Astons Accountants

read moreIf you change from being self-employed to setting up a limited company, you need to think about how to make sure you pay the correct type of National Insurance. When making a decision about how much to pay yourself from a limited company, keeping your National Insurance contributions up to date is a key part of setting the amount. If you want to know more or talk about which options suit you best, call us and we will talk it through with you. If you want to make sure you don't pay too much National Insurance, or save "NI" wherever possible, call Astons Accountants who are always happy to help with National Insurance issues.

read moreMost employees feel they have no tax worries because they are within the Pay-As-You-Earn (PAYE) system operated by their employer and so there is nothing to worry about. However, tax is never that simple. Sometimes tax is underpaid and arrears build up and sometimes tax is overpaid and the chance of a tax refund arises. Whatever your situation, it pays to get your tax situation reviewed from time to time - sometimes it only takes a little while to run a check but it can bring a huge amount of peace of mind and sometimes even a refund!

read moreThere is no restriction on when you can or cannot start a business and for most people it is circumstances or opportunities that make this decision. You may be a budding entrepreneur (like you see on Dragons' Den) or have been made redundant and want to use your skills through self-employment. Perhaps you do freelance work and have been offered a contract which means you need to set up a limited company. However, there are certain obligations that are almost immediately thrust upon anyone starting a business and it is easy to fall foul of these so it is important to seek advice early.

read moreThe shareholders appoint the directors at incorporation and at subsequent board meetings and/or Annual General Meetings. The company rewards its directors and employees by paying wages and salaries and sometimes providing benefits-in-kind. With self-employment the business could own a car and the sole trader could drive it. With a company, the director would be using a company-owned asset. The company rewards its shareholders by paying dividends, providing certain criteria are met. In very small companies, the shareholders, directors and employees can be the same people, but it is important to keep the roles separate as the finances for each are quite different.

read moreIf you use a car for business, some (or all) of the expenses can be claimed as a deduction from profit, effectively obtaining tax relief. Alternatively, you can charge your business a mileage charge (there are established, fixed rates that are acceptable to the tax authorities) for miles travelled on business. You can choose which method you adopt, so different strategies suit different people in different situations. The best tactic is to keep a log of business miles and discuss which is the best method for claiming the expenses with Astons Accountants when you bring your records in.

read moreBookkeeping is a job that most people think is simple but doing it well is more difficult and time-consuming than expected. Doing the job well brings rewards. Good record-keeping will enable you to be confident about how your business is doing. In good times it means new opportunities can be taken and, in hard times, it means some difficulties can be foreseen and even avoided. Some people want to do their own bookkeeping (out of interest and/or a desire to avoid paying others to do it for them).

read moreAny Accountant with the right training and experience, can prepare Accounts and complete Tax Returns but at Astons Accountants, we believe it is how the services are provided and delivered that makes the difference.