Arnold Ayton and the ascent of an accounting professional? This is?an easy-to-understand,?step-by-step guide,?to?opening?a successful?limited company.?But before we dive in,?let’s?check the legality surrounding it.? Can I?Be?A?Limited?Company?? If your company is either limited by shares?or?limited by?‘guarantees’, it?qualifies?as a limited company. Limited by shares means you are a profit-fueled company with shares and shareholders and?you?can keep your profits after paying tax.?If?you are a non-profit company with guarantors, whose profits must be invested back?into?the company, you are ‘limited?by?guarantee’.?In other words, a charity.?
Arnold Ayton is qualified as a Chartered Accountant under the Association of Certified Chartered Accountants (ACCA), although I currently hold a practicing license under the Institute of Financial Accountants (IFA). I understand Arnie is a very busy accountant and has a lot on his plate. As a result, he can sometimes take a little bit of time to respond during busy periods. However, he has always been prompt with urgent matters and we have not overrun any deadlines whilst we have had him as an accountant. For the non-important requests we make, perhaps an automated/stock reply saying that he’s seen our message and is getting around to the topic would be appreciated rather than feeling obliged to answer with a fully formed response.
Spondoo.co.uk accounting recommendations 2021: How much can you claim for food expenses? HMRC do not state a specific limit on the amount you can spend on food and drink and then claim as an expense. However, they do state that all subsistence costs should be reasonable. Don’t expect the taxpayer to cover a three-course meal at the local Michelin restaurant! There is another rule to be aware of, if you eat with people not employed by the company, including clients and partners. The food and drink in these scenarios are classed as entertainment and no longer solely for subsistence. Thus, in these situations, all of the food and drink is no longer an allowable expense. You cannot divide the receipt into allowable and disqualified expenses.
The IR35 legislation has been introduced to ensure that these workers pay broadly the same tax and National Insurance contributions (NICs) as an employee. IR35 has been in force for over 10 years but the key change from April 2020, is the change in ‘who is liable’ for non-compliance from the individual or contractor to the organisation engaging the worker.? Before April 2020, a contractor/worker not currently on PAYE (i.e. a maintenance person) working for your business/organisation, is deemed to fall under this legislation and is challenged by HMRC, the individual / contractor would be liable for all the underpaid tax and a Class 1 National Insurance (Employer as well as Employee NIC) liabilities. After April 2020, a contractor/worker not currently on PAYE (i.e. a maintenance person) working for your business/organisation, is deemed to fall under this legislation the underpaid tax and associated penalties will fall on the business, not the contractor.
Spondoo is made up of a team of Chartered and Certified Accountants and bookkeepers, supported by our in-house software developers. We have years of experience across the finance industry – including in payroll, financial services and pensions – as well as in-depth knowledge of all the software that you use every day to run your business. Information provided on the site is merely guidance that may change in line with UK law and regulations. Users must not consider this to be financial advice or their sole resource when making any financial decision. Spondoo is a trading name for Accounting SQL Limited, authorised & license accounting firm under the Institute of Financial Accountants.
