Accounting

Should I use the Petty Cash fund?

The Petty Cash fund can be thought of as a tin of money, in which small amounts of money received from clients are placed, and from which small business expenses are paid. If a client pays you a sum of a few pounds you might place this money in petty cash. Alternatively, if you need a book of stamp...

Benefits of paying Corporation Tax early

Background Highlights the benefits of an early payment of corporation tax What is corporation tax? There are various taxes paid in the United Kingdom. Corporation tax is the tax levied on the profits of limited companies, foreign companies with a UK branch office or a club, co-operative or ...

The Annual Return submission process

The annual return is a document sent to Companies House each year informing them about your company, its shareholders, directors and trading activity. An annual return has a ‘made up to date’, meaning that the information it contains is correct up to that date. Please note that an annual return ne...

When to record credit and / or a refund from a supplier

Here's just a couple of example scenarios of when you might need to record credit from your supplier and how you should go about doing so. A purchase invoice you're yet to pay has its price lowered Let's say that you've received a purchase invoice from one of your suppliers for a ne...

What exchange rate do I use for cash purchases made abroad?

Occasionally, you may find yourself outside of United Kingdom on business. While abroad, you might need to make some business purchases. This can cause a few issues could be problematic, such as how you deal with foreign currency transactions. Our advice would be for you to use the exchange rate ...

Automatic pension enrolment

Why introduce auto-enrolment? The government has introduced new pension auto-enrolment legislation in order to encourage more people to save for their retirement. UK employers are now legally obligated to provide pension auto-enrolment for their staff if they meet certain criteria unless they cho...

Am I a UK Tax Resident?

“Tis impossible to be sure of anything but Death and Taxes.” Bullock, C, 1716. The Cobler of Preston. Everyone has to pay taxes, and in the UK (England, Scotland, Wales and Northern Ireland), Her Majesty's Revenue and Customs (HMRC) are taxed with the collection of taxes. What is tax status? ...

How long should company records be retained for?

Why keep company records? Company records can be kept on various aspects of a business for historical, investigatory and legal purposes. They must be kept to meet statutory obligations. There are various Acts of Parliament that give guidance on the requirement to keep records including: ...

What are Tax Credits?

As part of a 2003 Labour initiative on welfare, Gordon Brown introduced a system to integrate benefits into the tax system, as opposed to granting straightforward cash handouts. It was intended as an incentive for people to remain in low waged employment instead of seeking similar benefits in unemp...

Disposing of an Asset

If you’re disposing of an asset that costs more than £100, you need to supply us with certain information. This is so we can adjust your Crunch Account and make sure your Year End financial accounts will be correct. We need to know: The date the asset was bought The cost of the asset...

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