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Accounting & Tax

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We created The Accounting & Tax Academy to empower small business owners, entrepreneurs and other tax minded individuals with free, helpful content. We noticed a growing trend of unqualified YouTubers circulating incorrect accounting advice, potentially creating serious problems for new business owners. We decided the best way to combat this was to create a channel of our own to share ACCA backed advice from qualified accountants you can trust.

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Recent Videos

Capital Gains Tax, sometimes referred to as CGT, is often an intimidating and broad subject to understand. As a business owner, knowing the basics of this often misunderstood tax can present you with generous tax mitigation opportunities and save you money. Capital Gains Tax FREE DOWNLOAD https://www.aidhanfinancial.com/capital-gains-tax-uk Time Stamps 0:41 What is a chargeable capital gain? 1:20 Who is chargeable to capital gains tax? 2:02 When is capital gains tax charged and what are the rates? 4:04 The annual & other exemptions The first and arguably most important thing to understand when it comes to capital gains tax uk is the terminology used in describing it. Capital gains tax arises when a chargeable person, makes a chargeable disposal of a chargeable asset; in layman's terms, if you make a profit on the sale of an asset, Capital gains tax may arise. Chargeable persons, chargeable assets and chargeable disposals are all terms that will be used in this video and our free downloadable pdf will explain in a lot more detail what these are. To put it simply, if you bought £1,000 worth of listed shares and sold them for £6,000, the chargeable person is YOU a UK resident individual, the chargeable asset are the listed shares and the chargeable disposal will bet the £5,000 PROFIT you have made from selling, or disposing of, these assets (ignoring allowable expenses, incidental costs and the annual exemption for simplification of explanation) The current Capital Gains Tax UK rates are as follows: Residential Property. 18% for basic rate taxpayers and 28% for higher rate taxpayers. Main CGT Rate. 10% for basic rate taxpayers and 20% for higher rate taxpayer. The annual exemption for Capital Gains Tax UK is currently £12,300. So if you have not exceeded this amount in profit from the sale of assets, aka capital gains, then you do not need to report this to HMRC as you are not liable to pay any Capital Gains Tax. If you are a married couple you may also be able to combine this allowance and benefit from £24,600 worth of exemption, we will go into a lot more detail on this in the next video in our CGT series. Leave a comment below if you have any questions regarding capital gains tax and we will do our best to answer them as we progress through this series. We hope this takes you one step closer to knowing your numbers and hope you'll like and subscribe for more free quality advice from real qualified accountants. #capitalgainstaxuk #capitalgainstax
Capital Gains Tax UK 2020-2021 [FREE DOWNLOAD]
YouTube Video VVVJMnJRamlrd0JTVkdnMmxHY2YtUXdBLjVFM0FERjAyQjlDNTdGRjY=
If there was ever the need for a bit of extra Christmas cheer, it's right now. If you're a limited company owner, you can benefit from a massive £150 (inc VAT) tax exemption per person for a Christmas event, and give yourself and your employees a much needed morale boost. Time Stamps 0:46 - How much can you claim? 1:20 - Who is eligible? 1:43 - Can your party be virtual? 2:36 - How does the accounting work? 3:29 - What is the financial benefit of this exemption? HMRC have officially amended the rules regarding this tax exemption to include virtual events facilitated by IT. This means that you can still benefit from £150 per person towards a Christmas party if you are hosting a Zoom call and send your employees a gift hamper to enjoy whilst socialising with you via the call, for example. In order to qualify for this exemption your event must be open to ALL employees. It's also worth remembering that this is not an annual allowance, it is a tax exemption; this means that if the cost of your event was £151 per person, you would pay tax on every penny of the event, not just the extra £1 you have exceeded the exemption by. So keep this in mind when planning your festivities! We hope this video reaches some limited company directors who weren't aware of this generous tax exemption and gives you a reason to celebrate towards the end of an otherwise unprecedented challenging year. This tax exemption is a great excuse to celebrate with your colleagues and focus on boosting your morale to prepare for 2021 and make it a year to remember. Happy Holidays from all of us here at The Accounting & Tax Academy
What Expenses Can I Claim Through My Limited Company? £150 for a Xmas Party
YouTube Video VVVJMnJRamlrd0JTVkdnMmxHY2YtUXdBLjU2QjQ0RjZEMTA1NTdDQzY=
