Uxbridge Accounting Solutions Ltd

Uxbridge Accounting Solutions Ltd Uxbridge Accounting Solutions Ltd Affordable, high quality bookkeeping and accounting services.

There are several significant distinctions between managing a limited corporation or limited liability partnership (LLP)...
30/05/2023

There are several significant distinctions between managing a limited corporation or limited liability partnership (LLP), filing taxes as a sole proprietor, and being in a partnership. In order to pay the correct amount of tax, you'll need to be aware of a few of the various taxes.

Below are 6 Taxes Small Business Owners Should Know About: 👇

1️⃣ National Insurance
2️⃣ Income Tax
3️⃣ Value Added Tax
4️⃣ Corporation Tax
5️⃣ Payment on Account
6️⃣ Business Rates

Knowing and learning these crucial taxes will give you an advantage and make you aware of what, when, and how much you must pay.

Understanding all of these taxes can help you meet the demands of HMRC and keep your books organised throughout the year.

Feel free to contact us to know more about this: 07854 370582 / 01296 761646 or drop us on email- [email protected]

Tips for saving money ✅Keep track of your spending✅Avoid using credit to pay your bills✅Separate wants from needs✅Save r...
30/05/2023

Tips for saving money

✅Keep track of your spending
✅Avoid using credit to pay your bills
✅Separate wants from needs
✅Save regularly

Feel free to contact us to know more about this: 07854 370582 / 01296 761646 or drop us on email- [email protected]

Cloud accounting software offers numerous benefits for businesses in the UK, including: increased security, improved col...
29/05/2023

Cloud accounting software offers numerous benefits for businesses in the UK, including: increased security, improved collaboration, cost effective and reliable.

Feel free to contact us to know more about this: 07854 370582 / 01296 761646 or drop us on email- [email protected]

Get ready for new VAT penalties from 1 January 2023 - For VAT periods starting on or after 1 January 2023, HMRC is repla...
28/05/2023

Get ready for new VAT penalties from 1 January 2023 - For VAT periods starting on or after 1 January 2023, HMRC is replacing the default surcharge with separate penalties for late returns and late payment of VAT. At the same time, HMRC is introducing a new approach to charging interest on late-paid VAT.

Find out about new VAT penalties and interest charges that will apply to everyone who submits a VAT Return from 1 January 2023

Feel free to contact us to know more about this: 07854 370582 / 01296 761646 or drop us on email- [email protected]

Corporation Tax is a critical element that all start-ups need to be aware of. Below are some key points in helping you u...
22/05/2023

Corporation Tax is a critical element that all start-ups need to be aware of. Below are some key points in helping you understand Corporation Tax for your start-up:

Registering for Corporation Tax:

As soon as you set up your company, you are required to register with HM Revenue and Customs (HMRC) for Corporation Tax. You have three months from the date you start trading or become active to inform HMRC.

Failure to do so may result in penalties.

Corporation Tax rates:

As of April 2023, the flat rate was removed, making Corporation Tax a little more complex to navigate.

Companies that earn £50,000 or less annually will not be affected thanks to the Small Business Rate Relief and will still pay 19%. However, any companies that earn more than £250,000 are now charged at a rate of 25%.

Companies who earn between £50,000 and £250,000, as they will pay a tapered rate, depending on how much profit they earn.

Companies in this bracket are entitled to Marginal Small Companies Relief (MSCR), which tapers the effects of the increased rate.

The MSCR calculate the rate of Corporation Tax based on the profits of a company in the £50,000 to £249,999 bracket, which applies a marginal relief rate of 26.5% to calculate a final effective rate of tax.

Accounting period and deadlines:

Your Corporation Tax accounting period is usually 12 months long and typically aligns with your company’s financial year.

You must file your company tax return (CT600) and pay your Corporation Tax bill within 9 months and one day after the end of your accounting period.

Keeping accurate financial records is crucial for calculating your company’s profits and tax liabilities accordingly.

Reliefs and allowances:

The UK Government offers several tax reliefs and allowances that benefit start-ups. Some key examples include the below:

- Research and Development (R&D) - Tax Credits
- Capital Allowances
- Patent Box

These are just a few of the key tax reliefs that the Government can offer, but many more are available.

Feel free to contact us to know more about this: 07854 370582 / 01296 761646 or drop us on email- [email protected]

Accurate financial reporting is crucial for the success of your small business. Examples of financial reports could incl...
19/05/2023

Accurate financial reporting is crucial for the success of your small business. Examples of financial reports could include cash flow forecasts, balance sheets and management accounts.

We can help organise your books, track expenses and ensure your reports are compliant with laws and regulations.

What are the benefits?

When you have accurate financial reports, you can see exactly where your business stands financially, allowing you to make decisions based on real data.

Accurate financial reporting also helps you identify any financial problems early on. By keeping track of your expenses and income, you can spot any issues before they become major problems.

Another benefit of accurate financial reporting is the ability to secure financing from lenders or investors.

When you apply for a loan or seek out investors, they’ll want to see your financial reports to assess the financial health of your business.

If your reports are inaccurate or incomplete, it can hurt your chances of securing financing.

Our 3 top tips for improving your reports are:

1. Keep accurate records:

The first step to improving your financial reports is to ensure that you are keeping accurate records.

This involves recording all financial transactions, including expenses, income, and investments.

2. Use accounting software:

This can help you keep accurate records and automate many of the processes involved in preparing financial reports.

