RS Accountants

What’s best? Limited company or self employment

by Russell Smith | May 11, 2015 | Accounts, Tax

This is a big question for most businesses at some stage, either at the beginning or part of the way through. Before I blog about the pros and cons, here’s a couple of points: * VAT rules is the same for both limited companies and self employment * Employment...

VAT MOSS – what is it and why you should be scared?

by Russell Smith | May 6, 2015 | Tax

As an accountant I’m used to tax changes every year, some more radical than others. However, not even in my wildest nightmares could I have dreamt up as something as horrid and terrifying as VAT MOSS. VAT is probably one of the most complex of taxes, but it just...

The 8 things you need to know about the budget

by Russell Smith | Mar 23, 2015 | Business, Tax

By now, you have probably already heard and seen lots of headlines and comment about the budget. There are some very good things in the budget for both small limited companies and self-employed individuals. Here are the 8 things you need to know…. 1. Tax returns RIP...

The Budget: It is my favourite day of the year !

by Russell Smith | Mar 18, 2015 | Business, Tax

I couldn’t wait to get up today. YES! It is budget day. It’s not just a budget, it’s a pre-election budget! Our friend George is sure to throw in lots of politics into his speech and be setting some traps for Labour. But what I’m more...

HMRC will charge you 3% interest on late PAYE/NI payments

by Russell Smith | Jun 26, 2014 | Tax

Reporting payroll figures was never that straightforward but from April 2013 it got a whole lot more complicated! With the introduction of RTI (Real Time Information) in April 2013, the reporting requirements went from annual to monthly. There was also the threat of...

Update on IR35 and a great tip if you think you will be caught by it

by Russell Smith | Jun 19, 2014 | Tax

IR35 was introduced after lots of IT contractors decided to leave employment and set up limited companies to work for the companies they just left. They enjoyed the tax benefit of being a limited company (generally the difference between 29% and 20% tax) but...

Avoid Late Tax Penalties With This Little-Known Trick

by Russell Smith | Jun 12, 2014 | Tax

Worried about missing your PAYE deadlines? Listen to this sound tax advice from our chartered accountants in Leeds. Tax systems for the self-employed are notoriously complicated and it’s common for busy business owners to occasionally forget to make payments....

Do you need to complete a P11D form?

by Russell Smith | Jun 9, 2014 | Tax

HMRC love their jargon for the various different forms that need to be completed and P11D is no exception. You need to submit a P11D form for every employee that you have provided expenses or benefits to in the tax year (and this INCLUDES YOURSELF as the business...

The highlights of the 2014 budget….

by Russell Smith | Mar 21, 2014 | Directors, Tax

Another budget – what fun! Actually, it wasn’t that exciting which was a bit disappointing. We may be in the interesting situation of the Autumn statement having more va va voom than this budget (because of the election cycle). So for your entertainment,...

3 days to go – to tax return D-day!

by Russell Smith | Jan 29, 2014 | Tax

31 January You’ve guessed it, its tax return deadline day. But that’s not all. Hopefully, you have already submitted your tax return (If you haven’t, there are some serious fines – so please get it done!). 31 January is also about paying tax....