Accountancy Practice of the Year 2022 – Birmingham So happy to announce we have won the Worldwide Finance Awards 2022 held by Acquisition International in the category Accountancy Practice of the Year – Birmingham. Very proud and excited, since we established 5 years ago, the needs of our clients have always been put first which …
Since we get quite a few people asking what cloud accounting is, we have decided to write an article explaining the term and summarising its benefits. It is divided into two sections: 1. What is cloud accounting?2. How can it benefit me? What is cloud accounting? You probably come across this term more and more …
Time-to-pay arrangement explained As we start to recover from the worst effects of the Covid 19 Pandemic, many owners, directors and self-employed individuals remain concerned about having enough funds to pay their self-assessment income tax bill. The good news is that HM Revenue & Customs (HMRC) does have a facility for spreading out your income …
Learn legal aspects of dividend declaration Dividends are a very common way to distribute profits of a business. They are declared by directors and paid out as per shareholding. Like any other aspect of running a limited company, they are regulated by law – the Companies Act 2006. Below, we explain what the main considerations …
What is the most tax-efficient way for business owners to pay themselves? Limited companies are separate legal entities from their owners therefore profits cannot be simply taken out, even if you are a sole director and shareholder – they belong to the company. As opposed to self-employed, company owners must follow certain procedures to get …
Pros and cons of cash basis and who can use it The most common accounting method is accrual. The Financial Reporting Standards require limited companies to produce financial statements under accrual basis. This is a complex method that entails a lot of end of year adjustments. Therefore, HMRC allows some taxpayers to prepare their tax …
Self-Assessment demystified Some of us have all of their tax collected at source and don’t need to get involved with the taxman. Others, who fall into the Self-Assessment regime, need to complete certain tasks annually. Below, we explain what Self-Assessment is and who it applies to. We also outline important tasks and deadlines as well …
Now is a really good time to invest in your business, but you need to do it wisely! The Annual Investment Allowance went up from £200,000 to £1,000,000 in January this year so it might be tempting to invest now. What is more, the allowance is set to go back down to £200,00 in just …
Are your employees entitled to pay for the time they were asleep? Following the court ruling in Royal Mencap Society vs Tomlinson-Blake case, significant changes have been introduced to the way workers on sleep-in shifts are paid. 1. What is National Minimum Wage and who it applies to? National Minimum Wage is a minimum amount …
How does National Minimum Wage apply to sleep-in shifts? Read More »
You don’t have to – changing accountants is easy and can be done in just a few steps. Here’s what you need to do: 1. Register with a new firm – this usually involves signing an engagement letter and forwarding copies of your identification such as a passport/driving licence and a proof of …
Accounting and Bookkeeping Services Across the UK
Accounting and Bookkeeping Services Across the UK
© 2023 All Rights Reserved. Idyll Accounting. Barbara Krzyczmonik Trading as Idyll Accounting. | Privacy Policy