- Posted 23rd March 2015
Benefits of Outsourcing Payroll Services
For any business, if payroll is managed internally, it can be a very time-consuming process. This is the reason outsourcing payroll operations is becoming very popular among businesses today.
Having expert payroll services provider in house can be very helpful in dealing with your business payroll requirements. Your business can benefit from payroll outsourcing in many ways.
Convenience
With outsourcing payroll service, you can call their offices, you simply telephone their offices, give th...
- Posted 23rd March 2015
5 Best Tips for Choosing a Payroll Service
Are you a business owner and having difficulty managing your payroll? If you are, you do not have to worry as there are number of companies specialising in payroll services for every types of businesses.
To get the right payroll service provider that can understand your payroll needs, you need to learn these five important things before choosing a one.
Referrals
Before you search for payroll service in Google, ask your close friends and relatives about their previous good encounters with on...
- Posted 22nd March 2015
How to Avoid Self-Assessment Penalties
If you submit your self assessment tax return late, fail to pay any owed tax on time, or make mistakes in your self-assessment submission, you will be liable to HMRC penalties.
What are the penalties for missing the deadline?
The penalties for such late tax returns include an initial £100 fixed penalty even if the tax due is paid on time. After 3 months, additional daily penalties include £10 per day which can reach up to a maximum of £900. Likewise, a further penalty of 5% of the tax due o...
- Posted 21st March 2015
5 Important Things to Do Before Tax Year End
On Sunday 5 April, 2015, this tax year will end. This means now is the time to review your finances and ensure you make most of the tax breaks before hitting the deadline.
Before the tax year starts at 6 April 2015, here is a list of things you need to do.
Making use of your ISA allowance
Cash NISAs and stocks and shares NISAs are the two types of Individual Savings Accounts (ISAs). Under the new tax system, the UK resident aged 18 or over can invest up to £15,000 per annum. This £15,000 ca...
- Posted 21st March 2015
Common Mistakes Made on Tax Returns
Whenever the time to fill your tax returns comes nearer, you tend to rush which highly increases the chances of mistakes.
Here are some errors made on tax returns which can result in penalties posed by HMRC.
Failing to complete all the essential pages.
If you fail to complete all the necessary pages like not including PAYE information, HMRC can charge you with fines for missing out such information.
Leaving it too late.
Tax return form fillers make the mistake of leaving it too late to re...
- Posted 19th March 2015
Budget 2015 Summary
In our previous blog post, we had mentioned about Budget 2015 leaks. While some may have come true, there are other announcements which have made to the list.
The Chancellor of the Exchequer, George Osborne delivered his sixth Budget to Parliament on March 18, 2015. Here is a summary of the key announcements in his budget.
1. The UK had the fastest growth in economy in 2014
The UK economy grew 2.6% which made it the fastest growing economy in 2014. In 2015, the economy is predicted to grow ...
- Posted 18th March 2015
Tax Avoidance: The Good or Bad?
All of you should pay the required taxes to the government on right time. That is a fact. However, that doesn’t mean you are not allowed to avoid paying tax.
So, is tax avoidance good or bad? And, the answer is it can be both depending on your intentions.
Good tax avoidance is when people take up government incentives to do the things that can help them avoid tax. For instance, giving away shares to employees, donating to charity or childcare and putting money in a pension before the tax...
- Posted 17th March 2015
Budget 2015: The Leaks So Far
The Chancellor of the Exchequer, George Osborne will announce the budget to Parliament on Wednesday, 18th March, 2015. This will be his sixth budget since becoming a chancellor back in 2010.
He has said earlier this year budget will be of long term, short on gimmick and giveaways and encourages a national economic recovery by cutting debt cuts.
The leaks that have been buzzing around are:
Tax avoidance measures
With the revelations of HSBC scandal in Switzerland, the chancellor has signall...
- Posted 17th March 2015
How to avoid Tax Scams
A tax scam is a hoax used by frauds to extract money from people. With thousands of people falling for these type of scams, the number is on rise.
As these schemes aim to defraud taxpayers like you, you need to be aware of certain things and be very alert. For avoiding such scams, here are some important things you need to know.
Do not give out your personal details.
The Home Office don’t ask information about you through email. That is why private details like bank details or password should...
- Posted 16th March 2015
Common Misconceptions about Accounting
Do the misconceptions about accounting keep you from hiring professional accountants? If yes, then it is time you throw those myths out and steer clear about them.
Here are some common misconceptions about accounting that you should stop believing in.
Small business doesn’t need an accountant.
No matter the size, every business needs an accountant to handle their finance. So, if you are a small business owner and do not think an accountant is necessary; you need to change your opinion. Not on...