Making Tax Digital

There are no immediate plans to submit every single transaction included in the business records to HMRC, but MTD lays the technical groundwork for this development in the future.

Employment and Self-Employment

A quick look into the complicated and increasingly fuzzy differences between employment and self-employment. The tax position Overall, the self-employed enjoy tax advantages compared to their employed colleagues. A self-employed worker pays lower rates of national insurance (at the time of writing: 9%, or 2% on earnings above £46,350). There is no benefit in kind […]

Cloud accountancy

In the last decade, the world around us has changed immeasurably. Almost 25% of non-food retail items are now purchased online. While once we used to write cheques, we now pay for items with a touch of a smart watch, or a swipe on a smart phone. Entire libraries can now be stored on devices […]

Dormant companies

What are dormant companies? A dormant company is a company which does not carry out a trade. To qualify as dormant, a company must either be non trading in its first year of existence, or otherwise be non trading for two consecutive years. What difference does being a dormant company make? Dormant companies can file […]

FRS105 Micro-entity Accounts

Do you like to understand the detail behind your annual accounts? At Somers Baker Prince Kurz we like to take the time to explain what we do (we’re accountants after all) to our clients, so that the accounts are meaningful and useful documents rather than an administrative drudge. The UK government has recently introduced a […]