Why should you outsource your payroll?
Rotherham Taylor | Accountants Preston | Blog
by Admin
4d ago
As a business owner, it is natural to continually seek ways to enhance efficiency and resource allocation within your business. Outsourcing your payroll function is a practical strategy that can help streamline operations and allow you to focus on your core business activities. What does outsourcing your payroll function mean? Outsourcing your payroll involves engaging a third-party provider to manage all tasks related to the payroll process, from calculating pay and deductions to ensuring tax law compliance. This model allows businesses to delegate these critical but non-core activities to ac ..read more
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Ten top tips for boosting your budget
Rotherham Taylor | Accountants Preston | Blog
by Admin
4d ago
Effectively managing your budget is crucial for business success, especially in challenging economic times. Speaking with an accountant can significantly enhance this process by identifying further efficiencies and effectively managing cost savings. Here are our top ten tips for boosting your budget management. Adopt technology Invest in technology that automates routine tasks and reduces manpower costs. Cloud-based solutions can also help to reduce IT expenditures, while tools that facilitate remote work can cut down on the need for large office spaces. Outsource non-core functions Outsou ..read more
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Is incorporation still the way to go for solid financial planning?
Rotherham Taylor | Accountants Preston | Blog
by Admin
4d ago
From a tax planning perspective, incorporation of a business into a limited company has long been considered the gold standard in business development and growth – but is this still the right move? Our experienced team have explored the various benefits and disadvantages to give you a clear view of the best option for you. Liability The central issue around whether to incorporate your business or not is the question of liability. A limited company is its own legal entity, separate from you or other directors. When you operate as a sole trader, in comparison, you are not legally separate from y ..read more
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Streamlining your payroll set-up with employment and tax records
Rotherham Taylor | Accountants Preston | Blog
by Admin
1w ago
When your business takes on a new employee, we know that you’re eager to get them settled into their role – but not before you’ve completed the right checks and set them up in your payroll system! If you ask for employment and income history from new starters, this can create a major bottleneck in your onboarding process as many employees have to ask HM Revenue & Customs (HMRC) for the information by post. This can take up to 15 days, which may significantly extend your recruitment timeline. We can help you to address inefficiencies in your onboarding and provide guidance on areas where yo ..read more
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Starting a seasonal business? Here is what you need to know
Rotherham Taylor | Accountants Preston | Blog
by Admin
1w ago
Are you considering launching a seasonal business? If so, you are beginning an exciting journey that comes with its own set of unique challenges and opportunities. Understanding the differences in seasonal commerce is crucial for success. Whether you are opening an ice cream shop, a festival merchandise stall or a garden party catering service grasping these differences is vital. Payroll for seasonal employees Seasonal staff are typically treated as regular employees, which means their pay must be processed through the Pay as You Earn (PAYE) system. This involves deducting Income Tax and Natio ..read more
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Earning between £100,000 and £150,000? Your tax return is changing
Rotherham Taylor | Accountants Preston | Blog
by Admin
1w ago
If you’re a high earner with between £100,000 and £150,000 in net adjusted income, you’ll soon receive a letter from HM Revenue & Customs (HMRC) regarding whether you need to continue submitting a Self-Assessment tax return. ‘Net adjusted income’ is your total taxable income after certain reliefs, such as charitable donations via Gift Aid, but before your Personal Allowance is applied. Anyone earning between £100,000 and £150,000 annually who does not meet certain criteria will need to submit a Self-Assessment return for the 2023/24 financial year in line with current requirements. However ..read more
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Rotherham Taylor Chartered Accountants sets off on 100-mile challenge for Parkinson’s UK
Rotherham Taylor | Accountants Preston | Blog
by Admin
2w ago
Rotherham Taylor Chartered Accountants is putting its best foot forward to participate in the Walk 100 miles in May challenge, in support of Parkinson’s UK. This inspiring national event encourages participants to cover 100 miles throughout the month, by any means and anywhere, to raise vital funds for research into new treatments and a potential cure for Parkinson’s disease. A team of ten staff members at Rotherham Taylor have enthusiastically committed to collectively walk, run, and hike their way to the 100-mile goal. The challenge not only aims to raise awareness and funds for Parkinson’s ..read more
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Furnished residential lets vs Furnished Holiday Lets – The tax situation
Rotherham Taylor | Accountants Preston | Blog
by Admin
2w ago
If you’ve invested in a property to let and furnished it, you will be liable to pay tax on the income you receive from letting the property out. However, you may be able to claim some allowable tax reliefs and deductions. The level and type of relief will depend on the purpose of the property – namely whether it is intended as a Furnished Holiday Let (FHL) or as a longer-term residential property. FHL or residential let? A furnished residential let is simply a residential property which is furnished at the time it was let. Properties can be fully furnished or partially furnished. On the other ..read more
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P11D – Remember to report before the July deadline!
Rotherham Taylor | Accountants Preston | Blog
by Admin
2w ago
With the 6 July deadline nearing, it is essential to understand the updated reporting requirements for Class 1 National Insurance Contributions (NICs) on benefits in kind (BIKs). Employers offering benefits, such as private healthcare, living accommodation, travel expenses, and company cars must report additional NICs through the payroll process or on a P11D form. Significant changes are coming, however, that will simplify reporting BIKs through P11D forms for each employee receiving taxable benefits. Employers currently have the option to manage BIKs directly through their payroll, a method k ..read more
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The rise of the higher rate taxpayer
Rotherham Taylor | Accountants Preston | Blog
by Admin
2w ago
The Government continues to freeze both the personal allowance and the higher-rate income tax thresholds – leading to an increase in the number of higher-rate taxpayers this year. The result of ‘fiscal drag’ – a phenomenon where tax thresholds fail to keep up with inflation or wage growth – the freeze will continue to increase the number of higher-rate taxpayers until it is due to end in 2028. This freeze not only impacts numerous taxpayers but will also have broader economic implications by increasing the tax burden on a larger segment of the population – potentially influencing consumer spen ..read more
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