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Tag Archives for: "SMEs"
 Overworked? Let technology take the strain
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By Michael
In Business
Posted August 17, 2016

Overworked? Let technology take the strain

A new report has found that 70 per cent of small and medium-sized enterprise (SME) owners in the UK do not like to delegate responsibility to others, and that almost 75 per cent say their [...]

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 Could you benefit from automating your accounts processes?
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By Michael
In Business
Posted August 3, 2016

Could you benefit from automating your accounts processes?

The vast majority of small businesses are looking to increase the automation of their accounting processes to increase efficiency, according to a new report, but despite this, only around five [...]

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 Don’t get caught out on payroll errors
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By Michael
In Business
Posted May 25, 2016

Don’t get caught out on payroll errors

According to a new report, HMRC has been cracking down on payroll errors, and SMEs have been particularly targeted. In the 2014 – 2015 tax year, HMRC gathered in £737 million from [...]

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 Is HMRC paying too much attention to small businesses?
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By Michael
In Business
Posted April 20, 2016

Is HMRC paying too much attention to small businesses?

From the deal struck with Google to the Panama Papers revelations, the tax affairs of big businesses and the rich and powerful have rarely been out of the headlines in recent months. As HMRC [...]

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 SMEs to gain from reform on ‘outdated’ property tax
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By david@purecontent.com
In Business
Posted April 6, 2016

SMEs to gain from reform on ‘outdated’ property tax

It has been around since Tudor times in one form or another. The business rates tax has been described as “outdated” and “not fit for purpose,” and various business and lobbying groups have [...]

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 Is your business still relying on pen and paper accounting?
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By david@purecontent.com
In Business
Posted March 30, 2016

Is your business still relying on pen and paper accounting?

We’re living and working in an increasingly tech-savvy and interconnected environment. Whatever business task you need to complete, there’s probably an app, suite or system that can [...]

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We do all the hard work for you unlimited access to your dedicated Pocket Accounts accountant responsible for all your book keeping and accounting payroll and tax needs. With 24/7 access to your books through our online software all for one small monthly fixed fee.

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  • Please note our opening hours on a Saturday are 10am-2pm

Assumptions

  • Based on a contractor working 37.5 hours per week.
  • Full employee personal tax allowance of £11,000 per year (tax code 1100L).
  • Contractor has no additional income during the tax year.
  • Subsistence based on the HMRC’s benchmark scale rates model.
  • Annual business mileage calculated at 45p/mile for the first 10,000 miles and at 25p/mile thereafter.
  • Expenses calculated between £3.16 and £355 and is restricted by allowable expenses and expenses reasonably incurred by an employee working and staying away from home.
  • Weekly calculation based on 52 weeks per full tax year.
  • Monthly calculation based on 12 months per full tax year.
  • All Tax, NIC’s and employers NIC’s based on 16/17 tax year.

Additional assumptions for Crystal calculation

  • SDC (Supervision, Direction or Control) does not apply during any contract assignment throughout the tax year.
  • All legitimate business expenses incurred during each assignment will be paid as part of your regular Crystal payment package. Any incurred expenses over the pre-agreed amount can be received as a tax refund from HMRC after the tax year-end on 5th April.
  • All Crystal payments include holiday pay.
  • All Crystal payments do not include pension contributions.

Additional assumptions for Pocked Accounts calculation

  • All assignments fall outside the scope of IR35.
  • Director’s wage of £8,060 per year.
  • Pocket Accounts Premium package is used for the purpose of this calculation.
  • Only one owner and director is involved in the company.

Please note, you may be eligible for the HMRC’s flat rate VAT scheme. Our consultants would be happy to discuss this with you.