As a small business owner, your accounting duties can sometimes start to get in the way of what really matters to you – running your business. This is especially true for those who have newly incorporated, as the extra responsibilities that come with a Limited Company can start to stack up. Whilst it’s tempting to try to do everything yourself, sometimes it’s just not feasible. In this blog, we’ll cover the main advantages of appointing a specialist accountant. Support with the initial setup Even before you start your first contract, an accountant can advise you on the most tax-efficient stru ..read more

Directors of Limited Companies have legal responsibilities, such as filing/submitting various forms and returns to Companies House and HMRC throughout the financial year. If you’re new to contracting you may be unsure as to what needs to be done and when, and it’s easy to get confused and miss deadlines. In this blog we’ve taken a look at all the key dates a Limited Company contractor needs to be aware of. Limited Company director responsibilities As a director you have the legal responsibility to run your company, and are bound by a statutory code of practice and have certain legal obligatio ..read more

National Insurance & Tax Tax-free personal allowance – £12,570 Basic rate – 20% – up to £37,700 Higher rate – 40% – from £37,701 to £125,140 Additional rate – 45% – above £125,140 National Insurance Rates Primary threshold – £12,570 Secondary threshold – £9,100 Employees and directors must pay NI Class 1 contributions at 8% and 2% Employers pay NI Class 1 contributions at 13.8% Dividend Tax Rates Basic rate – 8.75% Higher rate – 33.75% Additional rate – 39.35% Tax-efficient dividends for Directors Dividends basic rate – £37,700 and a salar ..read more

Chancellor Jeremy Hunt has just finished delivering his Spring Budget 2024, in which he said the Conservatives have a plan to ‘grow the economy’. He confidently stated that his Budget will “unleash people power and put this country back on the path to lower taxes. Growth up, jobs up, taxes down.” Property tax – The furnished holiday let regime is to be abolished – the main impact here will be the mortgage interest relief gained previously will go, and it will be brought in line with the current rules for ordinary let property (mortgage interest rate is limited to 20%). Stamp duty – The multi ..read more

A few years ago crypto was almost a mythical phenomenon, with investors few and far between, and those who invested may have been looked upon as slightly mad to trust such a new form of investment. Fast forward to 2024 and it’s everywhere, with investors making such attractive profits, it’s hard not to consider what investing in crypto could do for you. So if you have taken the plunge and invested, are you aware of the tax you owe? HMRC have been quick to jump on the fact there’s tax money to be made on such investments, and that this needs to be tracked and managed correctly. In this blog we ..read more

Allowable expenses Claim all of your allowable expenses – you can read our expenses guide here Ensure paid invoices have been recorded – chase those you’re still awaiting payment for Keep receipts 6 years after accounting period ISAs Use your ISA allowance £20,000 taxed at 0% per year £9,000 for junior ISAs (JISAs) If you have a spouse / partner be sure to utilise their £20,000 allowance Pension Contributions Make contributions through your Limited Company for greater tax efficiency You can pay up to £60,000 taxed at 0% into your pension per year from your L ..read more

Here at SG Accounting, we have a fantastic accounting team, ranging from our apprentices right through to our Senior Client Directors and Head of SG. We consistently attract and hire the best local accounting talent and are proud of the team and the high levels of service they provide to our clients. Combined with their qualifications, years of experience and personal touch, we’re privileged to have such a strong team that makes SG what it is. And we’re growing! Recently we welcomed Frances Bridge into the Client Director team. Take a look below to read a little bit about her background, wha ..read more

If your New Year’s resolution was to take the leap into self-employment, you may be wondering how do you get started, what are your options, and how do you know which route is the right one to take? In this blog we’ll explore the main differences between a Limited Company and a Sole Trader, with a focus on Sole Traders to help you decide if it’s the right business structure for you. First things first – what is a Limited Company? A limited Company is a type of business structure that’s legally separate from it’s owners (shareholders) and has limited liability. Key features include: Sharehold ..read more

If you have, or have previously had any dealings with cryptoassets the chances are there will be a tax liability for you. There’s been some confusion in the past around the tax treatment of crypto, but HMRCs stance is now clear. Read on to find out how tax on crypto works and how we can help you navigate your tax situation. HMRC’s Evolving Position on Crypto Taxation Back in 2014, HMRC’s tax guidance for ‘cryptoassets’ suggested that highly speculative transactions might not be taxable, drawing comparisons to gambling. This led to a widespread belief that gains from crypto trading were not su ..read more

As the festive season approaches, many Limited Company directors are gearing up for their annual company party. The good news is that HMRC is quite accommodating of these kinds of events, as they consider staff entertainment to be a legitimate business expense. There are, however, a few rules you need to follow for you to be able to claim your event. Understanding the Rules You must ensure your event meets the following criteria for it to be considered a legitimate business expense for Tax and National Insurance exemption: The total cost of the event is under £150 per person, per year, inclu ..read more