Typically, it will be obvious when you are running a business selling goods, or simply selling personal assets. However, as the tax treatments between running a business and simply selling personal item is drastically different, there are rules and principles to provide clarity in scenarios where the lines start to become blurred.
We are a team of accountants, bookkeepers, taxation, and business advisory experts providing a full range of accountancy services to individuals and businesses in Worthing, West Sussex.
We have a fully qualified team of Bordon accountants providing dynamic and affordable one-stop service for all your accountancy, bookkeeping and tax needs.
Are you looking for an accountant in Farnham? If you are, welcome to Spondoo Accountants! We provide tax, accountancy and business development advice to individuals, Startups, businesses and organisations of all sizes in Farnham, Surrey.
A sundry expense is a rare and relatively unimportant expenditure that does not fit into standard accounting expenses categories (asset or expense category).
The Cycle to Work scheme is a government initiative that helps people across the UK save money on a bike or bike accessories if they intend to cycle to work. The 'cycle-to-work tax breaks apply equally to directors of one-person limited companies as they do to regular employees of large businesses. In that case, a company (employer) can buy a bike and bike accessories and loan it to the director (the employee) for qualifying business journeys.
The Construction Industry Scheme (CIS) is a tax deduction scheme that sets out rules on payments and taxes from payments that relate to construction work. Under the CIS scheme, all payments made must take account of the subcontractor's tax status as determined by HMRC. Contractors deduct tax from self-employed subcontractors when making payment (20% or 30%) unless the subcontractor has a ‘Gross’ status enabling them to get full pay.
Spondoo has a team of Chartered and Certified Accountants and bookkeepers, supported by in-house software developers who support small to medium businesses and individuals with a wide range of accounting services in Midhurst, West Sussex. We have years of experience across the finance industry - including in payroll, financial services, pensions - and in-depth knowledge of all the software used to run businesses.
Zoho Inventory is cloud-based inventory management software designed to help small to medium sized businesses track their inventory and manage sales and purchase orders. It is used by: E-Commerce Businesses Online sellers Retailers Wholesalers Small and Medium-sized businesses
A stock transfer form records the transfer of fully paid shares from one shareholder to another. Stamp Duty is paid on a stock transfer form if you use a stock transfer to buy stocks and shares for more than £1,000.
Xero is an online accounting software platform for small businesses with tools for - tracking projects, reconciling accounts, as well as managing sales and purchase transactions. Starling Bank is a licensed and regulated digital challenger bank that focuses on current business account products. It provides B2B banking and payments services through its Banking-as-a-Service model based on the proprietary technology platform used to power its bank.
Zoho Books is online accounting software with features to rival any of the major global cloud accounting packages. The system allows users to manage finances and automate business workflows while working collectively across departments. It provides an exceptional choice of accounting packages for small businesses - offering an excellent user experience and a great set of tools at affordable prices.
You can easily open a Starling Bank business account regardless of whether you are a limited company or sole trader. To set up the account, you will only need documents that verify your identity and the nature of your business.
A share certificate is a formal certificate issued by a company to a shareholder to certify that they are registered shareowners in the company from a particular date. The Companies Act 2006 stipulates that a company must issue a share certificate when any shares are issued.
Domestic VAT Reverse Charge (aka CIS Reverse Charge) is a piece of legislation that shifts the way the Construction Industry Scheme (CIS) & Value Added Tax (VAT) registered Contractors and Sub-Contractors handle and settle Value Added Tax. Under normal circumstances, a supplier that is registered for VAT simply charges the relevant amount on top of their normal taxable supplies. The responsibility for collecting and paying the VAT over to HMRC remains with the supplier.
When you are trading as a sole trader, or you are ending or leaving a business partnership, you must: Inform HM Revenue and Customs (HMRC) and deregister for self-assessment. Send a final tax return.
We have looked at Wise's new features and on the face of it, everything looks pretty simple. It looks like they are avoiding complicated tax wrappers (like ISAs, or Pensions) as it seems to be closer to a General Investment Account (or GIA). For individuals, self-employed people as well as limited companies, it looks like it will work in a reasonably similar way. However, if you are going down the limited company route as an employee or director (contractors), you should be careful to ensure your account is set up correctly in line with your circumstances.
For most businesses, it is rare to submit a VAT return that creates a refundable value from HMRC. Therefore, when this scenario does occur, many taxpayers do not have their bank details updated for HMRC to make the repayment This article explains how you can ensure HMRC has the correct bank details for processing your VAT refund.
