R.Fuller - Chartered Accountants

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Helping small businesses and self-employed people with accounting solutions.

We provide a number of services, please send us a message if you need help with any issues.

13/05/2023

The confirmation statement has replaced the annual return.

On the confirmation statement you must confirm that your basic company information is correct and up to date. This information includes the registered office address, registers, officers, business description (SIC), share capital and shareholders. If any information needs to be updated you must file these changes using the relevant form before submitting the Confirmation Statement.

People with significant control (PSC)

On the first confirmation statement the company will also need to provide details of the people with significant control (PSC). These are the people that have significant influence or control over the company. This can be determined by a number of different criteria including voting rights, ownership of shares, or the right to appoint or remove the majority of the board of directors.

Please feel free to drop us a message if you are looking for assistance✅

08/05/2023

There are a lot of ways to reduce your tax liability but doing it the correct legal way is important otherwise you could face fines and in some cases, even prison time.

The government offers various tax credits and reliefs to reduce tax bills. You should make sure to utilise these schemes but be careful when using them to make sure the income or expense qualifies for the benefit.

Please feel free to drop us a message if you are looking for assistance✅

17/04/2023

If you are self employed, it is important to keep your personal expenses and business expenses separate. This saves a lot of time when preparing your self assessment tax return.

On expenses that are used for both business and personal use, these need to be split by a fair percentage or use the allowances published by HMRC to work out the tax deductions that can be taken advantage of.

Looking for some guidance on tax deductible expenses? Drop us a message.

10/04/2023

Tax Deductible Expenses are very important when reducing the amount of tax you pay.

They allow you to reduce your business's taxable profit. These expenses need to be business costs that are for the operation of the business.

If you have an asset or service that is both for business and personal use, a portion of the expense can be deducted from the business's profits.

Message us if you would like help with your Tax Deductible Expenses

02/04/2023

This checklist will help you if you are starting a business to understand the fundamentals.

Starting a business can be tricky because of the regulations and compliance in place. If you need help with setting up a business, we are happy to assist.

Please feel free to drop us a message✅

26/03/2023

Profit & Loss reporting poses several benefits to businesses. It helps to give an understanding of how the business is performing and also allows the ability to benchmark against other businesses.

Having control of your businesses finances will enable you to make informed decisions backed up by financial data.

Getting regular reports for you business will allow you to identify sales trends and understand where expenses can be managed to potentially improve margins.

Please feel free to drop us a message if you are interested in having regular reports for your business✅

22/03/2023

Income tax rates are changing for the Tax Year 2023/24. The Additional rate has lowered from £150k to £125k which will mean lower take home pay for people in that tax band.

Please feel free to drop us a message if you have any questions✅

15/03/2023

National Insurance (NI) is a fundamental component of the welfare state in the United Kingdom. It acts as a form of social security, since payment of NI contributions establishes entitlement to certain state benefits for workers and their families.

National insurance contributions (NICs) fall into a number of classes. Class 1, 2 and 3 NICs paid are credited to an individual's NI account, which determines eligibility for certain benefits - including the state pension. Class 1A, 1B and 4 NIC do not count towards benefit entitlements but must still be paid if due.

Please feel free to drop us a message if you have any questions✅

10/03/2023

From the 6th April you will need to submit a Income Tax Self Assessment (ITSA) to HMRC if you have income earned between 6th April 22 - 5th April 23 over £1000 that has not been taxed through PAYE.

A tax return can be submitted via paper, Online form or Making Tax Digital (MTD) software.

If you would like us to complete your tax return for you, drop us a message and we will get it sorted ✅

08/03/2023

Under the Construction Industry Scheme (CIS), contractors deduct money from a subcontractor’s payments and pass it to HM Revenue and Customs (HMRC).

The deductions count as advance payments towards the subcontractor’s tax and National Insurance.

Contractors must register for the scheme. Subcontractors do not have to register, but deductions are taken from their payments at a higher rate if they’re not registered.

Please feel free to drop us a message if you have any questions✅

Address

Orpington

Website

http://www.rfullerltd.co.uk/

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