What Does Being IR35 Compliant Mean For A Business?
Business regulations exist to ensure fairness across the board, and IR35 is one such regulation. It concerns itself with “off-payroll working” rules, ensuring individuals supplying services via intermediary companies pay the same tax (income tax and national insurance contributions) as those with a standard employment status. But what are these rules, and how do you […]
What Is Operating Profit & How Is It Calculated?
Interested in the working principle of operating profit and how the calculation is made? Operating profit is the resulting profit made by a company after deducting cost of goods sold and operating expenses. It’s also known as EBIT “earnings before interest and taxes.” Calculating a company’s operating profit is necessary, as it’s a very efficient […]
How To File Accounts With Companies House
Do you own a limited company in the UK? If so, you have a legal obligation to file accounts with Companies House and to keep detailed records each accounting period to report to them. A company’s annual accounts must be filed with Companies House even if your company is considered dormant and isn’t currently trading. […]
What Is A SIC Code & Who Needs One?
Standard industrial classification (SIC) plays an important part in labelling a company’s operations appropriately to communicate what they do. A standard industrial classification code is used as a simple way of communicating what a business does. It’s important that the most appropriate SIC code is chosen as this information will be used by government agencies, […]
Management Of Account: What Are Management Accounts
Financial reporting is a must for most business owners and managers to know where their financial health is at. Compiled from management accounts the reports give detailed, measurable information about a company’s current financial performance, usually monthly or quarterly. But how do you get insights from these reports? In this article, Real Business will break […]
How To Implement A Tax Code Change In The UK
Many employees have a common question soon after their first or second salary payment: whether their pay is accurate. In reality, many have been given the wrong tax code. Once the wrong tax code is issued, the employee is forced to contact HMRC via phone (0300 200 3300) or online. But as an employer, there […]
P60 Tax Refund Example
Your P60 form is an example of a vital tax document that is given to each employee at the end of the tax year (which runs each year from 6th April to 5th April). They essentially give you a summary each year of how much tax you paid and your total employment income for that tax […]
Mileage Rates For Company Cars in 2024
In the UK, it is standard practice for many businesses to offer their employees benefits, which can include company cars. Where cars are not provided, employees will be able to claim back money against the cost of the use of their car and the amount claimed is worked out using a ‘mileage rate’. To calculate […]
5 Payroll Tools To Automate The Generation Of Payslips & Get Your Team Paid
Header Image Source: Pexels Ensuring that everyone at your company gets paid accurately and on time is vital. Doing so impacts your team’s motivation, their perception of your company, and your legal compliance. However, manual payroll administration, either on-house or with an external service provider, can be time-consuming and error-prone, causing bottlenecks and delays in […]
The Difference Between an Invoice and a Purchase Order
Have you ever scratched your head trying to figure out the difference between an invoice and a purchase order (PO)? You’re not the only one. While both have roles in buying items, they do different things and have their own special features. A Purchase Order (PO) is a request for goods that is sent from […]
What To Do If You’re Struggling To Pay Your Self Assessment Tax Bill
If you’re struggling to pay your self assessment tax bill there are options available to you so you don’t need to struggle in silence. Contact HMRC in the first instance to discuss your situation. They may be able to assist with a payment plan that makes your tax burden more manageable. Review your finances to […]
What Are The Important Dates In The UK Tax Year?
Keeping on top of key tax dates is an important part of managing your finances and tax obligations in the UK. From sole traders, partnerships and the directors of limited companies, there are several key dates in each tax year and calendar year that you need to be aware of including: April 6th – Start […]