Self Assessment season is upon us, and with the deadline for completing your self-assessment tax return for the 2019-20 tax year is looming ever closer on 31st January 2021, there's never been a better time to brush up on your self-assessment knowledge. Time Stamps: 0:53 - Do you need to complete a self assessment tax return? 2:29 - Timelines, deadlines & payments 4:09 - Penalties for non/late submission or payment 5:11 - Our 4 step guide to preparing for your self assessment return. Get help with your self assessment return at https://aidhanfinancial.com/accountants-for-tax-return/ HMRC 'Do I need to complete a return?' checker: https://www.gov.uk/check-if-you-need-tax-return HMRC late payment / filing penalties calculator: https://www.gov.uk/estimate-self-assessment-penalties The first thing you need to consider is if you need to complete a self assessment tax return at all. If your only income is your wages, salary or pension then the short answer is no you don't! There is an extensive list of criteria in this video for when you do have to complete a return. However, you may also choose to complete a self assessment return voluntarily even if you don't have to, for example, to prove you are self employed for certain benefits. We'll go into more detail on this in our next video. The deadline for submitting a paper return was on the 31st October 2020. So sadly if you are reading this you have missed this deadline. The final deadline for completing an online return is midnight on the 31st January 2021, and this is also when your return must be paid. Missing submission or payment on this deadline will make you liable for fees and interest. For late submission, if you are up to 3 months late with your filing you will be liable for a £100 fee. However, if you exceed this time and submit after 3 months a £10 per day charged, up to a maximum of a whopping £900, so 90 days. We can only recommend completing your return to the best of your ability before the deadline or engaging with a professional accountant who will be able to assist you with this. For late payment, currently interest is charged at 5% of the outstanding tax liability at the date of late payment. Our 4 Step Approach Step 1 - Register for self assessment. https://www.gov.uk/register-for-self-assessment Step 2 - Get your Unique Taxpayers Reference (or UTR for short) Step 3 - https://www.gov.uk/log-in-register-hmrc-online-services Step 4 - Get organised! Step 4 is, in our opinion, the most important of the 4 steps. If you have kept detailed receipts and records filing your self assessment return should be a painless process. If your return is investigated or audited by HMRC and you cannot back up everything you are claiming with evidence, you may face heavy sanctions. Have you already completed your return? Well done! Brag in the comments section below!
How Do I Prepare For a Self Assessment Tax Return UK in 2020? - 4 Simple Steps
YouTube Video VVVJMnJRamlrd0JTVkdnMmxHY2YtUXdBLjI4OUY0QTQ2REYwQTMwRDI=
🔴 Declaring your Limited Company as Dormant can be extremely beneficial if you have ceased trading for the time being but plan to start up again in the future. Your filing costs and associated taxes are mitigated and you are able to keep assets such as your business name. We're getting into the basics of filing dormant company accounts. Dormant Company Account Filing Information: aidhanfinancial.com/dormant-limited-company Time Stamps: What Is A Dormant Limited Company? - 0:35 How Do You Know If Your Company Is Dormant? 2:10 What Filing Requirements Does A Dormant Company Have? 3:00 How Can You File Dormant Company Accounts? 4:00 Put simply, a dormant company is a limited company that has had no significant transactions in its financial year. The important thing to remember about dormancy is that you can only declare you limited company as dormant at the beginning of your company year. For example, if you company year ends on the 31st March but you stopped trading on the 2nd February, you will still need to file company returns to both HMRC & Companies house for this year, even though you have ceased trading. You would have to wait until the 1st April, your next financial year, to declare your company as dormant, provided you do not intend to make any significant transactions in this company year either. We've put together a quick 3 point checklist to help you confirm wether or not your limited company is dormant. Step 1 is to head to companieshouse.gov.uk , search for your company and ascertain when your company year is, remember you can only declare dormancy if you have had no significant transactions inside your company year. Step 2 is to check your business bank account. Using the information from companies house, you can see if your business has had any significant transactions inside your company year. If it has, you cannot declare your company as dormant until the next financial year for your company. Step 3 is to check if your company is PAYE and/or VAT registered. If it is, you will have to deregister for these or submit NIL returns. Filing dormant accounts is absolutely doable by yourself, however, it can be a time consuming process and, as we've made clear in this video, there are many elements to consider that could potentially stop you from declaring your company as dormant. If you're looking for more information about how to file dormant accounts for your UK limited company, as well as some options to help you with this process, head to our website at www.aidhanfinancial.com/dormant-limited-company We hope this video has helped you to understand dormant accounts and taken you one step closer to Knowing Your Numbers. #dormantcompany #dormantaccounts #ceasingtrading
