Abbey Accountants

Abbey Accountants Abbey Accountants are professionally qualified accountants and chartered tax advisers, based in Ches

If your business checks two or more of the following criteria, then it is a legal requirement, and your company must be ...
23/06/2024

If your business checks two or more of the following criteria, then it is a legal requirement, and your company must be audited 👇

✅ Turnover in excess of £10.2m
✅ Assets over £5.1m
✅ More than 50 employees

However, whilst it is a requirement for businesses of this scale to be audited, it’s not the case that only companies that have to be audited should consider getting an audit done.

Read our latest blog to find out the benefits of auditing a business:
https://abbeyaccountants.com/blog/

Happy Father’s Day to all the dads, stepdads, and father figures out there! Today is all about you 🍻
16/06/2024

Happy Father’s Day to all the dads, stepdads, and father figures out there!

Today is all about you 🍻

Having a baby? 🍼 Congratulations 🎉Obviously, you'll want to tell your family and friends first, but you should also make...
13/06/2024

Having a baby? 🍼 Congratulations 🎉

Obviously, you'll want to tell your family and friends first, but you should also make sure you tell your accountant as soon as possible.

If they have enough planning time, they can make sure your finances are in the right shape so that you don’t miss out on maternity benefits 👏

In fact, your accountant really needs to know about any of your major life changes. So make sure you keep them in the loop so you get the best advice and support for all of your life's milestones 🤩

If your company provides you with a mobile phone then you do not have to pay any personal tax on the cost of this, even ...
08/06/2024

If your company provides you with a mobile phone then you do not have to pay any personal tax on the cost of this, even if you use it personally 🙌

Sounds great, but you need to avoid a big trap. The contract for the phone must be in the name of your company and not in your own name. If you have it in your own name then you can only claim your business calls 🚨

Look out for those phone contracts now and make sure you're avoiding this trap!

Finding out what funds, loans or grants are available in the construction sector can be both difficult and confusing 😤 C...
28/05/2024

Finding out what funds, loans or grants are available in the construction sector can be both difficult and confusing 😤

Check out our latest blog to discover a helpful list of resources confirming what grants are available for this sector 👏

https://abbeyaccountants.com/blog/

When it comes to management accounts there are no hard rules, it depends on the size and complexity of your business and...
20/05/2024

When it comes to management accounts there are no hard rules, it depends on the size and complexity of your business and also how often you are able to have your accounting records up to date.

For a small business with relatively stable income and costs, quarterly accounts should be ok as you will know how things are as nothing really changes.

For businesses that are more complex, have seasonality or project work then monthly management accounts may well be better to give that visibility on a more frequent basis.

Do you do management accounts for your business and if so, how often do you do them?

With rising interest rates more people are needing to pay tax on their interest income. But there are allowances to be u...
16/05/2024

With rising interest rates more people are needing to pay tax on their interest income. But there are allowances to be used first👇

✔️ Personal allowance: If this isn't fully used on salary/wages/pension or other income then you can earn tax free interest to use the rest of the allowance.

✔️ Starting rate for savings: If you don't have other income, you may be eligible for the starting rate for savings. This gives an additional £5k of interest income that is not subject to tax but for every £1 of income over £12,570 this allowance also reduces by £1.

✔️ Personal savings allowance: If you are a basic rate tax payer then you can earn £1,000 of interest before paying tax. If you are a higher rate tax payer then this reduces to £500 and if you are an additional rate tax payer this allowance is £nil.

Please note, interest from ISAs and some National Savings & Investment accounts are tax free and interest on joint accounts is split equally between the account holders.

If you have any questions on this matter don’t hesitate to contact us on 01992 642024 📞

What is a P11D? 🤔A P11D is your employer's way of informing HMRC about the extra perks you receive alongside your salary...
07/05/2024

What is a P11D? 🤔

A P11D is your employer's way of informing HMRC about the extra perks you receive alongside your salary, such as company cars or private medical insurance. While not everything needs to be declared, the list of taxable benefits is quite comprehensive 🚗

Who's responsible for submitting P11Ds?
Employers providing taxable benefits, not covered by monthly payroll taxes, must submit P11Ds.

Deadlines matter ⏰
P11Ds for the tax year 2023-2024 must reach HMRC by 6 July 2024, with penalties for late submissions or unpaid NIC.

Missed the deadline? Here's what to do:
You can submit a late P11D for previous tax years, but be prepared for penalties - both for late submission and unpaid NIC.

Stay on top of your P11D obligations to keep your tax affairs in order!

Employment Allowance (EA) is a tax relief that enables small businesses to reduce their National Insurance Liability by ...
16/04/2024

Employment Allowance (EA) is a tax relief that enables small businesses to reduce their National Insurance Liability by up to £5,000 🥳

To be eligible to claim Employment Allowance:
✔️ You must be a registered employer
✔️ You can be a sole trader or partnership with employees
✔️ You can be a limited company
✔️ Your employers’ Class 1 NI liability was less than £100,000 in the last tax year

Not all business types are eligible for the Employment Allowance, businesses that aren’t include 👇

⛔ Businesses that only have one employee and that employee is also the sole director.
⛔ Businesses which only employs its directors, then two or more directors must earn more than the secondary threshold for Class 1 NI contributions (check with your accountant)
⛔ Businesses employing domestic staff.

However, the allowance continues to be a much-appreciated form of tax relief for small business owners 🎉

If you are eligible and want to know how to claim, contact us today ☎️

From this month, minimum wage rates have increased 👏➡️ 21 & over - £11.44 an hour➡️ 18 to 20 - £8.60 an hour➡️ Under 18 ...
08/04/2024

From this month, minimum wage rates have increased 👏

➡️ 21 & over - £11.44 an hour
➡️ 18 to 20 - £8.60 an hour
➡️ Under 18 - £6.40 an hour
➡️ Apprentice rate - £6.40 an hour

There is also the real living wage which is calculated by an independent organisation and takes the cost of living into consideration. This is not a legal requirement but recommends a UK living wage of £12 per hour and a London living wage of £13.15 per hour.

Bear in mind 👇

Even if you have a third party who runs payroll for you, it remains the responsibility of the employer to ensure staff are paid at least the legal minimums and that these increase with birthdays etc.

Happy Easter from all at Abbey Accountants! 🐰
31/03/2024

Happy Easter from all at Abbey Accountants! 🐰

Address

London
EN89XP

Opening Hours

Monday 9am - 5:30pm
Tuesday 9am - 5:30pm
Wednesday 9am - 5:30pm
Thursday 9am - 5:30pm
Friday 9am - 5:30pm

Website

Alerts

Be the first to know and let us send you an email when Abbey Accountants posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Shortcuts

Featured

Share

Category