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The Autumn Statement – what does it mean for you?

Today, the Chancellor of the Exchequer, Jeremy Hunt outlined a series of sweeping measures to include tax changes and hidden tax increases, and cuts to Government spending. We highlight the main points below which will affect us all, and if you have any specific questions about these matters, please do not hesitate to contact a […]

Struggling to file taxes? Get Self Assessment tax return help.

The Self Assessment tax return filing deadline, i.e., January 31, is coming up, and businesses, individuals, and accountants across the UK are rushing to stay prepared for the tax season and end the year on a productive note. With Christmas also around the corner, it makes sense to start as soon as possible and get […]

Going digital for filing a Self Assessment tax return

As an individual service provider or business owner, you will need to undertake filing a Self Assessment tax return. Your business must be in full compliance with the tax laws, which can apply in various ways depending on the size of the company you are running and the exemptions your industry is eligible for. “Is […]

Make calculating the tax on rental income easy: Top tips

As a landlord, your property is your most valuable asset. Letting out residential and/or commercial property is a great way to make passive income. However, navigating all the tax requirements related to reporting income tax on rental properties and capital costs can be tricky – unless you have a landlord accountant. In this blog, we […]

The Mini Budget 2022 – what does it mean for you?

As the UK enters a new era under the tutelage of Liz Truss, the country’s recently-elected PM, Chancellor of the Exchequer Kwasi Kwarteng unveiled the Mini Budget on September 23, 2022 with the promise of boosting economic growth. In a Commons statement, popularly dubbed as the “mini budget,” he agreed how the high tax rates […]

Understanding MTD for landlords: Important questions answered

The new MTD ITSA guidelines have been complicated for many to grasp fully, even for accountants. To combat this, HMRC has been offering clarifications at intervals and recently hosted a boot camp for landlords and sole traders to answer their questions. For busy landlords, especially those just getting used to the MTD system, we have […]

Why embrace digital record keeping when preparing accounts

The digital economy might have dominated the world, but by no means have all businesses subscribed to it. Even today, many companies rely heavily on paper-based processes, while their digital component consists mainly of Excel sheets with rows upon rows of data.  In accounting, paper-based practices can lead to serious errors that can raise questions […]

Reasons why your cash flow statement matters

A cash flow statement is what captures the details of how a business is earning and spending its cash. If that were not enough reason to have one for your own business, investors almost always ask to see cash flow statements in addition to balance sheets and P&L statements before funding you – an essential […]

8 payroll mistakes every business must avoid

When you are running a business and bent on creating and delivering the best product or service you can, payroll management may seem like one of those pesky admin things that can be done later. However, without a robust payroll management system, there are all kinds of fines, penalties and even lawsuits you could be […]

MTD for ITSA: What does it mean for landlords?

The UK government is committed to bringing its tax system entirely online through the Making Tax Digital (MTD) initiative. With a phased rollout already underway, it is described by the HMRC as “one of the most digitally advanced tax administrations in the world” that commits to “transform tax administration so that it is easier for […]

Property investing vs. trading: Benefits & tax implications

Influenced by a chronic undersupply, rising demand for property in the UK and the turbulence of the last two years owing to the pandemic, long-term forecasts for property investing are incredibly optimistic.  We could see the UK home prices grow by 21.5% by 2025. On the other hand, JLL, the real estate and investment management […]

Taxation of rental income for landlords: A guide

In 2016, the then Chancellor, George Osborne, introduced a stamp duty surcharge of 3% on purchasing buy-to-lets and second homes. That means the 3% slab tax is based on the whole property price and payable on top of the standard stamp duty applicable.  Secondly, in 2017, the government began withdrawing the total tax relief available […]

4 mistakes to avoid while preparing for MTD for ITSA

Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) is set to change the way millions of self-employed business owners and landlords report their earnings to HMRC from 6 April 2024. Any sole trader or a landlord with a total business and/or property income above £10,000 per annum will have to comply with […]

MTD for ITSA: What it is and how to prepare

Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) offers self-employed business owners and landlords a new way to report their earnings and pay income tax. MTD ITSA hopes to revolutionise tax administration so it is easier for taxpayers to get their taxes right. Who does MTD for ITSA affect? Anyone who is […]

