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Recent Blogs

Do I need an accountant If I am self-employed?

It’s not a legal requirement for those who are self-employed to use the services of an accountant. However, working with self-employed accounting professionals who understand the unique needs of the self-employed can often save you time, money and stress. Read on to discover more about the accounting needs of the self-employed, common accounting challenges you may face, and when working with an accountant makes sense.

Accounting Team

Do I need an accountant for my small business?

If you’re a small business owner – or looking to start a small business – you may be tempted to handle the accounting side of things yourself. You may think that this aspect of the business will be simple when you’ve started small…but is this really the case? In reality, small business accountants can save you money. They’re a trusted partner for a range of things, from planning and setting up your business to financial management, tax obligations, business growth strategies and more. Read on to find out how small business accounting services could improve your chances of business success…

Accounting Team

Understanding the Self Employed Badges of Trade

Due to the different tax treatments and rates of tax which apply between the income tax and capital gains tax systems it is sometimes important for someone who is self-employed to understand the “badges of trade” tests. Normally it will be reasonably obvious whether a transaction is “trade” related and subject to tax under the income tax system, or “capital” related and subject to tax under the capital gains tax system. But occasionally transactions occur which cross the boundaries between these two and in the absence of “trade” being specifically defined in the legislation, the courts apply the badges of trade tests in making this determination.

George Ian Hope

Sole Trader Tax Essentials: What You Need to Know About the Tax Return

A Sole Trader Tax Return, also known as a Self-Assessment Tax Return, is a legal requirement for individuals who operate as sole traders. If you’re a self-employed individual you must complete and submit this document to Her Majesty’s Revenue and Customs (HMRC) each tax year to report your income, expenses, and other financial details. The main purpose of a Sole Trader Tax Return is to calculate your income tax liability, as well as your National Insurance contributions if applicable.

Accounting Team

How to Choose a Sole Trader Accountant

If you’re a sole trader, “Do I need an accountant?” may be one of the questions you regularly ask yourself. If this is the case, read on: our guide will help you to understand how important an accountant is for a sole trader, your tax responsibilities, and how to find the best accountants for sole traders.

Accounting Team

Changing from a Sole Trader to a Limited Company

We’re often asked, “Can I change from sole trader to limited company?” The answer is absolutely yes. Read on for why you may want to switch from a Sole Trader to a Limited Company, the benefits of doing so, and what you can expect during this transition.

Accounting Team

Private vs Public Limited Companies: How Do They Differ?

A limited company is a distinct legal entity that is separate from its owners or shareholders. It is a business structure commonly chosen by entrepreneurs and business owners for its advantages in terms of liability and taxation. The term “limited” indicates that the liability of the company’s shareholders or members is limited to the amount they have invested in the company. This means that in the event of financial difficulties or legal issues, the personal assets of the owners are generally protected, and their liability is confined to the value of their shares. In this article, we take a look at the differences between a Private Limited Company vs a Public Limited Company.

Accounting Team

A Guide To Limited Company Tax Deadlines

A Limited Company Tax Return, also known as a Company Tax Return, is a mandatory document that limited companies must submit annually to His Majesty’s Revenue and Customs (HMRC). This return gives an overview of the company’s financial activities, including its profits, losses, and tax liabilities. It’s a fundamental part of the UK’s tax system and ensures that limited companies fulfil their obligations under the law and accurately report their financial affairs. Now, you may wonder how a limited company tax return differs from an individual one. Individual tax returns are filed by individuals for personal income tax purposes, while limited company tax returns are specific to business entities and focus on corporate income tax. Individual tax returns report an individual’s personal income, deductions, and credits. In contrast, limited company tax returns are concerned with the financial activities of a legal business entity, encompassing profits, expenses, and corporate tax liabilities. Accurate and timely submission of a Limited Company Tax Return is vital for compliance with tax regulations and can significantly impact a company’s financial stability and reputation.

