Accounting, Bookkeeping, Accountant

National Insurance Contributions - Have you updated the Class 1 primary threshold?

Employees pay primary (employee’s) National Insurance contributions on their earnings to the extent that they exceed the primary threshold. The primary threshold is aligned with the personal allowance from 6 July 2022. If you have employees,…
Why tax planning is a sound investment

Reduce tax payments for 31 July 22? It may be possible if your income for 2021-22 was lower than the previous year, read on...

Do you submit a self-assessment tax return and are due to make a second payment on account for the tax year 2021-22 on or before 31 July 2022? You may have an opportunity to reduce how much you need to pay. Why would a reduction be possible? The…
How I can I avoid late penalty charges for self-assessment taxes?

Tax Returns 2021-2022 - Filing sooner is better than later

  Self-assessment tax returns for the tax year 2021-22 do not need to be filed until 31 January 2023. In which case, why do we recommend that returns are prepared as soon as possible after 6 April 2022?   There are three reasons-   Reducing…

Landlords and MTD challenges

From April 2024, landlords with rental income in excess of £10,000 per annum will need to submit quarterly returns of income and outgoings to HMRC using their Making Tax Digital links.  This will not apply to property owners who run their…
Trainee AAT Apprentice Accountant

Business planning for 2022

As we take a deep breath and consider our business planning options for 2022, the relevance of accurate, readily accessible accounting data has never been more apparent. Without up-to-date, real-time data we cannot make the judgments that…

How to access current Government grants

 As UK regional governments turn the screw to limit the spread of the new COVID Omicron variant, we have set out below how you can access details of the current financial support that is available to UK business owners affected by these changes.…

Available tax breaks this Christmas

An Accounting Gem's blog will take you through the tax allowances and reliefs that will help you celebrate with your business colleagues, family and friends this Christmas and New Year holiday period and claim any costs as a tax-allowable deduction. Christmas…

Kickstart Scheme deadline fast approaching

Could you find useful employment for a young person in your business, and have the costs met 100% by government sponsorship? What is Kickstart? The scheme was launched September 2020 and aims to find employers who are willing to take on…
Landlords Tax Planning Check List 2020-21

Attention landlords - Tax saving tips

What you can write off against tax for replacement of domestic items in your rented properties At An Accounting Gem we often get asked by our clients to clarify what can be claimed if domestic items in your rented property are replaced. The…
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