RS Accountants

What do you need to do for an employee’s payroll?

by Russell Smith | Jul 17, 2015 | Tax

You’ll need an employment contract first of all (an HR or lawyer can do this for you or you could get a generic one of the web). This contract will confirm pay and number of holidays. If you have a part-time employee, make sure you pro-rata the salary. When they...

Why should you pay yourself a salary from your company?

by Russell Smith | Jul 14, 2015 | Accounts, Tax

There is a single most tax efficient way to pay yourself as a limited company (assuming you don’t have any other income). This has been similar advice for the last 6-7 years. This advice will change slightly from 6 April 2016 but for now here is how to pay yourself...

What is a director loan account?

by Russell Smith | Jul 13, 2015 | Tax

A Director loan account is the rolling balance of whether the director is owed any money FROM the company or whether they owe any money TO the company. A common example is where the director has incurred company expenses on a personal debit card and needs to claim...

5 more interesting things about the 2015 budget….

by Russell Smith | Jul 9, 2015 | Tax

Here are 5 more interesting things about the 2015 budget (check out yesterday’s for the top 5)…. 1. Annual investment allowance is up to £200,000 The annual investment allowance is the amount of capital expenditure (i.e. big stuff!) that you are allowed to...

Here’s the 5 things you need to know about the 2015 budget (if you are a small business)…

by Russell Smith | Jul 8, 2015 | Tax

The budget was predictably huge yesterday, but not just politically – there was plenty in there for small business. Here are the 5 most important points: 1. Corporation tax being cut to 18%. The corporation tax rate for small business has been 20% for many...

I don’t want you to get too excited but it is budget day tomorrow…..

by Russell Smith | Jul 7, 2015 | Tax

Yes – it is budget day tomorrow! I am very excited (it is my favourite day). There could be some big changes to the amount of tax that you pay. The personal allowance (the amount that you earn with zero tax) could go up to £12,500. The basic rate (the amount...

Corporation Expenses That Are Not Tax Deductible

by Russell Smith | Jul 6, 2015 | Tax

Get tax advice from our team in Leeds, and discover what corporate expenses you can’t claim as tax deductibles. In a previous blog, we looked at non-deductible expenses for sole traders. Today, we are going to delve into the world of limited companies and discover...

I’ve become a limited company – what’s next?

by Russell Smith | Jul 3, 2015 | Tax

Here’s a step by step guide on what needs to happen after you’ve just become a limited company. 1. Set up a company bank account. This needs to be in the name of your limited company. You’ll need your incorporation certificate (a one page document...

I’m self employed – when should I convert to a limited company?

by Russell Smith | Jul 2, 2015 | Tax

This is a fairly straightforward question. It is when the tax saving becomes more than the accountancy fees. Accountants will charge you 2-3 times the annual fee of for a limited company compared to self employment. This is because there is about 3 times more work...

Is putting your car in your accounts a good idea from a tax perspective?

by Russell Smith | Jun 29, 2015 | Tax

There are two answers to this one. There is the quick answer and the long answer. The quick answer is probably no. Generally, if you have a limited company, have a company car is often bad for tax. This is because the government ramped up the tax on company...