GuruAccountancy

Does my business need accounting software?

This depends on various elements such as how many transactions your company has, how often you like to review management reports, and what compliance requirements your business has. It is ideal to have one of the bookkeeping software. However, in most cases, it is very important that you use one of the bookkeeping software like Xero accounting and QuickBooks.

Do I need a company to do business?

A company is one form of legal status. There are other legal statuses such as Sole Trading, and Partnership. The main question remains if a company’s legal status is suitable for your business. It depends on various elements. We will help you to decide what legal status is suitable for your business in our consultation phase. Contact us

What do you do if you need to employ an employee for the first time?

You must tell HMRC that you are taking on a new employee. You need to submit an application to be a registered employer. Once HMRC approves your application, you will be provided Employer Paye Reference and Account office reference which are used to run payroll. If you are thinking about taking on employees, we can assist you throughout the process.

Do I need to obtain Unique Tax Reference?

If you need to complete a tax return/self-assessment, you need to have a Unique Tax Reference(UTR). Check if you need to submit a tax return in the next question.

Why do you need to complete a tax return?

Check if you need to submit it. The below are the most common reason why you need to complete a tax return:

You are a company director and have income not taxed at source. ( Please note that a company director with income taxed at source and no further tax to pay does not need to submit a tax return.
You are getting income from land and property in the UK
You are getting taxable foreign income of £300 or more
You receive annual income from a trust and settlement
Your annual income will exceed £100,000
You have untaxed income which not be coded in PAYE
You are due to pay High Income Child Benefit as your income for Child benefit proposes is over £50,000 and your partner or you get Child Benefit payment.

Do not worry, we will help to navigate through it. Contact us

Can we talk to HMRC on behalf of you?

Yes, that is right. We can talk to HMRC on behalf of you as an agent. We will tell HMRC that we act as an agent with them and HMRC will send you a letter with an authorisation code and you give the code to us and we use it to authorise us as agents.

Auto-enrollment?

According to the Pensions Acts 2008, employers in the UK must put eligible staff into a workplace pension scheme and contribute towards it. This is called automatic enrollment. Regardless of what you do at what level, the day anyone starts working for you, you are an employer. From this date, the automatic duties begin.

What are my duties related to Automatic enrollment?

From the day one you are an employer, your duties begin. But the duties you need to carry out depending on your particular situation. It needs to be assessed whether you need to contribute to a pension scheme or whether you don’t have to contribute it. How it works!!

Check if any of the employees works for your meets followings criteria:

Aged between 22 and up to state pension age
And earn more than £833 months(£192 per week)

If the criteria are met, you have to provide a pension scheme.

But remember you still have other duties :

Write your staff

It is part of your legal duties to write all your staff individually to explain how automatic enrollment applies to them. You must do this within six weeks after your duties start.

Declare your compliance

You have a deadline to declare five months after your duties start.

In the declaration, you tell the regulator how you have met your other duties.

What are the duties of my limited/Ltd company towards companies house and HMRC?

Your private ltd company needs to file a Confirmation statement and Statutory(full) accounts with companies house and tax returns with HMRC.

What to do?	HMRC or Companies House	When(Deadline)
File your first account with Companies House	Companies house	You have 21 months after the date of incorporation.
File annual accounts with companies house	Companies house	You have 9 months after your company’s financial year ends.
Confirmation Statement	Confirmation statement	You must file a statement at least once a year, you may file it more often if required.
Pay Corporation Tax if you owe any	HMRC	You have 9 months 1 days after your accounting period.
File a Company Tax Return	HMRC	12 months after your accounting period for corporation tax ends

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