Accounting Team

Comparing Limited Company Options in the UK

Navigating the diverse landscape of business structures in the United Kingdom involves understanding the nuances and implications associated with each entity, including the critical aspect of Limited Company Accounting. From the widely adopted Private Company Limited by Shares (Ltd) and Public Limited Company (PLC) to the specialised structures of Private Company Limited by Guarantee (LBG) and Unlimited Companies, entrepreneurs and organisations face crucial decisions in determining the most suitable form for their ventures. Each category comes with its own set of characteristics, legal considerations, implications for liability and governance, and distinct requirements in accounting and financial reporting. In this article, we take a look at the different types of companies in the UK, with a special focus on their accounting practices. We delve into the key features of Private Companies Limited by Shares, Public Limited Companies, Private Companies Limited by Guarantee, and Unlimited Companies, discussing their structures, purposes, advantages, challenges, and the nuances of Limited Company Accounting associated with each.”

Accounting Team

Cash Flow Management for Your Self Employed Business: Tips and Strategies

Cash flow management revolves around regulating the funds entering and leaving your business. This supervision allows you to maintain a healthy balance, ensuring your business can cover its operational costs and future investments. As a self-employed business owner, mastering cash flow management is critical for your venture’s longevity and profitability.

Accounting Team

Property Accounting Errors: Common Mistakes by Property Investors and How to Prevent Them

The success of property investment can hinge on many factors, and one that often gets overlooked is the crucial role of accurate property accounting. Missteps in this area can lead to serious financial and legal implications. This blog post explores common property accounting errors that property investors make and offers practical advice on how to prevent them.

Accounting Team

The Importance of Regular Financial Health Checks for Property Investments

Financial health checks for property investments are integral. Like any financial endeavour, property investments require meticulous management for fruitful returns. A core aspect of this management is these regular checks. This blog delves into the significance of such assessments and how they can bolster your property investment success.

Accounting Team

The Role of an Accountant in Limited Company Tax Planning

Limited Company Tax Planning is crucial to the financial health of any business, especially for limited companies. Grasping its significance and implementing effective tax strategies can be intricate. In such scenarios, the expertise of a competent accountant becomes invaluable.

Accounting Team

Understanding Limited Company Accounting Standards and Regulations

Running a limited company comes with its unique set of accounting responsibilities. Proper understanding and adherence to accounting standards and regulations is not just good practice; it’s a legal obligation.

Accounting Team

The Key Role of an Accountant for Limited Companies: Driving Growth and Achieving Success

Accounting is a cornerstone of running any successful business. For limited companies, it plays an especially significant role. A limited company, by definition, is an independent legal entity where shareholders are not personally liable for the company’s debts. The complexities involved in managing a limited company’s finances necessitate the expertise of a skilled accountant.

Accounting Team

Working with an Accountant to Grow Your Limited Company: Tips and Best Practices

Successfully running a limited company requires more than an excellent business idea. Financial management, especially, plays a crucial role. An accountant can provide professional assistance in this area, guiding you towards the growth and success of your business.

Accounting Team

How to Use Investment Property Accounting to Plan for Retirement

The prospect of retirement raises critical questions regarding long-term financial security. For many, Property investment serves as an attractive strategy, offering the potential for substantial, steady income and growth over time. This blog post touches on the intricate world of investment Property accounting, providing insights on how to harness its potential for a well-cushioned retirement plan.

Accounting Team

The Steps On How To Switch Accountants

Switching accountants might sound like a lot of hassle for you and your business. We’re here to tell you that it’s actually pretty simple, and it could bring some serious benefits, too. So, whether you’re a sole trader, contractor, limited company director or you’re managing a portfolio of properties, let us walk you through the step-by-step process of changing to a new accountancy provider.

Christabel Stevens

Chancellor announces that IR35 reform will be scrapped

IR35 reform in both the private and public sectors is to be repealed, the Chancellor announced in the mini Budget, held on Friday 23rd September. This surprise development made up just one of many welcome tax changes, as Liz Truss’s new-look government promised to start “a new era” and unleash the potential of UK business.

Troy Stevens

Why is accounting for a start-up business important?

Why do some start-ups succeed while others are doomed to fail? It’s an often-quoted statistic that around 60% of businesses fail in their first three years – with 20% folding within just twelve months. But why?

Christabel Stevens

Why Freelancers Should Hire An Accountant

In the world of work, freelancing is an increasingly popular option. The promise of flexibility, unlimited earning potential and complete control over the way you work is a hugely attractive prospect for many.

