by AJN Accountants | Aug 16, 2024 | Business
From 6 April 2024 the cash basis has replaced accruals as the default method for preparing sole trader and partnership accounts for tax purposes. Previously, only unincorporated businesses with total receipts below £150,000 were entitled to opt out of accruals and...
by AJN Accountants | Jun 14, 2024 | Business
From 6 April 2024 all unincorporated businesses (sole traders and partners in a partnership) are required to report profits or losses in line with the tax year. Businesses with an accounting period end other than 5 April or 31 March will need to report pro-rated...
by AJN Accountants | Jun 7, 2024 | Business
HMRC has issued guidance on various changes to the existing construction industry scheme (CIS) rules. If you are a sub-contractor, obtaining gross payment status (GPS) allows you to receive full payments from your customers without tax deducted. To achieve GPS you...
by AJN Accountants | Feb 17, 2024 | Accounting, Advice, Business, News, Small Businesses, Tax Planning
If you engage part time workers, or staff who work irregular hours, on permanent contracts you need to be aware of new rules affecting holiday pay calculations which take effect for holiday periods starting after 1 April 2024. Getting holiday pay right is vital,...
by AJN Accountants | Nov 29, 2023 | Advice, Business, Tax Planning
The Chancellor has announced cuts to national insurance contributions for self-employed taxpayers and employees.The headline news from the Autumn Statement was the reduction of primary Class 1 and Class 4 NIC and the removal of compulsory Class 2 NIC. The main rate of...
by AJN Accountants | Oct 25, 2023 | Advice, Business, Tax Planning
A family investment company (FIC) is a company set up specifically for investment purposes rather than trade. The corporate entity is set up as a normal company and is limited by shares. Property, cash and equity often make up the investments held within an FIC. A...
