Things have been going well here at Bainbridge Lewis and so we are now in a position to recruit our first employee! The vacancy we have is for a trainee accountant and administrator. The role is under the National Apprenticeship Scheme and will include study towards an AAT qualification at City College Brighton. Read the rest of this entry »

In the budget the Chancellor talked about making life simpler for small business owners and one major step in that direction was the introduction of cash accounting for unincorporated businesses under the VAT threshold (annual turnover of less than £77,000). Read the rest of this entry »

So today is the last day of the tax year and you’ve probably been bombarded with reminders to put money in your ISA, your pension and buy some new equipment so hopefully you’ve managed to do a little tax planning.

But what can we look forward to from tomorrow?

Yes I know I hear a resounding reply of ‘a 4 day weekend’ and I’m looking forward to that myself but in terms of tax….. Read the rest of this entry »

I realise that small business owners really don’t want to have to spend hours watching the budget commentary and would just like to know the key points that will affect them. Having sat through the budget myself I have put together a quick summary.

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I’ve noticed a lot of my clients want to grow their businesses by taking on their first member of staff but when they start looking into it they are massively put off by the costs involved. Given the high levels of unemployment this issue which is holding small businesses back from taking on staff and growing their businesses has to be addressed. Read the rest of this entry »

As we are approaching the end of the tax year for 2011/12 we thought now would be a good time to think about things you need to consider before the end of the tax year to make sure you minimise your tax bill.

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This blog looks at some of the basics of income tax. There are some complex rules and not all of them can be covered without inducing a coma but hopefully an overview will be useful and give most people enough information.

If you do need more information or have a specific question please send us an email or give us a call on 01273 737307.

Income tax is exactly what it says it is it is a tax on income. However not all income is taxable and there are reliefs and allowances that mean that you don’t necessarily pay tax on every penny you get.

So what counts as taxable income? Read the rest of this entry »

From April 2012 a new emissions scale has been introduced which could mean hefty increases in tax charges for those using company cars.

If you are provided with a company car which you also use for private motoring (including travel to and from your place of work) you are receiving a benefit which is subject to tax.

This also applies owner managed companies where the director has purchased the car in the company. Read the rest of this entry »

If you took out a student loan for a university or college course that began in September 1998 or after you will have an Income Contingent Loan.

What does this mean if you are now self-employed or a director in your own company? Read the rest of this entry »

If you pay tax by filing a self-assessment tax return you may be required to make Payments on account. These are advance payments of tax based on last year’s tax bill. They are payable on 31 July and 31 January each year.

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