Wired Sussex Open
Studios
Accounting Presentation by
Chris Barnard & Laura Hughes
Overview - What will you get out of this?
•	 Sole trader VS Ltd company
•	 Tax efficient salary and dividends
•	 RTI - how...
•	 You are the business owner
•	 Self employed
•	 Individual pays income tax and NI
•	 Use losses against other personal i...
Tax efficient salary & dividends
•	Entitled to share of distributable profits... called dividends
•	 Distributal profits =...
Business travel
Entertainment
•	Public Transport
•	Subsistence
•	Accomodation
•	Mileage
•	Entertainment Staff •	Entertainm...
Possible P11d benefits
•	Professional Subscriptions
•	Telephone & Internet
•	Training
•	Accountancy fees
•	Home office usa...
Other allowable expenses
•	Eyesight test & glasses
•	General office stationary
•	Gifts
•	Pension
•	Charity donations
•	Chi...
Real time information (RTI) - how is it going?
•	HMRC teething problems
•	Annual scheme
•	Submission files
•	Crunch softwa...
Important up and coming deadlines
•	31st
October for paper assessment
•	Register for self assessment if earn over £50,000
...
Free guides available for download
•	www.crunch.co.uk/guides
•	Expenses guide 2013 - 2014
•	Limited company beginners guide
Thank you for your time today.
Do you have any questions?
Upcoming SlideShare
Loading in …5
×

Small business accountancy & tax workshop

670 views
581 views

Published on

Slides from our Open Studios tax workshop event, presented on Monday, 23rd September.

Published in: Business, Technology
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
670
On SlideShare
0
From Embeds
0
Number of Embeds
238
Actions
Shares
0
Downloads
3
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Small business accountancy & tax workshop

  1. 1. Wired Sussex Open Studios Accounting Presentation by Chris Barnard & Laura Hughes
  2. 2. Overview - What will you get out of this? • Sole trader VS Ltd company • Tax efficient salary and dividends • RTI - how it’s going. How Crunch has been recognised by HMRC for its RTI compliance • Allowable business expenses overview • Up and coming filing deadlines - 31st October for paper • Free guides available to download from the Crunch website
  3. 3. • You are the business owner • Self employed • Individual pays income tax and NI • Use losses against other personal income • You are liable for whole loss if business fails • Business is seperate legal entity • You are shareholder and employee • Company pays corporation tax • Company uses losses against its own past/future profits • You have limited liability if business fails • Improved perception from others Sole trader VS Limited company Sole trader Limited company
  4. 4. Tax efficient salary & dividends • Entitled to share of distributable profits... called dividends • Distributal profits = Profit after tax • Don’t pay National Insurance... therefore, small salary to qualify for state benefits - no extra tax • Lower rate of income tax As shareholder:
  5. 5. Business travel Entertainment • Public Transport • Subsistence • Accomodation • Mileage • Entertainment Staff • Entertainment Other Day to day expenses
  6. 6. Possible P11d benefits • Professional Subscriptions • Telephone & Internet • Training • Accountancy fees • Home office usage • Medical insurance Day to day expenses
  7. 7. Other allowable expenses • Eyesight test & glasses • General office stationary • Gifts • Pension • Charity donations • Childcare vouchers • Company formation fee • Equipment Day to day expenses
  8. 8. Real time information (RTI) - how is it going? • HMRC teething problems • Annual scheme • Submission files • Crunch software • RTI compliant - recognised by HMRC
  9. 9. Important up and coming deadlines • 31st October for paper assessment • Register for self assessment if earn over £50,000 and still receive child benefit by 5th October • 31st January - digital assessment
  10. 10. Free guides available for download • www.crunch.co.uk/guides • Expenses guide 2013 - 2014 • Limited company beginners guide
  11. 11. Thank you for your time today. Do you have any questions?

×