Goringe Accountants Reading

Gold Plated Retirement

Paul Milnes — Wed, 16 May 2012 13:23:29 +0000

Defined benefit pension schemes have always been regarded as a top hat pension arrangement available to only a fortunate select few. The massive employer costs associated with these pension schemes means that 9 out of 10 private sector schemes have now been closed and there are now no FTSE 100 companies offering them to new recruits. They have now become the preserve of the public sector and a select range of long serving private sector employees. Quite how precious Read more [...]

Original article: Gold Plated Retirement by Paul Milnes from Goringe Accountants Reading

What Is Income Tax?

Nicky Larkin — Thu, 03 May 2012 11:10:05 +0000

History The first income tax was introduced in Great Britain was first introduced in 1799, in order to fund the war against the French forces under Napolean. Income Tax is a “temporary tax” and expires every 5 April and Parliament has to reapply it by an annual Finance Act. The PAYE (Pay As You Earn) system was introduced in 1944 as it was thought to be a more efficient tax collection system. What do I have to pay income tax on? Income tax is applicable to taxable Read more [...]

Original article: What Is Income Tax? by Nicky Larkin from Goringe Accountants Reading

Small Business Taxes

Nicky Larkin — Wed, 02 May 2012 10:33:08 +0000

When starting a new business you may feel overwhelmed by the amount of different taxes that you need to be aware of, report on and pay. The following is a brief introduction to the main taxes that you will encounter and need to have a working knowledge of when running a business. VAT – Value Added Tax For most businesses it is compulsory to register for VAT if the turnover of the business is more than the VAT threshold (currently £77,000). However, there are some Read more [...]

Original article: Small Business Taxes by Nicky Larkin from Goringe Accountants Reading

Sage vs QuickBooks

Nicky Larkin — Fri, 27 Apr 2012 11:08:45 +0000

The two most popular accounting software packages for small businesses are Sage and QuickBooks, although there are many other packages on the market that are competing for market share including Xero, KashFlow and MYOB. This blog focuses upon the differences and pros and cons of choosing between Sage and QuickBooks. Overview Sage is designed more for the professional bookkeeper or accountant in mind; however, many of our clients do successfully use Sage themselves. Read more [...]

Original article: Sage vs QuickBooks by Nicky Larkin from Goringe Accountants Reading

Painless Tax Returns

Nicky Larkin — Fri, 13 Apr 2012 15:46:23 +0000

Do you dread preparing your personal tax return? Here are some top tips to decrease the pain and stress of preparing it. Keep all the information you need for your tax return in a safe place. The following are some of the most common items you will need for your tax return: If you have a salaried job, keep the following PAYE (pay as your earn) documents, P60 (confirmation of the full year salary and tax deducted) and P11D (Benefits in kind statement). Read more [...]

Original article: Painless Tax Returns by Nicky Larkin from Goringe Accountants Reading

Extracting Money Tax Efficiently

Nicky Larkin — Fri, 13 Apr 2012 10:18:04 +0000

If you are an owner director of a company there are various ways that you can extract money from your company. Sensible planning of how you are going to take out money and a little tax planning is essential to find the best mix for you. The following are the four main ways to take out money from your business. [1] Salary Assuming you have no other source of income it is sensible for the company to pay an owner director a salary. If the director has an employment Read more [...]

Original article: Extracting Money Tax Efficiently by Nicky Larkin from Goringe Accountants Reading

ISA Early Bird

Paul Milnes — Wed, 11 Apr 2012 09:50:40 +0000

By the time you read this article the deadline to make your 2011/12 ISA investment will have already passed and if you didn’t take advantage of your tax free allowance then that opportunity has gone forever. There are a whole host of reasons why, without fail, this happens each year. It could be the bewildering choice of ISA providers all vying for your attention, having the funds available to invest, or perhaps you just clean forgot. One thing it does highlight Read more [...]

