Every year certain taxpayers must complete a tax return declaring their income and capital gains while claiming any applicable allowances and reliefs. Despite a large portion of the UK population having tax deducted automatically from wages, pensions and savings via the Pay As You Earn (PAYE) system (for employees), individuals with other sources of income must report it in a tax return. Technically, Self-Assessment is the system HM Revenue and Customs (HMRC) uses to collect this Income Tax.
Accounting software is a computing application used to collect, store, manage, process, transact, retrieve, and report a business’s financial data. It should help to simplify and automate the wide range of activities involved in day-to-day business accounting.
All businesses need someone to record their financial transactions, maintain general ledgers and prepare a periodic trial balance to maintain solid financial health. In this article, we will explain what these bookkeeping roles entail, and the importance of having a professional bookkeeper run the books of your limited company.
Class 1 national insurance contributions are those made by both the employees (primary contributions) and their employer (secondary contributions) as a percentage of the employee’s earnings. An employee’s Class 1 national insurance contributions are paid via their employer’s payroll, aka the PAYE scheme. The amount paid will depend on the following: An employee’s job category letter
Periodic gross earnings of the employee
A dividend is the distribution of a company’s profits (sometimes known as its ‘Reverses’), that is paid to its shareholders. It can either be interim (those that are paid periodically throughout the year like monthly, quarterly) or final (only paid once a year). To recommend and declare a dividend, a company must hold a board meeting, where its directors decide on payment. The process of recommendation, declaration, and payment of dividends is highly controlled by the company's ‘article of association’ and must be documented in two vital documents - board meeting minutes and the dividend voucher.
Spondoo has charity accountants equipped with first-hand tools and techniques for the effective financial management of charity income and assets. We understand real-world challenges placed on charity finance managers and the heavy scrutiny from regulators, trustees and supporters. With a lot at stake, not-for-profit organisations (charities) must exercise the highest level of financial governance. Spondoo will ensure you remain sustainable, transparent and accountable, as you make a difference in your area of specialisation.
We are qualified accountants providing personal and professional services for start-ups, established companies and individuals in and around the Halsemere area in Surrey. With the rise in technology, we have embraced the digitisation of accounting using efficient digital accounting tools to offer reliable services to our customers. Our goal remains to get our clients the best accounting and taxation services at the most affordable rates.
Are deadlines creeping up on you? Spondoo is here to ensure you keep on top of things and take control again. These are the important dates you should take note of.
If you are sixteen and over, self-employed (sole trader or in a partnership) and making a profit befitting the ‘small profits threshold’, you are liable to pay national insurance.
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.
