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New Starter Checklist R&D Tax Relief
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Tax Free Benefits for Employees and Directors

February 11th, 2019 Posted by Accountancy 0 thoughts on “Tax Free Benefits for Employees and Directors”
  • Interest free or low interest loans to the value of no more than £10,000 in the tax year
  • Relocation payments and expenses to the value of £8,000
  • Vouchers and gifts to the value of £50 (capped at £300 per annum for a director)
  • Staff entertaining, ie Christmas or summary party – up to £150 inc VAT a head
  • Up to £500 of independent pension advice
  • Employer’s contributions to an employee’s pension scheme
  • One health screening check-up and one health medical assessment
  • £4 a week for employees who regularly work from home
  • Long service awards for 20 years’ service of up £50 a year
  • Award schemes (ie staff suggestion scheme) generally exempt to a maximum of £5000
  • Provision of one mobile phone
  • Work related training
  • Onsite sports facilities/gym
  • Onsite parking facilities
  • Season ticket for a nearby public car park
  • Cycling safety equipment and storage (as long as the employee cycles to work)
  • Onsite childcare/nursery

The above list is not exhaustive, however these are the most common occurring items.  Often with the tax free benefits there are caveats attached to enable the benefit to be tax-free.  If you are unsure as to whether something is a taxable benefit or not, please get in touch and we can help guide you.

 

Trainee Accountant

May 11th, 2018 Posted by Accountancy 0 thoughts on “Trainee Accountant”

We’re looking for an enthusiastic person to join our fantastic team as an apprentice Trainee Accountant.  We use cutting edge technology and are client focused.  The role is for a three and a half year fixed term contract which includes working towards the AAT qualification.

The contract commences September 2018 at our Stocksfield office.  The successful candidate must be focused, determined and a good team player.

Please email [email protected] for further details and how to apply.

Changes to the taxation of Buy To Lets

February 12th, 2018 Posted by Accountancy 0 thoughts on “Changes to the taxation of Buy To Lets”

With effect from April 2017 the new Restricted Mortgage Interest Relief came into effect on BTLs.

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Paying your income tax bill

January 2nd, 2018 Posted by Accountancy 0 thoughts on “Paying your income tax bill”

The Self Assessment Tax Return filing and payment deadline is just around the corner (31 January 2018 for the tax year ended 05 April 2017).

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Wills and tax planning for business owners

September 19th, 2017 Posted by Accountancy 0 thoughts on “Wills and tax planning for business owners”

When running a business, it’s important to ensure that all business owners have an up to date Will and Power of Attorney in place.

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Changes to reporting income for SMEs and Individuals

July 7th, 2017 Posted by Accounts software, Business, Cloud accounting, MTD, Tax 0 thoughts on “Changes to reporting income for SMEs and Individuals”

I would urge you to spend just a few minutes reading this … I’ll do my best to keep this as short as possible, sticking to the key points …

Making Tax Digital (MTD) is a HMRC initiative which is due to come into effect from April 2018.  Essentially, all businesses (sole traders; partnerships; limited companies) and individuals who are required to submit Self Assessment Tax Returns with income over £10,000 per annum, will be required to submit details of their income and expenditure to HMRC on a quarterly basis, digitally, in a pre-prescribed format.

Businesses and individuals will inform HMRC of their income and expenditure for a three month period, and HMRC will calculate the tax payable.  This calculation will not take account of accounting and tax adjustments, this will be just a simple calculation of income less expenditure, which will need to be submitted within 30 days of each quarter.   Larger businesses and those who are VAT registered should not find this too onerous task, as these businesses will already be in the habit of collating information for tight deadlines.  However, smaller businesses and those who are, shall we say, a little less organised, need to get organised for Making Tax Digital coming into force.

I have heard some businesses saying “Oh, it doesn’t matter my accountant will take care of it” …. Yes, we shall where clients want us to deal with the additional filing, however …. or maybe “but” would be a more appropriate word, there are a couple of issues:

Firstly, as springs to most smaller business owner’s minds, what will the costs be for this extra work carried out by my accountant?   There will be additional fees where we are instructed to deal with the additional quarterly filing.  However, at the moment until we can see exactly what the requirements will be we are unable to confirm costs.  We generally anticipate though that the smaller the business, the lower the fees.

Secondly, and this is probably the factor of more concern, is the impact on cashflow once quarterly tax payments come into effect.   At some point, a date yet to be confirmed, tax payers will be expected to pay the tax payable each quarter (in real time).  Clearly, spreading the payment of tax throughout the year is a great idea – not having a large tax bill nine/ten months after a year end is a far improved process.    However, the information which will be submitted to HMRC will not take account of tax adjustments and therefore it is far more likely that tax will be overpaid throughout the year, and then refunded once the final year end accounts and tax returns are submitted.

There is also the effect on cashflow on the transitional year where we move from paying tax once or twice a year (depending on the business structure) to paying on a quarterly basis.  There will be a year where many are paying tax for the previous year (as we do currently) and also need to pay any tax due every three months, with that same year.

Quarterly reporting is due to take effect from April 2018 for businesses (sole traders and partnerships) and individuals who have income over the VAT threshold (£85,000).  Limited companies and those that are VAT registered will move over later.  Those with a turnover under £10,000 are exempt.  It may well be that in light of Brexit and other challenges that the Government has, that MTD going live is pushed back until 2019.   However, it has been made clear that this will go ahead at some stage.  The UK are basing their model on that of Sweden, which went live four years.  Much of Europe and the US already file quarterly tax returns.  The dates are yet to be confirmed as to when quarterly payments will take effect.