Original article: ISA Early Bird by Paul Milnes from Goringe Accountants Reading

What Are Abbreviated Accounts

Nicky Larkin — Wed, 04 Apr 2012 11:32:47 +0000

If you run a limited company you will be required to submit various reports to Companies House and HMRC. The following is a brief overview of the main reports required and what they should contain. Abbreviated Accounts If you are a small limited company you may be entitled to file abbreviated accounts to Companies House. The current criteria (from 6th April 2008) for a small company is that you must meet at least two of the following conditions: Annual turnover Read more [...]

Original article: What Are Abbreviated Accounts by Nicky Larkin from Goringe Accountants Reading

Pension Tax Breaks

Paul Milnes — Thu, 15 Mar 2012 16:39:27 +0000

Use It Or Lose It In these times of low interest rates and volatile markets it is important to gain every last advantage you can, but incredibly British tax payers are failing to take advantage of the tax breaks available to them. In the past 10 years almost £89bn in tax relief has been wasted in the UK with an estimated £12.6bn due to go unclaimed in 2012. The Unbiased 2012 Tax Action Report showed that, after unclaimed tax credits, the biggest area of waste this Read more [...]

Original article: Pension Tax Breaks by Paul Milnes from Goringe Accountants Reading

Why Should I Go Networking?

Nicky Larkin — Thu, 01 Mar 2012 11:13:13 +0000

Following our second quarterly networking event, I thought I would try to answer this question, "why should I go networking”. Many small business owners have never attended a networking event and feel intimated about attending or don’t understand what they would gain from attending. As per my Attending Networking Events blog there are many reasons why they should attend networking events, but one of the most compelling reasons is that it is a great opportunity Read more [...]

Original article: Why Should I Go Networking? by Nicky Larkin from Goringe Accountants Reading

Become An ISA Millionaire

Paul Milnes — Thu, 23 Feb 2012 17:18:51 +0000

For a lot of investors searching for the best performing funds the tax treatment of their investments and the effect it can have on the eventual returns can sometimes get overlooked. In the whole scheme of things the annual ISA allowance may seem relatively small and gets used if we remember to do it before the end of the tax year. If this sounds familiar then you may be missing out on a million-pound opportunity. This week the Telegraph reported that several Read more [...]

Original article: Become An ISA Millionaire by Paul Milnes from Goringe Accountants Reading

Cheap Insurance Premiums

Adam Jeffs — Wed, 22 Feb 2012 14:02:19 +0000

Cheap premiums are great, but the cost to your business could be far greater Times are hard at the moment - small businesses are being squeezed from every side; customers want more and more for less and less, suppliers are hiking the cost of raw materials and inflation is running rife so any money they do make feels like less at the end of it all. Little wonder then that businesses are scrutinising their cost base more than ever before and cutting the cost of their Read more [...]

Original article: Cheap Insurance Premiums by Adam Jeffs from Goringe Accountants Reading

Tax Credits

Nicky Larkin — Sun, 19 Feb 2012 17:57:20 +0000

9 out of 10 families with children are entitled to tax credits – are you? Many families are entitled to tax credits, yet many aren’t claiming them for various reasons: Don’t realise they qualify for them Think it is too complicated Worried about having to repay accidental overpayments The easiest way to check if you qualify for them is to utilise the HMRC online calculator or call the tax credits helpline 0345 300 3900. Types of tax credits There Read more [...]

Original article: Tax Credits by Nicky Larkin from Goringe Accountants Reading

Lease Or Buy

Nicky Larkin — Sat, 11 Feb 2012 14:26:52 +0000

When you require a new asset for your business, it is a good idea to consider whether you should lease or buy prior to the purchase. The asset could be motor vehicles, machinery, IT equipment or other items required for your business. There are cash flow, accounting and tax differences to the options. A finance lease means that the lessee has the risks and rewards of ownership, with an operating lease the lessor retains the risks and rewards. For example, if the asset Read more [...]

Original article: Lease Or Buy by Nicky Larkin from Goringe Accountants Reading

What Is CIS?

