you are considering becoming self employed or a freelance worker you are probably unaware of what the term means or what these companies do.

An umbrella company simply brings together different contractors (individuals who are not employed permanently by a company) such as builders or IT engineers underneath one body or ‘umbrella’. Contractors chose join an umbrella company for different reasons.

Why do people choose to contract, go freelance or become self employed?
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Guest Blog by John T Hughes

Capital GainsPutting money aside and budgeting to spend less than you earn can help build up what might be an invaluable fund should things go wrong, but how can you help you cash earn some interest while you have it stashed away?

Apart from the traditional easy access savings accounts that have seen relatively low rates of return lately, there are a number of other options that you may like to consider.

Improve your capital earning potential:
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Guest Blog by John T Hughes

End of Year AccountsFor many business owners, year end accounting requirements can be extremely time consuming and often confusing. Being a successful businessperson does not automatically mean that you are a tax and accounting expert.

Unfortunately this does not make your year end accounts any less important. At the end of each financial year, companies registered with Companies House are legally required to submit their year end accounts. These address your profits and losses for the year and show you how much that your company is worth. In addition to this, your year end report will form the basis of your tax returns.

Because of its importance, it is key that the accounts are prepared accurately, in the correct format and delivered to the Companies House on time. Heavy penalties can be incurred for year end accounts which fail to meet the Companies House’s deadlines or requirements.

Avoid the last minute rush
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Guest Blog by John T Hughes

Companies HouseIf you have set up a business in the United Kingdom then you’ll have heard about Companies House, however many people are often confused about their purpose.This article covers the who, the what and the why.

Who they are?

Companies House are an Executive Agency of the UK Government, they are the Registrar of Companies in the UK. It is permitted by The UK Companies Act that all forms of companies must be registered with them and file details accordingly.

Where they are?

England and Wales are viewed as one by The Companies House whereas Scotland and Northern Ireland are taken as separate entities. Companies in Wales can choose whether they are ‘Registered in England and Wales’ or ‘Registered in Wales’ whereas others are registered solely by country eg. ‘Registered in Scotland’.

Their office for Wales is in Cardiff, the office for the UK is in London (this office is purely used for the review and filing of documents), the Scotland office in is Edinburgh and the Ireland office in Belfast however this is a satellite office.

What is required of companies from The Companies House?

Legitimate Companies must be registered and provide an official address which Companies House must be advised of. An officer must also be appointed and details of any shareholders and their share capital given.

Those limited companies registered with Companies House, regardless of whether they are trading or not, must file their annual accounts report with Companies House denoting their performance and activities for the financial year. The report will generally need to include a balance sheet, profit and loss statement or income and expenditure for not-for-profit companies and auditor and director reports.

Deadlines for submission will be articulated to companies and penalties are charged automatically to those who fail to submit their reports on time.

The records should be held within the registered office for the company and open to inspection or review.

Who can help?

With the wealth of tasks required by businesses, compiling and filing annual reports to Companies House can sometimes end up overlooked. Moreover, if you do not keep up with this throughout the year, it can become particularly burdensome as the end of the financial year approaches.

You may wish to consider the option of working with an external accountancy firm who will take on bookkeeping and accounting duties and could help ensure that all relevant documents are filed with them on time and accurately to avoid unnecessary fines and penalties.

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John T Hughes writes for Juniper Accountancy, a professional Bristol Accountancy firm. As chartered Bristol Accountants we can provide your business with a complete end to end service to take care of all your accounting and tax needs.

Article Source: Companies House: What’s It All About?