KNOWLEDGE BASE

Let’s talk money. Cryptocurrency, inheritance tax, and inflation, what should I know

At the start of any conversation about money, it is important to acknowledge that there are no simple answers. Money is a complex and multifaceted subject, and when it comes to things like cryptocurrency, inheritance tax, and inflation, things aren’t always straightforward. That being said, it is essential to gain a solid understanding of these …

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How having an LLP impacts your audit – introducing our travel industry client

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Audit is the process of independently verifying the accuracy of an organisation’s financial statements. When a company’s accounts are required to be audited, it is typically because the company’s turnover exceeds £10.2m, has 50 employees or more, a balance sheet value of £5.1m or more, or operates within a regulated industry. Before setting up a …

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maternity allowance maternity, llp, optimal compliance

A guide to maternity allowance for LLP members

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LLP members (partners) are self-employed, which means they don’t qualify for Statutory Maternity Pay but can still receive Maternity Allowance. To receive Maternity Allowance, you’ll need to fill out an application. We’ve outlined below what steps need to take place in order to receive this financial support. Applying To apply for Maternity Allowance you’ll need …

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VAT Annual Accounting scheme, is it advantageous for my small business?

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VAT-registered businesses are required to submit VAT returns four times per year. You can, however, sign up for the VAT Annual Accounting Scheme if you are eligible (and it is worth your time). You will only have to file a VAT return once a year under this scheme. The scheme’s goal is to improve cash …

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MTD, making tax digital, optimal compliance

Making Tax Digital (MTD) for income tax – the what, the who and the how

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Making Tax Digital (MTD) is part of the Treasury’s vision to digitalise the UK tax system, which simply means that businesses must ensure that they maintain digital accounting records as opposed to continuing to do tax-related activities on paper. Hopefully, going forward, this will improve the speed and efficiency of the UK tax system as …

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FAQS

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Here you can find some of the common questions regarding limited liability partnerships (LLPs). If you have any more, please don’t hesitate to get in touch with us.

Cycle to work

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The ‘Cycle to work’ Scheme allows you to purchase a bike/cycling equipment up to the value of £1,000 through the business you work for, then pay back the amount in monthly instalments over the course of 12 months. The payments will be treated as gross deductions from your monthly salary, providing you with tax and National Insurance relief on the cost of the bike. Upon joining the LLP, any existing agreements to pay off the cost of your bike will remain.

Childcare schemes

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Childcare schemes provide a tax-efficient way to fund your child’s care, between the ages of four and fifteen. There are currently two childcare schemes in operation. There’s the Childcare Voucher Scheme, which closed to new entrants on 4 October 2018, and the Tax-Free Childcare Scheme, which replaced the old scheme.

Parental Pay

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When you join the LLP, your statutory employment rights as an employee are carried over and replaced by a mix of statutory and contractual rights. Therefore, if you were eligible for statutory maternity pay when employed, the LLP will ensure that you receive the same amount of maternity pay you would have had in your employment when you become a member of the LLP.

Student Loans

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Student loan deductions are taken from your pay and the LLP reserves these amounts, rather than paying them across on a monthly/weekly basis. Any ‘statutory’ student loan liability which is triggered because of your LLP profit share on your Self-Assessment tax return is then paid by the LLP, on your behalf. Where the statutory student loan liability is less than what has been reserved in a given financial year, the LLP will make a voluntary payment for the remainder. Interest is added to the amounts reserved to ensure the individual is in no worse position.

Let’s talk money. Cryptocurrency, inheritance tax, and inflation, what should I know

How having an LLP impacts your audit – introducing our travel industry client

A guide to maternity allowance for LLP members

VAT Annual Accounting scheme, is it advantageous for my small business?

Making Tax Digital (MTD) for income tax – the what, the who and the how

FAQS

Cycle to work

Childcare schemes

Parental Pay

Student Loans

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ben crampin

Partner

Ben’s been here pretty much since the get-go and, as such, has been instrumental in growing the business into what it is today.

He’s passionate about, in his words, ‘helping people and businesses that are just constantly being taken advantage of’ by providing affordable advice and support with an eye to ‘levelling the playing field’.

Ben looks forward to the day when automation will, once and for all, fumigate the fear and confusion caused by oppressive bureaucracy and strongly believes that ‘technology holds the solutions to the problems we’re trying to solve’.

Furthermore, he can see that technology will, in time, provide the scalability required to help a theoretically limitless number of SMEs survive and thrive against the odds.

Ben doesn’t think much of government agencies and he doesn’t suffer fools; two points that aren’t always mutually exclusive.