Nicky Larkin — Fri, 10 Feb 2012 14:50:50 +0000

I often have clients ask me to explain CIS to them, as it can be quite confusing if you haven’t had to comply with it before. The Construction Industry Scheme (CIS) is a system for collecting tax from subcontractors in the building industry. The scheme principally applies to mainstream construction work. However, businesses or organisations whose core activity isn't construction, but have a high annual spend on construction, may also count as contractors and Read more [...]

Original article: What Is CIS? by Nicky Larkin from Goringe Accountants Reading

Contracting And IR35

Nicky Larkin — Fri, 27 Jan 2012 20:00:00 +0000

You may vaguely be aware of IR35, never heard of it or already know all the intricacies of it. In essence it is a mechanism for HMRC to address potential pseudo-employee situations which deprive HMRC of tax payments. This was to address a trend in the 1990s when a large number of IT professionals became contractors. The following is a theoretical example: Holly is a developer in Newbury for a software company, Orange Ltd. She enjoys her job would like to be paid more, Read more [...]

Original article: Contracting And IR35 by Nicky Larkin from Goringe Accountants Reading

Top Bookkeeping Tips

Nicky Larkin — Fri, 20 Jan 2012 15:41:22 +0000

If you have decided to look after your bookkeeping yourself, it is essential that you prepare it to a high standard for the following reasons: Ensures you are using accurate information when you make management decisions. Decreases your accountancy fee costs. Decreases your risk of fines from HMRC, as they can fine a business up to £3,000 for bad record keeping. The following are some basic recommendations that I give to clients: Use a business bank account, Read more [...]

Original article: Top Bookkeeping Tips by Nicky Larkin from Goringe Accountants Reading

Attending Networking Events

Nicky Larkin — Fri, 13 Jan 2012 20:52:17 +0000

Before I setup Goringe Accountants I spent a week attending as many business networking events as I could in Reading. This was an essential part of my market research prior to start-up. As a result, I was able to talk to many business owners. In particular I asked them about the current issues they faced, what the market was like for small business owners in Reading (as I worked in London) and information about my future competitors. If you just view a networking Read more [...]

Original article: Attending Networking Events by Nicky Larkin from Goringe Accountants Reading

Should You Outsource Your Bookkeeping?

Nicky Larkin — Fri, 06 Jan 2012 19:53:05 +0000

We often encourage new business owners to attempt their bookkeeping themselves in their first year. There are various reasons for this: Encourages business owners to understand their numbers and implement financial controls. If they do wish to employ a bookkeeper in the future or outsource then they will understand the complexities and amount of time it takes to complete the books well. If they have time to do this it could save some money when cash could be Read more [...]

Original article: Should You Outsource Your Bookkeeping? by Nicky Larkin from Goringe Accountants Reading

Why File A Personal Tax Return

Nicky Larkin — Tue, 27 Dec 2011 13:52:13 +0000

If you are thinking, “thank goodness I haven’t been sent a tax return, I don’t need to submit one” think again. There are various reasons why you may still need to file a tax return even though HMRC haven’t sent a request to you. Firstly, if you received a request from HMRC to file a personal tax return, this is a legal request and you must file a return. If you do not comply with this request you face penalties from HMRC. If you haven’t received a Read more [...]

Original article: Why File A Personal Tax Return by Nicky Larkin from Goringe Accountants Reading

2011 Review

Nicky Larkin — Fri, 23 Dec 2011 16:54:22 +0000

What a fantastic end to the year-end. Targets achieved, new client referrals are still coming in and all deadlines have been met. I would like to say a very warm thank you to our clients, the team and our associates for making this a good year. So much has happened this year but seems to have gone by so quickly, the highlights for Goringe Accountants in 2011 have been: Hema Patel joining the team. She has been a fantastic addition to the team, she is great Read more [...]

Original article: 2011 Review by Nicky Larkin from Goringe Accountants Reading

Pensions – Best Of Both Worlds

Paul Milnes — Thu, 15 Dec 2011 15:41:39 +0000

Most company directors are aware of the tax incentives and benefits that come from contributing to a pension. However, this has to be balanced with taking income from their business in the most tax efficient manner, which more often than not is through a lower salary supplemented with dividends. The maximum personal contribution that can be made to a pension each tax year is based on the lower of £50,000 or 100% of your pensionable earnings. In this instance Read more [...]

