Are you a teacher that does private lessons? Or weekend lessons? You need to make sure you have the correct documentation for HMRC.

Getting on the wrong side of the tax system can create huge problems that are easy to avoid if you do everything right to start with. Check out our guide of what you need to do if you’re a private teacher.

• Keep a record of all your incomings – Private teachers/coaches tend to be paid cash in hand and this why HMRC is now targeting private teachers to make sure they are paying the right amount of tax.
• Keep your … Continue Reading
  

Gift Aid is a way for registered charities to claim back the basic rate of income tax (20%) from the government on any donations given by taxpayers.

Who is it available to?

For a body to be able to claim back gift aid, it must be a registered UK charity.

How to give with gift aid

Taxpayers who want to donate to charity and include gift aid, simply have to complete a gift aid declaration. The declaration form is simple to complete and can be used for every donation you make to the same charity (if you make regular donations).

To complete a gift aid … Continue Reading

A great bookkeeper can be a real asset to your business, and in this guide we look at just some of the qualities that make for a great one, including attention to detail, accurately being able to estimate costs and value for money.

In the second of this two-part post, we look at five more vital assets of a great bookkeeper.

1. Experience in your industry: Different industries have different financial regulations, and whilst a more than capable bookkeeper will have good general experience, a great bookkeeper will possess experience relevant to your business.
2. Ability to estimate costs accurately: A great bookkeeper will … Continue Reading
   

A great bookkeeper can be a real asset to your business, and in this guide we look at just some of the qualities that make for a great one, including attention to detail, accurately being able to estimate costs and value for money.

In this two-part post, we look at the ten vital assets of a great bookkeeper. Here are our first five:

1. Value for money: Most businesses hire a bookkeeper in an attempt to save both time and money, thus allowing them to concentrate on other areas of the business. A great bookkeeper will demonstrate immediate value for money in … Continue Reading
   

Record keeping isn’t an exciting part of business, but it is an essential one if you want to stay trading smoothly and on the right side of the taxman.

In this guide, we cover the bookkeeping basics that every small business owner should know, from simple steps like keeping receipts together, to the more complex business of categorising your financial records.

The three files you must keep

As a minimum, you should keep a cash book, a sales invoice file and a purchase invoice file. Your cash book details payments in and out of your bank account, your sales invoice file details … Continue Reading

The tax-return deadline has been and gone and for many, getting everything in order for the dreaded day of reckoning, was a tedious ordeal. To avoid a headache in 2011, a belated New Year’s resolution should be to keep your books up-to-date for a stress free year-end.

For small businesses, keeping track of cash flow can be a struggle. With limited staff, or none at all, keeping on top of accounting often falls by the wayside in busy periods.

There are some simple steps you can take to make sure your business finances start, and end, 2010 in order.

• Set up a … Continue Reading

To launch my new ‘Twitter Tuesday’s’, starting next week (9th February), where I will be answering all accountancy related questions for one hour from 11am, today’s blog looks at the business benefits of this growing phenomenon.

Love it or loathe it, Twitter is becoming an irrepressible force that’s hard to ignore. While it started life as a place for celebrities to talk about themselves, increasingly, Twitter is becoming a useful marketing tool for businesses large and small, allowing for instant customer interaction and the potential for increased website traffic.

With current users at around the 5 million mark, Twitter presents an opportunity … Continue Reading

The disastrous earthquake in Haiti has dominated our screens for the past couple of weeks, with thousands of lives lost, or in grave danger, and aid only making its way to the country slowly.

If you have been touched by this tragedy, UNICEF http://www.unicef.org.uk/ is calling for businesses to make a contribution, which can be generated in a number of ways:

A corporate donation is a straightforward transaction of funds, which UNICEF will then publicise to key stakeholders. If you want to get your whole business involved, employee fundraising provides an opportunity for everyone to show their support. Face to face appeals, … Continue Reading

The 31 January tax deadline for online self-assessment forms is only weeks away and, according to research by Unbiased.co.uk, taxpayers are set to be charged an unnecessary £503 million this year in fines generated by late returns, miscalculations and surcharges on unpaid tax. The research also reveals that this amount has increased by £24 million on estimations for last year.

Failure to get forms to Her Majesty’s Revenue & Customs (HMRC) by the fast-approaching deadline will incur an initial £100 late payment charge. If the form still hasn’t been returned by 31st July, there will be a further penalty of £100. … Continue Reading

HM Revenue & Customs (HMRC) has issued a leaflet, warning VAT-registered businesses to get ready now for major changes to VAT return filing and payment, that will come into force next April.

The leaflet has been sent to all 1.9m VAT-registered businesses to alert them to the fact that, from 1st April 2010, those with an annual turnover of £100,000 or more (excluding VAT) will have to file their VAT returns online and pay their VAT electronically.

Under the changes, businesses registering for VAT on or after 1st April 2010 will also have to file their return online and pay electronically, whatever … Continue Reading