Small business accountancy & tax workshop
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Slides from our Open Studios tax workshop event, presented on Monday, 23rd September.
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Small business accountancy & tax workshop
- 1. Wired Sussex Open Studios Accounting Presentation by Chris Barnard & Laura Hughes
- 2. Overview - What will you get out of this? • Sole trader VS Ltd company • Tax efficient salary and dividends • RTI - how it’s going. How Crunch has been recognised by HMRC for its RTI compliance • Allowable business expenses overview • Up and coming filing deadlines - 31st October for paper • Free guides available to download from the Crunch website
- 3. • You are the business owner • Self employed • Individual pays income tax and NI • Use losses against other personal income • You are liable for whole loss if business fails • Business is seperate legal entity • You are shareholder and employee • Company pays corporation tax • Company uses losses against its own past/future profits • You have limited liability if business fails • Improved perception from others Sole trader VS Limited company Sole trader Limited company
- 4. Tax efficient salary & dividends • Entitled to share of distributable profits... called dividends • Distributal profits = Profit after tax • Don’t pay National Insurance... therefore, small salary to qualify for state benefits - no extra tax • Lower rate of income tax As shareholder:
- 5. Business travel Entertainment • Public Transport • Subsistence • Accomodation • Mileage • Entertainment Staff • Entertainment Other Day to day expenses
- 6. Possible P11d benefits • Professional Subscriptions • Telephone & Internet • Training • Accountancy fees • Home office usage • Medical insurance Day to day expenses
- 7. Other allowable expenses • Eyesight test & glasses • General office stationary • Gifts • Pension • Charity donations • Childcare vouchers • Company formation fee • Equipment Day to day expenses
- 8. Real time information (RTI) - how is it going? • HMRC teething problems • Annual scheme • Submission files • Crunch software • RTI compliant - recognised by HMRC
- 9. Important up and coming deadlines • 31st October for paper assessment • Register for self assessment if earn over £50,000 and still receive child benefit by 5th October • 31st January - digital assessment
- 10. Free guides available for download • www.crunch.co.uk/guides • Expenses guide 2013 - 2014 • Limited company beginners guide
- 11. Thank you for your time today. Do you have any questions?