Christabel Stevens

The steps on how to switch accountant

Switching accountants might sound like a lot of hassle for you and your business. We’re here to tell you that it’s actually pretty simple, and it could bring some serious benefits, too.

Christabel Stevens

How to start an accountancy company

Have you got a head for figures? What about a strong worth ethic, flexibility and self-discipline in spades? If this sounds like you, you might be in a good position to start your very own accountancy company.

Christabel Stevens

A guide to CIS reclaims and tax

As a self-employed worker in the construction industry, a percentage of your earnings will be withheld at source by the contractor you’re working for.  This money goes to the HMRC as advance payments towards your tax and National Insurance obligations. The contractor will send this money directly to HMRC – it will be either 20% or 30% of your gross pay depending on your CIS registration status.

Christabel Stevens

How to pay yourself from a limited company

How do you pay yourself as director of a limited company? You may be pleased to learn that the method – and to an extent the amount – are up to you. Let’s look at some of the finer details on how directors get paid.

Christabel Stevens

Small business tax advice

Taxes are a necessary part of life. This might feel especially true when it comes to small business accounting, and it’s an unfortunate fact that many smaller businesses end up paying more in tax than they need to. Let’s look at some of the ways you can make your small business more tax efficient.  

Christabel Stevens

Can an accountant help your start-up grow?

As any business owner will tell you, launching a company isn’t exactly the easy option. But it’ll take something else, too. The support of a good accountant. If you’re a start-up founder (or still in the planning stages) and wondering if it’s time you got an accountant, look no further. This article will tell you what you need to know.  

Christabel Stevens

A year end checklist for limited company accounting

Are you a limited company director looking to find out what your responsibilities are when it comes to year end accounts?

Christabel Stevens

Reasons to choose an accountant for freelancers

Let’s look at some of the main reasons why we think every freelancer needs the support of a good accountant.

Christabel Stevens

Benefits of accounting for sole traders

Christabel Stevens

Why do I need a specialist property accountant?

Finances in property and real estate can be seriously complicated, even to a seasoned accountant. That’s why we recommend you seek the help of a specialist property accountant to keep everything straight. Let’s look at some of the basics involved.

Christabel Stevens

What are my responsibilities as a limited company director?

Christabel Stevens

How to choose the right type of accountant for your business

The accountant/client relationship is an important one as this is the person who’ll be by your side as you navigate the choppy waters of business ownership, so you’ll need to choose wisely. Here are eight pointers on how to choose the right type of accountant for your business.

Christabel Stevens

Choosing a limited company accountant

As business structures for self-employed people go, limited companies are heavy on the admin. The timeline of reporting far exceeds that of sole traders. Luckily, though, you get to choose a sidekick – in the form of a limited company accountant.  

Christabel Stevens

The ins and outs of accounting software for small businesses

Accounting software allows a business owner and their accountant to interact with company finances in real-time. But accounting software isn’t designed to replace the services of a professional accountant, instead, it complements your accountant’s role within your business.

Christabel Stevens

What records does a sole trader need to keep?

Sole trading is a great choice for many self-employed people, not least because accounting for sole traders is simpler than accounting for limited companies. But what records does a sole trader need to keep? Let’s find out.

Christabel Stevens

What tax rules should UK freelancers be aware of?

If you’re thinking of joining the growing ranks of those working freelance in the UK, congratulations! The tax obligations a freelancer faces all depends on which business structure they’ve chosen – sole trader or limited company. Here we look briefly at the tax rules of each to help you decide which is right for you.      

Christabel Stevens

Switching accountant: The why & how to change your accountant

A good accountant can make or break your business. So, what do you do when your accountant feels like less of an asset and more of a dead weight? Believe it or not, switching accountants isn’t only possible – it can be a smart business decision. Find out why, and how, you can switch accountants here.

Christabel Stevens

What are my tax obligations as a sole trader?

Sole trader accounting can seem challenging, especially if you’re used to working as a salaried employee and having your monthly wage arrive in your account with the relevant deductions already made! But don’t worry – we’ve put together a simple guide to sole trader tax obligations.

