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Introduction to VAT

START UP GUIDE TO VAT VAT can be the most complex tax for small businesses, mainly because there is often a lot of choice involved. When you start up, you don’t necessarily need to worry about VAT at all. However, if you breach the turnover threshhold without […]

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Limited company expenses

There are still occasions when I’m I asked, “Can I claim this as an expense?” and this post will give you an overview of the allowable expenses. A summary of the main expenses that are deductible are shown below: Accommodation Accountancy fees Bank charges and interest Business […]

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Tax rates and income tax allowances

Detailed below are the tax rates and personal allowances for the 2013/14 and 2014/15 tax years. Bands of taxable income and corresponding tax rates Income tax allowances Description 2013-14 2014-15 Basic rate 20% 20% Higher rate 40% 40% Additional rate 45% 45% Starting rate for savings income* […]

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The benefits of management accounts

All businesses can benefit from quality management information as this helps them make the right decisions, but only a minority of businesses can afford a dedicated finance function. We can prepare your Management Accounts on a monthly or quarterly basis in an efficient and cost effective way, […]

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Optimum salary 2014/15

As we’re now in a new tax year, we need to update the payroll systems with any revised tax codes and salary information. As you may be aware, the new personal allowance threshold was increased to £10,000 (tax code is 1000L) and means you can earn £10,000 […]

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Starting a business

So you have decided to work for yourself, but you’re unsure of the choices you have to make when in charge of your own business. It is apparent that there are a number of sources for finding some of the answers to each businesses start up dilemma’s. […]

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Markup versus Margin

What is the Difference? Many businesses confuse the terms markup and margin and by using the wrong percentage, you’re losing out on revenue and it’ll ultimately end up costing you money. The simple rule to follow is: Markup equals the percentage on the buying price Margin is […]

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