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.
Here we set out details of the tax year, the recurring deadlines each year, and then provide you with specific dates for the current tax year. In particular, the 31st January 2019 deadline is looming for filing tax returns for the 2017/18 tax year with HMRC. Should you have any questions or if you’d like help to complete your tax return, please get in touch. (more…)
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. (more…)
The 1st of December is the date when many people decorate their homes with festive decorations, in readiness for Christmas. At HB Accountants it’s a special day for another reason. Our very own Keith Grover turns 60.
Congratulations & Happy 60th Keith!
Held at The Spotlight in Hoddesdon the recent Ambition Conference provided plenty of inspiration and marketing insights.
As part of our commitment to local business growth, our own Keith Grover chaired the organisation committee and we were glad to be a sponsor of the event and meet up with many business people on the day. (more…)
As the Government’s last Autumn Budget before the UK’s scheduled exit from the EU in March 2019, the Chancellor framed his announcement as reflecting an end to the era of austerity. The budget includes the commitment to provide an additional £20.5bn to the NHS over the next five years, and a variety of measures designed to protect or stimulate business growth. Here we outline the budget highlights and as always there will be winners and losers. We encourage you to discuss the impact of the budget with the team at HB Accountants. If you need an update on current tax rates, allowances and duties please get in touch. (more…)
Businesses and charities must audit their accounts when they have grown above a certain size. The smallest organisations are exempt from this legal requirement. There are also circumstances when you may need or want an audit regardless of the scale of your operations. If you are in any doubt as to whether you need to conduct an audit or not, just contact HB Accountants and we can talk you through the regulations. (more…)
When you’re working from home, your bills are bound to rise. You’ll be using electricity, your own broadband and phone line, as well as making more use of your electricity, water and heating (especially in the winter).
If you are self-employed
The Government has published detailed guidelines for business people working from home. The trickiest element of this is that most things will be used for both business and personal use.
Small business owners and entrepreneurs spend their time learning new skills. Whilst people generally set up their own company in order to concentrate on doing what they love, they also have to diversify their talents in order to do other tasks, from networking to cleaning, posting online content to submitting tax returns.
But unless your specialism is accounting, how do you know you’re getting your accounts right? It comes down to the fact that you don’t know what you don’t know. Whilst you may think you’ve got a handle on things, you may not realise that hiring an accountant could bring you business benefits you haven’t thought of. In terms of tax savings, growth plans and avoiding errors the money you save by hiring an accountant may well end up being more than the cost of the accountant themselves.
Here’s our guide to knowing when it’s time to hire expert help?
There are legal requirements for companies to undertake regular audits once a company meets certain criteria about its turnover, assets and staffing levels.
Many people see an audit as a massive inconvenience, but it can actually turn out to be a useful business tool. An audit acts as a metaphorical mirror reflecting how well, or otherwise, your company is doing. And because an external auditor will have an objective overview of your company, they can use their review of the accounting information in order to gain insights into your business. They can highlight trends, deficiencies and errors, enabling you to do something about them before they become major problems.
If you are a business owner, then knowing what your gross and net profits are will be vital to your business. Whilst net profit shows how much money you made overall, knowing what your gross profits are in relations to them can help you form a better business strategy.
In a nutshell, gross profits are your turnover, minus the costs of the goods sold. This includes products, materials, shipping costs etc.