Monthly Archives: December 2013

Accounts Reporting Changes for Small Companies

The EEC are driving some major changes to the way all accounts are presented, introducing International Financial Reporting Standards to all. The changes to small company accounts are being made in steps up until July 2015. However in June this year EEC gave all countries permission to create a...

PAYE – Statutory Sick Pay Changes

Plans are afoot to abolish the Statutory Sick Pay rebate from April 2014. Currently employers may claim a rebate if sick pay has been significant when compared to National Insurance. This  rebate is particularly beneficial to small businesses whose National Insurance bills are usually quite low. The full cost...

Personal Tax Bills

HMRC will be issuing personal tax self assessment payslips over the Christmas period to all those who need to submit a tax return or have tax to pay. When your personal tax return has been prepared then you should know your personal tax bill to pay. This bill is due...

Personal Tax Returns

The deadline for Electronic submission of 2013 personal tax returns is midnight on 31st January 2014, with an initial automatic £100 penalty if late.  Further penalties are levied from 1st May 2014 at £10 per day with no reduction based on tax due. If you are in doubt about...

Business Gifts & Tax

At this time of year you may think of giving gifts or bonuses to staff, or presents to clients, customers or useful contacts, but do remember that these may be subject to tax as follows: Gifts to staff are taxable benefits. A bonus is just an irregular payment of...

Christmas Party Staff Allowance

The tax free “Christmas Party Allowance” is £150 per head per annum.  It can be spread over as many annual events as you like, but each one must be annual and an event, arranged by and billed to the company.  The total party cost to the company, including taxis,...

Limelight in Christmas Spirit

Limelight Accountancy has again this year embraced the Christmas spirit. The Liphook office has a modest display of Christmas decorations and a winter themed photo display in the window. While at Haslemere Doug and Phil have wrestled a 13ft Christmas Tree onto the roof and decorated it with our...