Why bookkeeping is important for your business

Bookkeeping refers to the process of systematically recording all the financial transactions that a company undertakes. It is a subset of the accounting function that involves various activities such as recording transactions, listing debits and credits, maintaining and balancing ledgers, generating invoices, and completing payroll. Bookkeeping is clerical in nature and is indeed the basis […]

Ease the pain of bookkeeping with Xero

 Cloud accounting is not just a buzzword anymore. It has been recognised as the most efficient way for companies – large and small – to keep their books of accounts in order. At its simplest, the cloud helps you automate bookkeeping tasks and store all your data safely for any time, anywhere access. And […]

Basics of business accounting: What to know

When you think of accounting, you might be thinking of a dreary room piled high with paperwork and occupied by hassled, grim-faced accountants. The truth isn’t nearly as bad – business accounting simply requires you to record all your transactions correctly and on time and regularly review your books to gauge your financial performance. Particularly […]

Spring statement 2022: Key points to note

On March 23, 2022, the Chancellor of the Exchequer delivered his Spring Statement to Parliament. With so much uncertainty in the world now due to the conflict in Ukraine, rising fuel prices, proposed energy increases and worries about inflation, all eyes were on Mr Sunak to see if he was going to deliver some good […]

12 reasons to hire an accountant for your small business

As the owner of a small business, you have a hundred different claims on your attention at any point in time. It, therefore, makes sense to hire an accountant who can handle the finances for you and help you stay on top of taxes, overheads, and other money-related matters. What’s more, having an accountant does […]

How do I register for VAT?

VAT can feel a little confusing at first. Is it voluntary? Mandatory? What do you need to do? You can voluntarily register your business for VAT at any point from day one of setting up a business. However, you are required to register for VAT when your turnover reaches the VAT registration threshold (currently £85,000 […]

Do I need funding for my business? How do I get it?

Research carried out by the British Business Bank in 2019 taught us that 56 per cent of SMEs used finance in the previous three years. Most commonly, this finance is made up of bank overdrafts, credit cards, and loans from individuals, closely followed by bank loans and commercial mortgages.  Since 2020, you’ll know from your […]

The negative consequences of not declaring rental income

There are thousands of landlords in the UK, owning and renting out second properties. The majority of these landlords declare their income and pay taxes on the profits on their tax returns because they know the consequences of not declaring rental income.  But what do you do if you have rental income that you have […]

How full financial support helped Subvision Surveys propel from side hustle to £1.2 million in turnover in seven years

When we first met Jim, Subvision was a growing side hustle, turning over £40,000 as a result of weekend and evening work. At the time, the business was being run solely by Jim with the support of Subcontractor Keith – now a partner in the business. Most business owners in the early stages will relate […]

What is the Domestic Reverse Charge and how does it affect my construction business?

You may have already heard about the Domestic VAT Reverse Charge that came into effect from 1st March 2021. This is a change in the way contractors and subcontractors in the construction industry will account for VAT, specifically aimed at VAT registered businesses working under the Construction Industry Scheme.  These changes can often feel complicated […]

What if I can’t pay my Self Assessment Tax in full by April 1st?

If you missed the payment deadline for Self Assessment on 31st January, there’s good news.  HMRC are giving you more time to pay your Self Assessment Tax due to the impact of Covid-19.  Although the deadline didn’t change in 2021 despite the financial hardship faced by many businesses in the Covid Crisis, taxpayers will have […]

I deferred VAT payments due to Covid 19, how and when do I have to make payment?

Many business owners took advantage of the opportunity to defer VAT in 2020 as a result of the Government’s Covid-19 business relief. While we’re not out of the woods with lockdown just yet, it helps to know when you are required to make repayments, and how you can go about doing that.  The good news […]

What’s the difference between hiring an Accountant and outsourcing my accounting?

When it comes to all the financial stuff it takes to run a business, you have three main ways to get it done…

What can I do about late payments?

Late payments is the great business crippler. You can future proof your business against this problem and there are people who can help.

When is the right time to outsource your accounting?

It was fine DIY’ing the bookkeeping when you were starting out – but if you have ambitions to grow, your time is your most valuable asset.

How capital gains tax works on the sale of a rental property or ‘second home’

Since 6th April if you sell a rental property you’ll need to declare the capital gain to HMRC and pay the estimated tax within 30 days of completion of the sale.

What are the benefits of choosing an electric car as my next company car?

