Maintaining your own financial records – AKA doing your books – can seem daunting when you’re new to it. However, it’s an essential part of running your business. Polly Lee of LeeP Accountants gives her top five tips on doing your own books: 1. Start keeping financial records from the off As soon as you set up…
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The VAT Flat Rate Scheme changed from April 2017! Did it impact you?
Did you know that the VAT Flat Rate Scheme (FRS) changed from April 2017? From April you needed to do a calculation to check that you were not a “Limited Cost Trader” which meant that instead of using your FRS % for your trading (SIC) code, you will need to use 16.5%? This almost completely eliminates…
Read MoreHow To Be Smart About The High Income Child Benefit Charge
Child Benefit Child Benefit can be paid to everyone in the UK who has children, but if you’re a higher-income family, you’ll have to pay extra tax called a High Income Tax Charge, if you choose to keep getting it. The extra tax you pay will effectively cancel out some or all of your Child Benefit….
Read MoreWhat Is A P11D And How Does It Apply To Me? – Deadline 6th July 2017
A P11D is a statutory form required by HM Revenue & Customs (HMRC) from UK based employers to detail the cash equivalents of benefits and expenses that they have provided during the tax year to directors and employees who earn more than £8,500 per year. If you run your own company then you may well…
Read MoreThink you’re too small for an Accountant? – think again…
LeeP are local chartered accountants who specialise in small businesses and start ups. We often hear “we will get an accountant when we are a bit bigger” from start up business owners; however, did you realise that LeeP aren’t there just to do your books? We are here to guide you through the initial stages of…
Read MoreWhy Is Filing Your Tax Return Early A Good Thing?
We’ve all heard that annoying radio advert about your tax return deadline from HMRC which gets aired every 5 minutes around each January – well, if you want to feel smug about it next time you hear it read on… January 2018 seems months away, but you may have already received a letter from…
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