Dormant Company Accounts UK - The Basics
YouTube Video VVVJMnJRamlrd0JTVkdnMmxHY2YtUXdBLjAxNzIwOEZBQTg1MjMzRjk=
🔴 If your business has ceased to trade then in this video we explore your options as to what next. Closing down your company is not the only option available and it's well worth taking a step back to think about your next steps, in light of future plans. 🔴Solvent Liquidations - Free Informative PDF Download: www.aidhanfinancial.com/ceasing-trading 🔴Is Your Business Sellable? www.aidhanfinancial.com/ceasing-trading Time Stamps: Repurposing Your Limited Company - 0:49 Making Your Limited Company Dormant - 1:34 Solvent Liquidation (FREE DOWNLOAD) - 3:12 Insolvent Liquidations - 4:19 Selling Your Business - 5:14 One of the lesser known options available to you when facing ceasing trading through your limited company is repurposing your company for a different trading activity. For example, if you are a one fee-earning contractor of your limited company and your contracts have ended and you're not looking to go back into it, you could start a new business, an e-commerce business for example, and repurpose your limited company for this trading activity. You may also consider making your company Dormant. Your company must meet certain criteria and be considered 'small' by definition if it is to meet the dormant company filing requirements. In addition, let's say for example you ceased trading through your limited company 2 months before the end of your company year, you would still have to submit your returns to companies house and HMRC for that particular company year. However, if your company remained dormant for your next company year, that is having no significant transactions (explained in the video) then you do not need to file a return to companies house. You will need to inform HMRC that your company is dormant. We also cover solvent and insolvent liquidations in this video including the 2 main types of each. There are different options available that will be more suitable for companies with generally less than £30,000 of distributable cash and assets, and likewise some options will be more suitable for companies with larger amounts of distributable assets. Finally, in our professional experience the most under-considered option when ceasing trading through your limited company is selling your business. Many directors, when their business has stopped generating viable revenue to continue trading, view their company as not worth it and devalue their own business. However, your assets both tangible and intangible may be extremely valuable to a potential buyer, including your company name, branding, client lists, client relationships etc. Even if your company is insolvent you would be surprised just how many buyers are out there looking for the opportunity your business may present. Make sure to subscribe to stay up to date with all of our latest videos, helping you to Know Your Numbers. #ceasingtrading #insolvency #sellingyourbusiness
Ceasing Trading - What Are My Options?
YouTube Video VVVJMnJRamlrd0JTVkdnMmxHY2YtUXdBLjUyMTUyQjQ5NDZDMkY3M0Y=
🔴 The Director Loan account is an extremely useful tool available to a company director. It allows you to extract liquid cash from your company for personal use as well as being able to lend your company money should this need arise. In this video we're explaining the basics of the Director Loan account as well as how the accounting works for overdrawn director loan accounts & loans to a company from a director. 🔴 FREE DIRECTOR LOAN AGREEMENT DOWNLOAD: https://www.aidhanfinancial.com/director-loan-account 🔴 Full HMRC Interest Rates: https://www.gov.uk/government/publications/rates-and-allowances-beneficial-loan-arrangements-hmrc-official-rates Time Stamps: 0:49 - What Is A Director Loan Account? 1:24 - How Much Can A Director Borrow / Lend? 2:21 - How Does the Accounting Work for a Director Loan Account? 3:01 - What Taxes Are Potentially Payable On a Director Loan Account? 5:32 - Recommended Paperwork [FREE DOWNLOAD] Put simply, a Director Loan is money you take from your company that is not a salary, dividend or money you have not previously loaned your company. The director loan account can take 1 of 2 forms: If you borrow money from your company this can be referred to as an Overdrawn Director Loan account, and when you lend money to your company and this can be referred to as a Loan From Director. In this video we'll also explain the Section 455 Tax Charge, which is incurred when you have an outstanding director loan and you haven't paid it back within the 9 month window after your company year ends. The S455 tax charge is 32.5% of the total loan amount, which is potentially quite a hefty sum to pay over to HMRC, the good news is that you can claim this back whenever you have repaid the director loan. Make sure to Subscribe for more empowering tax & accounting content from real qualified accountants. #directorloan #directorloanaccount #directorloanagreement
Director Loan Account Explained 2020-2021
YouTube Video VVVJMnJRamlrd0JTVkdnMmxHY2YtUXdBLjA5MDc5NkE3NUQxNTM5MzI=

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