Ledger Match - bookkeeping, accounting and payroll - Harlow, Hertford

20/09/2023

11/09/2023

Separate tax codes

08/09/2023

I did a little poll asking if 1 person can have 2 different tax codes. The picture presents the results. What do you think? Are you with the 60% of respondents or not?

The answer will follow shortly.

Have a lovely weekend everyone!

07/09/2023

I did a little poll a couple of days ago and it turned 75% respondends were not up to date with their bookkeeping.

What about you? Did you manage to keep on track or maybe it would be better to ask if you did manage to come back on track?

Whatever the answer there is no need to feel guilty. Falling back with your bookkeeping is more than typical during summer...
..but remember it is OK to ask for help.

30/08/2023

Explaining tax codes Part 1

29/08/2023

Actual cost v flat rate method

26/08/2023

Did you know that today is International Dog Day? Are there any 🐕 helping you at work today/ next week? I have got a support of these three trouble makers but only two are mine.

25/08/2023

When dealing with your car expenses you have two options:

👉 go for flat rate method
👉 gor for actual cost method

Remember if you use flat rate method you can't claim capital allowance and you can't switch to actual cost method.

For any expense related queries, get in touch!

21/08/2023

When business expense becomes allowable expense?

18/08/2023

Self-employed people who earn below £6,725 a year are not required to pay Class 2 National Insurance Contribution. However, paying Class 2 NIC is necessary to qualify for some benefits for example State Pension. If the person with the profit below £6,725 have wished for that year to count towards his/her entitlement to state pension he/she has the opportunity to pay voluntary contribution.

When completing your tax return online the system asks you if you want to pay the voluntary contribution and if you mark yes the amount of £3.15 per week for 22/23 or £3.45 per week for 23/24 is added to calculation near the end of your tax return.

Is it worth to pay Voluntary Contribution? It depends on individual circumstances but if you need more qualifying years for your state pension the general answer is yes. If you receive National Insurance credits you do not have to do so as it means you are covered.

There are also other benefits that depend on Class 2 NIC for example:

Maternity allowance

Contribution based/ New Style Employment and Support Allowance

Bereavement Benefits

If in doubt what you should ot should not do remember you can always reach for help.

17/08/2023

I have recently had some questions why in certain circumstances it is not longer possible to pay class 2 voluntary contribution. Hopefully it explains it. If in doubt, get in touch.

10/08/2023

At no point I want to tell you how you should run your books however here are some tips you can find useful as a small business owner:

👉 Keep your personal and business finances separate.

👉 Keep a good track of your expenses.

👉 Beware of your credits.

👉 Note all your deadlines.

👉 Think about automating your processes.

👉 Remember about regular bank reconciliation.

👉 Keep clear records.

👉 If in doubt, reach for help.