ACCOUNTING NEWS
How Outsourcing Business Bookkeeping Helps Your Business Grow
How Outsourcing Your Business Bookkeeping Helps Your Business Grow A Closer Look at Some Benefits of Outsourcing Your Bookkeeping Bookkeeping duties are generally widely regarded as dreary and complicated. At Spartan Accounting Group, we understand that these tasks are best performed by individuals who are driven by passion for the field. We also realise that…
SEIS/ EIS – How to Raise Capital the Tax-Efficient Way
SEIS/EIS – How to Raise Capital the Tax-Efficient Way Using the Enterprise Investment Scheme to Grow Your Business As a new small business owner, one crucial aspect of survival is securing funds for your company. While there are methods such as crowdfunding or relying on family or friends to help out financially, offering relief through…
How Accountants For SME Can Help You Meet Your Payroll Obligations
How Accountants For SME Can Help You Meet Your Payroll Obligations What Payroll Obligations Do SME Have In Their Business? When starting a business in the UK, it’s essential to manage your employees efficiently while understanding and adhering to many aspects related to payroll and employment regulations. If this isn’t your area of expertise, it’s…
What You Need To Know About HMRC Self-Assessment
What You Need To Know About HMRC Self-Assessment and Penalty Waivers in 2022 What is Self-assessment and Why Do I Need an Accountant? Self assessment is a system that HM Revenue and Customs (HMRC) uses to collect freelancer tax and personal tax. Tax is usually deducted automatically from wages, pensions and savings. People and businesses…
Maintaining a Healthy Cash Flow With Spartan Accounting Group
Maintaining a Healthy Cash Flow With Spartan Accounting Group The need for a more organised and accessible, to the right people, the approach is what has led to accounting moving online. In this article, we will discuss how making use of cloud accounting simplifies the process for all our clients here at Spartan Accounting Group.…
Digitalising Accounting Systems: Moving Offline Accounting Online
Digitalising Accounting Systems: Moving Offline Accounting Online Digitalising Accounting Systems; The Modern Solution to Accounting Digitalising accounting systems have now become the norm in the accounting industry. You may have recently been hearing more and more about “the cloud”, but perhaps you aren’t really sure how this ties in with accounting? In this blog post,…
How To Prepare Your Business For an HMRC Audit
How To Prepare Your Business For an HMRC Audit Who Gets Chosen by HMRC? HM Revenue and Customs (HMRC) have the right to investigate your business if they so choose, to ensure that your business is compliant and paying the correct amount of tax. Additionally, tax investigations seem to be on the rise, with HMRC…
Getting Closer To The UK Version of SOX
Getting Closer To The UK Version of SOX Understanding SOX A Bit Better First things first; what exactly is SOX? The Sarbanes-Oxley Act details can be fairly complex, however, “SOX compliance” refers to the annual audit that public companies in the USA are subject to. This involves providing proof of accurate and data-secured financial reporting.…
An Introduction to HMRC’s New Late Points System
An Introduction to HMRC’s New Late Points System A Look At the New HMRC’s Late Points System Policy Income Tax returns. These new changes have been brought on in an effort to combat late submissions in a fair and consistent manner. This means that the new system will be fairer on those who occasionally miss…
British SME’s Face Extra £180m In Brexit Red Tape
British SME’s Face Extra £180m In Brexit Red Tape New EU VAT Rules For British SME’s New EU VAT rules that will come into effect on 1 July 2021 will see many small businesses across the UK having to fork out in order to stay compliant. These rules were originally imposed in an effort to…
4 Reasons Why It’s Time To Hire an Accountant For Your Small Business
4 Reasons Why It’s Time To Hire an Accountant For Your Small Business Accountants For Small Business Saving You Time and Money Whether you are currently running a small business, or about to start a new business, time and money is of the essence. This is most likely why the majority of small businesses and…
VAT Reverse Charge on Construction and Building Services
VAT Reverse Charge on Construction and Building Services VAT registered construction businesses should note that this reverse charge, which was explained in a Revenue and Customs Brief issued in June 2020 came into effect on 1 March 2021. In January 2021, a letter was sent to every VAT-registered construction business. This followed letters previously sent…
Changes to The Construction Industry Scheme
Changes to The Construction Industry Scheme, Spartan Accounting UK Why Were The Changes to The Construction Industry Scheme Considered? The recent changes to the Construction Industry Scheme (CIS), have been over a year in the making. Following the launch of the consultation on Tackling Construction Industry Scheme Abuse at the March Budget 2020. During November of 2020,…
Calculating Tax Returns For The Self Employed
Calculating Tax Returns For The Self Emplyed Understanding Self Employment Calculating tax returns can be complex for the self-employed. When self-employed, there are many aspects of your financial department that you need to stay on top of. At the top of the list is working out how much tax you are liable to pay each tax…
SEISS Grant 5 Applications Now Open
SEISS Grant 5 Applications Now Open What Is The SEISS Grant? The SEISS Grant 5 applications are now open! The Self Employed Income Support Scheme (SEISS) is a temporary support initiative that was implemented by the UK government. The goal of the scheme is to help self-employed individuals who have been negatively impacted by the…