Christabel Stevens

The pros and cons of running a small business

Running a small business is notorious for being one of the most demanding yet rewarding professions a person can choose. But are you cut out for it? We have summarised some of the pros and cons of running a small business to give you a balanced view.

Christabel Stevens

Working from home expenses and allowances

Among the self-employed, working from home has long been the norm. Some of us, though, are relatively new to it. Discover which expenses you can claim, and what tax reliefs you are entitled to when working from home here.

Christabel Stevens

The Pros and Cons of going self-employed

The number of people becoming self-employed seems to be on the rise, but the big question is – should you be joining them? Here’s a rundown of the pros and cons of becoming self-employed to help you decide.

Christabel Stevens

Six common mistakes when completing a Self-Assessment

You should be wary of the pitfalls that can occur when completing your Self-Assessment. These common mistakes could cause delays or trigger an HMRC investigation. Find out how to avoid making those mistakes here.

Christabel Stevens

How to register as a sole trader

Operating as a sole trader is a very popular choice and has numerous benefits. Read our simple guide on how to register as a sole trader and the responsibilities that comes with it.

Christabel Stevens

How to set up a limited company

Operating through a Limited Company can be highly rewarding for contractors and freelancers. The initial process can seem daunting, but we’ve broken it down step by step to shed some light on the process of setting up a Limited Company.

Christabel Stevens

What is a Self-Assessment Tax Return?

If you work for an employer, tax is relatively simple. But if you’re self-employed, you’ll need to complete an annual Self-Assessment tax return. Find out what this involves here.

Christabel Stevens

Everything you need to know about accounting for small businesses

Running a small business can be both challenging and rewarding. To ensure success, you’ll need to understand the basics of accounting so we’ve compiled a guide to small business accounting to make it clearer. Take a look.

Christabel Stevens

What is a limited company?

Operating as a Limited Company is a popular choice for small businesses. Find out what a limited company is and the benefits of forming one here.

Christabel Stevens

What do online accountants offer small businesses?

Online accountants offer numerous services that small businesses can benefit from. If you’re a small business owner, find out how an online accounting service can take those time-consuming responsibilities off your hands here.

Christabel Stevens

What is Capital Gains Tax?

Understanding Capital Gains Tax is crucial if you own valuable assets or plan on investing. Read our guide on Capital Gains Tax and discover how your area of investment is affected

Christabel Stevens

What tax reliefs are there for UK startups?

Accounting for startups isn’t always as simple as taking on an existing business with lots of setup and structural aspects to consider. However, on the finance side, there are incentives on offer in the UK to help these budding enterprises grow. 

Christabel Stevens

What’s the difference between a Sole Trader and a Limited Company?

More and more people are choosing to start their own business. Should you register as a sole trader or form a limited company? Find out more in this post.

Christabel Stevens

What is a Sole Trader?

Whether it’s down to the pandemic or you’re dissatisfied with your current role, many people are considering starting out of their own. Take a look at what it means to be a sole trader.

Christabel Stevens

How will an accounting service help my business?

If you’re a small business owner, you may be considering accounting services rather than managing the books on your own. Learn how an accounting service can help your business here.  

Christabel Stevens

Self Assessment – Q & A

Self-assessments. We have all heard of them, you maybe even know what they are. However, here at QAccounting some of our most frequently asked questions are about self-assessments. So below we have outline some of the most common questions we get asked, and the answers we get so tired of giving… just kidding.

Anna Butchart

Setting Up a Limited Company – 5 Key Things to Consider

If you are looking at going self-employed, then setting up as a Limited Company (LTD) may be the best option for you.

Anna Butchart

The Benefits of Having an Online Accountant

Here at QAccounting we are part of one of the UK’s largest contractor service providers. We started operating over a decade ago (around the same time DFS started their first sale) and have been dedicated to serving self-employed professionals ever since. One of the perks of choosing and accountant like QAccounting is that we offer all of our accounting services online.

Anna Butchart

Just how painful is changing accountants?

Changing accountants is considered difficult, but is it really that tricky?

Troy Stevens

What Makes a Good Online Accountant?

What qualities do fantastic accountants have? How to spot great online accountants  The questions you’re likely to ask before engaging an accountant aren’t too dissimilar from the ones you might ponder over when buying any other product or service. For example, does it offer value for money? How well does it cater to my specific needs? Is it high quality? Is the company selling it trusted by others? 

