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[14 Mar 2016 | Comments Off on Meal allowances | ]
Meal allowances

It’s long been a policy of ours that all employee expense claims (and directors’ expense claims) should be supported by receipts, proving that the relevant expenditure has taken place, and that the employee’s claim is for a legitimate business expense. That’s set out in our guide:
Claiming back expenses from your own Limited Company
We don’t need to see every receipt from Pret a Manger for £2.99 sandwiches, but we want the reassurance that you the client make a point of keeping your staff (and yourself) within the rules.

So, here is something …

getting things done »

[12 Feb 2016 | Comments Off on Wriggle Room and Late Filing Penalties | ]
Wriggle Room and Late Filing Penalties

Do you have a penalty notice from HMRC relating to the late filing of a 2013/14 or 2014/15 Self Assessment tax return?
Then you may be interested in a working practice which HMRC introduced recently, because they don’t have enough staff to check “reasonable excuse” claims. And whatsmore, they have extended the meaning of “reasonable excuse” which used to be limited to things like . .

Death of a close relative
Burglary
Flood

. . . to include a number of lesser reasons which they previously refused to accept. So “reasonable excuse” now includes . …

getting things done »

[13 Jul 2015 | Comments Off on Where is BX9 1BX? What happens to HMRC post? | ]
Where is BX9 1BX? What happens to HMRC post?

Have you had a letter from HMRC with the new BX9 1BX address? Did you write back to it? What happened to your letter?
BX9 1BX is an artificial post code and it’s not on the Royal Mail database. It’s a mail handling facility operated by HMRC in Bexley, Kent. Letters are opened and scanned and electronically dispatched to other HMRC offices. Occasionally, bulky items are forwarded as originals (using internal mail) to the HMRC office which is to deal with them.
In Jun 2006 we adopted a policy of sending all …

getting things done, one offs »

[12 Dec 2014 | No Comment | ]
#VATMOSS #VATMESS

VAT MOSS applies to all businesses whether or not they are currently VAT registered! Do you sell (or are you planning to sell) digital products (eServices) over the web?
From 1 Jan 2015 the rules change and as a result, some non-VAT registered business will need to review their business methods and may be forced to register for VAT. Businesses which are already VAT registered may need to collect more data from their customers and charge a different VAT rate depending on where their customer lives.

The rules were developed to make …

getting things done »

[19 Jun 2013 | No Comment | ]
Keeping it in context

A regular question which we face in our day to day work, is along the lines of “is it an allowable business expense?” And the answer is the accountant’s perennial answer “it depends!”
A little old lady wanders into her local car dealer’s showroom, and tells a salesman that she is planning to buy a white pick up truck. The salesman responds with “I would willingly sell you a white pick up truck, but the truth of the matter is, that we currently have only green pick up trucks and we …

getting things done »

[31 Dec 2011 | No Comment | ]

There are lots of services out there which provide accounting solutions. We have worked on most of the platforms starting with early versions of Netsuite in 2007 through to the latest versions of Xero, Kashflow, Freeagent and others.
We have never found one which quite meets the exacting standards of accountants, though they are all valuable in helping small businesses keep track of things. Please do feel free to pick the one of your choice and we can work with that. To us, the portals are simply collation tools and we …

getting things done »

[2 Dec 2010 | No Comment | ]
Salary or Dividend?

The question has been around for over 20 years

The established way for a small limited company to reward its director/shareholder is to take a small salary at the tax and NI threshold and to top that up with dividends. Of course that assumes the company has enough profit and can pay dividends. Dividends are paid out of the post-tax profit and all things being equal, a basic rate taxpayer will have no additional personal tax to pay.
It has long been argued (for more than 20 years now) that the Revenue …

getting things done, routine »

[31 Mar 2010 | One Comment | ]

The last thing we want to do is to disappoint our clients and that’s why we have systems and processes in place. However, there is an established saying in accounting circles which goes:
“The information you get out
is as good as
the information that you put in.”
That’s another way of saying “give us incomplete information, and you’ll get an incomplete answer”. Nobody wants to build a jigsaw puzzle with missing pieces or with the wrong pieces and if we give you an incomplete picture of what’s happening, you’re not going …

getting things done »

[5 Mar 2010 | One Comment | ]

This is a fantastic question and we hear it quite often “I have too much profit, what can I do about it?”
It is however a coded version of something else, and it can mean either:

I don’t have enough profit. I know that, because I have drawn all the money out of my business and I have nothing left to pay my tax bill.
I have ridiculously large sums of money floating around, even after paying my tax bills, and I’m in danger of taking up a ridiculously expensive hobby!

Depending on which …

getting things done »

[1 Nov 2009 | No Comment | ]

A High Level Overview

In simplistic terms, this diagram sets out the flow of information. With sufficient information at every step in the process, things work beautifully.

We’d like to be able to help you to keep things this simple!
The quarterly and the annual checklists set out the types of records that are needed.
Posted on 1 Nov 2009 by The Proactive Accountant Dot Com