What is Admin? Well that is a very good question, it is a variety of things – some expected, some unexpected – but administration is a key function of all businesses. With all the best will in the world your day is often not as you expect it to be when you first arrive at your desk, open the blinds and settle down with a nice cup of coffee, but this could not be more true than for our Admin Team. The best asset you can have in your Admin Team is flexibility. Here at Charnwood Accountants our Admin Team don’t dictate what the day will bring, but we give every task our best with a “can do” attitude and a smile.
In recent years, there has been a positive focus on health and wellbeing for employees and within the workplace. At Charnwood Accountants, one such initiative that we have introduced for our staff, is the cycle to work scheme.
Many business owners say their business is their pension, but what does that actually mean? In order for it to be a viable pension it needs to generate you an income or a lump of capital in some way and, ideally, without you having to drive it like you do now otherwise that is a job, not a pension!
When the time comes, and you are ready to handover or end your time with your business, planning well in advance is vital to ensure a smooth exit. Thankfully for business owners there are many options available, the sooner you begin discussions and consider these options for exit the better for you and your business.
Fraud! Protection against fraudsters can often seem daunting and expensive, the key is to remain vigilant and be prepared to take action to protect your business. Criminals use a variety of tools and techniques, with some of the most common ways businesses are affected through minor changes in communication. If there is any communication or transaction that you are unsure of do not move forwards until you have discussed it with your senior management team.
Fraud can come from anywhere; suppliers, staff, customers and third parties. Below we have detailed three of the most prominent areas to be aware of and how to stay safe.
Company cars have become less attractive to businesses over recent years primarily due to the increasing Government taxes. However, looking to the future of both vehicles and tax this could become a more beneficial option for your business…if you’re willing to think electric.
From 2020 it may be more cost effective for businesses to offer a company car, if they are electric. Aside from the benefits in terms of capital allowances, from January 2020, the cost of having an electric car to the employee or directors are greatly reduced.
For many people, getting the information together to send to your accountant to complete the Self Assessment Return causes a sign of dismay. You know you need to do it, but the deadline is 31 January, so you put it off again and again. Before you know it, it is Christmas and the reminders received from your accountant are still sitting in your inbox waiting to be actioned. There is no avoiding it anymore as the deadline is only weeks away.
At 31 December 2018, 5,541,784 taxpayers still had to file their Returns in the month of January (this represents 48% of the Returns issued by HMRC). More than 700,000 of these were filed on the last day of January!
Below are some very good reasons to get the information together early this year:
The Government’s intention is to accelerate the payment of capital gains tax on residential property.
At present if you are resident in the UK and you sell a residential property you should consider whether there is a capital gain to report to HMRC. If the gain exceeds the tax-free amount (currently £11,700) or total proceeds are more than four times the tax-free amount you should report it. An exception to this is where the property is your main home for tax purposes and the total gain qualifies for ‘private residence relief’. (more…)
If you import from the EU, you should start preparing now in case the UK leaves the EU without a deal on the 29th March 2019. You may have received a letter from HMRC about this.
HMRC has put in place transitional simplified procedures to make it easier for you to import goods. The TSP registration opens on 7th February 2019.
These transitional simplified procedures reduce the amount of information you need to give in an import declaration when the goods are crossing the border. (more…)
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