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Question

What is a mistake you seem to repeat each year?What can you do to prevent it this time?...

Atomic Habits

"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 musician. This year, focus on the identity you want to build."...

Cycle to work

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 equipment, but without it counting as a taxable benefit in kind. The main conditions are that: all your employees must be offered availability to a bicyclethey must not own the bike, it is owned by the businessthey must mainly...

paying your VAT bill when your direct debit has been cancelled

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 the 7th.HMRC bank detailsHMRC VATsort code 08 32 00account number 11963155reference 9-digit VAT registration number ...

National Insurance thresholds

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) = £8,788 paEmployers start paying National Insurance at 13.8%Class 2 National Insurance for self-employed = £3.05/week - £158.60 paClass 4 National Insurance for self-employed = 9% above £9,500 profits and 2% above £50,...

paying HMRC self-assessment

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  ...

Self-assessment Payments on account

‘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 usually due by 31 January and 31 July.ExampleYou are entering the payments on account system for the first time.Your tax bill for the 2019-20 tax year is £4,000.  You would need to pay £4,000 by 31 January 2021 and th...

paying Corporation Tax to HMRC

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 accounting period you’re paying.You’ll find the payslip reference:on any payslip that HMRC sent you or through your company’s HMRC online account - choose ‘View account’ then ‘Accoun...

Better Business

Better Data + Better Analysis + Better Decisions = Better Results & Better Business ...

Value

"Value is not a number, it's a feeling" Ron Baker...

SYSTEM

Remember that a SYSTEM Saves You Significant Time, Effort and Money. What a great acronym!...

Business quotes we love 2

“What gets measured gets managed.” Peter Drucker...

GDPR

GDPR Explained - All you need to know in 5 minutes [FUN] https://youtu.be/tBEMNcMihl4  via @YouTube...

Xero roadshow

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Business quotes

“If you can’t read the scoreboard you don’t know the score, and if you don’t know the score you can’t tell the (business) winners from the losers” – Warren Buffett...