Focused Areas

Here’s a timely reminder about Trivial benefits. As business owners, if you want to show your team a bit of extra appreciation at this time of year. the good news is that you can give each employee a gift up to £50 including VAT, totally tax-free. Remember the rules: the gift isn’t cash…

“I can’t thank Mike at Backup Accounts Limited enough for the fantastic service I received. They brought all my accounting records fully up to date and took care of filing my self-assessment on time, taking a huge weight off my shoulders. When HMRC issues started piling up, Mike handled everything…

A taxpayer is required to file a tax return for a tax year if they meet any of the criteria for that tax year. These include the following for 2024/25 based on HMRC’s guidance: PAYE income threshold of £150,000 for 2023/24, up from £100,000 for 2022/23. Self-employment income over £1,000.…

Identity verification with Companies House will become mandatory in the autumn of 2025 No ID = No filing This new requirement is part of the Economic Crime and Corporate Transparency Act, designed to make the UK business register more secure and to help prevent fraud. Grab your passport or driving…

There is a big change coming for small businesses in the UK: P&L accounts will soon be public!! From April 2027, it will be a Companies House requirement for even small and micro companies to file a profit and loss account that will be made publicly available on the register.…

If you’re earning over £50,000 (£50,270 to be exact) you should consider contributing more to your pension. Here’s why:You’ll pay at least 40% income tax (45% above £125,140), 2% national insurance (as an employee), and potentially 9% in student loan repayments (depending on when you started university). That means you’ll…

Payroll software for small businesses in the UK should be easy, reliable and efficient. Backup Accounts provides comprehensive small business payroll services designed to simplify your payroll processing. Our services ensure accurate calculations, compliance with HMRC regulations and easy management of taxes and deductions so that you can focus on…

HMRC’s ‘Making Tax Digital’ programme is a key element of HMRC’s digital transformation plans. This flagship project, first announced in 2015, is being phased in over a number of years. Making Tax Digital (MTD) for VAT was the first element of the programme to be rolled out, beginning in April 2019. Making…

The Construction Industry Scheme (CIS) is a vital part of the tax system for workers in construction. Whether you’re a contractor managing subcontractors or a subcontractor working on various projects, understanding how CIS works is key to ensuring compliance and managing cashflow effectively. How can we help you? Understanding and…

If your business is in reselling used cars we would always recommend that you talk with us to ensure that you are operating the VAT margin scheme correctly. We have an large book of tips and tricks to make your business the most efficient it can be and provide all…