Khoob Accountancy

📊 Unlock the Power of Professional Bookkeeping Are your financial records holding you back? 📉 Proper bookkeeping is the backbone of every successful business, ensuring your finances are organized, compliant, and ready for growth. In our latest blog, we cover: ✔️ Why accurate bookkeeping is crucial for your business ✔️ The benefits of outsourcing to professional bookkeepers ✔️ How Khoob Accountancy can simplify your financial management 💡 Read the full blog here: https://lnkd.in/e6FspJGw With years of experience providing bookkeeping services in London and across the UK, Khoob Accountancy ensures your business stays tax-compliant and financially secure. 📞 Get in touch today: +44 (0) 208 621 7340 📧 Email us: hello@khoobaccountancy.co.uk 🌐 Visit us: https://lnkd.in/eZYhN6XN #KhoobAccountancy #BookkeepingServices #UKAccountancy #SmallBusinessSupport #TaxCompliance #FinancialClarity

The Companies House – Persons of Significant Control (PSC). What do you know? All companies in the UK - including those which are registered as being dormant - and all Limited Liability Partnerships (LLP) incorporated under the UK Limited Liability Partnerships Act 2000 must keep a register of persons who have significant control over them. But who exactly is a person with significant control? They are any person who: directly or indirectly holds more than 25% of the shares directly or indirectly holds more than 25% of the voting rights directly or indirectly holds the right to appoint or remove the majority of the directors otherwise has the right to exercise, or actually exercises, significant influence or control over the company/LLP or its activities. As an Accountant it is the responsibility to inspect the register of PSCs at Companies House for all company clients and if there is any material discrepancy between the information on the PSC register and what accountants know about the client, report to the Companies House. The future law is going to be implemented is all the company directors and all PSCs to have been identified and have their identity confirmed.

💼 Payroll Taxes: What Employers and Employees Need to Know 💷 Understanding payroll taxes is essential for businesses and employees alike. Who pays what? How do National Insurance Contributions (NICs), PAYE, and pension contributions differ for employers and employees? In our latest blog at Khoob Accountancy, we explain: ✔️ The payroll taxes employers are responsible for, including NICs, pensions, and apprenticeship levies ✔️ Employee contributions, such as PAYE income tax, NICs, and student loan repayments ✔️ Key compliance tips for businesses to avoid penalties and stay on top of HMRC regulations 🔍 Read the full article: Payroll Taxes: What Does an Employer Pay Versus Employees? 📊 At Khoob Accountancy, we provide tailored payroll services to simplify your processes, ensure compliance, and let you focus on growing your business. Let's make payroll stress-free! 🚀 📞 Contact us: +44 (0) 208 621 7340 | hello@khoobaccountancy.co.uk 🌐 Visit us: https://lnkd.in/eZYhN6XN #KhoobAccountancy #PayrollTaxes #UKAccountancyFirm #NICsCompliance #TaxAdvisory #PayrollManagement #AccountingInLondon #BusinessSupport

Annual Allowance on Dividend and Capital Gains. Taxpayers who receive dividends in excess of the annual dividend allowance need to inform HMRC of that income and, in many situations, will have to complete a tax return to declare their taxable dividends. The dividend allowance was halved from £2,000 to £1,000 for 2023/24, which could result in more individuals needing to file a SA return. In April 2024 the allowance was halved again to £500, which may have led some companies to pay higher dividends than usual before that date, bringing more people into self assessment in the 2023/24 tax year. Similarly, the annual capital gains tax (CGT) exempt amount was slashed from £12,300 in 2022/23 to £6,000 in 2023/24 and again to £3,000 for 2024/25. Although this alone will not necessarily require an individual to register for SA, the reduced allowance is likely to result in more clients having gains that need to be reported on their SA return.

Selling Online or letting out property? Beware of your tax liability. Digital platforms including apps, online marketplaces and other e-commerce platforms are now required to make annual reports to HMRC about those who sell goods or services through them. This can include individuals selling goods on sites like eBay, Etsy and Vinted, as well as those providing services or letting out property. The first report is due on 1 January 2025 and will cover the 12 months from 1 January 2024. Contrary to popular belief, this is not a change in the tax rules. However, some traders with income above the £1,000 annual allowance for online selling, who were previously unaware they needed to declare their income to HMRC. Seek professional assistance to meet your reporting and tax obligations.

