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Expense claims are a standard procedure used by businesses to reimburse employees for costs incurred during work-related activities. In this article, we’ll cover everything you need to know regarding staff expense claim forms – from their purpose and how they function to common challenges you may face when managing them. What is an Expense Claim?…Read More
In England and Wales, “Probate” refers to the legal and financial procedures required to manage and distribute the assets of a person who has died. This process involves validating the will and confirming who is authorised to administer the estate. Before the next of kin or the executor named in the will can claim, sell…Read More
The UK VAT registration threshold is the amount of a business’s annual taxable turnover at which companies must register for value-added tax (VAT). This is the tax added to most products or services in the UK. In this article, we’ll outline everything you need to know about the VAT threshold. From how to calculate it…Read More
In a similar way that individuals pay income tax on their earnings, UK businesses must pay Corporation Tax on their annual profits. The rate of Corporation tax will differ depending on how much profit your company makes. From 1st April 2024, the rate for Corporation Tax is as follows: Companies with profits between £50,000 and…Read More
Prepare Now To Secure Your Legacy Inheritance tax is a topic people would understandably prefer not to think about. However, putting plans in place now will make the whole process considerably simpler and smoother for your loved ones when the time comes for them to receive the inheritance you will leave them. What Is Inheritance…Read More
To ensure your finances make sense, bookkeeping is a vital part of small business operations. As a fairly new venture, you may decide to manage your own bookkeeping, however, as your business grows, you might find yourself in need of some assistance. In this article, we outline the basic components of bookkeeping for small businesses,…Read More
As a new UK non-profit organisation, you may have found yourself wondering whether or not you’re required to pay tax. The assumption that charities don’t have to pay any tax at all is not true. While you are usually exempt from paying tax on most of your income and gains (if used for charitable purposes),…Read More
A P11D form serves as a comprehensive document in which employers can report specific taxable benefits in kind to HM Revenue & Customs (HMRC). These benefits are either ineligible or intentionally excluded from regular payroll processing, subject to PAYE and NIC deductions throughout the year. The intricacies of what should be included in a P11D…Read More
As a business owner, maintaining your accounts is crucial for the success of your company. To help you manage finances effectively throughout 2024, we’ve compiled a comprehensive list of key accounting dates and deadlines. These include personal tax returns, VAT returns, and more. 2024 Self-Assessment Key Dates The UK tax year spans from April 6th…Read More
Who Needs to File a Self Assessment Tax Return? Navigating the requirements of a Self Assessment tax return can feel overwhelming, particularly if you’re new to being self-employed, a sole trader or generating multiple streams of income. In this article, we’ll assist you in unravelling the complexities of Self Assessment tax returns, ensuring you understand…Read More
Our tailored accounting service for startups and new businesses According to STARTUPS magazine, the number of new businesses incorporated in the UK broke a record in the first quarter of 2023. Despite competition and numerous challenges – including rising inflation and interest rates – Office for National Statistics records show that 202,130 new UK businesses…Read More
How will the change of basis period for income tax affect you? You may have heard about basis period reform, but what does it mean and how will it impact you? For those clients who want to study the new reform in depth, we’ve put together a detailed guide to the change of basis period.…Read More
Engage an accountancy firm to avoid VAT errors and penalties Value Added Tax – or VAT – is a significant consideration for the majority of UK businesses (though there are certain exemptions). Businesses with a taxable turnover above the VAT registration threshold (currently £85,000, June 2023) are obliged to register for VAT. They are then…Read More
What are the duties of a company secretary? As trusted chartered accountants, we are frequently involved with the registration of new companies. During this time, we are often asked: what does a company secretary do and does our company need one? Read on for our guide to this important role – we’ll explain everything from…Read More
Expert guide: how to go about setting up a trust Here at Hartley Fowler, we are pleased to provide a broad range of accounting and tax services to our private clients. One of the subjects we are asked about most frequently is tax planning and specifically how to limit inheritance tax. When asked for strategic…Read More