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28 Jun

Travel And Subsistence

Your obligations for reporting travel and subsistence expenses.

Many employees need to travel as part of their job for various reasons, whether it's acquiring new customers, working with current ones or attending conferences and events.

The system of benefits and taxation surrounding this essential economic activity is classed as 'travel and subsistence' in the eyes of the taxman.

This involves a business reimbursing its employees, directors or partners for meals, accommodation or other general expenses, and claiming back tax where there is a valid receipt.

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10 Jan

Online Self-Assessment

Online Self-Assessment

How to complete your self-assessment tax return online.

For self-employed people, company directors and those receiving other sources of income, it's the time of the year to send your self-assessment tax return.

Self-assessment is the process used by HMRC to collect tax from individuals who may own a business or receive income outside of formal employment.

A tax return is a form which accounts for all income on individual received during the tax year, which runs from 6 April to 5 April.  This can be completed on paper or online.

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09 Jan

Accounts for Limited Companies

Accounts for Limited Companies

Audits may be a thing of the past, but certain annual reports still apply.

If you are a business owner, you may be familiar with the process of submitting your accounts for official inspection by an independent body.  This is known as an audit.

You may also breathe a sign of relief as this most small businesses are no longer required to get their financial statements audited after the exemption thresholds were increased for financial years that begin on or after 1st January 2016.

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