I hope that I don’t sound too negative about these changes … I am all for it … At Clarand we work digitally with our clients and we anticipate the transition should be smooth, however there will be some challenges ahead for some businesses and individuals in the transitional years.  I think the saying goes …. “By failing to prepare … you are preparing to fail”.  Clarand Accountants have already held a seminar about MTD for their clients, and will be holding more later in the year.

Claire Priestley

A New Role ….

May 3rd, 2016 Posted by Accountancy 0 thoughts on “A New Role ….”

Great news !!! Not only have we been shortlisted for North East Small Accountancy Practice of the Year, we are also looking to expand our team! 

We are looking for an apprentice trainee accountant to join us from September 2016. This is a three year fixed term apprentice contract which includes working toward the AAT qualification through day release and on the job training.  The selected candidate will be involved in many projects and experiences due to being part of a small team, which will add to their skills and knowledge. At Clarand we have a strong work ethic and reward well.

The successful candidate must be focused, determined and have a passion to succeed. Candidates must have a minimum of five GCSEs grade A to C which includes Maths and English. A Levels or equivalent are desirable. The role is in a professional office and is client facing, therefore the successful candidate must be self-aware and presentable at all times.

For a detailed job description and application form, please email us at [email protected] The closing date for applications is Friday 24 June 2016.

Three Years Old!

March 8th, 2016 Posted by Accountancy, Business 0 thoughts on “Three Years Old!”

We are celebrating Clarand’s third birthday this month, and what better way to do so than to sponsor and present at the Community Foundation Women’s Fund lunch on Friday 4 March 2016 in Newcastle Upon Tyne.  Over three hundred business women attended the event and over £18,000 raised on the day.  We have been delighted to be to involved in the event and it was great to share our journey so far.

Five Reasons to Consider Venture Capital Investments

August 11th, 2015 Posted by Accountancy, Business, Finance, Funding, Investment 0 thoughts on “Five Reasons to Consider Venture Capital Investments”

This guest post comes from Richard Charnley,  Investment Manager at Northstar Ventures.

Five Reasons to Consider Venture Capital Investments

Whether you’re a small business looking to expand or you’re a startup that needs seed funding, you might have considered seeking investment from a venture capital firm. Unlike traditional bank loans or private equity, venture capital can help support higher risk companies in the early stages of development. Here are five reasons why you should consider speaking to a VC Investment Manager if you are looking to grow your company.

  1. Expertise

There’s a saying that ‘it’s lonely at the top’. If you’re the Managing Director or CEO of a company sometimes it can be difficult knowing who to talk when you’re facing a big decision. This is why it can be helpful to have a VC Investor on your team: you can draw upon their experience with other startups and SMEs.

 

  1. Network

Venture capital often works through a string of networks, made up of investment firms, consultants, angel investors and of course the startups and SMEs themselves. By raising capital through a funding round you are likely to connect with a strong network of useful contacts. Whether it’s someone who can mentor you through the early stages of your business, or someone who can help raise funds in the future, the network VC investment can link you with can be invaluable.

 

  1. Flexibility

Venture Capitalists are experienced working with startups and small businesses. This means they understand that each business is different and a ‘one-size fits all’ approach (which you might find with a typical bank strategy) does not work. They are able to evaluate the business requirements and tailor a package that meets the needs, stage and exit route of the business and the management team.

 

 

  1. Growth

Venture capital typically has a stronger focus on growth when compared with other financing options. This can be particularly helpful for businesses in the early stages of trading who need to focus on quick growth in order to succeed. VC Investors may also accept initial losses for growth purposes – they can see the bigger picture.

 

 

  1. Cash

This is probably the most obvious reason people consider venture capital investment! Venture capital funds often have the ability to invest larger sums than might be available from a bank or on your credit cards. They also have the ability to fund the same business more than once, if the business has started to grow or is being scaled up.

It is worth noting that not all companies are right for VC investment and vice versa. VC investment is usually only suitable for companies where the management team and shareholders are focussed on the future sale of the business.

 

About Northstar Ventures

Northstar Ventures is a North East-based venture capital company that has been operating since 2004.

It is currently looking to invest from £50k to £0.5m in innovative high growth businesses and social enterprises across the North East region.

Online Accounts Software (Cloud accounting)

March 20th, 2015 Posted by Accountancy, Accounts software, Business, Cloud accounting, Digital 0 thoughts on “Online Accounts Software (Cloud accounting)”

With more and more of our clients turning to using online accounts software to help support them with their day to day finances, we thought we’d share some of the benefits that our clients have reaped from going digital …..

  • Real-time accounting
  • Easy access by their accountant throughout the year
  • Access whilst on the go
  • Saving time
  • Reducing costs
  • Helping with forecasting/planning
  • Going paper-free
  • No year-end surprises
  • Monthly fees; no upgrade costs and no contracts
  • Secure and no backups

There is now a vast choice of user-friendly online accounts packages for all size of venture and business and there are just  a few detailed below, including Exact Online; Xero; Quickbooks Online; Freeagent; Clearbooks; and SageOne.

 

                  Exact Online

 

Many features being …..

  • Live bank feeds (no need to input statements manually)
  • Easy to use
  • Smart phone and tablet apps
  • Document management/storage
  • Take photographs of receipts/documents
  • “Bolt on” packages and apps with additional functionality ie Receipt Bank; Shopify
  • Integration with HMRC (ie easy filing of VAT returns)
  • Client relation management system
  • Monthly fees; no upgrade costs and no contracts
  • Secure and no backups

Most have free trials/demos so take a look and see what’s out there and how it could work for you.  Any queries please contact us as we can help you ….

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