Accounting

Informal Strike Off Checklist

Informally striking off your company is a method of closing your business down when you have less than £30,000 in retained profit. This means your company will be taken off the Companies House register so it won’t legally exist anymore, rather than you having to go through the normal liquidation p...

Why a Members Voluntary Liquidation (MVL)?

Sometimes you may want to close down your business even if you’re still solvent, for example, your company has fulfilled its purpose, perhaps you want to retire. If this is the case, you’ll naturally want to extract every penny you can out of the company through your salary and dividends. But, hold ...

Contractor MVLs

Specialist Member’s Voluntary Liquidation (MVL) from the same people who took care of the 2014 Commonwealth Games in Glasgow. Shutting shop and parting company with your business can be an exhausting and expensive process. Depending on your situation, an MVL (Members Voluntary Liquidation) could...

What is Financial Reporting Standard (FRS) 105?

The Financial Reporting Council has issued a new Financial Reporting Standard (FRS) for micro-entities called FRS 105. This replaces the previous Financial Reporting Standard for Smaller Entities (FRSSE). The new standard applies to qualifying micro-entities with financial periods commencing on or a...

Public Sector Workers and IR35

Important changes affecting public sector contracts inside IR35 Following changes introduced by HMRC on 6th April 2017, responsibility for determining your IR35 status depends on the sector you operate: In the public sector, responsibility now lies with the end client (or agency) who pays yo...

£1,000 Trading and Property Income Allowances

Background The government has introduced two new annual tax allowances for individuals amounting to £1,000 each: one for trading income (sole trade) and one for income from a property business. They can’t be used against such income for a limited company. The allowances were introduced on 6 A...

Trivial Benefits

What is a Trivial Benefit? HMRC introduced changes to simplify and reduce the need to report some benefits paid to both employees and directors. This simplification means there is no tax or National Insurance to pay on certain benefits for employees if all of the following apply: The benefit...

Restricting tax relief on mortgage interest for rental profits

Background On 6th April 2017, the government introduced new rules which mean buy-to-let investors can no longer offset all their mortgage interest costs against rental income before calculating their tax liability. The new rules only apply to individuals (sole traders and partnerships) - limited...

Keep track of your self employed earnings

We’ve come up with a handy spreadsheet to help manage your self employed income and expenditure. Simply download the attached spreadsheet and start logging the money received and also your business outgoings. This is a great way to stay on top of your earnings outside of your Crunch Account and w...

Introduction of the new Tax-Free Childcare

Background Government assistance for parents seeking childcare funding has changed with the introduction of the new Tax-Free Childcare, launched April 2017. The new scheme was designed to make childcare more accessible by opening the scheme to self-employed people and being operated online. H...

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