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accounting services / 4 posts found

An image of an old car wheel with spokes

8K – Hub and Spoke

by mike tombs
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Today is the final day on the 8 Key Drivers of Business Value! If you’re a business owner working too many hours a day, too many days a week, then this driver will apply to you – Hub and Spoke. If you imagine a spoked wheel, every piece of the wheel is tied to the centre. As a business owner, you make up the hub of the business, with every individual piece being tied directly to you. Hub and Spoke is down to how dependant your business is on you personally. If your customers are coming to you for everything [...]

Unmarried couples to qualify for spousal tax breaks?

by mike tombs
in Tax
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In a landmark decision, the Supreme Court has ruled that discriminating on the basis of sexual orientation, or a decision to live together rather than marry, is a breach of human rights.   Presently, couples need to be in a formal civil partnership or married to be able to claim the raft of tax benefits available. These advantages include:   Transfers of chargeable assets between civil partners and married couples is free of capital gains tax and inheritance tax. In appropriate circumstances spare personal allowances can be transferred from one partner to the other.   In the case taken to [...]

Why don’t they join up the dots?

by mike tombs
in Tax
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According to HMRC, around three million couples across the UK have boosted their finances by claiming the Marriage Allowance, but more than a million married and civil partnered couples are still eligible for the free tax break worth up to £238 a year. Thanks to the start of the new tax year couples can backdate their claim and boost a potential tax refund to a possible £900. HMRC further announced: Applying for Marriage Allowance is quick and easy and once an application is complete it’s processed immediately. The new online form takes fewer than ten minutes to fill out and [...]

Please, Sir! I want some more.

by M Tombs
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Here's a question for you. What does your accountant really contribute to your business? I don't just mean all that pen-pushing and form-filling to keep the taxman and Companies House happy. That should be just the beginning; but so often it's the beginning and the end of the service that so many companies receive from their accountants. The sad truth is that too many small businesses accept this; not because they are satisfied with a second-rate service, but because they are unaware of what accountants can and should do for their clients. It's not actually rocket science. As accountants, we [...]