Switching to an electric car won’t solve the world’s climate crisis, but it will have a positive impact by reducing the UK’s carbon footprint. Not to mention, a positive impact on your finances.

What to expect from your accountant for the money you pay

“Too expensive” and “too cheap” are completely subjective if you don’t know what the price means, and what it gets you.

How can I cut costs in my business without losing productivity?

Cashflow problems can cause any businesses to fail. Making these small changes in your business will help you stay afloat when every penny counts.

If your Self Assessment tax return was painful and time consuming, it’s time to get set up on 1tap receipts

When you’re a sole trader running a small business, your time is your most valuable resource. You can make small changes in your business to manage your most valuable resource more effectively.

Put the kettle on – the coronavirus job retention scheme is now open for claims

Good news for those who have furloughed their staff – you can now make the claim for 80% of their wages via the coronavirus job retention scheme.

Coronavirus support: What can you do about cash flow when times are tough?

If there was ever a time to huddle together for a (virtual) cuppa, now is the time. We want to make sure you have all the information and access to help for your business during this time.

Seven things to know when you’re thinking about employing staff

From very early on in running your business, you’ve probably been daydreaming about the day you can bring in some help. But there’s more to consider than just the salary commitment.

Why UK businesses should use Xero over Sage and QuickBooks

We don’t blame you for being confused about which software to put your faith in. We believe Xero is the best option for helping our clients succeed long-term. Here’s an honest look at why.

How much does it cost to work with Golding?

When you’re running a business you’re cost conscious. The last thing we want is for you to feel like you’re in the dark when it comes to money. Find out what it costs to work with us, and how we approach pricing.

4 reasons you’re not using Dext (yet)

We’ve seen first hand the positive effects it has on a business, and on a business owner’s life. So why isn’t everyone using it? Find out why adopting this app is a no-brainer move for your business.

The truth about our rebrand

You may have noticed things have changed around here. The walls look a little different from the last time you dropped by. Everything feels a bit more comic books than ‘do the books’. We don’t look like your average accountants.

Making Tax Digital Essex

Are you an Essex based company concerned with the HMRC move to Making Tax Digital? Golding Accountancy are based in Essex and specialise in the smooth transition to the latest HMRC initiative to ensure individuals and businesses are prepared and comply in Making Tax Digital. We work closely with HMRC and Essex businesses to offer […]

Are you missing out on Pension Contributions?

More than 3 million people across the UK could be missing out on a pension top-up from their employer by failing to make a small contribution into their workplace pension scheme.According to Royal London, many larger businesses offer valuable ‘matching’ contributions on workplace pensions but the minimum contribution level to a workplace pension scheme is […]

Calling All Construction Workers CIS News

** CIS Filing Deadline 19th July ** The deadline is soon approaching for filing your online CIS return for month ended 5th July. You don’t have to file a return for the months when you made no payments to subcontractors, but remember to inform HMRC that no return is due for that period. Contact us […]

Going Digital With Your Business Tax

In a bid to simplify tax reporting, Her Majesty’s Revenue & Customs (HMRC) is moving away from only filing taxes annually. Instead, businesses will submit tax information – such as revenue and expenses – every three months under the new Digital Tax initiative. For this reason, businesses will be issued with a digital tax account. […]

P11D Deadline Is Fast Approaching – Are You Prepared?

Filing Deadline 6th July 2017 The P11D forms, which report details of the benefits and expenses provided to employees and directors for the year ended 5 April 2017, are due for submission to HMRC by 6 July 2017. The process of gathering the necessary information can be time-consuming, so it is important that this is […]

Is Your Company Payroll Working For You?

We understand the importance of payroll – it’s no hidden secret that happy staff is the essential ingredient to the smooth running of any company. What helps to make them happy and has a significant impact upon the net income of most business, is being paid on time. We can take this management element and […]

Attention All Employers ~ P60 Deadline Is Fast Approaching 31.05.17

If you still haven’t issued your staff with their P60s for 2016/17, the final deadline is 31 May 2017. All employees actively working on the last day of the tax year (5 April 2017) must be issued their P60. This should be done electronically through your company payroll system automatically, however paper forms can also […]

Need Advice on SME Funding?

After coming up with your ‘million dollar’ business idea and putting in the hard work to get it off paper and into practice, the next hurdle coming at you is how to fund it. Online businesses generally require very little money to start with due to minimal overheads and on-demand stock orders, whereas other ventures […]