How to choose your accountant
Do you really need an accountant?
If your business is small and you have less than £15k turnover pa and are organised, willing to research various business guides and the HMRC website to keep up with tax, VAT, payroll, NIC legislation … then the answer is likely to be No.
If you are not organised, then either get organised or get an accountant, as at the very least they can save you the various HMRC penalties and interest that is charged for late registration, late submission of tax returns and late payments of tax.
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How to register your new PAYE scheme
This article presumes that you need to register a scheme and gives easy to follow instructions on how to register your new scheme with HMRC.
A new scheme can be registered either online at www.hmrc.gov.uk , by telephone ( 0845 60 70 143) or in writing. Once your scheme is registered you will receive notification of your new scheme in writing and it will be given two reference numbers.
PAYE scheme reference: This is the PAYE office reference and is used for day to day administration and enquiries regarding tax codes etc
Accounts office reference: This is the reference to be used when making payments or making any enquiries regarding your PAYE account with HMRC.
If you would like HRBS to register and deal with your PAYE scheme on your behalf, please contact us for a FREE, no obligation quotation.
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Tax deductible expenses
There is a great deal of confusion as to what you can and what you can’t deduct from your profit for tax purposes.
This tip gives a brief list of the types of expenditure you can claim, some of which you may already be deducting, some may be new to you and applicable to your business.
