Paying someone who isn’t VAT-registered: a step-by-step guide – Your Accounting Team
One of the considerations you must make when starting a new business or growing an existing one is whether or not to register for VAT. If your annual turnover exceeds £85,000, you have hit the VAT threshold and must register. If your annual revenue is less than that, you can choose whether or not to […]
12 things you didn’t know an accountant could do for your business – Your Accounting Team
Accountants are frequently underappreciated for the value they provide to a company and their role in helping it grow and develop. Of course, we deal in the areas of tax and compliance. But there’s so much more we can do. We can provide strategic advice and suggest creative ways to save money or increase revenue. […]
How Often Can I Take Dividends from my Limited Company? – Your Accounting Team
If your company is organized as a limited liability company, paying yourself dividends in addition to a salary is usually the most tax-efficient way to take money out. We’ll discuss how often you can collect dividends. Also, how the procedure works to help you manage the legal requirements of paying yourself from your business. What […]
What is Business Asset Disposal Relief (BADR) and Can I Use It? – Your Accounting Team
BADR, formerly known as Entrepreneurs’ Relief, is a capital gains tax (CGT) relief designed to encourage people to expand and invest in their enterprises. It is a key source of relief for higher and extra rate taxpayers. Although its advantages have been decreased and it has been threatened with elimination in recent years, BADR has […]
What is a Confirmation Statement? – Your Accounting Team
Once a year, every business must provide a confirmation statement to Companies House. It ensures that the information they have about your business is accurate. A step-by-step guide to registering your business with Companies House. Self-employed people’s instructions to completing Self Assessment tax returns How to Write a Letter for Late Payment What kind of […]
Cryptocurrency Tax In The UK – Your Accounting Team
Tax on Cryptocurrency The rapid growth in cryptocurrency and distributed ledger technology has seen an influx of new cryptocurrency businesses, traders, and investors which has attracted significant attention from HMRC and other tax authorities worldwide. As a result, HMRC is actively enquiring into crypto businesses, traders, and investors to ensure that all individuals and businesses […]
CBILS and BBLS: What You Should Know – Your Accounting Team
BBLS, the Bounce Back Loan Scheme, and CBILS, the Coronavirus Business Interruption Loan Scheme, are two of the government’s initiatives to help small and medium companies keep operating during the pandemic crisis. Their first goal was twofold: to survive and heal, then to develop. The Chancellor has modified the scope of the schemes and introduced […]
Explaining the Job Support Scheme’s Amendments – Your Accounting Team
We discussed the forthcoming changes to the Government’s Coronavirus Job Retention Scheme, which is set to expire on October 31, at the end of September. More limitations have been imposed since then to combat the spread of Coronavirus, putting businesses under even more strain, with many being forced to close entirely or function for only […]
Buying a Business: A Complete Guide – Your Accounting Team
Purchasing a business can be a great opportunity to avoid the hard work and financial resources required for starting a company. However, it requires careful planning and the right questions to ask. CBM Accounting offers a unique company strategy that provides accounting and financial consulting, making it beneficial for those planning to sell or buy […]
COVID-19’s Contribution to the Need for Efficient Accounting – Your Accounting Team
COVID-19 has had a wide range of impacts across the world. In terms of business and commerce, the pandemic has hastened several developments that were thought to be the future of labour until recently. Many of the developments that appeared imminent a few months ago but were still a ways off have finally arrived. Remote […]