3. Monitor your cash flow:

Cash flow is a critical aspect of any business and monitoring it regularly can help you make better financial decisions.

This involves tracking your income and expenses and ensuring that you have enough cash on hand to meet your financial obligations.

Feel free to contact us to know more about this: 07854 370582 / 01296 761646 or drop us on email- [email protected]

TIPS FOR BUSINESS Bookkeeping:Simple Steps to lead you to Success◾Create Regular Reports◾Track Cash Payments◾Know the ba...
15/05/2023

TIPS FOR BUSINESS Bookkeeping:

Simple Steps to lead you to Success

◾Create Regular Reports
◾Track Cash Payments
◾Know the basics

Feel free to contact us to know more about this: 07854 370582 / 01296 761646 or drop us on email- [email protected]


Nature of the exemptionThe exemption applies if all of the following conditions are met:1. The cost of providing the ben...
12/05/2023

Nature of the exemption
The exemption applies if all of the following conditions are met:

1. The cost of providing the benefit does not exceed £50.
2. The benefit is not cash or a cash voucher.
3. The employee is not contractually entitled to the benefit.
4. The benefit is not provided in recognition of particular services.

Where the benefit is provided to a group of employees and it is impracticable to work out the cost of providing the benefit to each individual employee, the average cost can be used instead. To fall within the terms of the exemption, this should not exceed £50.

Trap 1: Close company trap

If the employer is a close company, the total value of tax-free trivial benefits that can be provided to a director or other office holder (or a member of their family or household) is capped at £300 a year.

Trap 2: Reward for services trap

The exemption does not apply if the benefit is a reward for services. This means that it does not apply to a gift given to an employee for working later or for going above and beyond what is expected to deliver an excellent service to a client.

Trap 3: Contractual entitlement trap

The exemption does not apply if the employee has a contractual right to the benefit. This includes a right to expect it based on employer behaviour. Here, HMRC have previously used the (somewhat ridiculous) example of employees being given a cream cake every Friday to argue that their provision falls outside the trivial benefit exemption; employees have the expectation that they will receive a cake each Friday and as such the provision will fail the ‘no contractual entitlement’ test.

Trap 4: The gift card trap

The trivial benefit exemption only applies if the cost of the benefit does not exceed £50. Caution needs to be exercised if the benefit is provided via an app or the employee is given a gift card, which is topped up periodically.

Proceed with caution

Used wisely, the trivial benefits exemption can be a tax-efficient way to treat employees and engender goodwill.

Feel free to contact us to know more about this: 07854 370582 / 01296 761646 or drop us on email- [email protected]

4 big tax mistakes1. Filling the wrong form of tax2. Missing important deadlines3. Keeping incorrect documentation4. Not...
08/05/2023

4 big tax mistakes

1. Filling the wrong form of tax
2. Missing important deadlines
3. Keeping incorrect documentation
4. Not claiming tax-free allowances

Have you ever made a similar mistake?

Feel free to contact us to know more about this: 07854 370582 / 01296 761646 or drop us on email- [email protected]

Management Accounts by Cloud Accountants.1️⃣ Aids in the Creation of PlansManagement accounting aids in the development ...
05/05/2023

Management Accounts by Cloud Accountants.

1️⃣ Aids in the Creation of Plans

Management accounting aids in the development of better future strategies for an organisation. It regularly provides all financial and non-financial data to management. Managers can do better analysis and forecasting thanks to the availability of this data, allowing them to make correct preparations.

2️⃣ Customers Will Receive Better Service

Management accounting focuses on improving customer service by providing high quality at reasonable pricing. Furthermore, it also establishes specific quality criteria

3️⃣ Enhances Productivity

Management accounting establishes goals for each division ahead of time and monitors whether set goals are met. It guarantees that all resources are utilised to their utmost potential,

4️⃣ Increases Profitability

Budgetary control and capital budgeting are used in management accounting to reduce expenditures and increase profitability.

Feel free to contact us to know more about this: 07854 370582 / 01296 761646 or drop us on email- [email protected]

Making Tax Digital (MTD) is the UK government initiative to digitise the entire UK tax system (eventually). Phase 1 was ...
03/05/2023

Making Tax Digital (MTD) is the UK government initiative to digitise the entire UK tax system (eventually). Phase 1 was the digitisation of the VAT return for businesses over the VAT threshold.

Feel free to contact us to know more about this: 07854 370582 / 01296 761646 or drop us on email- [email protected]

I know what you're thinking - the new financial year has just started, so I don't need to fill in last year's tax return...
29/04/2023

I know what you're thinking - the new financial year has just started, so I don't need to fill in last year's tax return yet. And you're right; you don't NEED to. You have until 31st January 2024. But it'll be a load off your mind if you can do your tax return early. ✅

Along with a clear understanding of your tax liability, you'll have time to budget for your payments (you don't have to submit AND pay straight away). You can apply for a tax rebate if you've previously overpaid HMRC, and the money will arrive faster. Finally, you'll avoid any nasty last-minute surprises that can throw a spanner in the works! 🤯

Feel free to contact us to know more about this: 07854 370582 / 01296 761646 or drop us on email- [email protected]

Address

Unit 7 Midshires Business Park, Smeaton Close
Aylesbury
HP198HL

Opening Hours

Monday 8:30am - 6pm
Tuesday 8:30am - 6pm
Wednesday 8:30am - 6pm
Thursday 8:30am - 6pm
Friday 8:30am - 6pm

Telephone

+447854370582

Website

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