Excellent accounting tips by Arnold Ayton at Spondoo.co.uk

Meet Arnold Ayton and some of his bookkeeping research? To register a company, you require both a Memorandum of Association (legal statement signed by all original shareholders or guarantors, agreeing to form the company)?and Articles of Association (written rules about running the company agreed upon by the shareholders or guarantors, Directors?, and the Company Secretary).??Registering your company online automatically creates a Memorandum of Association as part of your registration?process. If you register by post, you may have to use the?Company?House’s memorandum of association template.? You can use the standard articles (model articles) to create an Articles of Association and send it by post, or write and upload a personalized one.

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). Arnie was a delight to get started with, seeing as we had a very messy backlog of transactions and incorrect payroll when we were doing it in house. He and his team helped us straighten out our accounting basics last year, and this year he has helped us apply for significant VAT rebates and R&D tax credits. He has helped our team explore new financial opportunities and has connected us with advisors who have proven to be very helpful. He’s a very straight-talking and friendly individual who is easy to get along with, and is clearly committed to his business and clients.

Spondoo.co.uk accounting advices in 2021: Can you claim food as a business expense? HMRC allows businesses to claim meals as an expense for employees not in their typical working routine. The most common example of this, would be if the company’s employees were away on an overnight business trip. If a business is claiming the cost of travel as an expense, such as a hotel, the company will be allowed to claim the meals during that trip too. Food is an allowable expense on these trips because it is classified as ‘subsistence’, which essentially means employees need the food as basic self-maintenance and care during their work obligation.

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.co.uk 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. From setting up your emails to implementing on-site computer servers, our technology team helps Spondoo clients with their IT needs, so you can focus on running your business. For those individuals or business that have been mis-sold financial products, our claims management partner is here to help. Our claims management services are authorised and regulated by the Financial Conduct Authority (FCA) & the Ministry of Justice (MOJ).