Company vans and fuel

February 1, 2021
You do not have to report or pay anything to HMRC if your van is only used for business journeys or as a pool van.  A van solely used for work purposes, includes "insignificant private use" such as a detour to the shops for a coffee on your way to work, or a visit ...
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Gift AidDonating through Gift Aid means charities can claim an extra 25p for every £1 you give. It will not cost you any extra.  You need to make a Gift Aid declaration for the charity to claim. Paying enough tax to qualify for Gift AidYour donations will qualify ...
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paying HMRC self-assessment

January 31, 2021
The simplest way to pay self-assessment tax is by bank transfer.HMRC Bank details:HMRC CumbernauldS/C 08 32 10A/C 12001020Payment reference should by your UTR number followed by the letter 'K'https://www.gov.uk/pay-self-assessment-tax-bill  ...
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Question

December 31, 2020
What is a mistake you seem to repeat each year?What can you do to prevent it this time?...
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Atomic Habits

December 31, 2020
"Improvements are only temporary until they become part of who you are. -The goal is not to read a book, the goal is to become a reader. -The goal is not to run a marathon, the goal is to become a runner. -The goal is not to learn an instrument, the goal is to become a music...
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paying Corporation Tax to HMRC

December 31, 2020
Corporation tax is paid to HMRC by bank transfer, 9 months after the accounting year-end date.HMRC bank details:Account name HMRC CumbernauldSort code 083210Account number 12001039 Reference numberUse your 17-character Corporation Tax payslip reference for the...
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Cycle to work

December 29, 2020
We are cycling loving accountants, so we encourage all to take advantage of the tax exemption for bicycles on the Cycle to work scheme Cycle-to-work exemption allows your business to provide employees, including directors, with the loan of a bicycle and cycling safety equipm...
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If you have cancelled your VAT direct debit, it's very important to pay your VAT bill on time by bank transfer.  If you pay by direct debit, HMRC collect the VAT due on the 10th of the month following the VAT period end.  If you pay by bank transfer you have until ...
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National Insurance thresholds

September 29, 2020
National Insurance thresholds for the 2020-21 tax yearLower Earnings Limit (LEL) = £6,240 paEmployees do not pay National Insurance but get the benefits of payingPrimary Threshold (PT) = £9,516 paEmployees start paying National Insurance at 12%Secondary Threshold (ST)...
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‘Payments on account’ are advance payments towards your tax billYou have to make 2 payments on account every year unless your tax bill is under £1,000 or you have 80% of your tax collected through PAYE.Each payment is 50% of your previous year’s tax bill. Payments are...
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