Original article: Pensions – Best Of Both Worlds by Paul Milnes from Goringe Accountants Reading

Top Tax Tips

Nicky Larkin — Mon, 12 Dec 2011 17:11:05 +0000

Below are a few quick top tax tips for your business: Most appropriate structure: sole trader, partnership or ltd company Companies generally have tax advantages once they are profitable, profits over £50,000 can save tax and NI of over £4,000 if you take most of your earnings as dividends. However, if you have losses in your early years you may wish to set these off against other income if you trade as a sole trader or partnership. Avoid penalty charges Don’t incur Read more [...]

Original article: Top Tax Tips by Nicky Larkin from Goringe Accountants Reading

Is Your Life Assurance Relevant?

Paul Milnes — Mon, 12 Dec 2011 16:54:08 +0000

The vast majority of company directors understand the importance of protecting their business from the untimely death of a director or key member of staff. Whether it’s safeguarding the continuity of their business or providing sufficient funds to purchase the shares of a deceased co-director, the cost of life cover is an allowable business expense and can be offset against corporation tax. However, what most directors do not realise is that a recent development Read more [...]

Original article: Is Your Life Assurance Relevant? by Paul Milnes from Goringe Accountants Reading

Winter Weather Considerations For Your Business

Nick Babington — Mon, 12 Dec 2011 16:40:54 +0000

A video with some very useful advice for your business during the winter months provided by our partners Peninsula UK: Winter considerations for your business (requires Windows Media Player to play link)

Original article: Winter Weather Considerations For Your Business by Nick Babington from Goringe Accountants Reading

Christmas Temps

Nick Babington — Mon, 12 Dec 2011 15:53:47 +0000

It is the time of year now when many companies start looking at taking on temporary staff to cover the increased demand over the Christmas period. There is a common misconception to think that these employees don’t have any employment rights or protection when this is simply not the case. All employees, whether temporary or permanent, have the same rights and you should not treat your temporary staff less favourably than your permanent employees. This means that Read more [...]

Original article: Christmas Temps by Nick Babington from Goringe Accountants Reading

Pros And Cons Of Flat Rate VAT

Nicky Larkin — Sat, 10 Dec 2011 12:50:58 +0000

The Flat Rate VAT Scheme was introduced in 2002 in order to encourage small businesses to register for VAT. Many small businesses try to keep under the VAT threshold (currently £73,000) for various reasons, including avoiding additional administration and keeping their prices attractive versus the competition. The aim of the Flat Rate VAT scheme is to be simple to administer for small businesses, and therefore remove one of the barriers to business owners registering. The Read more [...]

Original article: Pros And Cons Of Flat Rate VAT by Nicky Larkin from Goringe Accountants Reading

Should You Start Your Own Business?

Nicky Larkin — Thu, 01 Dec 2011 19:41:17 +0000

Many of us have thought it would be bliss to run our own business; no longer have a boss to answer to, working our own hours, no commuting, no office politics, earn more money etc. However, along with the positives of working for yourself there are another set issues that arise and have to be addressed: Can you give up the safety net of your regular salary and benefits? Are you self-motivated enough to work on your own? Are your family and friends supportive Read more [...]

Original article: Should You Start Your Own Business? by Nicky Larkin from Goringe Accountants Reading

How To Select The Best Accountant For Your Business

Nicky Larkin — Thu, 01 Dec 2011 19:35:22 +0000

You are looking for an accountant for your business: you may have just started up, grown to a sufficient size to require professional advice or it is time to change from your current accountant. What criteria do you use to select your accountant? How do you make sure the accountant is the most appropriate for your business? How do you find them? Here are some tips to help you find your way: Understand your requirements. Before contacting any prospective Read more [...]

Original article: How To Select The Best Accountant For Your Business by Nicky Larkin from Goringe Accountants Reading