Better business decisions lead to stronger businesses, with higher turnover, lower costs and greater productivity. Business leaders and owners, including those in medium sized, and small fast-growing businesses, use Management Accounts as a tool to provide them with financial performance information. For charities Management Accounts are often vital to provide Trustees with the information they require to provide good governance for the organisation. Could your organisation benefit from regular Management Accounts?
There’s a good deal to think about when running payroll. But the overriding concern is that your payroll must be right, as employees need to be paid correctly and on time. As an employer you are responsible for managing payments, reporting on pay, and paying HMRC, not to mention handling workplace pension contributions,
administering childcare vouchers and managing salary sacrifice schemes too. Many companies seek outside help in order to handle their payroll effectively.
As an employer, if you provide a company car to your employees, they must pay tax on the cash equivalent of the car provided. That’s because HMRC view an employee’s ability to use a company car as a benefit in kind which has a cash value, on top of your employee’s regular salary. The cash equivalent of using a company car is calculated by taking the list price of the car, multiplied by a certain tax percentage. This percentage depends on the amount of carbon dioxide emitted by the car, and the type of fuel it uses. This article will outline the formula for you to follow to work out the list price of the car and find the relevant tax percentage that applies. Should you want more help with company car tax then please get in touch.
These days everyone recognises the value of effective business networking and HB Accountants take an active role in helping to make introductions within the business community. Here are details of upcoming dates for events in Hoddesdon, Ware and Hertford which we regularly host or attend. Please take the opportunity to join us and raise your profile amongst local business people.
To recruit the best talent, you need to provide an attractive pay package. For many employees having the fuel they use in their company car paid for by their employer is an attractive benefit, since they are covered for business miles and private use. But remember that changes in HMRC tax policies mean ‘free fuel’ is now taxed harder as a benefit in kind which can make it less attractive.
Karen Robbins is a Chartered Accountant and Accounts Manager who has worked at HB Accountants in Hoddesdon for 23 years. Karen is highly organised and enjoys helping clients to keep control over the accounting side of their businesses, so they can make better financial decisions. We asked her to explain how she reached her current role, from beginning her studies to helping today’s businesses in Hoddesdon and Hertfordshire to prepare for the government’s latest requirements for Making Tax Digital for VAT.
At company year end, it’s time for limited companies to file corporate tax returns with HM Revenue & Customs (HMRC) and provide annual accounts to Companies House. Whilst small and micro companies don’t have to provide full accounts reports to Companies House, they are still required to provide simplified accounts reports as a statutory requirement. Since corporation tax is calculated by HMRC based upon the financial position of your company at year end it’s vital to have everything in order. There are steps you can take to make this process as smooth as possible. At HB Accountants, we can
provide as much or as little support as you need at year end.
HB Accountants enjoyed a successful fundraising day last month as part of the 100/100 Christmas Corporate Challenge for Isabel Hospice. We’d like to offer a big vote of thanks
to our many clients, friends and colleagues who took the time to support us.
Self-assessment is the process by which you advise HM Revenue & Customs (HMRC) of your income, gains and relevant expenses for a tax year. HMRC will calculate your income tax bill based on the information you provide.
What matters most when you need to find professional Accountants to support your business? Doubtless every accountancy practice will have its own merits. To make an informed decision, here are 10 key factors which the team at HB Accountants believe that you should consider.