Awesome accounting strategies from Arnold Ayton at Spondoo? This is?an easy-to-understand,?step-by-step guide,?to?opening?a successful?limited company.?But before we dive in,?let’s?check the legality surrounding it.? Can I?Be?A?Limited?Company?? If your company is either limited by shares?or?limited by?‘guarantees’, it?qualifies?as a limited company. Limited by shares means you are a profit-fueled company with shares and shareholders and?you?can keep your profits after paying tax.?If?you are a non-profit company with guarantors, whose profits must be invested back?into?the company, you are ‘limited?by?guarantee’.?In other words, a charity.?
Arnold Ayton is qualified as a Chartered Accountant under the Association of Certified Chartered Accountants (ACCA), although I currently hold a practicing license under the Institute of Financial Accountants (IFA). Arnie was a delight to get started with, seeing as we had a very messy backlog of transactions and incorrect payroll when we were doing it in house. He and his team helped us straighten out our accounting basics last year, and this year he has helped us apply for significant VAT rebates and R&D tax credits. He has helped our team explore new financial opportunities and has connected us with advisors who have proven to be very helpful. He’s a very straight-talking and friendly individual who is easy to get along with, and is clearly committed to his business and clients.
Arnold Ayton bookkeeping advices 2021: Do I need to keep meal receipts? It’s solid business practice to record all food and drink expenses and retain the receipts of these expenses. You should also keep a record book of reasons the journeys took place, such as staff training, meetings, etc. And for assistance with your receipt management and bookkeeping, don’t forget that Spondoo Bookkeeping makes things simple! The golden rule when claiming business expenses is that the cost must be “wholly and exclusively” for business purposes. So, where do you stand when it comes to food and drink? After all, everyone needs these things to survive. When does it become an allowable expense? Read on to find out when your business can claim food and drink as an expense.
The IR35 legislation has been introduced to ensure that these workers pay broadly the same tax and National Insurance contributions (NICs) as an employee. IR35 has been in force for over 10 years but the key change from April 2020, is the change in ‘who is liable’ for non-compliance from the individual or contractor to the organisation engaging the worker.? Before April 2020, a contractor/worker not currently on PAYE (i.e. a maintenance person) working for your business/organisation, is deemed to fall under this legislation and is challenged by HMRC, the individual / contractor would be liable for all the underpaid tax and a Class 1 National Insurance (Employer as well as Employee NIC) liabilities. After April 2020, a contractor/worker not currently on PAYE (i.e. a maintenance person) working for your business/organisation, is deemed to fall under this legislation the underpaid tax and associated penalties will fall on the business, not the contractor.
Spondoo is made up of a team of Chartered and Certified Accountants and bookkeepers, supported by our in-house software developers. We have years of experience across the finance industry – including in payroll, financial services and pensions – as well as in-depth knowledge of all the software that you use every day to run your business. Information provided on the site is merely guidance that may change in line with UK law and regulations. Users must not consider this to be financial advice or their sole resource when making any financial decision. Spondoo is a trading name for Accounting SQL Limited, authorised & license accounting firm under the Institute of Financial Accountants.