Your Self-Assessment tax bill includes income tax and any Class 4 National Insurance contributions you owe HM Revenue & Customs (HMRC) - if not already deducted via the Pay As You Earn (PAYE) system.
When making payments to HMRC, it is important to factor in the processing time for the payment to reach the HMRC bank account on or before the deadline.
You are legally required to pay Corporation Tax if your company is registered as a limited company in the UK. Corporation Tax is paid on any profits you may have made for the financial year.
Accounting software helps to manage businesses’ financial and accounting processes. With so many accounting software in the market, it can get a little difficult to narrow down to the right one for your business. Zoho Books and Xero are very popular accounting software for small businesses. However, each of them has some unique features and capabilities and different price points. This guide will help you choose between Xero and Zoho Books based on their pricing, features, integrations capabilities, customer support and ease of use.
If you are a director of your own limited company, it is likely that you bear the sole responsibility of managing your own pension in the most tax-efficient way. Like other investment products, pension contributions will help you save. The good news is that pensions offer much more than this- through their tax benefits.
For over five years, Spondoo Accountants has partnered with AutoEntry to provide data entry automation to our clients accounting software such as Xero, QuickBooks & Sage.
AutoEntry is a cloud-based software that automates data entry by accurately capturing your invoices, receipts, expenses, and bank statements and entering them directly into compatible accounting software.
A Credit Note is a document sent by a supplier to their customer to notify them that they have been credited a certain amount to reduce the original invoice due. It typically shows the customer you will issue them a full or partial refund for invoices that have already been issued or paid. Some people also refer to it as a reverse invoice, credit memorandum, or credit memo.
Are you having a hard time finding your reference for your Corporation Tax payment this year? You are in luck because this article will guide you in finding the right CT payslip reference. An actual payslip reference number will have seventeen characters. It would read something like this: 1234567890A00108A
Spondoo Accountants has a specialist team of care accountants that help for-profit and not-for-profit care homes across the United Kingdom. We understand the challenges faced by entrepreneurs starting out in the care home industry as well as those who are looking to expand their existing businesses. That is why we will customise our services to your business needs, to help you meet the constantly changing legislation while capitalising on investment and tax benefits.
Spondoo Accountants has a team of specialist accountants for the recruitment industry with sector-specific experience and a deep understanding of the fast-paced world of recruitment. We offer expert business accounting advice and technology solutions to recruitment businesses in London and across the UK.
We are a team of licensed accountants in Horsham, West Sussex, working with start-up businesses, established companies, and individuals. We provide an extensive range of accounting, corporate, and tax services tailored to meet your individual needs.
A ‘Payments on Account’ is an advanced payment made towards the total tax and national insurance liability for individuals that file a self-assessment in the United Kingdom. Those individuals required to meet this obligation, need to make 2 payments. Each payment is half the previous year’s tax bill.
At Spondoo Accountants we are true believers of the Regionally concept, not only for its benefits to our clients in the capital raising cycle but also for its benefits of ensuring the efficient allocation of capital across the entirety of the UK economy.
As a StartUp business in the United Kingdom, having the best products and services in the market will attract customers to your business. However, how you manage the funds of your business and the financial decisions you make will determine the rate at which your StartUp thrives. That is why the right StartUp accountant is an excellent strategic partner for helping you grow your business and reduce the risk of failure.
Spondoo Accountants are licensed accounting professionals helping individuals, charities, and companies manage their business finances. We operate in Woking as well as the surrounding areas including, Brookwood, Cobham, Chobham, Worplesdon, Weybridge, Send & Ripley.
Under normal circumstances, a supplier issues a VAT invoice to the client after delivering goods or providing a service. However, in some cases, the customer prepares the supplier's invoice instead and gives the supplier a copy. This kind of commercial arrangement between a supplier and customer is called a Self-Billing Arrangement.
Spondoo Accountants offer an affordable full-range accountancy service in Guildford and neighboring areas like Godalming, Farncombe, Worplesdon, Shalford and Chilworth.
Information provided on the site is merely guidance that may change in line with UK law and regulations. Users must not consider this to be financial advice or their sole resource when making any financial decision. Spondoo is a trading name for Accounting SQL Limited, authorised & license accounting firm under the Institute of Financial Accountants.
