RS Accountants

The 3 expenses you can’t claim on your tax return

by Russell Smith | May 7, 2015 | Accounts

I’m often asked, what expenses can I claim in my business and on my tax return. Well, here’s 3 you can’t claim. 1. Personal expenses Any expenses you try to claim should be business only. The technical term is ‘wholly, exclusively and...

The big problem with paying yourself a minimum director salary from your limited company

by Russell Smith | Jan 15, 2014 | Accounts, Tax

If you are a director of a limited company, I’m sure you are aware that the most tax efficient way of paying yourself is though a minimum director salary and dividends. In case you don’t know, the numbers for this tax year (13/14) are here: Directors...

Don’t forget your payment on account, one of the ways that HMRC will confuse you

by Russell Smith | Jan 8, 2014 | Accounts, Tax

HM Revenue & Customs have lots of ways to confuse the average business owner but one of the best ones is the payment on account system. Put simply, if you have a personal tax bill (not company) of over £1,000 at the end of January, HMRC will ask you to pay another...

The top 3 numbers that most business owners want to know in their accounts

by Russell Smith | Nov 13, 2013 | Accounts, Business

We did a straw poll today in the office of the top 3 numbers that most business owners want to know in their accounts. The results… 1. PROFIT As in, profit before tax. Profit is the result of income less expenses and the number that most people want to know. ...

Make sure you claim back the expenses that you charge your customer

by Russell Smith | May 21, 2013 | Accounts, Tax

A very easy way of paying slightly more tax than you need to is if you run a business that charges your customers expenses. These expenses could be anything from travel, stationery, hotel bills etc. You agree with your customer that you will re-charge...

How to get a ‘time to pay’ payment plan with HM Revenue & Customs

by Russell Smith | May 8, 2013 | Accounts, Business, Planning

In 2008, the government introduced the ‘time to pay’ scheme. This was to enable businesses to receive a payment plan on outstanding PAYE/NI or VAT. It was implemented to ease the early effects of the recession. It was a huge success and many businesses...

Is all accounting software going online?

by Russell Smith | May 7, 2013 | Accounts

Last July, I blogged about the different accountancy packages out there….. Which accountancy package should you use in your business? Since then, I’ve had a real surge of interest in the online package – Xero. There are others, as you’ll see...

Get your tax return in, get an Apple Ipad 3 (with retina display!)

by Russell Smith | May 1, 2013 | Accounts, Tax

Competition alert! This year, for all our clients, if you send us your personal tax return information by 31 May 2013, you will be entered into a prize draw with 3 very special prizes…… Third prize… £75 of high street vouchers (yes!) Second prize:...

Knowing what tax to pay can help you sleep at night

by Russell Smith | Apr 22, 2013 | Accounts, Tax

Nobody likes unexpected bills. For some businesses, when the end of year tax bill shows up in a brown envelope, it can be a surprise and not a pleasant one. The end of year tax will often be one of the largest if not the largest bills that you have to pay in your...

Beware! Companies House fines are expensive

by Russell Smith | Aug 21, 2012 | Accounts

If you are a director of a limited company you need to be submitting your year end accounts to Companies House by 9 months after your year end. I believe that accounts should be completed within 3 months of the year end so that you know your tax bill and understand...