Troy Stevens

Why You Need Accounting Services?

Vital for freelancers, contractors, sole traders and small businesses

Mike Butchart

What Is The Answer For IR35 Reform In The Private Sector?

Is there an IR35 solution for next year’s changes? After MPs gave changes to the off-payroll working rules the green light in Parliament recently, there is now no turning back as far...

Troy Stevens

Contractor Mortgages: Frequently Asked Questions

What do independent workers need to know about securing a contractor mortgage?

Troy Stevens

What Legal Issues Might Contractors Face?

From tax investigations to client disputes and defamation

Troy Stevens

Off-Payroll Working: Is IR35 Reform Still Going Ahead?

The latest IR35 news explained to contractors in layman’s terms

Troy Stevens

Contractor News Round-Up For April

The events last month that impact freelancers and contractors Faltering business confidence resulting from COVID-19 continued to dominate the headlines in April, with the impact of the virus far-reaching and, in some...

Troy Stevens

How Important Are Contractor Legal Services?

How important are contractor legal services? What are contractor legal services, and why might you need them? Despite a backdrop of economic uncertainty and tumultuous legislative reform, the UK’s self-employed workforce has...

Troy Stevens

What Help Is There For Contractors During COVID-19?

The financial support available to limited company contractors affected by Coronavirus The last year has been a whirlwind for the self-employed and in particular, limited company contractors. From the IR35 private sector...

Troy Stevens

What Contractors Should Know About The Delay To IR35 Reform

The changes, their implications and your options explained The delay to off-payroll working reform in the private sector means contractors will carry on setting their IR35 status until 6th April...

Mike Butchart

What Does An IR35 Accountant Do?

How to find an accountant who genuinely specialises in IR35 If you’ve been shopping around for a contractor accountant recently, you may have seen a few marketed as ‘IR35 accountants’....

Mike Butchart

HMRC Announces 12-Month Delay To IR35 Reform

Coronavirus puts the brakes on IR35 reform, which will now be enforced in 2021 The COVID-19 outbreak has led the Government to postpone the extension to the off-payroll working rules...

Troy Stevens

What is a Contractor?

If you’ve landed here, then chances are you’re considering self-employment. Perhaps you’ve been thinking about contracting so you can take full control of your career. Maybe you’re facing redundancy and...

Troy Stevens

What Is Off-Payroll Working & What Does It Mean For Contractors?

Reform to the IR35 rules has been paused, but only until April 2021. According to HMRC statistics, only around 10% of limited company contractors who should comply with the off-payroll...

Troy Stevens

A Contractor’s IR35 Reform Checklist

The private sector IR35 reform is rapidly approaching – it’s now just a month away. Despite a call for evidence issued by the House of Lords (which closed on the...

Mike Butchart

Why Should You Engage an Online Contractor Accountant?

The benefits of hiring a trusted online contractor accountancy From saving time to maximising tax efficiency and ensuring compliance, there are plenty of reasons why many contractors choose to engage...

Troy Stevens

How can Boris Johnson ‘unleash’ contractors in 2020?

After the General Election, Boris Johnson has an opportunity to win back the support of contractors in 2020, many of whom feel they have been let down in recent years....

Troy Stevens

I’m a Contractor: Can I Prepare for IR35 Reform in 2020?

How to Prepare for IR35 Reform in 2020 If you’re a contractor with a personal service company, also known as a PSC, it’s very likely that you’ll have heard of...

Mike Butchart

Why Should You Engage a Contractor Accountant?

A Closer Look at Why You Should Engage a Contractor Accountant As you take the leap into freelancing or contracting, you’ll likely ask yourself an important question: ‘should I engage...

Troy Stevens

LTD Company Contractor – What are the Responsibilities?

What are your responsibilities as a limited company contractor? With nearly 5m people now working for themselves in the UK, there are more freelancers, contractors and small businesses on these shores...

Mike Butchart

Are Recruiters Ready for IR35 Reform?

Fresh concerns raised about recruiters’ readiness for IR35 reform Are Recruiters Ready for IR35 Reform? Well with little over six months to go until IR35 reform is extended to the...

