Category Archive Accounting

Getting ready for your financial audit

June 6, 2024 Comments Off on Getting ready for your financial audit By Joshua Leigh & Co

Facing your first financial audit can be intimidating, yet it is an essential task for many businesses.

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The most common VAT filing mistakes – and why MTD is the solution!

April 30, 2024 Comments Off on The most common VAT filing mistakes – and why MTD is the solution! By Joshua Leigh & Co

If your business has a turnover of £90,000 or more and sells products or services subject to VAT, then you must register to pay it and file a return to HM Revenue & Customs (HMRC) – at least once every three months.

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Holiday accrual to come in for zero-hours workers

Following changes to the Working Time Regulations 1998 in January 2024, further amendments are set to come into force on 1 April 2024 relating to leave entitlement for workers on irregular hours.

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International Day of Mathematics – Do you need to be good at maths to be an accountant?

March 14, 2024 Comments Off on International Day of Mathematics – Do you need to be good at maths to be an accountant? By Joshua Leigh & Co

A very common question you hear is, “Do you need to be good at maths to be an accountant?”

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Cloud accounting isn’t right for my business! We disagree.

March 13, 2024 Comments Off on Cloud accounting isn’t right for my business! We disagree. By Joshua Leigh & Co

We have come across this common misconception time and time again from business owners who want to embrace the power of cloud accounting but don’t think it’s right for their business.

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Overhaul of non-dom tax status – What does it mean for those affected?

You may have already heard that the Chancellor, Jeremy Hunt, has announced an end to the preferential tax treatment that non-domiciled individuals (non-doms) currently receive. 

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Going green – The financial benefits of investing in a cleaner future 

As a small business owner, embracing environmentally friendly practices not only supports a sustainable planet but can also unlock significant financial benefits for your business.

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Can you afford to miss your Companies House deadline?

For limited companies registered and operating in the UK, one of the requirements that directors must meet is filing annual accounts with Companies House.

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How can the Marriage Allowance save you money?

November 9, 2023 Comments Off on How can the Marriage Allowance save you money? By Joshua Leigh & Co

There are many financial and legal benefits to being married or in a civil partnership, but one of the most overlooked reasons is the potential for tax relief.

This is because, thanks to the Marriage Allowance, where one partner earns below the tax threshold, they can transfer a portion of their personal allowance to the other partner, reducing the amount of tax they need to pay.

Am I eligible?

The Marriage Allowance relies on one spouse earning below their Personal Allowance of £12,570 per year. This can be through not working, having a low-paying or part-time job, or being retired.

The other partner must be paying the basic tax rate to receive the allowance, meaning their annual income must be between £12,571 and £50,270 per annum.

If this is the case, the lower-earning partner can transfer up to £1,260 of their personal allowance to their higher-earning partner.

How does it work?

By transferring part of your personal allowance to your partner, you increase their personal allowance up to £13,830. This reduces the portion of their income that they are liable to be taxed on, saving them up to £252 per year.

It is important to bear in mind that this transfer reduces the personal allowance of the lower-earning partner by the same amount, meaning that if they earn over £11,310, they are liable to pay tax.

Despite this, it is often still worth the transfer, as the lower-earning partner will still be paying a lower amount of tax, and it will contribute to an overall saving for both partners.

How do I get it?

You can apply for Marriage Allowance on the Government website if you fit all the criteria mentioned above.

If you or your partner were born before 6 April 1965, you may benefit more by applying for Married Couple’s Allowance instead.

It is also possible to backdate the claim to include any tax year from 5 April 2019, meaning that you and your partner can get further reductions to your tax bill.

If you are unsure whether the Marriage Allowance will benefit you and your partner, get in touch with our experts today for help and advice.

A look at the scalability of in-house vs outsourced accounting

November 8, 2023 Comments Off on A look at the scalability of in-house vs outsourced accounting By Joshua Leigh & Co

As a business grows, its accounting needs become more complex and time-consuming.

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