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Home » News & Insights » July Highlights- what did you miss?

July Highlights- what did you miss?

Posted on 31st July 2018

Throughout July while the mercury rose, the Avanti team have been busy bees. On top of all the usual tax returns, year-end and bookkeeping services, we have advised clients regarding Limited Company purchase, Inheritance Tax and setting up pensions under auto enrolment, with useful referrals to great connections. The team photos have had a refresh and as a very busy VAT period for the office draws to a close, we head into August.

So, what did we bring you over the past month?

Gracious for Gratuities and the tax burden that can accompany them?

Are you aware of the legislation surrounding tips at work?

Where tips are pooled together and shared, this will be known as a ‘tronc’ and must be ‘controlled’ by a ‘troncmaster’ who will total them and share out in line with the workplace standard. As an employer, you must make HMRC aware that there is a tronc and who the troncmaster is, it is best practice to have a policy in place which should cover;
• Tip Share e.g. if it is calculated by a percentage relatable to hours worked.
• What happens when employees are absent eg Maternity Leave, Generally Absent/ Sick
• Do all employees receive a share or are you exempt if during a probationary period
• Are employees allowed to accept direct tips from customers, what action applies if not
• Deductions eg if an employee makes an error that costs the business money, can this be deducted from the tips

Make your Accountant smile- Maintain your receipts

Instead of sending your accountant a bag full of coffee stained faded receipts, take the time to sort and file them.
Consider the following;
• Photocopying them so the print is clear.
• Scanning and filing them – but ensure you have adequate backup systems in place.
– HMRC will now allow electronic copies.
• Create a spreadsheet where you can list the expenses by date/ supplier, cost and then stapling the receipts – use a column for notes relating to the expense.

Money spent on paying for a bookkeeper to sort and file your receipts could be better spent on other services to help your business grow for example management accounts, where we can help you to closely monitor the current financial position of your business, planning for the future and helping you to achieve your long term goals.

Trading Vehicles -Considering your options?

If you are looking to start a business, but are unsure of the best options- limited, sole trader or partnership?
Avanti can help you with:

Deciding on which type of business is best for you and why
Explaining in common English the benefits and drawbacks of each
Making sure you choose the right type of business to maximise your incomes
Explaining how you can protect yourself
Ensuring you choose the right type of business to minimise taxes

Sole Trader and Year End

As a sole trader, although your business income will be taxed alongside your personal tax, it is vital to keep your business records and finances separate from your personal affairs, so we we recommend you open a separate bank account for your business

When you are in business, you are required by law to have certain insurance policies in place. This will depend on the industry you’re working in.

Keep accurate and up to date financial records, although there is no legal requirement to do so -it is best practice.

Once you start operating as self-employed, you will also need to pay not only any tax but your own National Insurance contributions (NICs).

What is required of a Limited Company?

Here are some of the requirements of a limited company each year
• Annual accounts must be filed at Companies House within 10 months of the year end
• Every limited company must complete an annual Corporation Tax return (CT600) within 12 months. But any liabilities must be paid within 9 months and 1 day of the company year-end.
• A Confirmation Statement must be submitted every year to ensure Companies House records the most up-to-date information about the company.

The advantages for you?

As a separate entity you are not reporting the profits of the company on your personal tax return – your return will include just the PAYE you have taken and any dividends.
The main advantage of running your business as a limited company is that you have a degree of protection from creditors and are likely to pay less personal tax than a sole trader.

In addition we have networked with over 80 SMEs at our Ipswich and Bury groups, and were excited to sign up members to our new Norwich group ready for the first meeting 28th August at The Oaklands Hotel , Norwich, NR7 0HH. If you are looking for a fresh thinking group that encourages business through genuine relationships, give Avanti a call (08000) 388 799

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Disclaimer:- The information contained herein is given by way of general guidance only and no action should be taken solely on the basis of the information contained herein. The Avanti Group (UK) Ltd will be pleased to provide further guidance on the issues, and how they might affect you. No liability is accepted by the firm for any action taken without seeking appropriate professional advice

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