- Posted 28th October 2015
What Does Successful Financial Planning Look Like?
Taking control of your finance is not an easy task but you will end up with financial problems if you ignore to do so. This is why you should plan ahead and work according to it.
Here is a list of tips that will help you stay on top of your finance.
Create a budget
Budgeting can be regarded as a tool for tracking all your spending. Without a clear budget, you will never be able to achieve your financial goals. Thus, setting up a realistic budget can help you know your financial position.
If...
- Posted 27th October 2015
Top Four Misconceptions about Accountants
Everyone has knowledge on what accountants do and what they are good at. However, this doesn’t mean you have everything figured about them.
So, here is a list of myths that has always been surrounding accountants.
Accountants are boring
Accountants are commonly stereotyped as boring nerds. With their plain get-up and duty involving a lot of mathematical work, everyone easily assumes they are boring and not sociable. But here is the thing they aren’t. Dealing and crunching numbers an...
- Posted 15th October 2015
What is a Tax Compliance Check?
If you are wondering about what tax compliance check is and what the reasons for compliance checks are, here is a simple breakdown for you.
A tax compliance check is an investigation which can be anything from a few minutes phone call to a visit. The reason for this check is to confirm whether you are paying the right amount of tax and are not involved in any fraudulent activities.
Even though a tiny percentage of checks are done on a random basis, the vast majority arise from an analysis of t...
- Posted 11th October 2015
Five Best Bookkeeping Tips for Medical Professionals
As a medical professional, do you have trouble with the bookkeeping and don’t know where to start? If yes, here are a number of tips to help to with the bookkeeping.
Track your expenses
Even though tracking expenses is difficult, doing so correctly will help in claiming the tax reliefs which you can be benefitted from. Hence, you should always make the habit of tracking of every expense done for your practice.
Keep the receipts
Even though if you find keeping receipts a boring thing, y...
- Posted 9th October 2015
Lifetime Allowance: What you Should Know?
Are you aware about your lifetime allowance? If not, you must get all the details surrounding this subject.
Generally, the limit on the value of payouts that can be drawn from your pension schemes in the form of lump sums or retirement income and can be paid without generating an extra tax charge is called lifetime allowance.
This type of allowance was first introduced in 2006 at a level of £1.5 million. Since 2010, there have been a number of reforms that led to such allowance being redu...
- Posted 8th October 2015
What are the Common Terms Used in Tax Information?
Do not know what every frequent term used in tax information means? Well, you need not worry as we have got all the information just for you.
HMRC (HM Revenue & Customs)
HMRC is the most commonly used term in the tax information. It is a government department that is in charge of assessing and collecting different types of tax from the businesses and individuals. It is also in charge paying different types of tax reliefs.
Income tax
This type of tax is charged on income. It must be ...
- Posted 7th October 2015
Why Businesses Fail?
When starting a business, you first need to take time to identify yourself with all the aspects of running a business. If you neglect this, chances are you will end up with bad results. So, what are the reasons that block success of a business?
Wrong reasons
Companies need to be established for the right reasons. You shouldn’t start a business with the sole reason of earning money. Thus, starting a business by focusing on other things like passion based on study and investigation of y...
- Posted 5th October 2015
Bereavement Benefits
If your husband, wife or civil partner has died, you are entitled to certain type of benefits known as the bereavement benefits. Such benefits include Bereavement Payment, Widowed Parent’s Allowance, and Bereavement Allowance.
Under the Bereavement Payment, you will be able to claim one-off lump sum when your spouse or civil partner dies. If you have dependent children, Widowed Parent’s Allowance is available. However, if you don’t, Bereavement Allowance is available for you.
In orde...
- Posted 4th October 2015
How to Avoid VAT Penalties
Have you failed to submit VAT tax returns and pay VAT on time? If yes, you cannot possibly avoid penalties. But, what you can do is learn about the ways to avoid such penalties and make sure it doesn’t happen next time.
Here is a list of tips that can help you avoid penalties from HMRC.
1. Do not submit incorrect VAT return and allow them to issue estimated assessments. Instead submit correct VAT return by the due date and get the copy of the submitted return for your record keeping.
...
- Posted 1st October 2015
Business Mileage Tax Relief
Wondering whether you can claim tax relief for business mileage or not? If you are, then the answer is yes you can.
As an employee, business mileage can help you cut some amount from your tax bill. Using your own vehicle for business purposes entitles you to claim ‘Mileage Allowance Relief’. In addition, claiming tax relief for the fuel you pay when using your company car for business purposes is also possible.
In order to know about the amount of the tax relief you can claim, you just...