Category: Northants Accounting blog

What Will Happen to MTD Now That Election Is Over

Following its initial announcement, Making Tax Digital has been in the limelight for quite some time now. This digital initiative has been rife with controversies with constant industry wrangles over timelines, costs to businesses and a shocking number of businesses being apparently oblivious of what exactly all of this involves. Making Tax Digital was taken

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Impact of The Snap Election on MTD

The snap election earlier this year in the UK may not have brought great news for Theresa May but it has sure brought smiles on the faces of those who own small businesses. The controversial digitalisation of taxes had been giving sleepless nights to many business professionals but now they can finally breathe a sigh

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Do I Need to Have a Business Bank Account?

What you need to ensure before you actually start dealing with the incomings and outgoings of any business is to make arrangements for proper banking facilities so that your trading process is smooth and free of hassle. The bigger question here is: do you need to have a separate business bank account for your business

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Why Personal Accounts should be used for Business

You will find many articles on the web that will discourage you from using a personal bank account for a business. Most of these articles will include reasons such as difficulties in differentiating between personal and business expenses and the possibility of running into trouble with HMRC. However with the guidance of a good accountant

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Benefits of Hiring an Expensive Employee Part 2

Starting up a business is not an easy task and it becomes much tougher when you do it all by yourself. There are many things to look after such as creating a strategy, putting in place operations and these things can become quite overwhelming if there’s just one brain to look after it all. Running

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Three Reasons Why You Should Pay your Employees Well Part 1

Most employees seek just three things from their professional life, a good work life balance, growth prospects and a good pay. The importance placed on each of these things may vary from individual to individual, but it is these are the three things that eventually make it worth dedicating yourself to your work. In our

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What Are Payments on Accounts? Part II

How to make disburse Payment on Account? Once you complete your Self Assessment online, you will be granted the opportunity to make Payment on Account at the same time as your balancing payment for the preceding tax year. In case you file your return on paper, you will be given a paper bill in conjunction

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What Are Payments on Account? Part I

Calculation of taxes is something that complicates every self-employed person’s existence. After facing a lot of hardships when we finally file a tax return, we are rewarded in the form of a tax bill and this makes it one of the least entertaining times of the year. What is Payment on Account? In case you

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Importance of Networking in the Business World

Networking lies at the heart of all business strategies. ‘I grew my business without building a network’, said no successful businessman ever. It is one of those essential requirements of growing a business and something without which growth is a massive uphill task; perhaps an impossible one. It is especially important for B2B companies. Suppose

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5 Ways to Leverage Your Business Networking

Business development strategies have undergone a dramatic change in the past decade. The business development tactics of today are reliant on cultivating trusted relationships and leveraging those relationships to get in touch with new prospects. Building and nurturing relationships have become the backbone of business networking. Therefore it’s important for new businesses to constantly grow

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Can I Put Childcare Costs through My Company? Part Two

Saving taxes is as big a concern for employers as it is for employees. The best thing a government can do is design a scheme that provides tax benefits to everyone in an organisation and at the same time promotes the general wellness of a country’s population. Such provisions are a win-win situation for both

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Can I Put Childcare Costs through My Company? Part One

The childcare voucher scheme is a fundamental aspect of the government’s childcare policy and can be operated through employers. The scheme basically allows parents to pay for their childcare needs out of their pre-tax salary. For parents, the advantages of this scheme are both clear and favourable. You can find out more about this scheme

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The Good, Better, Best Principle

Welcome to our blog. This week, we’d like to talk to you about the ‘Good, Better, Best’ principle. The reason we want to talk to you about this principle is that we quite often come across businesses that are just starting out and don’t really have a lot of experience in business and they start

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election mean for your finances

What will the 2017 election mean for your finances?

Theresa May has made the decision to call for a snap election, and all eyes have turned to politics once more. For most people, the most significant consideration is the financial impact the election will have. The country’s political position will have a substantial impact on taxes, small businesses, investors, and savers among many others

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Payment Terms

Welcome to this week’s vlog, this week we’d like to talk about “Payment Terms”. You may already be familiar with the term, it’s when your business uses a supplier and that supplier gives you goods or services and then send you an invoice and instead of saying payment is due immediately. The invoice might say

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Vehicles

Welcome to this weeks’ blog from Northants Accounting. In this blog, we’d just like to go over some of the best ways to deal with vehicles connected to your business.  When it comes to having a business vehicle, assuming you’re a limited company, there are a couple of ways to deal with it. The first

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Limited Company Tax Planning

In this weeks’ video blog, we’d like to talk to you about why limited companies are still incredibly valuable in terms of tax savings. You might have heard about the dividend changes recently which means that the difference in tax between what a sole trader might pay and what a limited company might pay has

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Using pensions to Save Tax

In this week’s vlog, we’d like to talk about tax deductible business expenses. Quite a few tax-deductible expenses are rather obvious, but some get overlooked. For instance, one of the things that gets overlooked most is pensions. With a pension, you can put it through your company as a tax-deductible expense. Whether it’s for you

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Do Accountants Need to be Good at Maths?

In this week’s video blog, we would like to dispel one of the popular myths; the most important thing for an accountant to be good at, is maths. Whilst this is important, it is nowhere near the most important thing! One reason is the great tax software available for use, which does most of your

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Advantages of Accounting Software

In a vlog we published a few weeks ago, Making Tax Digital – part 3 we talked about how important accountancy software is going to be when HMRC brings in the new Making Tax Digital System. In this week’s Vlog we go into that in a bit more detail. There are quite a few different

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