Accountancy Firm

Smart accounting saves money

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WHICH IS BETTER FOR YOUR SMALL BUSINESS?

"QuickBooks currently offers a four-month 90% off promotion." Choose QuickBooks Online if you want:

a lot of value at a low price point; a detailed report on accounts receivable or accounts payable; advanced reporting; the instant and live support available. (at London United Kingdom - UK)

Limited time offer of £2.40 per month - Ends 30 July. After 4 months ESA Ltd gives to all clients a lifetime discount on a full-price QBO monthly subscription.

From 6 April 2023 UK businesses & landlords with business income higher than £10k per annum, which are liable for Income Tax, will need to keep digital records & use software to update HMRC quarterly.

"ESA Ltd webpage"

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HMRC can help with childcare costs as children head back to school.

Families may be eligible for Tax-Free Childcare to help pay for breakfast and after school clubs as children go back to school.

Parents and carers can check their eligibility and register for Tax-Free Childcare via GOV.UK (https://www.gov.uk/tax-free-childcare) Each eligible child requires their own Tax-Free Childcare account.

Eligible families can save money on their childcare and benefit from a government top-up worth up to £2,000 every year, or up to £4,000 a year if a child is disabled.

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With the new academic year almost ready to start, SLC is supporting students to get ready for the first student finance payment.

Sign in to your online account and check your to-do list is complete. If your ‘to-do list’ isn’t showing, this means you have no actions. Most evidence can be uploaded online.

Remember if you are applying close to your term start date you may not get your full entitlement initially. Read the online guide on how to get your first payment if you are applying late.

Parents and partners may also be asked to provide financial information and evidence. They should do this through their own online student finance account which they can set up at https://www.gov.uk/student-finance.

Check for useful videos

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HMRC is reminding parents and carers they have until 31 August 2021 to confirm whether their teenagers are staying in full-time education or training beyond 16.

It is quick and easy to update Child Benefit records via GOV.UK by using the online service (CH297). From 30 November 2021, HMRC will stop making payments of Child Benefit, Guardians Allowance and tax credits, into Post Office card accounts.

Read more...

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If HMRC has stopped their payments, provided they contact HMRC within 30 days of the date on their statement of account letter and complete their renewal, HMRC will process the renewal and reinstate their 2021/22 claim back to 6 April 2021.

If HMRC have stopped their payments, provided they contact HMRC within 30 days of the date on their statement of account letter and complete their renewal, HMRC will process the renewal and reinstate their 2021/22 claim back to 6 April 2021.

Self-employed people who do not yet have final details for the 2020/21 tax year must still give an estimate and then either confirm the estimate or file actual figures, by 31 January 2022.

If the tax credit claim ended during 2020/21 and the individual claimed universal credit in the same tax year, they will not receive a standard renewal pack.

Manage your Tax Credits

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A Phoenix Company is a new company rising from the ashes of the old one. For a Phoenix Company to rise, the previous company must first have gone into liquidation or administration. Phoenix Company Law UK states that owners of the company which has gone into insolvency, may set up new and similar companies – it is entirely legal.

Contact us for more details (at London United Kingdom - UK)

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Reforms to the tax system

which will come into force by 2023, make it easier for small businesses to fill out their returns.

Businesses will be taxed on profits arising in a tax year, rather than profits of accounts ending in the tax year.

It should help them spend less time filing their taxes, especially when a business starts and draws up its accounts to date different to the end of the tax year.

The declaration for self-employed income will be aligned with other forms of income, such as property and investment income.

Read more...

(at London United Kingdom - UK)