Mike Butchart

Contractors – A Lack of Faith?

Not for the first time, contractors impacted by IR35 outline a lack of faith in HMRC With further IR35 reform on the horizon, contractors have made it clear to the...

Mike Butchart

Contractors Make Stand Against IR35 Ultimatum

Contractors poised to leave projects if handed IR35 ultimatum  What would you do if, as a limited company contractor working outside IR35 in the private sector, next April you were...

Troy Stevens

5 Tips to Staying Outside IR35

Our best tips for Staying Outside IR35 From April 2020, contractors working with medium and large private sector companies will no longer be able to determine their own IR35 status....

Mike Butchart

What Are The Options When Working Inside IR35?

What are your options when working inside IR35? While incoming IR35 reform does not necessarily mean that as a contractor you will be placed inside the rules by your engager,...

Mike Butchart

IR35 – Impact on Oil & Gas?

How could IR35 reform impact the oil and gas sector? While statistics tell us that Britain’s oil and gas sector accounts for around just 1% of the oil produced globally,...

Mike Butchart

IR35 Reform – Mistakes to Avoid

Mistakes to avoid when preparing for IR35 reform. A sea change in the contracting world will hit the private sector next April. Under new rules for administering the IR35 legislation,...

Troy Stevens

HMRC Guidance on IR35 Reform

Latest HMRC guidance on private sector IR35 reform disappoints Expectations that HMRC would make serious efforts to help recruitment agencies and end-clients implement incoming IR35 reform fell flat last week,...

Mike Butchart

Does Your Company Have the Right Insurance in Place?

Company Insurance Insurance for contractors is one of those necessities that we would rather do without. Whether you require business insurance as a contractual obligation or you want to take...

Troy Stevens

When did you Last Speak to your Contractor Accountant?

Personal Approach It doesn’t matter how many technological advancements occur in the world of accounting, whether it is automated bank reconciliation, virtual document hubs, mobile expense tracking or online accounting...

Troy Stevens

5 Tips for Staying Productive Between Contracts

All contractors will at one time find themselves on the bench. This is the period between contracts when your latest assignment has finished, and your new contract has either yet...

Troy Stevens

New Year, New Accountant

Switching to a New Accountant With the hangover of New Year’s Eve now a faint and distant memory, you will have undoubtedly witnessed the barrage of social media posts pledging...

Troy Stevens

Why Get an IR35 Contract Review?

IR35 affects anyone operating via a Ltd company and is something that you should be aware of as a contractor. Anybody thinking of going Ltd or anyone picking up a...

Mike Butchart

Can HMRC Ever Be World Class?

Revenue set out strategy for becoming top organisation HMRC has recently published its corporate strategy to become a “world-class organisation” underpinned by the values of professionalism, integrity, respectfulness and innovation....

Troy Stevens

Employee third party debt and pecuniary liability

Pecuniary liability principle Under the pecuniary liability principle, where an employer settles a personal bill on behalf of an employee, whether Class 1 or Class 1A NIC are payable, depends...

Troy Stevens

PAYE

When paying PAYE earlier might be beneficial There are special rules that determine when an employee is deemed to be paid for tax purposes. Basically, the legislation seeks to ensure...

Troy Stevens

Self Assessment – Suspension of HMRC Penalties

HMRC penalties could be suspended – conditions apply Where a tax return contains an inaccuracy that was due to the taxpayer failing to take reasonable care, then that error is...

Mike Butchart

IR35: Countdown to Off-Payroll Rules

What are the new off-payroll rules? Up until now, contractors earning a rate of £220 per day or more or on contracts of more than six months have had to...

Troy Stevens

Purchase of a Property through a Limited Company

The purchase of a property through a business can be very tricky and there are numerous things to think about if deciding to do so. Specialist advice is recommended. If...

Troy Stevens

Childcare Vouchers

Childcare Vouchers if you are a Limited Company Director: How? Where? When? Are you a Limited Company Director looking to save money on childcare by setting up Childcare vouchers? How...

Troy Stevens

Pension Changes Auto-Enrolment

There has been a great deal of media coverage recently regarding the changes to Workplace Pensions. The new law is only applicable for Company’s with more than 1 Employee. If...

Mike Butchart

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