Understanding The Changes To The Buy To Let Tax Relief
Understanding The Changes To The Buy To Let Tax Relief Changes Landlords Should Watch Out For Buy to let tax relief and property tax can be a complex aspect of owning a property to navigate. While this is especially true for new homeowners, even experienced owners may have a hard time keeping up to date…
New Income Tax Calculations 2021/2022
New Income Tax Calculations 2021/2022 Income Tax Changes to Take Note Of At Spartan Accounting Group, we understand that UK tax can be complex. This system of tax bands, allowances and relief schemes all affect the way individuals and businesses pay tax. Additionally, these rates, bands and allowances typically change on a yearly basis. However, changes…
How to Start Up A Service Firm in The UK
How to Start Up A Service Firm in The UK Getting Your Service Firm Started At Spartan Group Accounting, we know that starting a new service business is an exciting though challenging time in any entrepreneur’s life. Finding your niche or specific service that you have the right business head to provide is only the…
Planning a UK LLP Formation
Planning a UK LLP Formation Where Do You Start Planning a UK LLP Formation? When planning a UK LLP formation, generally speaking, the very first step of starting your business is to identify an area of your own particular interest or talents or a particular opportunity within a specific sector. Once you have done this,…
Making Tax Digital
Making Tax Digital HMRC has set out ambitious plans for making tax filing easier and modernized with digitization. Many businesses have adopted the use of accounting and enterprise resource management softwares as part of their modernization. The use of softwares for accounting and other business resources management is becoming much of a necessity to stay…
Why It’s Time To Switch To Wise
Why It’s Time To Switch To Wise Are you looking for the absolute cheapest way to send money abroad? Thinking about making a Wise transfer? Let’s explain why it is time to switch to Wise. You must be tired of increasing the amount you need to send due to the poor exchange rates and the…
Benefits Of Business Start Up Accounting
Benefits Of Business Start Up Accounting Business Start Up and Accounting Are you thinking about, or in the process of starting up your new business? As exciting as this process undoubtedly is, there certainly are many different aspects to consider. One of these decisions should be who your business start up accountant will be. Admittedly,…
Buy To Let Tax And What You Need To Know
Buy To Let Tax And What You Need To Know Important Things For Landlords to Consider Often we are approached by landlords attempting to navigate the world of buy to let tax. If you are a landlord who earns rental income and you have been wondering about rental income tax lately, then you are in…
Self Assessment And Property Income Tax
Self Assessment And Property Income Tax Expert Property Accounting Services At Spartan Accounting Group, one of the most common questions we hear when dealing with property management or investment property owners is; how to successfully complete HMRC self-assessment rental income and rental tax income returns? Self-assessment and property income tax are sometimes tricky for property investors to…
How To Apply For The Coronavirus Bounce Back Loan Scheme?
How To Apply For The Coronavirus Bounce Back Loan Scheme? The government has announced a package of support to help small businesses through the coronavirus pandemic. This includes the Bounce Back Loan Scheme (BBLS) – Our small business accountants will explain how to apply for a bounce-back loan: What is the Bounce Back Loan Scheme (BBLS)? After…
Self-Employment And Universal Credit
Self-Employment And Universal Credit Self-employment and universal credit guidelines change annually. Universal Credit is a monthly payment to help with your living costs. You may be able to get it if you’re on a low income or out of work. Self-employment and Universal credit – Providing information about your earnings Everyone claiming Universal Credit needs…
COVID-19: Support For Businesses
COVID-19: Support For Businesses The Chancellor has set out a package of temporary, timely and targeted measures to support public services, people and businesses through this period of disruption caused by COVID-19. This includes a package of measures to support businesses including: a Coronavirus Job Retention Scheme deferring VAT and Income Tax payments a Statutory…
Business Tax Deadlines
Business Tax Deadlines As a business owner, you need to meet a range of important tax deadlines throughout the year. We have compiled a list of some of the most important, to help make sure you meet your obligations. Please note that all of these deadlines may be subject to change. Similarly, if they fall on…
How to fill in your Self Assessment tax return
How to fill in your Self Assessment tax return If you’re self-employed, whether you run a business or work as a freelancer, you’ll usually need to fill in a Self Assessment tax return each year. What tax do small businesses need to pay? Depending on the particulars of your business, there may be a number…
How to set up your first online store
How to set up your first online store Online stores are great friends to small businesses. They’re an excellent way to get started in retail without investing in bricks and mortar or staff. If you already have a physical store, an online presence can extend your reach beyond your local neighbourhood, while giving existing customers…
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