Monday June 13, 2011

Dear Reader

Expenses & Benefits Reporting

May was a great month for us as it saw us welcome a new member to the team with Faye Pettifer joining us as a bookkeeper. Faye is already helping several of our clients with their reporting requirements and has settled quickly into the team. We're delighted to have her on board.

One of the main activities this month is preparing P11D returns for clients. This describes benefits in kind for employees and directors, but also reimbursement of expenses incurred personally on behalf of the business. More details can be found here.

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Is Your Business Profit Down?

Did your business make less money in 2010-11 than it did in 2009-10? If this was the case and you are due to make a payment on account for tax for 2010-11, then this could be reduced. Be careful about the amount of the reduction as you will be charged if you end up owing more tax than expected. A good way to minimise this risk is to have your accounts and self assessment tax return completed well before the end of July, that way the exact amount owing will be known. For more information on how to reduce the payment on account, click here.

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Thinking Of Employing Students?

If you are planning to employ a student over the summer, then it might be possible to pay them without having tax deducted. The student will need to complete Form P38S to confirm they are only working during the holidays. Of course, you may have to find a way of getting them out of bed before everyone goes home. Click here for a copy.

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