🌟 **Revolutionize Your Financial Management with Virtual Office Accounting!** 🌟 At Khoob Accountancy, we're helping businesses simplify their accounting processes with our **Virtual Office Accounting Services**. Imagine handling all your bookkeeping, payroll, and tax advisory needs—without the hassle and overheads of a physical office. From startups to established businesses, our virtual service empowers you to focus on growth while we handle the financial details. Discover the benefits of virtual office accounting in our latest blog: [Enhance Your Business with Virtual Office Accounting Services](https://lnkd.in/eq2Xd6HH) Curious how this could work for you? Reach out, and let’s discuss how our virtual accounting solution can meet your unique business needs. Whether you need support with compliance, corporate accounting, or tax planning, we're here to support your journey to success! 📊💡 https://lnkd.in/eq2Xd6HH #KhoobAccountancy #VirtualOfficeAccounting #FinancialServices #LondonAccounting #SmallBusinessSupport #TaxAdvisory #Bookkeeping #PayrollService #AccountantsInLondon

Employment Expenses – New Evidence Requirements from 14th Oct 2024. Where employers do not reimburse expenses incurred by an employee, the individual can Claim Income Tax relief through PAYE for allowable expenses up to £2,500. Having recognised the issue, HMRC suspended processing some claims on 10 June 2024 while they considered how to manage the risk. The Form P87 need to fill and provide supporting evidence to process the claim. From 14 October, neither the digital form nor a new claim over the phone will be accepted. Claims must be submitted by post for now, but HMRC say they are "working at pace to reinstate the digital process". Evidence must be submitted to: Pay As You Earn and Self Assessment, HM Revenue and Customs BX9 1AS. Employees who submit claims via Self Assessment returns can continue but HMRC has separately begun a compliance project concerning them. Evidence requirements: 1) Subscriptions to professional bodies: copies of receipts or other evidence showing how much was paid for the amounts claimed. 2) Mileage allowance: a copy of a mileage log for each employment including the reason for the jouney and the postcodes for the start and finish points. 3) Hotel and meal expenses (subsistence): copies of receipts showing the date of a stay or meal and the name of the establishment. 4) Expenses for working from home: evidence that the claimant has a formal agreement to work from home such as a copy of their employment contract. If the position is not clear from the contract, something else making the requirement formal must be provided. Uniform, work clothing and tool expenses (also known as Flat Rate Expenses - FRE): evidence is not required for FRE claims but claimants must ensure they are eligible. From 31 October 2024, claimants for these expenses will be able to use the digital claim route. Other expenses: a full list of these expenses and the related employment together with copies of receipts or other evidence showing the name of the item and confirmation the claimant paid for it. #expense #employer #selfemployed

🔍 Explore the Benefits of Virtual Office Accounting Services! 🔍 In today's fast-paced business environment, flexibility is key. With Khoob Accountancy’s Virtual Office Accounting Services, you can manage your business finances efficiently, without the need for a physical office. Our latest blog post highlights how virtual accounting can benefit businesses in London, the UK, and Europe by offering: 💼 Cost savings on office space and staffing 💼 Scalable solutions that grow with your business 💼 Expert support for bookkeeping, payroll, and taxation 💼 Remote access to your financial data anytime, anywhere 💼 Compliance with local regulations in multiple languages (including French-speaking services) Whether you're a small business or a growing enterprise, we help you stay on top of your finances so you can focus on growth. 🔗 Read more about how virtual office accounting can streamline your operations: https://lnkd.in/eU5RMQMS #VirtualAccounting #KhoobAccountancy #BusinessAccounting #Bookkeeping #Payroll #Taxation #VirtualOffice #AccountingSolutions #LondonBusiness #UKAccounting #FrenchSpeakingAccounting

Budget of 30th October 2024 will slash the tax-free pension lump sum to £100k? If you are aged 55 or over, you are entitled to take up to 25pc of your private pension as a tax-free lump sum up to a maximum of £268,275. However, reports that the Chancellor is considering plans to slash the lump-sum limit to £100,000 – 37pc of the current amount – has been making savers question what to do next. Rumours of pension changes in Labour’s upcoming Budget on October 30 have caused some savers to scramble to take their tax-free lump sum while they can, fearing that they could lose the bulk of this allowance at the end of the month. Some authentic survey saw a 58pc increase in the volume of cash withdrawals from Self-Invested Personal Pension (SIPP) accounts that make up the 25pc tax-free lump sum allowance in September, compared to the same period in 2023. But the decision to pull money out of your pension early can come with costly ramifications, and must be carefully considered with risks you need to weigh up. #pension #retirement #budget