Get to know Arnold Ayton and some of his accounting thoughts? You must choose at least one?Director?for your business.?Although not mandatory, some businesses also appoint a?Company?Secretary to?provide support in managing the?Director’s responsibilities.? A company?Director’s?core responsibilities?include:? Paying?corporation?tax on profits –?The?money the business accumulates from trading profits, investments,?and selling assets for more than they cost?is liable for?corporation tax (otherwise known as chargeable gains).? Informing Shareholders – if they?might personally benefit from a transaction the company has made.? Complying with the business’ written rules – including how the company should be run, agreed?upon?by the Shareholders or Guarantors, Directors,?and the Company Secretary (article of association rules). Filing the company’s accounts and returns.? Keeping the company records and reporting any changes.? It’s worth bearing in mind, a Director must be above sixteen years old and have no record of disqualification as a Company?Director.?On the other hand, a Company Secretary can be a Director but not?the?company’s Auditor. Should the?secretary?have been?discharged?on grounds of?bankruptcy in their past, they should seek court permission to practice.?Regardless of whether the business appoints a Secretary, is important to?remember that the Company Director is always legally responsible for the company.?
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 accounting tips for 2021: You can claim food and drink during your travel only. For example, you can claim the cost of a sandwich at a petrol station on the motorway or an evening meal at a hotel. But you cannot claim the costs involved preparing a meal at home and then taking it with you on the business trip. Can you only claim food for overnight trips? Food expenses are not exclusively allowable on overnight business trips. You can claim food and drink expenses if the employee is working away from their habitual place of work, even if they do not stay overnight. The location must be at least five hours from their usual place of work. But remember, food and drink are only an allowable expense during the course of the journey. You will not be allowed to return home and then claim a meal on the evening of that same day.
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. 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).